topic Re: No Credit History - Discover It $2K approved in Credit Card Approvals

No Credit History - Discover It $2K approved

Anonymous — Sat, 24 Feb 2018 17:23:50 GMT

Hi all! I'm new here and I just recently tapped into building my credit, I had never have any credit card, loans or even AU for anyone. I took a shot and applied for Discover IT card and was lucky and approved for $2K starting limit. I immediately added my husband as an AU so he can build his credit too.

I just want to ask anyone what's another card I can use so I can start building. I already tried Capital One and BoA and both were denied.

Thank you!

Re: No Credit History - Discover It $2K approved

ShatteredK — Sat, 24 Feb 2018 17:28:24 GMT

Hi and welcome, Congratulations on being approved and starting your credit build!

Re: No Credit History - Discover It $2K approved

Billharrell — Sat, 24 Feb 2018 18:11:04 GMT

I was like you in autumn '17 with practically no credit history. I got the same $2000 SL from disco and was approved on the same day for an Amex BCE ($2,000). You could check Amex's website for prequal offers, I hear they're pretty accurate. Capital One also has a reliable prequal page. Good luck!

Re: No Credit History - Discover It $2K approved

newhis — Sat, 24 Feb 2018 18:50:21 GMT

@Billharrellwrote:
I was like you in autumn '17 with practically no credit history. I got the same $2000 SL from disco and was approved on the same day for an Amex BCE ($2,000). You could check Amex's website for prequal offers, I hear they're pretty accurate. Capital One also has a reliable prequal page. Good luck!

My wife and I started building credit in the USA 4 years ago with BofA secured and Discover. After getting Amex I found they are good as first card too.

For a friend, I told him to get Discover and Amex, he got both.

My daughter's first card was Amex (she was AU in a couple of ours).

If I was you, I'll try for Amex BCE and if you don't get it, then stop your apps and wait 6 or more months to try again, you don't want to have that many HPs.

Congrats and good luck.

Re: No Credit History - Discover It $2K approved

Anonymous — Sat, 24 Feb 2018 19:20:54 GMT

Congrats.

If you don’t have any Amex prequalifications and don’t want to go the secured route, I’d suggest nurturing that Discover for 3-6 months and try again. With new credit, every inquiry (though only a temporary ding) counts.

You should also look into opening a secured share installment loan of some kind to help build your profile and optimize your FICO score. Having one improves your credit mix thus improving your score. (You mentioned above you don’t have any installment loans. This would include student loans.)

Re: No Credit History - Discover It $2K approved

Anonymous — Sat, 24 Feb 2018 22:52:05 GMT

Welcome to the forums!

Congrats on a great start to your credit journey. You have come to the right place. All the knowledge, wisdom and support you need is right here for you to be a success in your credit goals. I look forward to following your progress.

Re: No Credit History - Discover It $2K approved

Anonymous — Sun, 25 Feb 2018 00:30:06 GMT

did you check Amex first if you were prequalified? because when I went to check it says I dont have any prequalification?

Thank you!

Re: No Credit History - Discover It $2K approved

RicHowe — Sun, 25 Feb 2018 02:10:27 GMT

OP
Back in October I had no open credit cards, installment loans, or mortgage. Basically an inert credit file.

I applied for Cap 1 Quicksilver before I knew there were better cash back cards and was denied. Denied I tell you!!!

Despondent and inconsolable, I've been living in the credit gutter ever since with just some lowly starter cards.

You'll find me in a van down by the river.

Keep the faith.

Re: No Credit History - Discover It $2K approved

AverageJoesCredit — Sun, 25 Feb 2018 02:00:48 GMT

Thats truely amazing. I would use this card and build some history. In 6 months check the Amex prequals again. Discover never ceases to amaze

Re: No Credit History - Discover It $2K approved

simplynoir — Sun, 25 Feb 2018 02:12:45 GMT

Congrats on your new Disco card!

Re: No Credit History - Discover It $2K approved

Anonymous — Sun, 25 Feb 2018 02:15:14 GMT

@Billharrellwrote:
I was like you in autumn '17 with practically no credit history. I got the same $2000 SL from disco and was approved on the same day for an Amex BCE ($2,000). You could check Amex's website for prequal offers, I hear they're pretty accurate. Capital One also has a reliable prequal page. Good luck!

Hi there, when you applied for your AMEX did you have pre-qualification? I just applied and it asked for Utility Bill or Bank statement and when I hit Continue it went straight to a message "No information needed at this time" and when I checked the status it says my application has been cancelled? That's so weird....

Re: No Credit History - Discover It $2K approved

RicHowe — Sun, 25 Feb 2018 02:35:30 GMT

Call into AMEX and verify no application was received. If not just apply over the phone with the CSR for one of the co-branded cards which have relaxed underwriting. Choose from:

Delta Cards
Hilton cards
SPG card

Re: No Credit History - Discover It $2K approved

Billharrell — Sun, 25 Feb 2018 15:25:00 GMT

@Anonymous
Hi there, when you applied for your AMEX did you have pre-qualification?

I'm embarrassed to say that I don't remember, but if I were you I would avoid apping unless you're showing one. Good luck!

Re: No Credit History - Discover It $2K approved

Anonymous — Tue, 27 Feb 2018 05:19:22 GMT

Congrats! That's better than the starting limit I got on my first card in July 2017, I was pre-qualified for the Capital One Platinum for only $300.

A couple days ago I just pre-qualified for Discover IT Chrome and they gave me a $3,000 SL so I'm excited and have been waiting for it in the mail. Hopefully it'll arrive tomorrow.

Same day I connected with Capital One through their chat box and they PC'ed my Platinum to Quick Silver.

If you haven't already created an installment account with anybody I would recommend considering opening a SelfLender account. It boosted my scores at least 30 pts in the past 7 months and in July I should be getting my $550 back - the option I chose.

Other than that I was told by a member on this board that 3 cards is a good start to have a healthy score.

Since I have two cards my next goal is to get the Chase Freedom, Chase Freedom Unlimited, and Chase Sapphire Reserve so I can use them for travel hacking. They have a 5/24 rule, meaning they'll automatically deny you if you have more than 5 open accounts in the last 24 months, which is why I'm deciding to use all three of those cards as my next ventures. I'm hoping I can secure all three by the end of this year.

Whichever card(s) you decide on next, decide wisely if you do eventually want the Chase Trifecta.

Re: No Credit History - Discover It $2K approved

Anonymous — Tue, 27 Feb 2018 05:37:55 GMT

@RicHowewrote:
OP
Back in October I had no open credit cards, installment loans, or mortgage. Basically an inert credit file.

I applied for Cap 1 Quicksilver before I knew there were better cash back cards and was denied. Denied I tell you!!!

Despondent and inconsolable, I've been living in the credit gutter ever since with just some lowly starter cards.

You'll find me in a van down by the river.

Keep the faith.

You consider the cards in your signature “lowly starter cards” 😵 or do I have a broken sarcasm meter? Lol.

Re: No Credit History - Discover It $2K approved

Anonymous — Tue, 27 Feb 2018 14:37:05 GMT

@Billharrellwrote:
I was like you in autumn '17 with practically no credit history. I got the same $2000 SL from disco and was approved on the same day for an Amex BCE ($2,000). You could check Amex's website for prequal offers, I hear they're pretty accurate. Capital One also has a reliable prequal page. Good luck!

My wife was in almost the exact same boat. In Fall '17, had ~3 mo history. She actually apped for Disco and got denied. She waited until around December and tried again after her history hit 6 mo. She got approved at Disco for $2000 SL, and from the thrill, tried her hand at Amex BCE. Another approval on the same day for $2000 SL. At the 61 day mark, Amex bumped her 3x to $6k. No luv from Disco yet, but we're waiting for the third statement cut to try our hand. Those two cards have been great to both of us.

Re: No Credit History - Discover It $2K approved

RicHowe — Tue, 27 Feb 2018 14:56:09 GMT

@Anonymouswrote:
@RicHowewrote:
OP
Back in October I had no open credit cards, installment loans, or mortgage. Basically an inert credit file.

I applied for Cap 1 Quicksilver before I knew there were better cash back cards and was denied. Denied I tell you!!!

Despondent and inconsolable, I've been living in the credit gutter ever since with just some lowly starter cards.

You'll find me in a van down by the river.

Keep the faith.
You consider the cards in your signature “lowly starter cards” 😵 or do I have a broken sarcasm meter? Lol.

Haha. Sarcasm intended. Was trying to make the point that there are other issuers that will give them a shot, and not give up because Cap One denied them.

Re: No Credit History - Discover It $2K approved

Anonymous — Tue, 27 Feb 2018 18:48:15 GMT

Which Capital One did you apply for? Usually that's the easiest to get but most of us had to start with the Secured but I wouldn't bother after getting approved for a Disco 2k. You would be out $49 and stuck at $500 for a year which looks ridiculous next to Discover. After a few months of that you'll start getting real offers anyway. Capital One will send you real credit card offers in the mail in a few months. My mother gets one every month after getting in with Discover a year ago. lol

Amex usually likes 6+ months of history which was what I was told and waited for when I was looking into them. Chase apparently likes a year. If you don't prequalify for Amex I wouldn't bother. Some cards are easier to get than others so the card you picked could even be the problem.

Maybe something by Citi?? BOA is hard to get especially if you don't bank with them so too bad you didn't find this forum first.

I think if you shop at Amazon, that's an easy card to get. Khols is also easy. Nobody likes to recommend store cards but if already denied by Cap1 and have a good CL with a real card (Disco) then at least you'd have something else on your reports for 6 months building until the real offers come. Amazon seems to look good on a report but only if you shop there.

Re: No Credit History - Discover It $2K approved

Anonymous — Tue, 27 Feb 2018 20:09:24 GMT

Real quick what’s the benefit of applying for the co-branded cards with relaxed underwriting?

Re: No Credit History - Discover It $2K approved

RicHowe — Tue, 27 Feb 2018 20:39:54 GMT

@Anonymouswrote:
Real quick what’s the benefit of applying for the co-branded cards with relaxed underwriting?

Typically they will approve you with a lower Experian FICO 8 Score (660ish and above) than with their Bank-Issued cards (690ish and above). As such you will probably get a bit higher starting limit as well. YMMV as usual depending on number of INQs, Baddies, BKs and such.