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Frequent Contributor
Posts: 401
Registered: ‎03-01-2012
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how accurate is Discovers "pre-qualify"??

I know Capital One has their pre-qualify and it seems pretty clear cut.......it either finds something or tells you it doesn't.

 

I checked out Discovers page today and they seem to have the same set-up.  I ran the pre-qual and it doesn't come back quite as clear-cut in my opinion.  It recommended their normal regular card and every other one below it.

 

Mind you, I'm still awaiting my discharge later this month.  I don't even qualify for Capital One (I did include them in my BK though - only $300) - is it possible I actually qualify for Discover already?  

 

Should I wait out the discharge before doing anything?

 

Opinions or insight?

Filed BK7: 7/12 (discharge 10/12) 5/12- EQ FICO - 508 / TU FICO - 490
EQ FICO: 677 (02/15)
TU FICO: 651 (02/15)
EX FICO: 671 (02/15)
NFCU cashRewards $18k - NFCU Flagship Visa $18k - First Tech C.U. Cash Rewards $5k - Cap1 Venture - $10k - Barclays Apple Card $2k - Discover $1,000 - JCrew $4650
New Contributor
Posts: 90
Registered: ‎08-06-2012
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Re: how accurate is Discovers "pre-qualify"??

I tried discovers pre-qual and it said the same thing for me, my fiance, AND my mother who has A+ credit. Seems fishy to me.

BK Filed 7/1/12 --- EX: 494 EQ: 505 TU: 505
10/12 EX: 599 EQ: 599 TU: 599

BK Discharge 10/23/12
Cap1 $3000 (AU) / NFCU Visa $500

GOAL #1: 660
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Frequent Contributor
Posts: 263
Registered: ‎08-13-2011
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Re: how accurate is Discovers "pre-qualify"??

It appears Discover has made changes to their pre-qualify system. A lot of times now when people try it....one is simply offered recommendations which is not the same as pre-qualifications. Discovers from what I know and have read from others throughout this forum have a very high criteria before pre-qualifying anyone for their cards....my assumption is that credit scores have to be north of the 700 mark (they look at TU and EQ mostly).

 

I had been checking out Discovers pre-qualify system for a few months before I actually decided to apply a few days ago, my scores were around 680, I was 2 years post BK7 and I would only get the recommended offers not a pre-qualify. A friend of mine started to get his pre-qualify letters when his credit score was above 700. Either way pre-qualify does not guarantee one a card in my opinion, there are other factors which will determine if one would actually get the card once applied for.  

 

It is worth noting that I did not include Discover in my BK, so maybe that also was one of the factors that helped me. I did notice that the credit analyst that called me after my applications was submitted focused on a few things

1. Why I filed BK

2. How I managed my credit post BK 

3. The types of credit I have had since BK

4. My line of profession and my income (she really wanted to know the details of what I did for work)

5. Why I wanted discover

 

I do hope others will be able to comment on whether applying is worth the risk, especially if you had included them in BK. However if your credit score in your signature are accurate I would recommend you wait till you can get them up to the mid 600s and try to spend about a year building up positive credit history.


Starting Score: 500s
Current Score: EQ: 693myFICO(9/7/12), TU: 710myFICO(9/2/12), EX Plus:701(lp,4/16/12)
Goal Score: 700

Wallet: Discover IT $5000, Capital One Platinum $13000, Barclays Rewards $5700, Walmart $3500, Amazon Store Card $3500.
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