Is there a difference between the pre-qual on the Discover website and a physical mailer that I received yesterday? Based on what I've read here on the forums stating that Discover pre-quals are basically crap, then does it matter that I got one in the mail? One with an invitation # on it?
@pi-r-squared wrote:Is there a difference between the pre-qual on the Discover website and a physical mailer that I received yesterday? Based on what I've read here on the forums stating that Discover pre-quals are basically crap, then does it matter that I got one in the mail? One with an invitation # on it?
The online pre-qual isn't necessarily crap, you just need to know what to look for. And that is, an "offer" with a specific APR (or a smaller range of APRs, like 13.99% - 15.99% instead of their full range of 10.99% -- 22.99%.) If you get a result with a specific APR or small windows of APRs, then it means that you're at least in their target demographic and the chances of being approoved are probably a little higher. Have you tried typing in dummy info (John Doe, SS ending in 1234) and comparing it with the offer you get when you use your own info?
I would imagine a mail offer would be similar. If there's a specific APR or APRs then I think you would have a fairly good shot. Says the girl who has never gotten a Discover offer in the mail, or been offered anything through the pre-qual site other than the 10.99% - 22.99%. 
The letter in the mail lists the following:
0% intro APR for 14 months from date of account opening.
After the intro expires, your APR will be 15.99% to 18.99% based on creditworthiness.
@Anonymous wrote:Well, it's certainly not airtight - no pre-qual is, and Discover is pickier than most - but the small range of APRs is as good a sign as you'll get from Discover.
Your FICOs look to be about in their range, but it's not the whole picture.
How many CCs do you have, how much utilization, and are there any baddies since the BK? I seem to recall reading that while they might overlook a baddie or two, they like thinner credit files, and longer AAoA on existing tradelines. So, if you've done any app spreeing within the past couple of years, and/or already have a lot of TLs, the score might not carry you through to an approval.
And, if your file is on the thinner side, and you have a decent AAoA, did you burn Discover in the BK?
I'm only speaking from what I recall reading here, and cannot speak from personal experience, so please do not take what I am saying as gospel. I would definitely search on the forums for Discover approvals if you are seriously considering the offer. Good luck!
Only 1 CC open (Cap 1 Platinum). Am an AU on my wife's Cap 1 account and she in on mine. My starting CL $3,000. Her CL is $2,000. About 20% Util overall.
Only baddies since BK are 2 paid medical collections (from 2011) that were ONLY reported to TU.
AAoA is almost 6 yr. 1 mo. on TU and 5 yr. 8 mo. on EQ.
3 INQs on EQ, 2 on TU, and 1 on EX.
Did not burn Discover. Unfortunately, burned just about everyone else besides Cap1, Barclay, and DIscover.
@Anonymous wrote:Well, with that background, I know what *I* would do (yes, I personally would pull the trigger, knowing full well that those paid off med collections might do me in. This also assumes I had a HP I'd be willing to possibly throw away.)
But, you have to do what you think is best. If you're not sure and don't want to risk the HP, you might wait until the baddies fall off (or see if you can GW them away and then app.) But, once those baddies do fall off/go away, I think you'd be in a good position, and that Discover should be one of your first cards when you start building your profile.
Although it's quite tempting to apply, I think I'm gonna stick with being in the garden for a couple more months. I am pre-qualified for Cap 1 Venture and QS so I wouldn't want to decrease my chances just because of this Discover invitation. Maybe I'll try in June.