Question 1

How do lenders decide if you qualify for a credit card?

Accepted Answer

Lenders decide whether you qualify for a credit card offer by reviewing financial information from your application and your credit history to judge your creditworthiness, or likelihood of repaying your debt. Typically, credit card issuers determine your creditworthiness based on your credit score and income.

Question 2

How do I get pre-approved for a credit card?

Accepted Answer

To figure out what credit card offers you're pre-qualified for, determine whether the credit card company has an online tool for pre-approval. You may also receive pre-approved credit card offers in the mail or your email inbox. It's important to know that pre-approval doesn't guarantee final credit card approval. Pre-approval and pre-qualification just mean you meet the basic requirements for a credit card.

Question 3

Do pre-approvals hurt your credit score?

Accepted Answer

No, credit card pre-approval doesn't usually hurt your credit score. The pre-approval or pre-qualification process usually involves a soft credit check (also called a "soft credit inquiry"), which allows lenders to review your credit report. A soft inquiry doesn't affect your credit score because you haven't applied for credit. Once you apply for credit, the lender performs a hard inquiry to access your credit file, which may affect your credit score.

Question 4

Why you should check if you're pre-approved for a card?

Accepted Answer

Checking your pre-approved credit card options before you jump into the application process might make your search for a new card smoother in the following ways. Avoid hurting your credit score Submitting a credit card application triggers a hard credit inquiry, which may lower your score. Seeking credit card pre-approval first might help you avoid an unnecessary hard credit check. Even multiple soft credit checks generally won't hurt your credit score. Save time Getting rejected for a credit card after you've taken the time to gather the necessary documents and complete the application process may be discouraging. With credit card pre-approval, you don't have to waste time applying for cards you're unlikely to qualify for. Compare personalized credit card offers Credit card preapproval makes it easier to compare cards for the best perks, like low introductory annual percentage rates (APR), credit card rewards, and welcome offers.

Question 5

What credit cards can I get with Discover®?

Accepted Answer

The credit cards you qualify for from Discover depend on your credit history and financial circumstances. If you have a strong credit score, consistent income, and minimal debt, you may qualify for the widest selection of rewards credit cards. With Discover, you earn rewards on all purchases every time you use your card, automatically. If your credit score is lower than you'd like or you're just beginning your credit journey, you may still have options, like a secured credit card.

Question 6

How can I get approval for a secured credit card?

Accepted Answer

To open a secured credit card account, you provide a refundable deposit that backs your credit limit. The deposit reduces the risk to the credit card issuer, since the company may keep the deposit if you default. Because the risk may be lower, the minimum credit score required for a secured card is lower than the minimum score needed to qualify for an unsecured credit card. In some cases, a credit score may not be required at all. For example, there's no credit score required to apply for a Discover it® Secured Credit Card.

Question 7

How do I find out if I'm pre-approved for a Discover Card?

Accepted Answer

The Discover pre-approval tool can help you see if you're pre-approved with no harm to your credit score. Since the request for pre-approval only results in a soft inquiry, there's no impact on your credit score.

How to Get Approved for a Credit Card

Key Takeaways

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