Yes, the Discover it® Secured Credit Card will do a hard pull. You can apply for it with bad credit though.
You can prequalify for the Discover it Secured Credit Card on Discover's pre-qualification page, which will not affect your credit score as it will be a soft pull. However, if you do prequalify and want to get the card, you will need to submit an actual application which will result in a hard pull.
A hard pull usually causes an applicant's credit score to drop by 5-10 points. Most people’s scores bounce back within 3-6 months with responsible credit management, but it can take up to 12 months. You can learn more about how to minimize the credit score damage here.
Yes, Discover it Cash Back does a hard pull. You will need a credit score of 640+ to get it. This means that Discover it Cash Back requires at least fair credit.
Here’s what you need to know about the Discover it Cash Back credit pulls:
You can prequalify for the Discover it Cash Back on Discover's pre-qualification page, which will not affect your credit score as it will be a soft pull. However, if you do prequalify and want to get the card, you will need to submit an actual application which will result in a hard pull.… read full answer
A hard pull usually causes an applicant's credit score to drop by 5-10 points. Most people’s scores bounce back within 3-6 months with responsible credit management, but it can take up to 12 months.
Yes, applying for a secured card does count as a hard inquiry most of the time. Nearly all secured credit cards will do a hard inquiry into applicants' credit reports to assess their creditworthiness, but there are exceptions such as the OpenSky® Secured Visa® Credit Card and the Applied Bank® Secured Visa® Gold Preferred® Credit Card. These secured credit cards with no credit check will not do a hard pull on your credit when you apply.… read full answer
A hard inquiry, also known as a hard pull, will likely drop your credit score by a few points temporarily. But if you haven’t had any hard pulls conducted on your credit report over the past six months and you don’t plan on applying for a sizable loan in the next few months, this shouldn’t be a problem. Your credit score should rebound from a hard inquiry within a few months.
Also, remember that even though your credit score may drop after you apply, responsible use of a secured card will ultimately help your score much more than the inquiry will hurt it. The hard pull will likely be worth it, in other words, especially since secured cards tend to be pretty easy to get approved for. You can track your progress with free daily credit score and report updates from WalletHub.
Your Discover it® Secured Credit Card may graduate to unsecured as soon as seven months (6th billing cycle) after account opening, assuming you pay your monthly bills on time and otherwise manage your finances responsibly. But there’s no guarantee when, or if, it will happen. It all comes down to Discover’s determination of your creditworthiness. After the seven-month mark, Discover’s credit analysts will periodically review both your account and your overall credit history to see whether it’s appropriate to refund your security deposit, thus graduating you to an unsecured card. But there are some steps you can take to improve your odds.… read full answer
Here’s how to become a Discover it Secured Credit Card graduate:
Pay on time. This is probably the most important part of the process. You must have 6 consecutive months of on time payments to your account. If you don’t pay your Discover it Secured Credit Card bills by the due date, you won’t even be considered for graduation.
Use your card responsibly. Maintaining low credit utilization will indicate to Discover that you can handle an unsecured card. So aim to use only 30% or less of your Discover it Secured Credit Card’s limit.
Maintain a good status: You must maintain 6 consecutive months of good status with your Discover account(s) and all your other credit accounts.
Improve your other finances. Adding to your income and paying down debt will improve your creditworthiness as a whole, making you a better candidate for an unsecured card.
If you do graduate, you should receive your full deposit back within 5-7 business days after your account is converted. If you haven’t received it during this time, call Discover customer service at 1-800-347-2683 for assistance.
And lastly, if it’s been over a year and you’ve always paid on time but haven’t heard from Discover, you should give them a call to inquire about graduating. Even if they say no, it doesn’t hurt to ask.
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