Why You May Not Get Approved for a Discover Card -- Even With an 800 Credit Score

Why You May Not Get Approved for a Discover Card — Even With an 800 Credit Score

If you wish to get a Discover credit card and you’ve got an 800 credit rating, you may suppose the applying is a slam dunk. Even the perfect Discover credit playing cards are aimed toward customers with scores of 670 or above. A rating of 800 is way past what you want.

That doesn’t suggest you are positive to get authorized, although. There are a number of causes Discover may deny your utility regardless of a excessive credit rating. Here’s why this may occur and the best way to keep away from it.

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Discover’s credit card utility guidelines

Discover has just a few credit card utility guidelines that have an effect on whether or not it can approve you for a card:

  • You can have as much as two Discover credit playing cards.
  • If you are a student, you possibly can have one Discover student card.
  • You can solely get one Discover card per yr.

No matter your credit rating, you possibly can’t get round these utility guidelines. If you opened a Discover card three months in the past, you have to wait one other 9 months earlier than making use of for a brand new one. And when you have two Discover playing cards, you possibly can’t get a brand new one. You have to cancel one to open one other.

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Other causes you can be denied for a Discover card

Like all credit card firms, Discover seems at greater than your credit rating whenever you apply for a card. It might deny your utility primarily based on different components. Here are some widespread examples:

  • Insufficient revenue: Your revenue determines whether or not Discover will approve you for a credit card and the quantity of your credit restrict. What’s particularly necessary is your revenue in comparison with the credit you have already got. If you make $45,000 per yr, that will usually get you authorized for a credit card. But if you have already got $50,000 in whole credit throughout different credit playing cards, your income-to-credit ratio may very well be an issue.
  • Recent accounts opened: Another threat issue that may make card issuers cautious is whenever you’ve opened a number of new credit accounts. Credit card firms will query why you want a lot credit. If you’ve got opened a number of playing cards with different card issuers within the final six months to a yr, Discover might resolve to not difficulty you a card.
  • Recent credit inquiries: A excessive variety of credit purposes additionally makes you a riskier applicant. You might have hassle getting a Discover credit card should you’ve utilized for a number of credit playing cards or loans lately, even should you weren’t authorized for a few of them.

If your Discover credit card utility is denied, you will get a letter within the mail with the explanations for the denial.

What to do if Discover denies your credit card utility

In some circumstances, you will get Discover to rethink a denial. Whether that is an possibility relies on why you were not authorized.

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If it is due to certainly one of Discover’s utility guidelines, you are out of luck. Discover is strict about these, so you possibly can’t get round them.

For denials as a result of every other cause, it might be doable to get Discover to vary its choice. Here’s what to do:

  1. Call Discover customer support at 1-800-347-2683.
  2. Ask to talk to the reconsideration line about your current Discover card utility.
  3. Explain how keen you had been to get the Discover card and ask if there may be any approach the consultant might approve your utility.

Since you might have a terrific credit historical past, it could assist to level that out through the dialog. Let’s say the consultant mentions that you have already got fairly a little bit of credit in comparison with your revenue. You might point out that whereas that is true, you’ve got additionally constantly paid on time and saved your credit utilization low, so that you’re clearly in a position to handle credit properly.

With a excessive credit rating, you will have a excessive probability of approval for a Discover credit card. But that will not matter should you run afoul of Discover’s utility guidelines. If you do not and you are still not authorized, then it is a good suggestion to see if Discover will rethink.