topic Re: Discover IT Approval - Poor credit, low income in Credit Card Approvals

Discover IT Approval - Poor credit, low income

krial — Thu, 11 Jul 2013 22:36:14 GMT

My credit isn't good (Quizzle @ 633, CreditKarma @ 646) . I do have a $250 secured card from my CU that is a couple of years old, and I got it just to start building some type of good credit. That and the 100% on time payments are the only good things about my credit report. I have 5 or 6 collections totaling around $6000 for negatives. Low personal income as well, self-employed and only making about $12k per year right now.

We applied for a Chase Freedom card for my fiancee, and I thought while I was looking at cards I would go ahead and apply for a couple myself and maybe I would luck out. Citibank, BoA, Capital One and Barclaycard all instant denial as I expected. I figured it didn't matter too much for some inqueries right now since they'll fall off before I get my credit straightened out all the way anyhow.

However, the Discover IT application was instantly approved online. Made me happy to have a decent card with rewards that I could use while rebuilding my credit. It didn't say what the CL was, but I was figuring maybe $500 due to my bad credit and low income -- however when I received the email saying my online profile was setup, I logged in to find a nice $1800 credit limit waiting for me.

Kudos to Discover, that's a really nice credit line considering!

That Chase Freedom my fiancee got on the same day only had a $500 CL that we got raised only to $1000 with a recon and extra hard pull, and her credit is better than mine.

Edited to add that my single $250 secured card had high utilization (56%) at the time I applied for the Discover IT. I would typically throw on one Verizon phone bill and then pay on it until it was about gone, then repeat.

Re: Discover IT Approval - Poor credit, low income

09Lexie — Wed, 10 Jul 2013 01:10:56 GMT

Congratulations!

Re: Discover IT Approval - Poor credit, low income

mxp114 — Wed, 10 Jul 2013 01:29:03 GMT

Congrats but don't forget who gave you a great rewards card with a great limit today! People seem to forget where it all began at the drop of a hat or a higher limit

Re: Discover IT Approval - Poor credit, low income

krial — Wed, 10 Jul 2013 01:43:57 GMT

Agreed, I certainly won't forget that Discover not only approved me when nobody else did, but did so on a card with good rewards and then gave me a generous limit on top of it!

Re: Discover IT Approval - Poor credit, low income

Anonymous — Wed, 10 Jul 2013 01:46:09 GMT

Use your cards responsibly and don't fall into debt trap setup by the banks. Enjoy the rewards. I also got approved for a discover card today.

Re: Discover IT Approval - Poor credit, low income

myjourney — Wed, 10 Jul 2013 02:01:30 GMT

Congrats

Re: Discover IT Approval - Poor credit, low income

Anonymous — Wed, 10 Jul 2013 02:05:26 GMT

Congrats on the approval! This gives me a lot of hope for my sister. Hopefully, in a year we can get her approved for a Discover It. For now, Cap1 is the one taking a chance on her, and although they weren't right for me in the longterm, I will always appreciate them for that.

Re: Discover IT Approval - Poor credit, low income

MsLadyRover — Wed, 10 Jul 2013 02:24:13 GMT

Congrats!!

Re: Discover IT Approval - Poor credit, low income

roastbeans — Wed, 10 Jul 2013 19:40:51 GMT

How long after you got aproved did you receive email saying your profile was set up? I also got aproved ,but wondering when I should expect email from them.

Re: Discover IT Approval - Poor credit, low income

searchingfor67 — Wed, 10 Jul 2013 19:44:15 GMT

Awesome! Congrats!

Re: Discover IT Approval - Poor credit, low income

GatorGuy — Wed, 10 Jul 2013 19:57:34 GMT

@mxp114 wrote:
Congrats but don't forget who gave you a great rewards card with a great limit today! People seem to forget where it all began at the drop of a hat or a higher limit

Seconded. Congrats to the OP!

Re: Discover IT Approval - Poor credit, low income

b1gr3dmachin3 — Wed, 10 Jul 2013 20:12:26 GMT

Congrats, I'll be applying for Discover It as well soon. Hopefully I have the same success as you!

Re: Discover IT Approval - Poor credit, low income

yudeology101 — Wed, 10 Jul 2013 20:19:44 GMT

Wow, congrats!! I got denied w/ 650 score TU, but this post will have me reapply again in 3 months!

Re: Discover IT Approval - Poor credit, low income

djc1puno — Wed, 10 Jul 2013 22:11:38 GMT

Congrats to u and ur fiance!

Re: Discover IT Approval - Poor credit, low income

OptimalCS — Wed, 10 Jul 2013 22:26:13 GMT

Great story! Congrats!

I hate when people are taken advantaged of by crappy cards.

Ive being there.

Re: Discover IT Approval - Poor credit, low income

knoregs — Thu, 11 Jul 2013 01:46:16 GMT

Congrats!

~kn

Re: Discover IT Approval - Poor credit, low income

krial — Thu, 11 Jul 2013 02:20:29 GMT

@roastbeans wrote:
How long after you got aproved did you receive email saying your profile was set up? I also got aproved ,but wondering when I should expect email from them.

It took about 3 days for the email, then another couple of hours before I could actually log in.

Re: Discover IT Approval - Poor credit, low income

hot4u — Thu, 11 Jul 2013 02:26:27 GMT

Congrats and welcome to Primeville....

Re: Discover IT Approval - Poor credit, low income

SpiceIslander — Thu, 11 Jul 2013 02:36:54 GMT

Congrats! I'm happy for you. You even got a reasonable limit. Every time we think we have these companies figured out. they do something entirely different!

Re: Discover IT Approval - Poor credit, low income

krial — Thu, 11 Jul 2013 22:53:27 GMT

I wanted to add a couple of things to this. First, my only other line of credit (the $250 secured card) was at 56% utilization when I applied. I typically pay a phone bill or something on the card and then let it sit and make minimum payments until it's almost gone and then repeat. Maybe Discover liked to see that, hoping that I would keep a running balance and pay them interest because of the second thing...

They didn't give me the "10.99-22.99% Standard Variable Purchase APR" or the "0% Intro APR for 14 months" on my card; instead they gave me 24.99% APR after a 6 month intro rate of 3.99%. Since I'll be paying in full every month and not carrying a balance anyway, this was just fine with me.