You are most likely to be approved for the Discover it Cash Back if you have a FICO credit score between 670 and 850. If you’re still working on establishing good credit, here’s what you need to know before you apply.
With the Discover it Cash Back card, you can earn 5% cash back on popular spending categories that rotate every quarter, for up to $1,500 in purchases per quarter. All other purchases earn 1% cash back — and if you’re a new cardholder, Discover’s Cashback Match reward bonus will match all of the cash you earn during your first year.
Plus, the Discover it Cash Back card is a no annual fee credit card — and new cardholders can take advantage of 14 months of 0% intro APR on purchases and balance transfers – followed by a regular variable APR of 11.99%-22.99% afterward. That gives you over a year to pay off old balances, fund a large purchase or make day-to-day spending decisions without worrying about interest charges.
There are many good reasons to apply for the Discover it Cash Back card — but what credit score do you need to ensure your application gets approved? Here’s everything you need to know about the Discover it Cash Back credit card application, including what credit score you need for the Discover it card, how Discover calculates your creditworthiness and what you can do to improve your chances of approval.
What credit score do you need for the Discover it Cash Back card?
How does Discover gauge your creditworthiness?
According to Discover, the Discover it Cash Back credit card is for “people with established credit” — which means they’re looking for people who have built a positive credit history. What does that mean? Essentially, Discover wants to make sure you practice responsible credit habits, such as making on-time payments every month and keeping your balances low.
In addition to evaluating your payment and balance history, Discover will take a look at your length of credit history, to ensure you have a long track record of using credit responsibly. Discover will also check to make sure you haven’t applied for a lot of new credit recently. Having a lot of recent credit card applications on your credit report suggests you might be preparing to take on a lot of new debt — and credit card issuers don’t want you to carry more debt than you can pay off.
When Discover evaluates your creditworthiness, they’re not only considering whether to accept you for a top cash back credit card like Discover it Cash Back — they’re also determining what credit limit you’ll receive after acceptance. Your Discover it Cash Back credit limit is based not only on your history of responsible credit use but also on your current income level compared to major monthly expenses like a rent or mortgage payment. People with incomes significantly higher than their mortgage or rent payments are more likely to receive higher credit limits, in part because they’re more likely to have the cash required to pay off those high-limit purchases.
How to increase your chance of approval
Before you apply, check your credit score. There are many ways to check your credit score online for free. In fact, you can even use Discover’s Credit Scorecard to get a FICO credit score, and you don’t have to be a Discover cardholder to access this free online service.
Once you know your credit score, you’ll know whether or not it’s worth applying for the Discover it Cash Back credit card. Remember, Discover is looking for people who have established good credit, so you’re going to need a FICO credit score of 670 or higher. If you’re using the VantageScore credit scoring system, you’ll want a score of 700 or higher.
If your credit score isn’t quite there yet, it’s worth taking the time to improve your credit before applying for the Discover it Cash Back credit card. The best way to improve your credit quickly is by paying off your outstanding balances, which reduces your credit utilization ratio and increases your credit score. You’ll also need to make on-time payments on your existing credit cards before you can qualify for the Discover it Cash Back card — so if you’re having trouble remembering when your credit card bill is due, consider signing up for credit card autopayment to make sure you never miss a deadline.
If you don’t qualify yet, consider Discover it® Secured
If you don’t have a good enough credit score for the Discover it Cash Back credit card, you might want to consider the Discover it® Secured credit card. Discover it Secured requires a security deposit of $200-$2,500, which becomes your credit limit. If you use your Discover it Secured card responsibly, not only will you earn your security deposit back but you’ll also be able to graduate to an unsecured credit card. Plus, Discover it Secured cardholders earn cash back rewards on every purchase – 2% on restaurants and gas (for up to $1,000 in purchases per quarter) and 1% on all other purchases – and new cardholders will get their first year of cash back doubled through Discover’s Cashback Match.
What credit score do you need for the Discover it Cash Back card? Your odds of approval will go up if you have good or excellent credit, so try to get your FICO credit score above 670 – or your VantageScore above 700 – before you apply. If you want to make sure you’re a good fit for the Discover it Cash Back card, use CreditCards.com’s CardMatch tool to see if you can pre-qualify for the card. There’s no impact to your credit score, and you’ll know within minutes whether your Discover it Cash Back application is likely to be approved.