cancel
Showing results for 
Search instead for 
Did you mean: 

Discover odds and advice- UPDATE

Valued Contributor

Re: Discover odds and advice


wche wrote:

Hi everyone, 

 

I posted the following on the FICO score section, but need some advice on my next steps for applying for credit, mainly Discover IT.

 

So apparently I am an AU on one of  my older brother's credit cards. He has been racking up to 95% of the card's utility for quite some time now (having trouble paying it off). Unfortunately, this account is also my oldest TL (6 yrs). His util is really killing my overall util at 46%, and I know this will hurt my chances on applying for future credit. 

 My question is, if I have him take me off as an AU, how will that report on my credit reports? Will the util history still remain and destroy me? Will my AoAA decrease? 


Some relevant info:

 

Overall utility:  46% under my brother's card. 22% on my own cards.

FAKO scores (Privacy Guard): EX 712, EQ 679, TU 707, CreditKarma 752.

AAoA: 3yrs 4mo, No baddies.

22yo, Income 40k

$9900 US Dept Education loans reporting, for last 4 years. I paid them off last December but they have yet to report to the CRAs??

 

I am really interested in Discover IT or AMEX Blue Sky, both of which I have pre-approval mail from. But I don't know how they would respond to the high util %. Any advice is appreciated!! 

 


If they sent you the pre-approval then I would think you are a pretty good candidate.  Pay attention to the RSVP date.  If possible, then yeah pay down the balance and use Credit Karma to check when it posts.  After that go online and accept through the website.  They pulled TransUnion for my card.  I actually got denied, but then got the card through a recon.  They mostly wanted to speak with me about the inquiries, so after that they said OK.  At that time I had less than 20% util and I clearly pointed that out!  I made a point of saying that I am probably doing things pretty good as I came out of Christmas without a huge debt and I did spend a lot.  The lady chuckled a bit about that, which to me meant that she was not in the same boat as I was about Christmas debt!  I didn't get the best terms, but since I don't carry a balance, it is not much concern for me.  You should be OK!

 

From what I have read they don't really send out a pre-approval, unless they really mean it, however odd things do happen.  I have also noticed that depending on the words on the letter it will determine your odds better.  They use terms like pre-selected, pre-qualified, and pre-approved to mean different levels of chances.  I just got a pre-selected offer from Citi and I pretty much know that that might be from the fact that I have the Discover card.  I know right now they would not let me have the card, so I am not going to try.  Earlier, I got a Compass Bank with pre-approved on it and certainly they meant it!  It is the card with the highest limit for me!  I am so happy to have such a limit!  I can't wait to build my other cards to such limits!

 

Good Luck!

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
Message 11 of 25
Regular Contributor

Re: Discover odds and advice

Thanks everyone! I'm just worried they will question my utilization. I want to make sure that if I do get approved, I will get an okay CL matching my Forward or Freedom. I'm thinking about requesting a 2500$ balance transfer since intro fee is 0$

Message 12 of 25
Established Contributor

Re: Discover odds and advice


chnceit wrote:

Discover is known to pull TU


They pulled EQ for me ...

 

I would go for it, esp. if you have a pre approval. And the 1 Inq will not hurt no matter the outcome. And they are pretty good with recon, if necessary.



FICO (TU/EX/EQ): 737/743/739 - Total CL 244+K
Message 13 of 25
Contributor

Re: Discover odds and advice

Do IT!

You know you want IT!

Don't be afraid of IT! 

 

 

Smiley Very Happy


Walmart Discover ($5000) - Amazon ($5500) - Cap1 Cash Rewards ($2000) - Meijer ($5000) - Discover More ($1800) - Car Care One ($2100) - Amex Delta Skymiles ($2000) - Citi Thank You Preferred ($2000) - Chase Freedom ($500) - Sam's Club, GE ($1237?)
Message 14 of 25
Regular Contributor

Re: Discover odds and advice

I just had my brother remove me as an AU off his card. I think i'll wait one reporting cycle to let it report. Hopefully by then, i'll be approved with an okay limit! 

Message 15 of 25
Regular Contributor

Re: Discover odds and advice

So I updated my CK score today and it dropped from 754 to 730. The only changes were the 4 DOE student loan accounts that finally posted and whose accounts are now "closed." Nothing else changed...why the sudden drop?

Message 16 of 25
Highlighted
Regular Contributor

Re: Discover odds and advice

Thought I'd update everyone. I finally applied today. My current util rate is 40% since I am still listed as an AU under my brother's high balance credit card. I was hoping it would be removed from my credit reports by now. Anyway, I applied and got instant approval. Called in and I received a 3k credit limit. I was hoping for a higher limit, but I guess 3k is alright. Thanks everyone! 

 

I'm thinking about applying for Amex Bluesky and Chase Priority club also.. any thoughts?

Message 17 of 25
Moderator Emeritus

Re: Discover odds and advice

CK does not factor in the AAoA of closed accounts.  Only open.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 18 of 25
Moderator Emerita

Re: Discover odds and advice


wche wrote:

Thought I'd update everyone. I finally applied today. My current util rate is 40% since I am still listed as an AU under my brother's high balance credit card. I was hoping it would be removed from my credit reports by now. Anyway, I applied and got instant approval. Called in and I received a 3k credit limit. I was hoping for a higher limit, but I guess 3k is alright. Thanks everyone! 

 

I'm thinking about applying for Amex Bluesky and Chase Priority club also.. any thoughts?


Congrats on the approval. 

Message 19 of 25
Valued Contributor

Re: Discover odds and advice

Congrats!!!!

*8/10/13
Message 20 of 25