Credit score needed for the Discover it Balance Transfer

The Discover it® Balance Transfer card has a long zero-interest balance transfer offer and changeable cash back rewards. This makes it a good choice for people who want to pay off their debts without losing cashback rewards. Credit score needed for the Discover

You can transfer balances with this Discover card at 0% APR for the first 18 months and make new purchases with it at 0% APR for the first 6 months. The variable APR (the interest rate you’ll have to pay after the introductory period) is pretty reasonable for a balance transfer card, ranging from 13.49% to 24.49%.

The Discover it Balance Transfer gives you 5% cash back (after activation) on everyday purchases in certain categories each quarter (up to $1,500, then 1%), plus 1% cash back on everything else.

The first step to getting the Discover it Balance Transfer card and starting to pay off debt and earn cash back is to apply. It’s a good idea to check your credit before you apply to see if you have a good chance of getting approved. Read on to find out what credit score you need to get approved and other things that could affect your application. Credit score needed for the Discover

How good does your credit score need to be to get the Discover it Balance Transfer?
People with a FICO credit score in the good-to-excellent range can get the Discover it Balance Transfer card. This means that to get this card, your credit score must be between 670 and 850.

Your application is more likely to be accepted if you have a good FICO credit score (between 740 and 850), so it’s a good idea to raise your score as much as you can before you apply. This will also help you get a variable APR on the lower end of the card’s range once the zero-interest period is over. Credit score needed for the Discover

A good credit score will help you qualify, but lenders also consider other factors beyond your credit score. These are things like your income level, payment history, and revolving credit.

What should I do if my application is turned down?
If you don’t get approved for the Discover it Balance Transfer card, the first thing you should do is look at the exact reasons why your application was turned down. The lender must give you this information, which will help you figure out which parts of your credit management and score need more work. You can also check your credit report for mistakes, which is more common than you might think. If this is the case, you need to fix those mistakes right away. After fixing those mistakes, call the credit card company and ask them to think about it again. Credit score needed for the Discover

If your application is not accepted, you could also think about applying for a different card. If you want cashback rewards but still want a balance transfer offer, the Citi Double Cash® Card is a great choice. The Citi Double Cash Card and the Discover it Balance Transfer card both have a zero-interest period. For 18 months, you can transfer balances with no interest, and then the interest rate goes up to 15.49% to 25.49%. The card also gives you up to 2% cash back on all purchases—1% when you buy and another 1% when you pay off your purchases. Credit score needed for the Discover

If your application was turned down because your credit score isn’t high enough and you still want the Discover it Balance Transfer card, keep reading to find out how to raise your score.

What can I do to raise my score so I can get this card?
You can make your score better if it isn’t where you want it to be. To change how you manage your credit, it’s helpful to know and think about each factor that affects your overall score. The most important things are payment history and credit utilisation. After that come length of credit history, new credit lines, and credit mix. It’s easy to figure out where your credit needs the most work and attention when you know where you stand in each area. Credit score needed for the Discover

Your payment history is very important because it makes up 35% of your credit score. If you miss a payment and it is 30 days or more past the due date, your score could drop by as much as 100 points. To keep your credit score high and improve it, you need to show lenders that you have a long history of making payments on time. Credit score needed for the Discover

Keeping your credit utilisation low is another great way to prove to lenders that you manage your available credit well. Credit utilisation is the second most important thing that affects your total credit score. It makes up 30% of your total credit score. To determine your credit utilisation ratio, divide your current balances by your total credit limit. To improve your credit score, try not to spend too much and keep your revolving utilisation below 30% or as low as you can. Credit score needed for the Discover

Your credit score is mostly based on your payment history and how much credit you use, but the length of your credit history is also a big part of it, making up 15% of your FICO score. Even if you don’t use them anymore, keep your credit card accounts open and paid off. Your overall score will also go up if you have different types of credit accounts and don’t apply for or open many new accounts in a short amount of time. If you don’t have a lot of credit, try slowly getting different types of loans, like credit cards, car loans, or even a credit-builder loan. Credit score needed for the Discover

In the end
If you want to pay off debt and get cashback rewards, the Discover it Balance Transfer card is a great choice. You need a FICO credit score in the good to excellent range to get this card. You need a score between 670 and 850 to get this card. However, having a fantastic credit score will not only help you get the card, but it will also lower your interest rates after the introductory period ends. Credit score needed for the Discover

Editorial Disclaimer

The editorial content on this page is based solely on our writers’ opinions, not on how much money they make from ads. The credit card companies neither provided it to us nor asked us to make it. But when you click on links to products from our partners, we may get paid. Credit score needed for the Discover

Erin Bendig: Erin combines her experiences with research and loves to share credit card information and tips on managing money with others. Credit score needed for the Discover