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Balance Transfer to Discover Student Card Discover® Student Card


Discover Student Card
Intro APR: 0%

 Issuer: Discover®
Enjoy 0% Intro APR on purchases for 6 months, pay no annual fee and have peace of mind with $0 fraud liability guarantee.
Plus, enjoy Easy Online Account Management Options. You'll also earn 5% Cashback Bonus® in categories that change four times a year like home, apparel and more* and up to 1% Cashback Bonus on all other purchases automatically*.
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Your credit report includes a lot of information about your credit behavior and financial situation. This information exceeds the purpose of the credit score and gives a lender a wider idea of how risky is dealing with you as a borrower. However, the credit score gives them a first glance and is especially useful if there is not much time to analyze the rest of the details.

Where Does the Information Come From

All the information contained on your credit report is reported by creditors, banks, and financial and commercial institutions that have done business with you at any time. Your credit score is calculated based on some of all of this information and no external info is used. All the variables that are included in the credit score formula are based on your credit report.

Static and Dynamic Information

For starters, the credit score includes both a static and dynamic analysis of your credit and financial situation. Part of the score shows your current debt situation and part of it shows the evolution of it. Thus, your payment history will affect your credit score and your current overall debt will also affect your credit score.

Consequently a bad credit score can show because you currently have too much debt or because you’ve missed payments or paid late before. The opposite is also true, since your credit score reflects your present and past, if your current situation shows a high debt but you had excellent credit behavior before, your credit score won’t be that bad. The inclusion of both present and past of your credit history contributes to curb bad and good credit modifiers so as to give an objective outlook of your credit stance.

Information Included

As regards to credit history, the information that is taken into account in your credit score is: late payments, missed payments, bankruptcies, defaults, liens, judgments, disclosures, etc. All of these are reported by your creditors and the importance of each one is different: a late payment will make your credit score drop a bit, while a bankruptcy will actually ruin it.

When it comes to debt, the information included is: Loans, credit card balances, lines of credit, agreements on your bank accounts, etc. Even when you don’t owe money, when considering loan approval, lenders will take a line of credit, credit card limit or bank account agreement exactly as a loan. Thus, the key to improve this factor is: “if you don’t use it and don’t plan to use it, then, close it.”

Finally, other information that affects your credit score is: credit pulls with the purpose of considering loan applications, loan declines, length of credit history, store cards, etc.


  • Transfer your balance to Discover® Student Card

  • Regardless of the level of debt you find yourself in, you can start today to formulate a plan to get out of debt. The unvarnished truth is, debt costs! If you are paying interest on credit cards, a car payment, and a house payment, then you would be amazed how much better off you would be if you were out of debt. It may look like you have a mountain to move, but if you take it one step at a time - and exercise some financial restraint - you should be able to get out of debt.

    A good place to start is to find out exactly how much you owe and how big your payments are. That may sound unnecessary, but the fact is that many of us lose track of financial matters. Be sure you don't forget a credit card, a medical payment, or any other monthly payment, as you make a list of all your bills.

    Now figure out how much money you have coming in. Hopefully it is more than the total of the minimum payments on all your debts and other bills! If not, you need to find a better job or get some more income somehow. Assuming you have enough income but have simply gotten out of control, the next step is to figure out which of your debts has the highest interest rate.

    As you make your monthly payments, be sure to add as much extra as possible to the debt with the highest interest. Pay the minimum on the rest. By adding extra money to your payment, you will be paying off the principal faster, which will save that extra interest when that debt is paid off. Keep adding what you can. When that debt is out of the way, start adding extra to the next highest interest payment.

    You can reduce your credit card debt by applying for a no interest card and making a balance transfer from your highest interest card. Keep track of the interest on each card and pay off the high interest cards as early as possible.

    While you are adding extra money to your payments, you will want to live frugally. There are some great books on the market that give tons of ideas for saving money. You might discover that the simplicity of frugal living is fun. In fact, it's almost addictive to start looking for ways to cut back. Don't look at it as deprivation. Look at it as a chance to be creative.

    Some obvious places to save money are in the areas of food and entertainment. Do you really need satellite or cable TV? Could you reduce the number of times you eat out per week, or choose from the dollar menu more often? Drinks can be a real drain on the food budget. Learn to like water! If your city water supply doesn't taste good, try using a filter.

    You'd be surprised how quickly debts can go down if you chisel away at them a little at a time. Even an extra $5 or $10 per month will make a difference. In fact, you might just want to round each one up to the nearest five or ten dollar increment. For instance, if your payment is $26.50, round it up to $30. Every little bit will make a difference. And remember, don't get anything new on the credit cards!


  • Raise your credit score with a help of Credit-Rocket! Read the Chase credit card reviews
  • Tired of high charges? Find the best database for credit cards! Read the fine print and find the Annual Percentage Rate (APR). This is the interest rate the companies charge you if you carry a balance. You want the lowest rate possible; as each percentage point drop will save you money on the months you have an outstanding balance.