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CREDIT CARD Approval likelyhood.

Established Contributor

Re: CREDIT CARD Approval likelyhood.


ednajen wrote:

I got the Discover more with a TU around 630, probably a little lower.  I noticed that when I was approved they told me I didn't qualify for their best interest terms so they adjusted the advertised apr.  It didn't matter to me as I PIF each month. I hope that helps.

 

EDIT, I pc'd to an IT last month.


Same thing happened to me got the promotional rate to the end of 2014, not worried because if you pay on time and dont run the balance up to high discover will lower the APR at the end of the year for you,

NFCU Cash Rewards Siggy $22k, NFCU Flagship Rewards Siggy $22K, NFCU Platinum MC $20K, USAA Amex Rewards $6k, USAA World Mastercard Rewards $6k, NFCU Navcheck $15k

Other Cards - Citibank AAdvantage, Chase Slate, Barclays Rewards,


IN THE GARDEN UNTIL APRIL 2014

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Message 11 of 17
Established Contributor

Re: CREDIT CARD Approval likelyhood.

Walmart/GECRB would probably let you in the door, as well as Capital One.  I don't think Citi has a product that you could qualify for right at this moment.  As others have stated, Discover seems to be an unknown - some have had success at scores below 650 while others have not.

 

How old are those collections/charge-offs?

FICOs: TU08 850 EQ08 850 EX08 849

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex BCE $12K; BofA Visa $10.1K; BofA TR Visa $18K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom $13K; Citi Costco Visa $19.3K; Citi Double Cash $13.5K; Citi Simplicity Visa $23.3K; Discover IT $50K; Fidelity Amex $25K; PenFed Plat Rewards Visa Sig $50K; Sallie Mae WMC $17.5K; Sears MC $10.1K; US Bank Cash+ Visa Sig $26K; Walmart Discover $10K; Wells Fargo Rewards Visa Sig $14K
Message 12 of 17
Frequent Contributor

Re: CREDIT CARD Approval likelyhood.

As always YMMV, but I feel you should wait. 620's with a thin or new file is one thing while 620's with baddies even older baddies are tough to pass by discover.  That being said i was mid 630's and Barclay's took a chance. They may be an option for you esp if your TU is stronger than your other reports?

 

NFCU Cash Rewards 20,000,NFCU Plat 17,000, NavCheck 15,000, USAA Cash 4,000, USSA Rate Adv 2,000, USAA AMEX 3,500, Freedom 2,000, Capital One 2,000, Barclay's Apple 1,500, Barclay's Ring 1500, Various Store Cards.




Message 13 of 17
Moderator

Re: CREDIT CARD Approval likelyhood.


bbb3601 wrote:

As always YMMV, but I feel you should wait. 620's with a thin or new file is one thing while 620's with baddies even older baddies are tough to pass by discover.  That being said i was mid 630's and Barclay's took a chance. They may be an option for you esp if your TU is stronger than your other reports?

 


I'd agree; while the historical typical minimum for Discover More (and as I understand it the current It) is around 640 FICO, there's a big difference between 620 and 640 for the vast majority of lenders out there.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 14 of 17
Contributor

Re: CREDIT CARD Approval likelyhood.

Again, I'd go for the Discover.  I think inquiries are pretty overrated on this board unless you're going to mortgage shop within 6 mo-1 year and getting the card could really help you out.  Inquiries only real affect your score for a few months (I think after that they bring it down by 5 points or less until they stop factoring in after a year) and even then it's only around a 10 point drop.  I think the benefit of your case would outweigh the risk.  My bet is they approve you without the 0% APR intro.

 

Though I'd wait if you could improve your score by bringing down util.  If you can, pay some off and then wait for that to be reflected on your reports.

 

Chase Sapphire Preferred - 5.6k (3/13) | Amex Premier Rewards Gold - NPSL (1/13) | Chase United MileagePlus Explorer Visa Signature - 9k (1/13) | Amex Delta Gold - 6k (9/12) | Citi Forward Visa - 10k (10/12) | Discover It - 2k (2/12) | Chase +1 Visa - $300 (2/11)
Message 15 of 17
Regular Contributor

Re: CREDIT CARD Approval likelyhood.

Update.

Discover denied me right after I applied when my score was still on the 620 mark.

Since I originally posted, my scores went up to 676. I applied for Walmart and Amazon Store Card last week, and was Approved !!



CURRENT TLS:

AMAZON $2K/ WALMART $2K /DCU $3K DELTA AMEX $1K
DISCOVER $1.2K/ PAYPALEXT $2K /COSTCOTU $1.2K

UPDATED 8/1
EQ
8/1/13 EQ 694 - (myfico) -
7/26/13 EQ 694 - (DCU)
9/10 EQ 701 - (myfico)

EX
9/8 - EX 707 (usaa/EX)

TU
6/18 TU 690 (myfico)
7/2 TU 694 (Walmart)
8/8 TU 676 (Walmart)
9/6 TU 676 (Walmart)
Message 16 of 17
Moderator Emerita

Re: CREDIT CARD Approval likelyhood.

Congrats on the 2 approvals! GE will grow with you. 

Dont forget to sign up for paperless statements to get your free TU score. 

Message 17 of 17