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Discover It - Re-applying

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Anonymous
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Discover It - Re-applying

About 3 weeks ago, I applied for the Discover It credit crard and they approved me for a joint account. My credit score at the time was only 595. I have an auto loan, student loan, and a couple of credit cards all in good standing. There is no negative information on my credit report other than a few credit inquiries. Unfortunately, my co-signer's credit didn't pass and the application was turned down. I tried to recon a few times but they said I can always apply again. I have recently paid off a high balance on one of my credit cards and I recieved an alert from MyFico app today. My credit score has now jumped up to 647!

Do you think I should re-apply now in hopes of getting approved for a sole account?
Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Discover It - Re-applying

I was approved in April with a 647 eq score. I was on the cusp so I was counter offered at a different APR.
Message 2 of 9
Anonymous
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Re: Discover It - Re-applying

Did you have do some recon or did they approve you based on the initial application results?
Message 3 of 9
CreditCuriosity
Moderator Emeritus

Re: Discover It - Re-applying

Discover doesn't recon.. What the computer says is the result.  

 

Something has to be holding your EQ score down.. You say you don't have any baddies being lates or CO's or CA's?  Is your utilization really high?  As you stated no baddies form your original post, your utilization has to be high or that and a ton of inquiries as 647 is pretty low for nothing bad on a credit profile.  Please don't take that personally.

 

Discover is a very very weird lender.  They will approve someone just out of BK7 and decline people in the 700's.. No one can really say for sure whom or who not they will approve.  I have seen people in the 640 range as yourself get approved.  All depends on your whole credit picture.  More info would be helpful as why is your score 640ish, what is your AAoA, other Credit cards if so what, inquiries, etc.

Message 4 of 9
kdm31091
Super Contributor

Re: Discover It - Re-applying

3 weeks isn't very long. I know we all get excited about score jumps, but it's not just about score, it's about the whole profile.

 

I would wait 3-6 months before reapplying as typically your profile will not have changed significantly enough in 3 weeks to warrant a different decision. As stated they don't really recon so what you get is what you get. I wouldn't waste another HP at this point.

Message 5 of 9
Anonymous
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Re: Discover It - Re-applying

To CreditCuriosity:

I don't have any negatives whatsoever on my report. The reason for a low score is due to high utilization. I have one CC that has been open for about 6 years. This is the card I just paid off although I left about a $25 balance. I was just approved for a Capitol One card and a Chase Freedom. This was just approved after the Discover denial. These two new cards havent shown up on my report yet. So in total I have one card that has been open for 6 years and two cards that aren't even a month old and have no balance yet.
Message 6 of 9
CreditCuriosity
Moderator Emeritus

Re: Discover It - Re-applying

I would wait a month personally..  Wait for your new card to show up as optimal scoring for Fico's is 2/3 CC showing on report and make sure your one card has less < 30% utilization and only one card showing a balance upon applying.  Make sure you check your reports prior more so Equifax that you are indeed < 30% of your credit line showing at the time before choose to apply for Discover or any card for that matter for best results.  Best of luck and hope this helps a bit.

Message 7 of 9
Anonymous
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Re: Discover It - Re-applying

Ok, sounds good. I will do just that. Thank you for everyones input. You guys are awesome!
Message 8 of 9
Anonymous
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Re: Discover It - Re-applying

No I didn't recon. After I hit submit, it came back with that offer.
Message 9 of 9
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