Discover mailer - worth a try?

[krmurrayjr10]

Hello Everyone,

I've been rebuilding my credit for the past couple years.  My current score is about 590-600 (FICO 8) or about 640 (FICO 9/Vantage) across all 3 bureaus.  I believe the difference between the two is due to paid collections resulting in a higher score.  AAoA between 1 and 2 years, with numerous installment loans and bank/store cards with perfect, if short, histories.  Utilization is about 30%, mostly due to low limits, and some cards are at 0%.

As far as baddies go, I still have one chargeoff from First Premier from 2013 showing a $400 balance.  All the other chargeoffs/collection accounts (there are only a few) now show $0 balances.

For the first time in years, I've received a mailer for a prime card: Discover.  I've read through all the fine print and nowhere does the letter say I'm prequalified.  Is this just a generic invitation to apply, or is it worth pulling the trigger?

[schsa210]

Was the mailer addressed to you or "our neighbor", "resident", or?  And there were no instructions telling you to go a website and enter the code provided?

[Anonymous]

You would very likely get a denial.

[krmurrayjr10]

It was addressed to me specifically, with a website and phone number to reply, along with a specific invitation number to use.

[Anonymous]

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@Anonymous wrote:

You would very likely get a denial.

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+1

[Anonymous]

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@krmurrayjr10 wrote:

It was addressed to me specifically, with a website and phone number to reply, along with a specific invitation number to use.

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Sorry but that isn't a preapproval in any form and the invitation number is just a marketing ploy.  With the Fico scores you listed, you'll most likely be denied as CapTool mentioned above.

[SouthJamaica]

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@krmurrayjr10 wrote:

Hello Everyone,

I've been rebuilding my credit for the past couple years.  My current score is about 590-600 (FICO 8) or about 640 (FICO 9/Vantage) across all 3 bureaus.  I believe the difference between the two is due to paid collections resulting in a higher score.  AAoA between 1 and 2 years, with numerous installment loans and bank/store cards with perfect, if short, histories.  Utilization is about 30%, mostly due to low limits, and some cards are at 0%.

As far as baddies go, I still have one chargeoff from First Premier from 2013 showing a $400 balance.  All the other chargeoffs/collection accounts (there are only a few) now show $0 balances.

For the first time in years, I've received a mailer for a prime card: Discover.  I've read through all the fine print and nowhere does the letter say I'm prequalified.  Is this just a generic invitation to apply, or is it worth pulling the trigger?

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Sorry to disappoint you but it's nothing.

And your scores at this point are probably not sufficient to get a Discover card.

So just be patient.

[Bmac66]

Discover mailers are bogus. I wouldn't do it. 

[austinguy907]

rule of thumb with Discover is there should be a specific APR listed not a range.  it may or may not have a 0% period depending on your profile though.  if it doesn't say your APR will be 22.0% or something along those lines just save yourself the disappointment.  

i got several mailers showing a 12.99% APR and blew it off until they didn't stop sending them and applied online w/o using the invite number and did get an approval instantly and then they started sending more invites for 10.99% because something dropped off my CR's jumping my score about 70 points across all reports.

[Nova5041]

Yeah I agree with everyone, it's bogus. I got one in the mail last april and applied thinking the same thing that I have arrived, but nope I was declined. Was really pissed too!