04-23-2010 09:46 AM
I really need every one's input with that. I have 4 credit cards now with all types except Discover which I really like. I have high total credit line and I basically do not need more credit line. I just would like to have the priviliges of Discover. My score is 700+ on al scores. Do you think I should apply or it does not worth and it will hurt my credit history and does not deserve the risk. Also, I am afraid to apply then end up in getting a Discover with low credit limit then I would have lost everything
04-23-2010 09:58 AM
Adding a new acct dings score due to inq and the new acct reducing AAoA.
The damage is typically not extensive and you will bounce back rather quickly in a few months.
Keep in mind that Discover is not know for high limit initial approvals generally speaking, so unless you have an exceptional income and >750 scores, etc., it is likely that they will not approve at the CL level of current high limit accts.
04-23-2010 10:06 AM
The effect of a new credit card will vary greatly depending on two things mainly, your AAoA and recent inquiries. If you have had credit for a long while, and your last loan or credit account was open more than a year ago, you can expect the hit to be insignificant after three to six months.
Regarding your potential as a Discover customer, given your score, I believe you would def. Get approved. I can't comment on the credit limit but I can tell you that, I opened my Discover card 4 months ago, I have limited credit history and a 71x Score at the time and was approved for $1500. I want to believe that the credit limit has to do more with your income than your history but I can't be sure about that. In the end, I don't really need more than $2000.
Discover, for me, is a fantastic card. One might get easily dissappointed with the 5% Quarterly Bonus categories but I think that their awesome customer service and their ShopDiscover application makes up the difference.
04-23-2010 10:34 AM
oshoair wrote:Also, I am afraid to apply then end up in getting a Discover with low credit limit then I would have lost everything
I don't see how this is losing anything, much less everyting.
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