Shopping for a credit card can be vexing. You’ll only know if you qualify after you apply and the credit issuer evaluates the information you provided and checks your credit. Yet, submitting the application can negatively affect your credit score. For this reason, it’s best to pursue cards that not only match your lifestyle but also your credit and financial circumstances.
Preapproval can help. With it, credit card issuers can give you a general idea about the accounts for which you have a strong likelihood of approval. Here’s what you need to know about Discover’s preapproval system.
How To Get Preapproved for Discover Credit Cards
To check for preapproval, visit the Discover website to access the preapproval form. At the top, you will see that the company assures applicants that there will be no adverse action against their credit when they use this feature.
You will have to input your identifying information, such as your name, address, and date of birth. Discover has many different credit cards, so you will also see a drop-down menu for the card benefit you’re looking for, such as cash back, travel rewards, or a balance transfer.
Once you start completing the application, you will see that it requires more detailed information, such as:
- Social Security number.
- Highest level of education.
- Monthly housing/rent payment.
- Housing status. You will select from “own home,” “rent,” or “other.”
- Total annual gross income.
- Bank accounts owned.
- Card benefit. Your choices are cash back, travel rewards, balance transfer, or other.
Discover may also mail you a pre-screened credit card offer. That means you appeared on a list of consumers who met the credit card’s initial credit criteria, which it obtained from the credit bureaus. In this case, you’ve been preapproved for the card, and may even be eligible for competitive introductory APRs.
How To Check Preapproval Status
After filling out the online preapproval form, you will see a box at the bottom of the page asking you if you wish to receive further electronic communications, give Discover permission to pull your credit report.If you click the box, the system will search for preapproval offers. Within seconds you will be presented with additional options, should any be available.
At that stage, you can read about the credit cards for which you are preapproved, and can select the one that you want. Discover’s pre-application tool will autofill the information that you already provided which streamlines the process.
How Accurate Is Discover Credit Card Preapproval?
Because you provide your basic personal and financial information and give the Discover permission to pull your credit report, the cards you’re presented with will likely be approved if you apply.
However, Discover notes that preapproved credit card offers do not mean guaranteed approval. You will only know if you really qualify after completing the official application and submitting it for final review.
Although the preapproval process does narrow your choices to eligible cards, the information in your credit report may have changed from the time you were preapproved. If so, you may be denied a preapproved offer that was previously presented to you. Discover would then send you a letter explaining the reason for this denial.
If You Are Not Offered any Preapproved Cards
If Discover does not present you with any offers after going through the preapproval process, it’s an indication that you do not meet the qualifications for any of their current preapproval offers.
Eligibility is largely based on the health of your credit score. Discover stresses the importance of paying bills on time, since missed and late payments can hurt your credit scores, as can using too much of your available credit on existing credit cards. Also check your credit report for errors. If you find any, dispute them with the credit bureau so your credit reports only reflect accurate information.
How To Apply for a Discover Credit Card Without Preapproval
You can also skip the preapproval process and apply directly. Discover offers consumers a myriad of options including cash-back, travel rewards and student cards. To narrow your choices, review the details of the various credit cards, including their benefits, rewards and terms. Discover does not publish the credit score you will need to qualify, though its student cards don’t require an established credit history and the secured card is developed for people without high credit scores.
Read the terms and conditions to learn about the account that looks best. You will also see an array of card design options from which to choose.
To apply for the card you want, press the “Apply Now” button on Discover’s website. The online form will ask you to supply your:
- Name
- Home Address
- Date of Birth
- Employment Status
- Monthly Housing/Rent Payments
- Total Gross Income
- Email Address
Within minutes you will find out if you are approved. That application, whether you’re approved or not, will result in a hard credit inquiry being added to your credit file.
Bottom Line
Preapproval is an invaluable tool to know where you stand with issuers without risking damage to your credit. You will quickly learn if the card you have your eye on is within reach. Then, if you are preapproved you can take the next step and apply with confidence.
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