Why is it so hard to get a Discover card?

Recent credit inquiries

A high number of credit applications also makes you a riskier applicant. You could have trouble getting a Discover credit card if you've applied for multiple credit cards or loans recently, even if you weren't approved for some of them.

Is it hard to get approved for Discover card?

A 700+ credit score is needed to get most Discover credit cards, but there's no minimum credit score needed for a few Discover cards. You can get the Discover it® Secured Credit Card with a bad credit score (below 640).

What is the minimum income for a Discover card?

Editorial and user-generated content is not provided, reviewed or endorsed by any company. The Discover it Secured Credit Card's income requirement is a minimum of $10,000 annually unless you're a college student. For students, there's usually no proof of income required in order to be approved for the card.

Can I get a Discover card with a 500 credit score?

The best credit card for a 500 credit score is the Discover it® Secured Credit Card. It has a $0 annual fee and rewards cardholders with 2% cash back at gas stations and restaurants (up to $1,000 spent each quarter combined), and 1% back on all other purchases.

How do you qualify for a Discover card?

You're usually required to give your legal name, birth date, address, annual income, and housing information. Credit card issuers also use your Social Security number to check your credit and verify your identity, which is an important factor in helping them determine whether you'll qualify for a new card.

Discover It Card Review Don’t Apply Until You Know This

How high is Discover credit limit?

The highest credit limit on a Discover card is not public knowledge, as Discover does not disclose a maximum credit limit for any of its unsecured credit cards. Some Discover cardholders have reportedly been approved for credit limits ranging from $6,500 up to $9,200.

What FICO score does Discover use?

Discover provides your FICO® Score 8, which is one of the company's most widely used scoring models, according to FICO. Lenders use several different kinds of FICO® Scores, depending on the type of loan they provide. Discover provides your score from data on your TransUnion® credit report.

Why would Discover reject my application?

The reasons will be listed in the denial letter Discover sends out shortly after its decision. They may include an annual income below what's needed to make minimum monthly payments, a low credit score, too many recent credit inquiries or a high amount of debt, among others.

Which card is easiest to get approved for?

Secured credit cards are by far the easiest type of credit card to obtain, particularly if you have a poor or limited credit history.

Can I get a credit card with a 549 credit score?

Credit Cards with a 549 Credit Score

The best type of credit card for a 549 credit score is a secured credit card. Secured cards give people with bad credit high approval odds and have low fees because cardholders are required to place a refundable security deposit.

How does Discover verify income?

To verify income: Documents like recent pay stubs or bank statements can serve as income verification. In certain situations, we may use third-party vendors to confirm that information. To verify employment status: Discover may use your work email address or contact the employer you listed in your loan application.

What is the credit card limit for 50000 salary?

#1 Your Income/Salary:

Usual credit limit is 2X or 3X of your monthly income. Suppose your salary slip shows Rs. 50,000 per month, you can expect Rs. 1 Lakh – 1.5 Lakh credit limit.

Which bureau does Discover pull?

Discover may pull from any of three major credit bureaus: Experian, Equifax and TransUnion, but it appears based on consumer-reported data the bank leans heavily on Equifax to source many credit reports, followed by Experian and TransUnion.

Can I get a Discover card with a 600 credit score?

None of the cards have a minimum credit score required for approval. Discover also offers a pre-approval form, so people can see whether they would be approved for a credit card and what APR they would receive before they apply.

Is it easier to get Amex or Discover?

This sets them apart from the two other major card networks, Mastercard and Visa, which don't issue cards. But Discover and American Express also have lower acceptance rates than the other networks, although Discover holds the edge over Amex in that regard.

Can you get a Discover card with 600 score?

You'll likely qualify for any Discover card if you have good or excellent credit. To clarify, a good credit score is a FICO® Score of 670 or above.

What card is the hardest to get?

Why it's one of the hardest credit cards to get: The hardest credit card to get is the American Express Centurion Card. Known simply as the “Black Card,” you need an invitation to get Amex Centurion.

Which credit card is not accepted the most?

Most Widely Accepted in the U.S.: Visa and Mastercard are both accepted at almost 11 million U.S. merchant locations. Least Widely Accepted Internationally: American Express (160+ countries and territories); Discover (200+). Least Widely Accepted in the U.S.: American Express and Discover (10.6 million locations).

What credit cards can I get with a 590 score?

How many inquiries is too many for Discover?

In general, six or more hard inquiries are often seen as too many. Based on the data, this number corresponds to being eight times more likely than average to declare bankruptcy. This heightened credit risk can damage a person's credit options and lower one's credit score.

Does credit card rejection hurt your score?

Being denied for a credit card doesn't hurt your credit score. But the hard inquiry from submitting an application can cause your score to decrease. Submitting a credit card application and receiving notice that you're denied is a disappointment, especially if your credit score drops after applying.

Why do I keep getting denied for credit cards with good credit?

Too Much Debt

Having debt, whether it's credit card debt or loan debt, can keep you from being approved for a credit card, even if you're paying your debt well enough to achieve an excellent credit score.

Can I get a loan with a 550 FICO score?

You may be able to get a personal loan with a 550 credit score, but you might not be approved for a large loan or one with a low annual percentage rate (APR). Depending on the situation, you may want to look for alternative forms of financing or work on improving your credit and before you apply.

Can I get a loan with a 530 FICO score?

A 530 credit score is considered “very poor” by most lenders. This means that if you're looking for a personal loan, you may have difficulty qualifying. Ultimately the amount you can borrow will depend on several factors, including what you can afford to repay.

What can I get with a 500 FICO score?