topic Re: wait or apply? in Credit Card Applications

wait or apply?

Anonymous — Sat, 25 Aug 2018 15:21:32 GMT

I have had bad credit for a very long time. I have been letting things slowly fall off. I'm at the point where I haven't had a late payment of any kind in over 3 years. But I also only have 2 open accounts building for me. I have an auto lease a year and a half old and a secured credit union card. I only have 2 HP on my credit and both were the same day for the auto lease.

I went to the pre approval of Amex and Discover last night. Both came up with "Congratulations you have been pre approved for these cards". Discover was IT card and IT chrome card. Both were 24%, not a range. And Amex was the Premier Rewards Gold and the traditional Green card. I did have an Amex that I defaulted on over 20 years ago. But I read on here somewhere if they blacklisted you, you wouldn't get through the pre approval process.

So my questions are:

Do they seem like legit pre approval?

Are most people successful receiving the cards after pre approval?

Should I choose one over the other for success?

Would one help my credit more than the other?

Should I try both?

Thank you for any thoughts

Re: wait or apply?

Anonymous — Sat, 25 Aug 2018 15:24:01 GMT

Also my current card is only 6 months old. I would like to get one or two more cards now since my AAoA is low and won't hurt me later as it gets older and then I apply and drop a 2 or 3 year AAoA down to a year. This way they can age together and not hurt me later.

Re: wait or apply?

Jnbmom — Sat, 25 Aug 2018 15:24:53 GMT

Do you know what your FICO scores are? Discover and Amex pre approvals are pretty legit

Re: wait or apply?

Anonymous — Sat, 25 Aug 2018 15:27:39 GMT

No I don't. I recently saw my credit file from EX and EQ. Both looked identical. But there weren't any scores on them.

That was one reason I was looking at the Discover card. It says they give you your Fico on every statement.

Re: wait or apply?

Jnbmom — Sat, 25 Aug 2018 15:46:59 GMT

You can go to discover scorecard (non members) and get a free report and score, then you would at least give you your EXP. But like I said those 2 preapprovals you got are usually pretty reliable.

Re: wait or apply?

Anonymous — Sat, 25 Aug 2018 15:56:40 GMT

Creditchecktotal.com
You can take their 7 day trial and get scores/reports from all 3 CRA's. Just be sure to cancel by phone before the trial expires.

Also,
You can check the credit pull database. Just google it. You can see what card issuers are pulling which CRA for your state.

Re: wait or apply?

Anonymous — Sat, 25 Aug 2018 15:55:32 GMT

First thing, Congrats on your so far successful rebuild. I was there not so long ago myself. So for the Blacklist, If you were on it, you wouldnt have preapprovals. Even tho you may have burned them, did you pay it in full? if you did then amex will forgive.. eventually.

Do they seem like legit pre approval? Yes, amex and disco pre-approvals are solid.

Are most people successful receiving the cards after pre approval? most of the time, i havent seen on not get it

Should I choose one over the other for success? Which one you go after is upto you and which will benefit you the most.

Would one help my credit more than the other? No, as long as you manage them properly, they are the same in Fico's eyes.

Should I try both? You could, that is upto you and your credit goals.

The optimal credit scoring is 3-5 cards and one installment loan. As long as you know that you can do it without ending up how you got here before, then the sky is the limit. Sounds like you are doing a fantasic job so far, and have learned from the past mistakes. Keep up the great work.

Re: wait or apply?

Anonymous — Sat, 25 Aug 2018 16:11:19 GMT

So I just went to Discover Scorecard and it said my Fico Score 8 based on Experian data is 720.

That is way higher than I expected. I thought low to mid 600's tbh.

Based on that, should I go for both? Then I would have 3 cards(assuming approval on both) with a loan. And they can all age together and in about 2 years I can get something else and it won't affect my AAoA.

Or am I jumping the gun?

Re: wait or apply?

Anonymous — Sat, 25 Aug 2018 16:12:56 GMT

Both the Premier Rewards Gold and Green cards are charge cards; you generally would only want one charge card and the PRG is much more useful than the Green card.

Re: wait or apply?

Jnbmom — Sat, 25 Aug 2018 16:13:06 GMT

@Anonymous
@Anonymous wrote:
So I just went to Discover Scorecard and it said my Fico Score 8 based on Experian data is 720.

That is way higher than I expected. I thought low to mid 600's tbh.

Based on that, should I go for both? Then I would have 3 cards(assuming approval on both) with a loan. And they can all age together and in about 2 years I can get something else and it won't affect my AAoA.

Or am I jumping the gun?
@Anonymous wrote:
So I just went to Discover Scorecard and it said my Fico Score 8 based on Experian data is 720.

That is way higher than I expected. I thought low to mid 600's tbh.

Based on that, should I go for both? Then I would have 3 cards(assuming approval on both) with a loan. And they can all age together and in about 2 years I can get something else and it won't affect my AAoA.

Or am I jumping the gun?

wrote:
So I just went to Discover Scorecard and it said my Fico Score 8 based on Experian data is 720.

That is way higher than I expected. I thought low to mid 600's tbh.

Based on that, should I go for both? Then I would have 3 cards(assuming approval on both) with a loan. And they can all age together and in about 2 years I can get something else and it won't affect my AAoA.

Or am I jumping the gun?

Congrats nice score. Personally I would go for both, use them wisely and they will grow. Good luck and keep us posted

Re: wait or apply?

Anonymous — Sat, 25 Aug 2018 16:17:20 GMT

OP—Discover is a great card, good for thin files and will really grow with you. I also love my Amex BCE, so you have choices among great options and seem to have done a superb job in your rebuild thus far. As said already, your choice should be based on your spend, but Disco and Amex offers are typically solid.

Re: wait or apply?

Cred4All — Sat, 25 Aug 2018 16:21:19 GMT

I'll toss in my 2 cents:

@Anonymous wrote:

So my questions are:
Do they seem like legit pre approval?
Are most people successful receiving the cards after pre approval?
Should I choose one over the other for success?
Would one help my credit more than the other?
Should I try both?

Do they seem like legit pre approval?

Without knowing your scores, most likely. If Amex said your "YourNameHere, you are pre-approved!" Then yes I'd say that's solid. Discover is also, as already stated, known to be pretty reliable on the pre-approval screen for IT and Chrome cards.

Are most people successful receiving the cards after pre approval?

Again, from the two prequalification sites you mentioned, yes both have alot of positive feedback, in the Approvals section of this board.

Should I choose one over the other for success?

I'd be less worried about the success of it, and more concerned over the best card for your choice.
Off the bat the Amex PRG is a charge card, it won't necessarily help your utilization if that's one of your goals. It also has a $195 annual fee, so if you're rebuilding and it sounds like you are, I'd personally hold off on this one (Although they say Charges have less strict approval UW requirements.) This card is for frequent travelers, who consistently spend over $3,000 per year on flights and can make those purchases directly from the airlines.
The Amex Green is also a charge card, only 1% cashback, and a $95 annual fee. I tend to say I also recommend holding off on it, but this would be less of a hit on the annual fee for you if you wanted to attempt a Charge and a Revolver to get into both the Amex and Discover family. However, as MaizeandBlue stated, the PRG card with the higher annual fee ultimately is more useful in the long haul.
Discover IT is most likely the option I'd recommend knowing your background, as it offers decent rewards especially at the end of the year, no annual fee, and has good CLI over time based on reports here.
Discoer Chrome is more useful if you focus your spending on Gas / Restaurants however is also a good choice, just depends on your personal needs.

Would one help my credit more than the other?

Either of the Discover cards, as they will provide you more available credit and will grow in time, thus lowering your utilization.

Should I try both?

Totally a personal preference call. If you are happy where you stand on your profile currently and truly want to get into Amex and Discover, many card holders here do opt for 2 cards. Only you know your financial situation and how far you have come, so if you think adding a Charge card (PIF each month) with an annual fee is easily doable, why not! Again, YMMV here.

Hopet his helps.

Re: wait or apply?

Anonymous — Sat, 25 Aug 2018 16:22:25 GMT

Before making a hasty decision I would suggest looking at this link: Your Pre-Approved & Pre-Qualified Credit Card Offers

Look around and make sure you explore all your available options.

I'm not sure what you mean by "both?" Are you referring to both Amex cards you were pre-approved for, or an Amex and the Discover card?

It would make no sense for a rebuilder to start out with two charge cards.

Re: wait or apply?

Jnbmom — Sat, 25 Aug 2018 16:25:33 GMT

With both I meant the discover and one amex (which ever amex suits your needs)

Re: wait or apply?

Anonymous — Sat, 25 Aug 2018 16:35:25 GMT

@Anonymous wrote:
So I just went to Discover Scorecard and it said my Fico Score 8 based on Experian data is 720.

That is way higher than I expected. I thought low to mid 600's tbh.

Based on that, should I go for both? Then I would have 3 cards(assuming approval on both) with a loan. And they can all age together and in about 2 years I can get something else and it won't affect my AAoA.

Or am I jumping the gun?

i would say that two more to round out your profile isnt jumping the gun. Not sure if you want a charge card, but the IT would do nicely.

Re: wait or apply?

Anonymous — Sat, 25 Aug 2018 16:44:27 GMT

Thank you all very much. This morning has been very helpful here.

And yes I meant 1 Disc and 1 Amex also.

I think I'll go for the Discover first and if approved I may go for the Amex. But if denied then I'll skip.

I honestly don't have a need for a charge card or $195 yearly fee. Other than trying to make my credit profile look better.

Re: wait or apply?

Anonymous — Sat, 25 Aug 2018 17:27:29 GMT

Well I just applied for the Discover Cash Back. I had to call in and put on hold for what seemed like forever but was 7 minutes.

She came back and told me I was approved for $10k. But it does have a 24.74%. I am hopeful that with good standing they may lower that over time. I don't know if they do that or not though. This is the highest limit card I've ever had. Even when I had good credit my highest was $8k. But I had much lower income back then.

Thank you all here very much. I never would've applied if I hadn't gotten the responses from you or even checked my fico on Discover site.

Re: wait or apply?

Jnbmom — Sat, 25 Aug 2018 17:29:03 GMT

Congrats that's a monster SL for them well done

Re: wait or apply?

Cred4All — Sat, 25 Aug 2018 17:29:59 GMT

@Anonymous wrote:
Well I just applied for the Discover Cash Back. I had to call in and put on hold for what seemed like forever but was 7 minutes.

She came back and told me I was approved for $10k. But it does have a 24.74%. I am hopeful that with good standing they may lower that over time. I don't know if they do that or not though. This is the highest limit card I've ever had. Even when I had good credit my highest was $8k. But I had much lower income back then.

Thank you all here very much. I never would've applied if I hadn't gotten the responses from you or even checked my fico on Discover site.

Congrats on the approval!! That's a great SL from Discover, I wouldn't sweat the APR too much as long as you PIF then you're good to go. Glad it all worked out, and thus shows the reliability of the Discover Preapproval page .

Re: wait or apply?

Anonymous — Sat, 25 Aug 2018 17:37:14 GMT

@Anonymous wrote:
Well I just applied for the Discover Cash Back. I had to call in and put on hold for what seemed like forever but was 7 minutes.

She came back and told me I was approved for $10k. But it does have a 24.74%. I am hopeful that with good standing they may lower that over time. I don't know if they do that or not though. This is the highest limit card I've ever had. Even when I had good credit my highest was $8k. But I had much lower income back then.

Thank you all here very much. I never would've applied if I hadn't gotten the responses from you or even checked my fico on Discover site.

Congrats on your Discover approval.

The reason you really don't want a charge card as a rebuilder is that it doesnt contribute to utilization. That is, the FICO models don't incorporate charge cards since they don't have a set credit limit.

But to clarify, the PRG's annual fee of $195 is waived for the first year. And you can also buy an airline gift certificate for $100 which will be credited back to you by Amex. So the effective annual cost is $95. And if you get into Amex's Membership Rewards points you can accumulate them quickly with the PRG, especially if you travel.