Approval Chances for a Discover More?

[Anonymous]

Thinking of applying for the Discover More. What do you think my chances are? I reside in FL.

EQ: 704

TU: 752

EX: 736 Credit Sesame 732 Experian.com

EQ: 7 inquires in 2011 with 3 being in December. In December, 1 for Savings Account, 1 for CLI, 1 for supposedly soft pull at an auto dealership. Others were mid year, 1 for AT&T U-Verse. In, May I opened the Chase Freedom. Other two were denied auto loans from Chase.

TU: 0 Inquires

EX: 2 Inquires 1 for the Auto Dealership, and 1 for Savings Account.

It seems creditors show their creditor love on my EQ so I'm a little worried Discover will raise an eyebrow at the 7 inquires.

Credit History: 2 years 1 month

2 Credit Cards, No Installments:

Chase Student Credit  Card opened 12/2009: $1500 with $20 balance

Chase Freedom Credit Card opened 05/2011: $3000 with $70 balance

AAoA: 1 year

***UPDATE*** Was recently added as an AU this month on another Chase Freedom which opened this month as well @ $2500 CL which hasn't reported yet

No baddies

Yearly Gross Income: $25,000

Ta Da!!! My credit in a flash!

[Anonymous]

Chase Freedom and Discover More categories almost always overlap afaik.

But I think you'll be fine.  They might decline you for the inquiries, but just recon and explain them.

[Anonymous]

What am I supposed to tell them if I do end up having to recon?

[mxp114]

I think the best approach is being sincere about any potentially adverse info on your CR, such as lots of INQs. The reps are people and can understand if for example, you have excessive INQs due to recent CLI's or other acct changes, etc. Discover has a nice recon team, I hope you get approved.

[Anonymous]

Another thought is to go the Discover website and see if you have any pre-approved offers. Their tool is pretty good.

[nuggets321]

+ 1   hit their "prequalify" link and see if they have any offers

[Scuba]

Most likely you will have to talk with someone when you are approved and when they offer you say . . . . a $3K CL and you think you would like more, counter then and there.  I wish I had.

I tried getting a > CL at 6 months and they said no, not without another hard pull.  Actually, I think they simply said no, based on a "soft" from about 2 months earlier so they weren't even using current data.

I wish someone would had told me to counter immediately.   I probably would not have since I wanted a Discover for 20 years and I wanted one but I would today knowing what I know.  (Or think I do )

[Open123]

In my estmation, your approval chances are very high.  While nothing is assured, I'd bet you will be approved.  It may take a brief conversation with an analyst, but the CCs--especially Discover--are looking to expand their loan portfolios.

[CreditMuppet]

Well Discover pull EQ or TU, they pulled TU for me,  If they pull TU in your case I don't think you will have a problem with an approval, EQ however you have a lot of inquries and a lower score, so you may not fare as well.

[Open123]

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@CreditMuppet wrote:

Well Discover pull EQ or TU, they pulled TU for me,  If they pull TU in your case I don't think you will have a problem with an approval, EQ however you have a lot of inquries and a lower score, so you may not fare as well.

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I think he'll be fine.  From what I've seen, Discover is aggressively taking on new applicants.  They'll approve almost anyone with at least a CL of 1,000.  Now, you may ever seen another CLI, but you'll get the card.

I'd suggest you check the pre-approved, and build your own card to receive the $150 bonus to spend $1,000, or $200 bonus when you spend $1,500 with 6 months 0% interest.