Credit Cards Center Credit cards from our partners
Reply
New Member
Posts: 11
Registered: ‎01-28-2010
0

Approved for Discover Card!

Greetings all!

 

I have been trying to continually rebuild my credit....have not pulled my score in a long time so not sure what it is but I was recently approved for a Discover Card with $1000 limit.  I applied for this card because I wanted to transfer a balance that had a higher interest rate to it so I did almost utilize the max $1k but have paid some already and will probably have half paid off in a few weeks here.  Of course its good news to get approved by any creditor especially during these tough times but I was quite surprised to finally been approved (probably tried 3-4 other times in 10 yrs)....  My question is, typically how hard is it to get approved and should I assume I have decent credit?  Trying to get a car soon and would like to take advantage of 0% apr for 72 months.....

Moderator Emeritus
Posts: 17,409
Registered: ‎07-14-2009
0

Re: Approved for Discover Card!


sayswho wrote:

Greetings all!

 

I have been trying to continually rebuild my credit....have not pulled my score in a long time so not sure what it is but I was recently approved for a Discover Card with $1000 limit.  I applied for this card because I wanted to transfer a balance that had a higher interest rate to it so I did almost utilize the max $1k but have paid some already and will probably have half paid off in a few weeks here.  Of course its good news to get approved by any creditor especially during these tough times but I was quite surprised to finally been approved (probably tried 3-4 other times in 10 yrs)....  My question is, typically how hard is it to get approved and should I assume I have decent credit?  Trying to get a car soon and would like to take advantage of 0% apr for 72 months.....


Welcome to the forums.

 

Congrats on the approval. I'm not sure what scores are generally needed for a Discover card. Others will have to chime in about that. I have a Discover but I got it about 9 years ago so I have no idea what my score was then. I know it was not anywhere near excellent.

 

I'm not one to advise pulling your credit score very often but you might want to do this just to get a baseline. Remember though that the inquiry needed to apply for the card and the new credit showing on your report will lessen your score a bit compared to what it would have been before the application.

 

You can buy your Equifax and/or Transunion scores here at myfico. I suggest you do an internet search first for "myfico discount codes" to save a little money. You can also purchase your Equifax score at www.equifax.com and your Transunion score at www.transunioncs.com.

 

Be careful where you purchase credit scores. Look carefully at the fine print. If you don't see the words "FICO score" anywhere but only offers for "credit scores" then they are not selling a true FICO score. I've learned the hard way about this as have others.

 

Good luck to you.

 

 

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work.

Regular Contributor
Posts: 231
Registered: ‎08-07-2009
0

Re: Approved for Discover Card!

^ Great advice!
-800 or Bust...!
Valued Contributor
Posts: 2,708
Registered: ‎10-16-2008
0

Re: Approved for Discover Card!

Welcome, sayswho!

 

+1 to marinevietvet's advice above. You don't have to guess at your credit worthiness, just pull your reports here and you'll know for sure.

 

Regarding Discover...if they issued you a new account, your credit is at least decent or better. They are a conservative lender, and their starting CL's are usually lower than what other lender's would start you off with. But they increase your CL's after some good history on the account over time.

Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Approved for Discover Card!

[ Edited ]

sayswho wrote:

Greetings all!

 

I have been trying to continually rebuild my credit....have not pulled my score in a long time so not sure what it is but I was recently approved for a Discover Card with $1000 limit.  I applied for this card because I wanted to transfer a balance that had a higher interest rate to it so I did almost utilize the max $1k but have paid some already and will probably have half paid off in a few weeks here.  Of course its good news to get approved by any creditor especially during these tough times but I was quite surprised to finally been approved (probably tried 3-4 other times in 10 yrs)....  My question is, typically how hard is it to get approved and should I assume I have decent credit?  Trying to get a car soon and would like to take advantage of 0% apr for 72 months.....


Discover is a prime, conservative lender.  Being approved by them does indicate that you have good to excellent credit.

 

If you don't want to spend the money, then I suggest the following, which is sufficient for those who are just trying to build their credit.

 

1.  Pull your annual free credit reports from www.annualcreditreport.com

2.  Go to the FICO Score Estimator (link in my sig line)

3.  Input the information from your credit reports into the Estimator

4.  Use the score range the estimator provides as general score analysis

 

With the information from your free reports, you can continue to repair your credit if you have any inaccuracies (dispute), derogs (DV, GW, PFD, dispute inaccuracies as appropriate).

 

All efforts you put in to improving your credit will only improve your score.  If you maintain the credit basics, you can rest assured your score is fine and you can use the Estimator to know what your "probable" minimum score is.

 

With this strategy, you know what your credit contains and what your likely score range is, all for FREE.  Once you decide you want to know what your actual score is, search Google for discount or promo codes so that you can get a discount off the price from MyFico.com.

 

IMO  IME  Smiley Wink

 

 

Message Edited by txjohn on 01-29-2010 05:28 AM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.