Question: How much income do you need for a Discover student credit card?

Do you need income for Discover Student Card?

To qualify for a Discover student credit card, you must be at least 18 years old, enrolled in a two- or four-year college, a U.S. citizen and have a Social Security number. You will also need to have verifiable independent income, like a part-time job, and you may have to show proof of income.

How much income do you need for a Discover Card?

No, there is no minimum income required to get approved for Discover it Cashback. When it comes to income, what you need to demonstrate is your ability to make at least the minimum monthly payments and to repay any balance you may incur. Moreover, a good or excellent credit score is required to get this card.

How hard is it to get approved for a Discover student card?

While the Discover it Student Cash Back card is fairly easy for students to get, approval is not guaranteed. Discover will look at a number of other factors with your application. It’s best if you don’t have too many recent credit inquiries. You shouldn’t have more than one other Discover card account.

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What should I put as my annual income for a credit card as a student?

If your credit card application asks for your annual income and you’re paid weekly, multiply your weekly amount by 52. If it asks for monthly income, multiply your weekly amount by 52 and then divide by 12. Also, pay attention to whether the issuer wants gross (before taxes) or net income.

Why did I get denied Discover student card?

The reasons will be listed in the denial letter Discover sends out shortly after its decision. They may include an annual income below what’s needed to make minimum monthly payments, a low credit score, too many recent credit inquiries or a high amount of debt, among others.

Does Discover ask for proof of income?

Yes, Discover will verify your income when you apply for a personal loan. Discover requires a minimum annual income of $25,000 to ensure that you can make your monthly payments, and if you don’t meet the minimum income requirement, you likely won’t get approved.

Can I get a credit card with a 5000 limit?

Here’s why: The Chase Sapphire Preferred® Card comes with a $5,000 minimum credit line, but we’ve seen claims that the credit limits for this card can be as high as $100,000.

Card Minimum credit limit
Chase Sapphire Preferred® Card $5,000
Citi® Double Cash Card $500
Chase Freedom Unlimited® $500

Is Discover good for students?

The bottom line: This is a great card for a student learning to handle credit. On top of the rewards, you get a free FICO score, low fees and forgiveness for your first late payment.

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Do you have to have a job to get a student credit card?

It is technically possible to get a credit card on your own, but issuers will require you to have an independent income, which most college students do not have. If you’re under 21 and don’t have your own income, you will need a parent or another trusted adult to co-sign for you on a credit card application.

Is Discover a good card for beginners?

Select reviews the Discover it Secured Credit Card, a top-rated card for building credit. Beginners just starting out on their credit journey and those looking to build back up a low credit score should consider getting a secured credit card.

How long does Discover student card Approval take?

In most cases, after submitting a Discover it Student Cash Back application, there will be a decision within 60 seconds. If a further review of your application is needed, it can take up to 30 days to receive a decision, but you will normally have the decision within 5 to 7 days.

What is the average college student income?

According to a recent report from the National Association of Colleges and Employers, the average starting salary for the college Class of 2020 was $55,260 — 2.5% higher than that of the Class of 2019 ($53,889 ) and 8.5% higher than the Class of ’18 ($50,944).

What is the annual income for a student?

Among full-time students, 41 percent worked part time and 16 percent worked 35 hours a week or more in 2015–16. In 2015–16, the median income for full-time dependent students with income was $3,900. The median independent student earned $13,880 over the year.

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Does annual income include student loan?

Student loans tend not to count as income because if you used it to pay off a credit card, this would just be one form of debt paying off another.