Re: how accurate is Discovers "pre-quali
10-12-2012 04:35 AM
It appears Discover has made changes to their pre-qualify system. A lot of times now when people try it....one is simply offered recommendations which is not the same as pre-qualifications. Discovers from what I know and have read from others throughout this forum have a very high criteria before pre-qualifying anyone for their cards....my assumption is that credit scores have to be north of the 700 mark (they look at TU and EQ mostly).
I had been checking out Discovers pre-qualify system for a few months before I actually decided to apply a few days ago, my scores were around 680, I was 2 years post BK7 and I would only get the recommended offers not a pre-qualify. A friend of mine started to get his pre-qualify letters when his credit score was above 700. Either way pre-qualify does not guarantee one a card in my opinion, there are other factors which will determine if one would actually get the card once applied for.
It is worth noting that I did not include Discover in my BK, so maybe that also was one of the factors that helped me. I did notice that the credit analyst that called me after my applications was submitted focused on a few things
1. Why I filed BK
2. How I managed my credit post BK
3. The types of credit I have had since BK
4. My line of profession and my income (she really wanted to know the details of what I did for work)
5. Why I wanted discover
I do hope others will be able to comment on whether applying is worth the risk, especially if you had included them in BK. However if your credit score in your signature are accurate I would recommend you wait till you can get them up to the mid 600s and try to spend about a year building up positive credit history.
Starting Score: 500s
Current Score: EQ: 700myFICO(9/7/12), TU: 710myFICO(9/2/12), EX Plus:701(lp,4/16/12)
Goal Score: 700
Wallet: Discover IT $20300, Capital One Platinum $15000, Barclays Rewards $5700, Walmart $6000, Amazon Store Card $6000 Chase Sapphire Preferred $5000, Bank of America Cash Rewards $500.
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