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Established Contributor
knoregs
Posts: 567
Registered: ‎06-04-2012

Am I ready for Discover More?

Latest EQ is 712. Good score but I've limited history. Started with a secured personal loan opened 10/2011 and closed in 10/2012. Paid as agreed, no lates. Two CC's. A BOA secured $1k opened 6/2012 and a Cap1 $300 opened 7/2012. No lates. Always PIF. My 5th Cap1 statement kicks on the 9th which is supposed to bump that CL to $500. One baddie a Med Collection only shows on TU CR and it's getting quite old. Don't remember the exact date but at least 3 years old. Question is should I app for More card now? Or wait until 5th Cap1 statement kicks on 9th? or wait until 6th BOA statement kicks on 20th? Or even wait until 6th Cap1 statement kicks on 1/9/2013?

 

If I was certain they'd pull EQ, I'd app right now. :smileyhappy:

 

~kn


EQ: ??? (No Current)
EX: ??? (No Current)
TU: 667 (Discover FICO) 6/12/14

Last App 12/17/13... In Garden 'till July/August '14
Valued Contributor
daybreakgonesXe
Posts: 1,705
Registered: ‎11-17-2012

Re: Am I ready for Discover More?


knoregs wrote:

Latest EQ is 712. Good score but I've limited history. Started with a secured personal loan opened 10/2011 and closed in 10/2012. Paid as agreed, no lates. Two CC's. A BOA secured $1k opened 6/2012 and a Cap1 $300 opened 7/2012. No lates. Always PIF. My 5th Cap1 statement kicks on the 9th which is supposed to bump that CL to $500. One baddie a Med Collection only shows on TU CR and it's getting quite old. Don't remember the exact date but at least 3 years old. Question is should I app for More card now? Or wait until 5th Cap1 statement kicks on 9th? or wait until 6th BOA statement kicks on 20th? Or even wait until 6th Cap1 statement kicks on 1/9/2013?

 

If I was certain they'd pull EQ, I'd app right now. :smileyhappy:

 

~kn


Though waiting may help for a higher chance of approval and higher CL, i think you're just fine applying today! You still have a great shot :smileyhappy: best of luck!

 

Capital One Quicksilver World Mastercard $10k | JCPenney Platinum $7.5k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $25k | Discover IT $9.5k

EQ FICO 709 TU FICO 746 Credit Karma (TU) 780 Transrisk 816/990 Credit Sesame (EX) 762 Credit.com (EX) 763 VantageScore 3.0 733
Valued Contributor
SnackTrader
Posts: 1,563
Registered: ‎09-15-2012

Re: Am I ready for Discover More?

Some of this is also going to depend on what your future plans for credit are.  Are you okay with taking the chance and the inquiry?  Or are you trying to conserve your inquiries for a car loan, mortgage, or particular high standard credit card within a year?


In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Established Contributor
knoregs
Posts: 567
Registered: ‎06-04-2012

Re: Am I ready for Discover More?


SnackTrader wrote:

Some of this is also going to depend on what your future plans for credit are.  Are you okay with taking the chance and the inquiry?  Or are you trying to conserve your inquiries for a car loan, mortgage, or particular high standard credit card within a year?



Well yeah I have future plans for both car loan and mortgage. I only have 1 INQ with EQ and 3 with EX. I'm not sure about TU but it can't be more than 3.  But that is exactly what I'm on the fence about. I don't want to do a frivolous app if my chances seem slim. But if most here say "you're good to go" then I'll spin the wheel.


~kn


EQ: ??? (No Current)
EX: ??? (No Current)
TU: 667 (Discover FICO) 6/12/14

Last App 12/17/13... In Garden 'till July/August '14
Frequent Contributor
isoldmyatlas
Posts: 341
Registered: ‎04-28-2012

Re: Am I ready for Discover More?

[ Edited ]

knoregs wrote:

Latest EQ is 712. Good score but I've limited history. Started with a secured personal loan opened 10/2011 and closed in 10/2012. Paid as agreed, no lates. Two CC's. A BOA secured $1k opened 6/2012 and a Cap1 $300 opened 7/2012. No lates. Always PIF. My 5th Cap1 statement kicks on the 9th which is supposed to bump that CL to $500. One baddie a Med Collection only shows on TU CR and it's getting quite old. Don't remember the exact date but at least 3 years old. Question is should I app for More card now? Or wait until 5th Cap1 statement kicks on 9th? or wait until 6th BOA statement kicks on 20th? Or even wait until 6th Cap1 statement kicks on 1/9/2013?

 

If I was certain they'd pull EQ, I'd app right now. :smileyhappy:

 

~kn


If your current utilization is under 10%, I definitely think you'll be approved, and I even think they'll beat your BOA limit.  Discover almost always pulls EQ for new cardholders so if your baddie is only on TU, you don't have much to worry about.

 

TU: 761 (7/13/14) | EQ: 777 (7/6/14) | EX: 762 (4/6/14)

Cap1 Quicksilver, $4,750 (4/2012); Discover IT, $5,000 (10/2012); Chase Amazon Rewards, $7,600 (10/2012); AMEX Hilton HHonors, $15,000 (11/2012); AMEX Blue Cash Everyday, $10,000 (01/2013); Barclaycard Arrival+, $10,000 (07/13); Chase Hyatt, $7,000 (09/13)
Valued Contributor
SnackTrader
Posts: 1,563
Registered: ‎09-15-2012

Re: Am I ready for Discover More?

How far away are your applications for a car loan and a mortgage?

 

I understand the idea of saying you don't want a frivolous app, but reality is that any app too close to mortgage is frivolous.  In addition, waiting a few months will almost certainly improve your chances, so if the mortgage isn't for another 2 years, then what's the hurry?

 

I don't know what your chances are right now, to be honest.  But it just always seems that waiting a little while longer when your history is short adds to your chances.  I know that I have been told to wait on my Amex application, but I am not planning for a car or a mortgage any time soon, so I am willing to take the chance and the additional inquiries.

 


In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Established Contributor
knoregs
Posts: 567
Registered: ‎06-04-2012

Re: Am I ready for Discover More?

I know patience is a virtue but I just couldn't wait any longer. Did I mention I had an invitation? Not a pre-approval... just an invitation. So I app'd... AND WAS APPROVED!!!!

 

YAY!

 

Although I have no idea for how much :smileyfrustrated:

 

~kn


EQ: ??? (No Current)
EX: ??? (No Current)
TU: 667 (Discover FICO) 6/12/14

Last App 12/17/13... In Garden 'till July/August '14
Regular Contributor
IECredit
Posts: 208
Registered: ‎07-15-2012

Re: Am I ready for Discover More?

I applied today and was approved for Discover more with a CL of $1000, my UTL is around 70% and scores ranging from 620-650. Im not sure what lender they pulled but you got a great chance to get appoved! i'd go for it!

Current Score:TU 717(Walmart 1/9/14) / EQ 766(DCU Monthly 1/28/14) EX Fico 723(MyFico 9/15/13)
Goal Score: All above 800
Wallet: DCU Plat. $10,000 | Logix 10,000 | Chase Freedom $1,000 | Discover $3,600 | WalMart $3,500 | Paypal MC $4,000 | Cap 1 QuickSliver $6,000 | Barclay NFL $3,400 | Best Buy $1,000 | Cap 1 Venture $4,000 | IN THE GARDEN(5/6/13)
10 Accounts $46,500 Revolving
Frequent Contributor
isoldmyatlas
Posts: 341
Registered: ‎04-28-2012

Re: Am I ready for Discover More?


knoregs wrote:

I know patience is a virtue but I just couldn't wait any longer. Did I mention I had an invitation? Not a pre-approval... just an invitation. So I app'd... AND WAS APPROVED!!!!

 

YAY!

 

Although I have no idea for how much :smileyfrustrated:

 

~kn


Congrats!! Is it prompting you to set up an online account with them? If so, it may ask at what point you want to start receiving notifications that you're getting close to your credit limit, which is a great indicator as to what your inital CL is.  It asked if I wanted to be notified upon reaching $2700, and I later found out they approved me for $3000.

 

TU: 761 (7/13/14) | EQ: 777 (7/6/14) | EX: 762 (4/6/14)

Cap1 Quicksilver, $4,750 (4/2012); Discover IT, $5,000 (10/2012); Chase Amazon Rewards, $7,600 (10/2012); AMEX Hilton HHonors, $15,000 (11/2012); AMEX Blue Cash Everyday, $10,000 (01/2013); Barclaycard Arrival+, $10,000 (07/13); Chase Hyatt, $7,000 (09/13)
Established Contributor
knoregs
Posts: 567
Registered: ‎06-04-2012

Re: Am I ready for Discover More?

I just tried logging in and couldn't. Said they were still setting up my account but suggested I check on status of app. When I did that I then saw the CL. It is $2K. I'm quite pleased with that... now the question arises... do I app spree? ~kn

EQ: ??? (No Current)
EX: ??? (No Current)
TU: 667 (Discover FICO) 6/12/14

Last App 12/17/13... In Garden 'till July/August '14

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