Discover it credit card limits can be as low as $200 or $500, depending on the card. There are actually eight different Discover it cards available right now, including offers for people with good and bad credit alike. Each has a specified minimum credit limit. So you’re guaranteed of getting at least that much spending power if approved for an account. But there’s no way to determine whether you’ll qualify for a higher limit prior to submitting an application.
Your exact credit limit will ultimately come down to what Discover thinks of your credit history, income and existing debt obligations. In other words, they’ll grant you as much spending power as they think you can handle responsibly.
Here are the minimum Discover it credit card limits:
- $500: [sc sig="cf99fa59bc3a7c1c8c1ee56435786ffb"]
- $500: [sc sig="484751a6f3b989258cd82185074f6452"]
- $500: [sc sig="fec13de3765dddb7fdd46f0099949da8"]
- $500: [sc sig="3d793490c8063177647e4282e5bf84eb"]
- $500: [sc sig="027b7bea83725cbaa5e2abb6bfbabb41"]
- $500: [sc sig="6d7d24fc3d8bb43ccc457535ddcef6d2"]
- $500: [sc sig="8a7d6c44eee87a25ef204feade490206"]
- $200: [sc sig="aa1fe2f25a52e1e9fbf65664b23806fb"]
Those are just starting points, however. If Discover determines that you’re a responsible borrower with enough income to support a higher limit, you may just get one. And they’ll make that determination by considering a fairly short list of key financial indicators.
Here are the six factors that impact Discover it credit card limits:
1. Credit Score. Credit scores encapsulate your borrowing history into one easily digestible three-digit number. And you can check your latest credit score for free on WalletHub. Just bear in mind that lenders often use their own proprietary scores. They usually produce very similar results, though.
2. Payment History. A history of on-time payments will inspire confidence in any prospective lender. A spotty track record, on the other hand, will tell lenders that you pose a risk. Your credit card payment history is most important, but missed loan payments or collections accounts for other unpaid bills can certainly set you back.
3. Credit Utilization. The more credit you’re using now, the more desperate for additional spending power you will seem to Discover. And desperation to borrow raises questions about an applicant’s financial stability. So try to keep your credit utilization below 30%.
4. Length of Credit History. Lenders use historical performance to predict future behavior. A short track record doesn’t convey much info, which is why credit card companies tend to be careful with applicants who lack credit experience. A long track record of responsibility will make approval easier to come by, while a long history of mistakes will be tough to overcome.
5. Income & Expenses. The more money you have available for a new credit card’s monthly payments, the higher you can expect your credit limit to be.
6. Recent Inquiries. If you recently applied for a loan or line of credit, Discover might be unsure how much money you have left over for monthly it Card payments.
These are the considerations that Discover singles out on its website, but they may not be the only factors taken into account. A lot can go into setting spending limits, after all. For more information, you can read WalletHub’s article on how credit limits are determined.
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