Discover credit score requirements actually vary widely because there are a number of different Discover credit cards. The Discover it® Miles card requires good or excellent credit, for example, while even people with bad credit can get the Discover it® Secured Credit Card.
Here is the complete list of Discover credit score requirements:
The Discover it Student Cash Back, Discover it Student chrome and Discover it Secured Credit Card are among the best offers available to people with limited and bad credit, respectively. In fact, Discover it® Secured Credit Card is one of the only secured cards offering rewards.
The best credit card for a 650 credit score is the Capital One Platinum Credit Card. It has a $0 annual fee, which means you have access to the entire credit limit from the start. The credit limit will be a minimum of $300. You’ll also have a chance for a credit limit increase when you make your first five payments on time. But you’ll want to avoid carrying a balance from month to month. The Capital One Platinum Credit Card comes with a 26.99% (V) regular APR.… read full answer
A 650 credit score is near the low end of the fair credit score range. People with fair credit typically have a tough time getting approved for cards with favorable terms and rewards. But if you don’t mind paying a small annual fee, Capital One offers the Capital One QuicksilverOne Cash Rewards Credit Card. It gives 1.5% cash back on all purchases in exchange for a $39 annual fee. Otherwise, it’s pretty similar to the Capital One Platinum Credit Card.
The best Discover card for bad credit is definitely the Discover it® Secured Credit Card. In fact, it’s really the only Discover card that you can count on getting despite a bad credit score. Here’s how it works: When you apply, you place a security deposit of at least $200, which will become your credit line if you’re approved. This refundable deposit acts as collateral for Discover, reducing their risk and explaining why it’s so easy to get approved.… read full answer
Discover it® Secured Credit Card is the best Discover card for bad credit because:
You won’t pay an annual fee. This card is free to have. There’s a 0% foreign transaction fee. But do keep in mind that you’ll have to temporarily part with at least $200 to make the security deposit.
There are rewards. It’s unusual for a secured card to have rewards, but the Discover it® Secured Credit Card does. You get 2% cash back on your first $1,000 of purchases at gas stations and restaurants combined each quarter. Everything else gets 1% cash back. And at the end of your first year, your rewards for the year are matched by Discover.
It’s unlikely, but possible, you’ll be declined. Income, debt, and bankruptcy can affect your approval odds. But this is your best chance, as far as Discover cards go.
Credit-building potential is equal to unsecured. There’s no difference in the way secured cards and unsecured cards report information to the credit bureaus.
You can increase your credit limit. Any time after getting your first monthly statement, you can call Discover at (800) 347-3085 to add to your security deposit. Your credit line will increase by the amount of this additional deposit.
Graduation to unsecured is possible. After you’ve had Discover it® Secured Credit Card for at least 8 months, Discover will review your credit every so often. They might decide to refund your security deposit and transition you to an unsecured card.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.