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Am I ready for Discover More?

Established Contributor

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. Smiley Happy

 

~kn


EQ: 700 (FICO ScoreWatch) 11/26/14
EX: ??? (No Current)
TU: 681 (Discover FICO) 11/12/14

Last App 9/22/14... In Garden 'till Summer '15
Message 1 of 23
22 REPLIES
Valued Contributor

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. Smiley Happy

 

~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 Smiley Happy best of luck!

 


Quicksilver WMC $20k | JCPenney Platinum $10k | Drive for Five $800 | Freedom VS $5k | TD Cash VS $5k | CFU VS $14.8k | Blue Sky $13.7k | IT $28k | SavingStar $14.8k | BCE $11.3k | Macy's AMEX $7.2k | BuyPower WEMC $7.5k | CSR VI $13.3k | Diamond Preferred $6.5k FICOS: EX 775 EQ 764 TU 759 VantageScore 3.0: EX 759 EQ 757 TU 762
Message 2 of 23
Valued Contributor

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) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 3 of 23
Established Contributor

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: 700 (FICO ScoreWatch) 11/26/14
EX: ??? (No Current)
TU: 681 (Discover FICO) 11/12/14

Last App 9/22/14... In Garden 'till Summer '15
Message 4 of 23
Frequent Contributor

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. Smiley Happy

 

~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: 771 (7/17/17) | EQ: 787 (7/17/17) | EX: 792 (7/17/17)

Cap1 Quicksilver, $4,750 (4/2012); Discover IT, $34,000 (10/2012); Chase Amazon Rewards, $14,600 (10/2012); AMEX Hilton HHonors, $15,000 (11/2012); AMEX Blue Cash Everyday, $15,000 (01/2013); Barclaycard Arrival+, $10,000 (07/2013)
Message 5 of 23
Valued Contributor

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) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 6 of 23
Established Contributor

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 Smiley Frustrated

 

~kn


EQ: 700 (FICO ScoreWatch) 11/26/14
EX: ??? (No Current)
TU: 681 (Discover FICO) 11/12/14

Last App 9/22/14... In Garden 'till Summer '15
Message 7 of 23
Frequent Contributor

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 Fico's: TU 797 / EQ 785 / EX 775
Wallet: US Bank Business Edge $16,000 I Chase Ink $18,500 | US Bank Cash + Visa Sig $15,000 | Amex PRG NSL | Barclay Arrival+ WMC $10,000 l Amex BCP $20,000 | PenFed Visa Sig $9,000 | DCU Plat. $10,000 | Logix $10,000 | Discover $18,900 | WalMart $10,000 | Paypal MC $15,000 | Barclay NFL $3,400 | Cap 1 Quicksilver WMC $34,500 | J C Penny $5000 | Target $2000 13 Personal & 2 Business CreditCards
Message 8 of 23
Frequent Contributor

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 Smiley Frustrated

 

~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: 771 (7/17/17) | EQ: 787 (7/17/17) | EX: 792 (7/17/17)

Cap1 Quicksilver, $4,750 (4/2012); Discover IT, $34,000 (10/2012); Chase Amazon Rewards, $14,600 (10/2012); AMEX Hilton HHonors, $15,000 (11/2012); AMEX Blue Cash Everyday, $15,000 (01/2013); Barclaycard Arrival+, $10,000 (07/2013)
Message 9 of 23
Established Contributor

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: 700 (FICO ScoreWatch) 11/26/14
EX: ??? (No Current)
TU: 681 (Discover FICO) 11/12/14

Last App 9/22/14... In Garden 'till Summer '15
Message 10 of 23