Maybe Discover is relaxing their requirements a bit. I just applied for and received a Discover More card with a $1K CL with a 6mo intro APR of 3.99%. They did a hard inquiry. I have "fair" credit that I have been working to improve. My scores from myfico are TU: 645 and EQ: 631. I have 2 90 day lates from 3/08 and 2 unpaid collections from 3 yrs ago that I am trying to negotiate with the CA for a PFD.
Welcome to the forums!
Congratulations, and take care of that Discover card!
Did they tell you what your regular purchase APR will be?
When I spoke with Discover on the phone, the CSR stated my regular purchase APR would be 11.99% but when I got the card in the mail, the paperwork indicates 18.99%. I'm not getting too worked up over it right now because I will PIF...before my monthly statement closes.
I have to learn to control my spending so I cannot carry balances on my credit cards (my current mantra). I still have other cards that I'm working diligently to pay off. It is a slow and painful process, but I'm rapidly changing my obsession from spending to becoming debt-free.
These boards are a tremendous help!!
18.99% is consistent with the rest of your situation. 11.99% is not. If you go to this link:
and click on the "Need Improvement" tab I think you will find the terms you were approved under.
This is a great coup for you! Congrats again!
I just received a rate increase from 13.49% to 18.24% the month before they raised my credit line from $10,000 to $15,000 so don't expect a rate decrease in this environment.
I have been mostly PIFing with most recent month $6018 so I doubt spending pattern will get you a rate increase.
Just PIF and the rate won't matte.
I was just happy that Discover deemed me worthy of a card at all. 18.99% is actually my second best APR at this point. Most of my cards are in the mid-20% range. Citi is the only other card that has agreed to lower my rate (10.24%) I love Citi!! They also gave me a small CLI last month from $600 to $1500.
This month with the new Discover card, the Citi CLI, and the payments I am putting toward my other cards, I expect my overall utilization to go below 35%. I'm hoping for at least a small bump in my scores. I'm planning to ask them all for an APR decrease in another 6 months. It never hurts to ask!
One thing I've noticed about the Discover card...it takes a while for the transactions to post. I paid my car insurance with it 5 days ago just to use the card. I want to pay it off now but my account still shows a 0 balance. I just keep checking and waiting.