topic Re: Accuracy of Discover Pre-Qual in Credit Card Applications

Accuracy of Discover Pre-Qual

Anonymous — Sun, 19 Feb 2017 01:11:43 GMT

How accurate is the pre-qual page for Discover? It gave the Discover Student card for me when I put in my information. Scores are EX-607, TU 590, EX 580. I am no longer a student, and I marked that on the app. I am looking for one more card before I enter the garden to let those accounts age. I got the Quicksilver One a couple weeks ago. I am hoping to close down Credit One within the next few months. I am wondering if it may be better to shoot for the Discover secured. I am kicking myself for closing down my 2 year old Discover in 2013. I was really young and thought that it was a great idea to close a card I was barely using.

I did put my boyfriend's info in to the Discover pre-qual page (we are working on his credit a GREAT deal). His score is 438. It gave him the regular Discover It card! I highly doubt it.

Any advice or feedback?

TY!

Re: Accuracy of Discover Pre-Qual

austinguy907 — Sun, 19 Feb 2017 02:13:30 GMT

Chances are with your scores you're both better off with the secured one. If it gave you a solid APR or a small range of 3% difference there's a chance of approval.

Re: Accuracy of Discover Pre-Qual

Anonymous — Sun, 19 Feb 2017 02:41:19 GMT

@austinguy907 wrote:
Chances are with your scores you're both better off with the secured one. If it gave you a solid APR or a small range of 3% difference there's a chance of approval.

I more or less second this.

There are tons of posts suggesting that Discover pre-quals are bogus, but in my own experience as long as you get a 3% range (or exact % if that is possible from them?) you will be approved.

If you check and they give you a larger than 3% range for APR, I would not bother applying at that time.

Re: Accuracy of Discover Pre-Qual

Anonymous — Sun, 19 Feb 2017 03:25:32 GMT

Thank you for your feedback.

I went back to the page and this is what it says..

Yours for no annual fee.*

0% Intro APR† for 6 months on purchases.

Then 13.49% – 22.49% Standard Variable Purchase APR applies.

I am not sure what that means in terms of approval or not.

I may wait to see if my scores bump up into the low 600's next week when capital one reports my premium card balance from 414.34 on my 600 CL line to a 0 balance as I paid it off today.

Re: Accuracy of Discover Pre-Qual

Anonymous — Sun, 19 Feb 2017 03:40:12 GMT

@Anonymous wrote:
Thank you for your feedback.

I went back to the page and this is what it says..

Yours for no annual fee.*
0% Intro APR† for 6 months on purchases.
Then 13.49% – 22.49% Standard Variable Purchase APR applies.

I am not sure what that means in terms of approval or not.

I may wait to see if my scores bump up into the low 600's next week when capital one reports my premium card balance from 414.34 on my 600 CL line to a 0 balance as I paid it off today.

With that APR range and your scores? Secured.

Re: Accuracy of Discover Pre-Qual

Anonymous — Sun, 19 Feb 2017 04:08:12 GMT

definitely means you should go for the secured card if anything. I might suggest just waiting and getting your credit cleaned up before even bothering Discover.

Re: Accuracy of Discover Pre-Qual

Anonymous — Sun, 19 Feb 2017 09:42:57 GMT

Secured. Be good and in 7 mo you will have an unsecured card anyway the way they have been going. Same card-same rewards-same benefits. It's really a great product for ppl who wouldn't qualify for the unsecured. Gl

Re: Accuracy of Discover Pre-Qual

AverageJoesCredit — Sun, 19 Feb 2017 13:05:12 GMT

Id also caution there is no gaurentee that theyll even offer secured. In all my attempts with Discover, they only tried to push co applicant not once was i evened offered secured so .... Id wait to your scores are a bit higher.

Re: Accuracy of Discover Pre-Qual

Anonymous — Sun, 19 Feb 2017 14:38:27 GMT

Thank you everybody.

I think I will wait it out for a bit. I was hoping to get both inquires within the same two weeks because I read on here that it was better for your score, but I do not want a denial. I was approved for the QS1 last week with a start limit of 3,000 so I think it got my hopes up. I will pay on that card for a few months as well as my student loans which I start paying in April and try for Discover when I see a score bump. Any feedback on what numbers are good for the secured? I don't mind being patient and waiting out the 7 months to get it unsecured. I just want to get rid of credit one.

The simulator on here said my score would jump a boat load, 607-657 (EX), by paying off my platinum card which I did yesterday. My platinum card doesn't report until the 24th. Is the simulator on here accurate? That seems like a big jump (not that I wouldn't take it). My overall util is low, that card was near was limit though.

TY for all your feedback.

EDIT- Never mind, I figured out the simulator. It had me paying it over 24 months but I PIF yesterday. It changed it to a 15 score point bump. I'd still take it though.

Re: Accuracy of Discover Pre-Qual

joltdude — Sun, 19 Feb 2017 15:40:07 GMT

@austinguy907 wrote:
Chances are with your scores you're both better off with the secured one. If it gave you a solid APR or a small range of 3% difference there's a chance of approval.

I saw the infamous solid APR offers for a family member... Still dissapointed in said member for not grabbing it.. Trying to remember the exact number it was either 10.24 or 11.24 for discover.. Lowest rate iv seen on an offer for a non CU card... pretty sure it was 10.24. I knew when I saw it I was absolutely floored.. Yes.. I wanted to dopesmack him for not applying...

Wish theyd courted me with those tasty aprs

-J

Re: Accuracy of Discover Pre-Qual

Anonymous — Sun, 19 Feb 2017 17:28:43 GMT

Overall utilization is a factor, but individual card utilization is also a factor.

For example, say you have 100,000 total available across 10 cards (10k limit each - just to keep things simple).

9 cards could be at zero balance, but if you have that last card with 9k used, it will tank your scores having the card at 90% utilization, even though overall you are only at 9% of all total limits combined.

As reference, my scores jump around between 740-770 quite a bit if I let a few thousand report on any of the 10k or smaller cards, then they bounce up again the next month if the reported amount is back to zero.

Re: Accuracy of Discover Pre-Qual

Anonymous — Mon, 20 Feb 2017 01:18:34 GMT

Good to know. Hopefully paying that platinum off bumps my scores a bit then.

I'll be more careful about the util. I think I have the report dates for my cards pegged down pretty well now. Capital One Plat is due on the 21st and always reports on the 24th (I've been watching this one for 3-4 months now). I thought it was good to have a balance on the statement and reported. Maybe just a low balance.. 20 or 30 bucks?

QS1 has the first due date of 04/01 so I wonder when that will report to the bureaus.

Re: Accuracy of Discover Pre-Qual

joltdude — Mon, 20 Feb 2017 02:33:17 GMT

@Anonymous wrote:
Good to know. Hopefully paying that platinum off bumps my scores a bit then.

I'll be more careful about the util. I think I have the report dates for my cards pegged down pretty well now. Capital One Plat is due on the 21st and always reports on the 24th (I've been watching this one for 3-4 months now). I thought it was good to have a balance on the statement and reported. Maybe just a low balance.. 20 or 30 bucks?

QS1 has the first due date of 04/01 so I wonder when that will report to the bureaus.

A quick class in utilization

As always YMMV...

Utilization has no memory.. So if your paying off or making payments on stuff.. it will drop once the payments report..

Also PIF means.. paying before the due date, not the statement date....

The only time id micromanage and worry about paying/paying off stuff BEFORE the statement is if im trying to app for something and want to optimize my report...

Thats when paying before the statement is useful

Otherwise its a headache .. Credit is meant to be used, And by paying in full AND paying before the due date.. (usually for me i make a payment right after the statement generates, usually the min or rounded up, then one closer to the actual due date for what i want to pay for the month).... But i try not to worry about utilization and paying before statement unless im going to apply for something in the next month....

(also for folks who disagree and/or want to make corrections or comment, please do.. )

Actually I will add an edit: to this... There is a situation where id highly recommend if possible you do some micromanagement.. that is if a card is close to maxxed out... Thats one case I would try to make a payment before the statement date to try to get it under the wire or pay it off.... but in general.. i don't micromanage utilization)

-J

Re: Accuracy of Discover Pre-Qual

Anonymous — Mon, 20 Feb 2017 04:16:19 GMT

@joltdude wrote:
<Lots of good stuff!>

I will only add that if you decide you do want to micromanage before an app, what you're looking for is a <9% balance on one card, and a zero balance on all other cards.

Re: Accuracy of Discover Pre-Qual

Anonymous — Mon, 20 Feb 2017 22:04:42 GMT

Thank you for the feedback on utilization.

That helps a lot.