For those who are looking for an easy way to repair their credit and get a better card, the Discover card for bad credit is an option worth checking out. In recent years, many banks have made drastic changes to their lending policies. In the past, a low score meant you were rejected for a card or loan. Now, with stricter lending guidelines and more aggressive tactics by banks to attract customers, there are more options available.
For those of you wondering how to get approved for a Discover card for bad credit, it's actually very easy. Many reports indicate that a FICO rating between 680 and 710 is required to get you a decent offer. One myFICO consumer report user says she was approved for a 500 credit line, suggesting that Discover might have slightly stricter lending requirements than other cards. Of course, every application will be reviewed individually, so a representative will look over your entire financial history. However, if you have had problems paying your bills in the past six months or even less, you should have a better chance of getting approved.
Once you know how to get approved for a Discover card for bad credit, you need to find a high interest card with a low credit limit. The interest rates on unsecured credit cards are notoriously high, and many consumers have trouble making payments and keeping the balances low enough to qualify. Typically, the lowest interest rate on an unsecured credit card is around twelve percent. This means that you'll pay back twice what you borrow. If you don't mind paying twice what you owe each month, then this is a great way to start rebuilding your credit rating.
When you apply for a Discover card for bad credit, you must first bring your total debt, including your revolving balance, along with your bank statement, to a local credit card office. Your statement will contain information about all of the debts you have, as well as your credit score. Once there, you'll need to apply for a secured credit card. Secured credit cards are available only to people who have a higher than average credit score.
Credit cards for people with bad credit can be tricky, but there are some things you can do to get approved. First, if you have a high credit score, you should have no problem qualifying for one of the many Discover cards available to you. You'll just need to make sure that you pay off your bills on time each month. Also, you should avoid credit cards with high interest rates.
When applying for a Discover card for bad credit, it's a good idea to shop around. Go online and compare interest rates from a variety of cards. Also, visit your local bank or credit union and ask them if they carry Discover unsecured credit cards. You may find out that they don't have any in their inventory, but they may be able to make an exception for you if you have a high enough score. Regardless of which card you choose, keep your monthly payments low and use the card regularly to pay off your debts.
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