Discover It or stay where I am....

[tpmlls]

Hey there,

I have a Chase Freedom that I had to recon to get with a $1500 CL and my balance right now is around 950 on the card, and I have 0% APR for 15 or 18 months. I got

 the card on December 4, 2012 and I really like the UR mall and the 5% on gas that I have been raking up, but I know that for CLI's, it is a HP and I have heard GREAT

 things about the Discover It card and I really want to apply for it, and I have been in the garden for 2 months. The only problem that I see is that the "It" card is kinda the

 same as the Freedom card with the quarterly bonus' and so forth. I also do not know if it is smart to have (2) of the same card essentially, but I am a credit hound (and

 not proud of it).... I am torn because I have heard the customer service is great and the CLI's are soft pulls with Discover, so it is quite a bit more attractive to me, but I do not want the inquiry in case of denial. So does anyone have any thoughts or suggestions? My credit scores as of a couple days ago on MyFico is: TU: 664  EQ: 686    

 Do I even have a realistic shot at the Discover It card? Is it worth it?

Thanks for any and all help with this,

Wes

[Johnny_Favorite]

Discover has been on a roll lately for handing out approvals. I would probably go for it if I were you right now while they are happy to be handing out credit. They may tighten up at some point. With your scores? I don't honestly know but I do love my Discover so far.

[creditnocash]

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@tpmlls wrote:

 I have heard the customer service is great and the CLI's are soft pulls with Discover

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can anyone confirm or deny this? 

i know walmart discovers are soft pulls but im not sure about non co branded. 

if so might have to add this to my list for january. 

[tpmlls]

And that's the other thing, the longer I hold out to apply for anything and pay down my cards, the better my score will be. However, with Discover seemingly handing out credit to people with scores similar to mine (or lower) I kinda want to strike while the iron is hot.... Maybe not the best idea, but an idea nevertheless. 

[tpmlls]

CreditNoCash : That is what I read on some of the other posts on this forum, but I do not know first hand... But I hope to!

[creditnocash]

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@tpmlls wrote:

And that's the other thing, the longer I hold out to apply for anything and pay down my cards, the better my score will be. However, with Discover seemingly handing out credit to people with scores similar to mine (or lower) I kinda want to strike while the iron is hot.... Maybe not the best idea, but an idea nevertheless. 

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how long have you had your 4k cap one card? 

my father has been getting pre approvals for weeks now. but his utility is crazy high. and only has one card only in his name... (rest are my moms)

[tpmlls]

I have only had it since late 2011, and it started out as a $500. About 6 months ago, I got online and saw they raised my limit to $2000 without any asking on my part. I started reading on here a couple months ago about the Cap One Exec Office (Please don't ask about it, there are 50,000 posts about it already) and I talked to a gal from the EO, and my limit was raised to 4k about a month ago. Pretty shocked my biggest CL is with Capital One, but I'll take it!

[creditnocash]

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@tpmlls wrote:

I have only had it since late 2011, and it started out as a $500. About 6 months ago, I got online and saw they raised my limit to $2000 without any asking on my part. I started reading on here a couple months ago about the Cap One Exec Office (Please don't ask about it, there are 50,000 posts about it already) and I talked to a gal from the EO, and my limit was raised to 4k about a month ago. Pretty shocked my biggest CL is with Capital One, but I'll take it!

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dont worry i dont have any cap one cards perse. (best buy hsbc-cap one) 

i say you have a good chance as soon as you drop your utility too the 1-9% and only one card reporting. and the 4k reporting sure wont hurt you any. 

[TiggerDat]

My FICO was about 700 when I app'ed for my Discover and I had to recon to get it.  I did have new accounts in the last 6 months and many inq's on my report.  I only got a $1000 limit.  I think part of the reason there is so much talk about Discover right now is actually because of the new IT product.  I think without this new product it might actually be less of an talking point.  That being said, the customer service at them and Chase is really good.  In fact it is so good you don't really need to talk to them.  (Sometimes you get the feeling when you ask a question it is answered right so you call back, well with them I don't get that feeling at all!)  They are friendly and talk with you in a more direct manner I feel.  When I am done speaking with them I feel so much better than say if I were talking to 'what's in your wallet.' 

The Walmart Discover is done by GE, so it is really not a Discover product, just a GE card with the Discover logo.  You can't really compare the two!

My advice would be to garden for a little while longe and hold out in the temptation.  Your scores don't really seem high enough for Discover, if you have only been in the garden 2 months, then that probably means that you had some inq's in the past and this would hinder it a bit.  Even if you were declined now you might be successful on a recon, but you might not get a good limit.  I would simply wait it out and let the inq's fall off and then I think you would get a good limit and higher odds of approval.  I know it's tempting.  I wouldn't have even have tried it but Compass sent me a preapproval for their card, so I figured if I was going to app for that I might as well go whole hog on it.  (I went for the PayPal card, the Discover card, the Compass, and the Chase card all at the same time.  It took recons for both the Discover and the Chase.) 

Look for some indicators that others are willing to grant you credit.  I got the Compass invite, which I knew was an easier card to get and would probably be a nice limit.  (It was actually much nicer than I thought it would be.)  I also got an invite from Citi for the Diamond Preferred Card.  I think this will help guide you a bit on deciding if you are Discover ready.  (I knew that I would not get the Citi card and with no rewards was not even going to be tempted by it.)  I also knew it would probably take a recon for both the Discover and the Chase.  I weighed the options and came up with a weak chance, but maybe a recon would get it.  I knew the issues were going to be the new accounts and the inq's.  I also knew that I had such low utilization, since it was right after Christmas, that in the recon I would have better chances!  My high usage for many accounts was also small, so that helped.

I hope this helps somewhat in whatever you decide and Good Luck!

[RSCo]

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@creditnocash wrote:

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@tpmlls wrote:

 I have heard the customer service is great and the CLI's are soft pulls with Discover

---

can anyone confirm or deny this? 

i know walmart discovers are soft pulls but im not sure about non co branded. 

if so might have to add this to my list for january. 

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I just got approved for Discover IT and they did a hard pull on EQ and TU...  They hooked me up with a 5k CL..

Good luck..