I recently did an app spree about a month or so ago and Discover was one of them. I went through all the Pre-Qual sites to check before doing it even though I did NOT base my decision to apply on those results alone, but here are examples of my experience.
Citi-Bank: Pre-Qual site showed Simplicity and Dividend...applied for Dividend: Approved $4.8K
Chase Pre qual showed Slate and Freedom...applied for Freedom: Approved $1K
AMEX Pre Qual showed the Green card but I applied for the Everyday: Approved $1.2K
Barclay's Pre Qual showed the Rewards MC...applied for it: Approved $1.3K
Capital One did NOT show I had any offers...applied anyway for QS1: Approved $300 and reconed for $1K
Discover did NOT show I had any offers yet I applied for the IT anyway: 7-10 message...called in and verified info and got Approved $2.5K
I also back about 2 months ago received mailers for pre approval from both BOA and First National of Omaha Amex Card. I would say these are very accurate as when I applied I got both. BOA applied and got $1.5K regular MC and called into PC to BBR and got it quite easily. FNBO I went online and entered my invite info got the 30 day message on a Thursday and got an email the following Tuesday saying I was approved for $1K. 2 months later I got an auto CLI for $1.2K making my CL $2.2K.
In my experience there are some that are more accurate than others, but sometimes as you can see above they may not show that you have any and yet still approve you for one when you apply. My scores were average at the time all in mid 600's but I had perfect payment history no lates or baddies except on my TU a collection from a medical group that was being dispuited as my insurance had already paid it. It's off my record now, but at the time it was still showing just on TU. Of course with everything YMMV, but I just wouldn't put much stock in those prequal sites unless they are known for the most part as a good indicator. You can find a lot on the myFico boards dealing with the various sites and which are best and most dependable
Sorry for the lengthy comment, but wanted to try to help if I can
Oh...If I may add to that I noticed you mentioned student loans. Are you still a student? If so, I've heard that the Discover IT for students is much easier to qualify and be approved for granted you are a student as they do check!
@--HighHopes-- wrote:I recently did an app spree about a month or so ago and Discover was one of them. I went through all the Pre-Qual sites to check before doing it even though I did NOT base my decision to apply on those results alone, but here are examples of my experience.
Citi-Bank: Pre-Qual site showed Simplicity and Dividend...applied for Dividend: Approved $4.8K
Chase Pre qual showed Slate and Freedom...applied for Freedom: Approved $1K
AMEX Pre Qual showed the Green card but I applied for the Everyday: Approved $1.2K
Barclay's Pre Qual showed the Rewards MC...applied for it: Approved $1.3K
Capital One did NOT show I had any offers...applied anyway for QS1: Approved $300 and reconed for $1K
Discover did NOT show I had any offers yet I applied for the IT anyway: 7-10 message...called in and verified info and got Approved $2.5K
I also back about 2 months ago received mailers for pre approval from both BOA and First National of Omaha Amex Card. I would say these are very accurate as when I applied I got both. BOA applied and got $1.5K regular MC and called into PC to BBR and got it quite easily. FNBO I went online and entered my invite info got the 30 day message on a Thursday and got an email the following Tuesday saying I was approved for $1K. 2 months later I got an auto CLI for $1.2K making my CL $2.2K.
In my experience there are some that are more accurate than others, but sometimes as you can see above they may not show that you have any and yet still approve you for one when you apply. My scores were average at the time all in mid 600's but I had perfect payment history no lates or baddies except on my TU a collection from a medical group that was being dispuited as my insurance had already paid it. It's off my record now, but at the time it was still showing just on TU. Of course with everything YMMV, but I just wouldn't put much stock in those prequal sites unless they are known for the most part as a good indicator. You can find a lot on the myFico boards dealing with the various sites and which are best and most dependable
Thank you for your advice. My gut is telling me to wait, but my constant pouring over the posts and eagerness for a better card and more exposure tells me to do it. I'm going to check out the Chase prescreen site and see what it says. I tried Barclays and it pointed me towards their rewards card. From what everyone is saying on these prescreens it is hit or miss. No guarantee. I'll update once I have news on anything.
Your FAKO scores for whats it worth is to low to get anything worthwile with Chase or Discover. Your probably going to get declined but if you somehow do get approved you will probably get $500 limit and the highest APR%. I would wait till your scores are around 700 to apply for those cards if you want a limit above $1,000. Also I would suggest finding out your FICO scores. While I don't see much value of paying for them specially here I would buy 1 or 2 scores and go from there. Like find out which lenders pull which in your area. Amex pulls EX, Chase pulls EX or EQ or both. Though Chase did pull my TU on a Recon since asked them to last year. Discover tends to pull EX or EQ I believe but Discover has been pulling EX or Tu for me. Bank of America pulled EX at least for me and Barcaly's is a TU puller.
@celticslegends wrote:Thanks everyone for your advice. I still have 2 charge offs and I haven't rehabbed my student loans yet. But I have read other posts on people that barely had income and not good scores that were approved. I also ready posts from people that had better scores, but were denied. What other prescreen offers would you advise me to check out besides Discover? Thanks.
Don't wast an HP on Discover with the above still reporting. I was denied for having ONE Charge off showing still on my report with no updates since 03/2012 (more than 2 years ago) and fico scores in the 660s. I wouldn't waste an HP yet. But your call.
