I want to apply for a card, tell me if it is a good time or if I should wait.

[myjourney]

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@danny4l wrote:

Cap Card limit $300

No other open trade lines

BOA inquiry February, 2013...no other inquiries.

DMP till June 2015...counseling service said I could apply for credit.

Closed Accounts in DMP:

Chase...balance $1900 / 4900

Macy's Visa...balance $3500 / 9300

Macy's Store...balance $763 / 2000

Citi...balance $4277 / 8800

Last CC late payment was April 2010.

Student loans started reporting as current in November 2010

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Are all of those accounts paid off if not sorry to say your chance of approval with Discover is not good and if denied by computer with Discover you can not Recon 

[danny4l]

Journey,

Outstanding revolving debt is around $10000.  Utilization is 38%.  Those accounts won't be fully paid off until June 2015 when the DMP note also comes off my report.

So what you're saying is that it will be hard to get approved with outstanding revolving debt?  If that's the case, then I guess I have another year and a half to go.

[myjourney]

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@danny4l wrote:

Journey,

Outstanding revolving debt is around $10000.  Utilization is 38%.  Those accounts won't be fully paid off until June 2015 when the DMP note also comes off my report.

So what you're saying is that it will be hard to get approved with outstanding revolving debt?  If that's the case, then I guess I have another year and a half to go.

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Not saying it can't happen but some lenders when they see notes on CR's from DMP tend to get nervous especially if balances still remain.

[danny4l]

Do you say go for it or wait?

[myjourney]

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@danny4l wrote:

Do you say go for it or wait?

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IMHO 

I would wait until UTL is under or about 10% 

[danny4l]

Thanks for your help Journey,

Fair enough...June, 2015 is really not that far away.  I guess I'll just wait then.

Do you recommend doing anything else as far as trying to improve my scores even more?

[lonelyisland]

It can't hurt to try the BarclayCard preapproval link. It's a soft pull, so if nothing comes up, it's not a wasted HP.

https://www.barclaycardus.com/apply/ProactivePrescreenLanding.action

[titanofold]

You can also try Discover's pre-approval page.

[myjourney]

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@danny4l wrote:

Thanks for your help Journey,

Fair enough...June, 2015 is really not that far away.  I guess I'll just wait then.

Do you recommend doing anything else as far as trying to improve my scores even more?

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keep doing what your doing paying on time and during that time your debt balances will be reduced causing scores to rise

Best wishes and happy holiday's 

[danny4l]

What's the benefit of the Barclay preapproval anyway?  Will it give me an answer as to which card to apply and I will be approved?