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Discover IT Student Joint / Co-Signed Upgrade

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Jeff007245
Regular Contributor

Discover IT Student Joint / Co-Signed Upgrade

Hey Guys,

 

Just this month while my credit isn't so great I applied for the Discover IT student card. Despite having fair/good credit score I was denied and was subject for approval with a co-signer. Reason for denial was > 50% util on BofA Card, Paid Collections, Deliquencies. I knew I had these on my report, which is why I applied for the Student Card (MBA cadidate). 

 

I was hesitant to take the offer at first, but I felt so bad about the hard pull and didn't want to waste it. My fiance was more than willing to co-sign on the joint account even though she already has a Discover Card.

 

Before proceeding I did some research if the card can be upgraded and converted at some point into a personal card with just my name on it without having to close the card. I only found one instance somewhere when someone was in this situation and was able to upgrade his card (Discover), remove the co-signer, while maintaining to keep the card open. I can't recall which forum it was on, but I can't seem to find it anymore.

 

I'm a bit bummed out because after iust recently speaking to a customer service about my future plans with the card, they said that I would have to close the account and apply for a new one... It wasn't the answer that I was looking for at all... I would have sworn that I've read instances where others were successful on removing the co-signer and maintaining the TL as a personal credit line.

 

What are others experience when it comes to this? I'd like to:

 

- Upgrade Card to Regular Discover IT

- Remove Co-signer

- Maintain History of the Account

 

Please advise... I plan on gardening for a year before proceeding with the upgrade and change of terms.

 

Current Score: myfico EQ 720, TU 723

Derogs: 30 Day Late x 1 (> 2 years old), 60 Day Late x 1 (> 2 years old), Paid Collections $885 (DOFD 12/11, and now deleted from report)



Garden
2/16/14
|*****1/2014 - NPSL*****| *4/2011 6,000 CL* |*11/2011 - 5,000 CL*| *9/2012 - 850 CL* | *1/2014 - 500 CL* |*2/2014 - 6,000 CL*|
Message 1 of 6
5 REPLIES 5
Jeff007245
Regular Contributor

Re: Discover IT Student Joint / Co-Signed Upgrade

A little more information:

 

STUDENT LOAN:
Great Lakes 1: 10,000
Great Lakes 2: 10,000

 

AUTO LOAN:
5/2013 - $23,000

 

MORTGAGE:
N/A



Garden
2/16/14
|*****1/2014 - NPSL*****| *4/2011 6,000 CL* |*11/2011 - 5,000 CL*| *9/2012 - 850 CL* | *1/2014 - 500 CL* |*2/2014 - 6,000 CL*|
Message 2 of 6
enharu
Super Contributor

Re: Discover IT Student Joint / Co-Signed Upgrade

Not too sure about this, but there are older threads about joint account holders for discover. Maybe the info on those threads can help you.

Most importantly, it's still going to be dependent on what discover says. Their policies may change from time to time, or it may vary depending on the individual as everyone has (very) different credit profiles
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 3 of 6
Jeff007245
Regular Contributor

Re: Discover IT Student Joint / Co-Signed Upgrade


@enharu wrote:
Not too sure about this, but there are older threads about joint account holders for discover. Maybe the info on those threads can help you.

Most importantly, it's still going to be dependent on what discover says. Their policies may change from time to time, or it may vary depending on the individual as everyone has (very) different credit profiles

I've checked all the threads I can and can't seem to find the information I need pertaining to Discover. A year should be enough time to build with both my new AMEX and Discover accounts as well as removing the derogatories on my CRs. I'd just hate to waste a years worth of history on my Discover Trade Line if my intentions were to have my own account.



Garden
2/16/14
|*****1/2014 - NPSL*****| *4/2011 6,000 CL* |*11/2011 - 5,000 CL*| *9/2012 - 850 CL* | *1/2014 - 500 CL* |*2/2014 - 6,000 CL*|
Message 4 of 6
Jeff007245
Regular Contributor

Re: Discover IT Student Reason for Denial

A little more information: Personal Credit Card Discover IT Student - DENIED

 

FICO (Discover Pull): 686

 

Reason for Denial:

 

- Number of Delinquent Accounts

- High Utilization on Opened Accounts

- Unsatisfactory Bank Revolving Trade (**bleep**)

 

STUDENT LOAN:
Great Lakes 1: 10,000 (Deferred)
Great Lakes 2: 10,000 (Deferred)

 

AUTO LOAN:
5/2013 - $23,000

 

MORTGAGE:
N/A

 

Credit Cards:

BofA: 950/2000

Cap1: 67/800

Cred1: 7/700

 

DISCOVER OFFER: Joint Account - I bit



Garden
2/16/14
|*****1/2014 - NPSL*****| *4/2011 6,000 CL* |*11/2011 - 5,000 CL*| *9/2012 - 850 CL* | *1/2014 - 500 CL* |*2/2014 - 6,000 CL*|
Message 5 of 6
Jeff007245
Regular Contributor

Re: Discover IT Student Joint / Co-Signed Upgrade

Was wondering if someone has the answer to this concern yet. My credit has improved vastly since January. Still not giving up on my Discover card, but it's still stuck at low limit and joint. I really would like to get the cosigned removed, but don't know how to proceed.



Garden
2/16/14
|*****1/2014 - NPSL*****| *4/2011 6,000 CL* |*11/2011 - 5,000 CL*| *9/2012 - 850 CL* | *1/2014 - 500 CL* |*2/2014 - 6,000 CL*|
Message 6 of 6
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