No, there aren’t any unsecured Discover cards for bad credit. Their only offering for bad credit is the Discover it Secured Credit Card. This card has a $0 annual fee and rewards cardholders with 1 - 2% cash back on purchases. That’s pretty rare.
So even if getting an unsecured Discover credit card is not an option yet, a bad credit history does not necessarily mean a bad credit future. One of the most effective strategies for rebuilding credit is making consistent, on-time payments and keeping your balance as low as possible.
Yes, you can get an unsecured credit card with a 500 credit score, though it’s probably not the best idea. It’s harder to get approved for such a card, and it typically involves high fees, high interest rates, and little spending power.
Unsecured credit cards for a 500 credit score are for people with bad credit, and they’re only recommended for emergencies. It’s much easier and cheaper to apply for a secured card.… read full answer
The Discover Secured Credit Card’s requirements for approval are straightforward and fairly easy to meet, even with bad credit. Discover it Secured merely requires a bank account, some income to balance out any debt and a lack of bankruptcy in your history.
As a result, the Discover Secured Card’s approval requirements are much easier to meet. Plus, it’s a great choice for either rebuilding bad credit or building credit from scratch.… read full answer
Still, approval isn’t guaranteed. So it’s worth taking a closer look at the factors that could lead to rejection before you apply.
Here are the Discover Secured Credit Card’s requirements:
A bank account. You use this to pay the security deposit. And you’ll need to be able to deposit at least $200 to be approved.
Some form of income. This isn’t that huge of a factor, as Discover has your deposit as collateral if you don’t pay them back. But Discover does say you can be denied if your income is too small.
As little debt as possible. You can definitely have debt and still get approved for this card, but having an overwhelming amount might disqualify you.
No pending bankruptcy. You can get approved with a completed bankruptcy on your credit report, but not if it’s still pending.
So the Discover Secured Card’s approval requirements aren’t all that high, but there’s still always a possibility of rejection. That’s why I recommend checking your credit score and report before you apply, to get a better grasp of your situation. And don’t forget that if you do get rejected, you can ask for reconsideration by calling Discover at 1-800-347-2683.
For most unsecured credit cards you will need a credit score of 550-650, though it’s possible to get approved for an unsecured card with a lower score or even no credit score. For example, some of the best beginner and student cards are unsecured and will approve applicants with little or no credit.… read full answer
If your credit score is below the 550 to 650 threshold needed to get a good unsecured card, you’d be much better off applying for a secured card such as the Discover it® Secured Credit Card or the Capital One Platinum Secured Credit Card. They’re easier to get than unsecured cards because you’re putting up your own money, typically a minimum deposit of $200, to secure the account.
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