On the fence about a Discover Card or Barclays card, need your thoughts.

[PhilyGuy2012]

So, I am still on the fence about a Discover Card or Barclays card.  I want one that has the free FICO score.  

Here is my issue, I will be 2 years post filing BK7 and 18 months post discharge.  I have a CapOne with $6000 cl, never late on payments (car, house, cc's, etc...), plus was never late before BK either.  Make over 100k, own a home and car, 1 to 2% utilization and over $13,000 of total credit available.

Anyway, I only have two payments left on my car.  Should I apply before I pay off the car or wait until my credit reports show is paid off and then apply.  

I am thinking that either company would like to see current payments being made rather than another account closed, but with all payment made on time.

Need some thoughts.

I really want the Discover IT card, I think that would be better for my credit than a Barclays.

Thanks

PG

[QFJFKSYD]

Barclays doesn't like inquiries from what I've read.  However 6 months of payment history is usually enough for them to give you a card.  So if applying for both, start with Barclays.

[0REDSOX7]

Being two years post discharge, you're right on the fence of whether they may or may not approve you.

I am eight months post discharge and have the Barclays Rewards with a $1750 CL and the Barclays Financing VISA with a $4000 CL. As long as you have six months minimum of history with a revolving credit card, you should have no issue being approved for them.

If I were you, I'd hold off on the Discover and save the inquiry.

[CH-7-Mission-Accomplished]

Go for the Barclay's card.  Discover is notoriously erratic about BK's - declining some people 7 years out for having a BK.  Most people are declined for Discover before 3 years post D/C.  If you can afford the inquiry, no harm, but if you don't want to waste an inquiry, go for Barclay's rewards or Apple financing visa.  Also, DO NOT pay off the auto loan first.  Unless you have other installlment loans (like student loans), besides your mortgage, your FICO will likely take a 20 to 30 point hit when that car loan pays off and reports as paid in full.  Mine did.  I would get whatever card(s) you want now and if no other installment loans get a credit builder for like $500 to $1000 for the longest term possible (36-48 months) from a CU (2% to 3% interest, no credit check, reports to all 3 CRAs -  or find another CU).  Until your scores are well into the mid 700's you need the mix of CC's, installment and mortgage loans to report for your mix.  It's a pain but it's true.  If you get another auto loan after the credit builder is in place, you can pay off the credit builder if you like, or let it keep reporting to show another on time paid tradeline.  I got a credit builder (stupidly) for only 8 months.  When I paid it off my FICO fell 30 points.  I could have had the same loan go for 4 years and would not have hurt my AAofA by having to open a second one.  Dumb move on my part!  (I didn't need an auto loan)  Good luck!

[0REDSOX7]

Just for the record, closed accounts do not impact your AAoA...

[Ixion]

Had 10 inquiries with around 650 average all scores when I applied for Barclays, I did write an email to the CEO's office however and the secretary was on the line when I applied, was approved for $1400 and Discover only gave me $500 for their IT Student card.

[Scupra]

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@Ixion wrote:

Had 10 inquiries with around 650 average all scores when I applied for Barclays, I did write an email to the CEO's office however and the secretary was on the line when I applied, was approved for $1400 and Discover only gave me $500 for their IT Student card.

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OP had a bankruptcy though, major difference.

I applied for Barclay Arrival + 16 months post d/c and was instantly approved, I want to say my score was 680 TU FICO. I applied for Discover 22 months post d/c with EQ FICO 680 and was declined for BK, YMMV as always!