When you apply for a credit card, it typically involves a hard credit inquiry, which can temporarily lower your credit score. This is where credit card preapproval can be beneficial. With preapproval, you can find out if you’re likely to qualify for a specific card before the issuer performs a credit check.
While not all issuers provide preapproval options, Discover is one that does. By exploring preapproval, you can assess which Discover card best suits your needs and whether you’re likely to be eligible for that card.
What is credit card preapproval and how does it work?
A credit card preapproval or prequalification serves as reassurance rather than a guarantee. When a credit card issuer preapproves you, it indicates that you meet certain criteria for approval, but it doesn’t mean you’ve been fully vetted.
This process involves a soft credit inquiry, so it won’t impact your credit score or appear on your credit reports. However, the issuer hasn’t reviewed your complete credit report yet, so a preapproval doesn’t guarantee approval for the card. After accepting the preapproval offer, the issuer will likely conduct a full credit check, which could still lead to a denial.
How to get preapproved for a Discover credit card
Getting preapproved is a straightforward process, no matter which method you choose. Discover allows you to complete it directly on their website, but there are also several other options available for prequalifying for credit cards.
Prequalify on Discover’s website
Many credit card issuers provide a tool on their websites for prequalifying. Discover features an online tool that allows you to check for prequalified offers without affecting your credit score.
To use the tool, simply enter basic information about your income, expenses, bank accounts, and Social Security number. You can also filter the cards based on your preferences, such as rewards, travel, or business cards.
The prequalified offers you receive will typically be valid for about a week before they expire, at which point the page will refresh and may present different options. If you don’t prequalify for any cards, Discover will explain why and allow you to try again in about a week.
Additional ways to prequalify for Discover credit cards
If you’re denied prequalification on the Discover website, you have another option: you can reach out to Discover’s customer service to appeal the results.
Best Discover credit cards for prequalified offers
Discover it® Miles
| Details | Discover it® Miles |
|---|---|
| Welcome bonus | Discover will automatically match all miles earned at the end of the first year |
| Rewards | Unlimited 1.5X miles on all purchases |
| Rates and fees | No annual fee, no foreign transaction fees0 percent intro APR for 15 months on purchases and balance transfers (variable APR of 18.24% – 28.24% thereafter) |
Discover it® Cash Back
| Details | Discover it® Cash Back |
|---|---|
| Welcome bonus | Discover will automatically match all cash back earned at the end of your first year |
| Rewards | 5 percent cash back (up to $1,500 in purchases, then 1 percent) after activation on rotating categories each quarter1 percent for all other purchases |
| Rates and fees | No annual fee0 percent intro APR for 15 months on purchases and balance transfers (variable APR of 18.24% – 28.24% thereafter) |
How to increase your chances of getting preapproved
Getting preapproved can ease the stress of the approval process, as both you and the issuer have a clearer idea of your suitability for the card. By improving your chances of preapproval, you can also enhance your likelihood of being fully approved for the card you desire.
Improve your credit score and only apply for cards that match your credit profile
Preapproval doesn’t involve a full credit check, but your credit history and score still matter. It’s essential to ensure your credit score is in good shape before seeking preapproval.
Your credit report can reveal the factors negatively affecting your score and highlight areas where you can improve. Pay attention to this information and take steps to address those issues, helping to boost your score.
Lower your outstanding debt and credit utilization ratio
Two key factors that influence your credit score and the types of cards for which you may be approved are your outstanding debt and credit utilization ratio.
Card issuers examine your entire credit report but focus particularly on these two elements, as they reflect your reliability as a cardholder. By improving these aspects of your credit profile, you can enhance your chances of being approved for certain credit cards, even if your overall score doesn’t see a significant increase.
In Conclusion
Getting preapproved for a card is a wise initial step toward becoming a cardholder. However, it’s important to note that preapproval does not guarantee final approval for the card you desire.