topic Re: Discover prequal is a joke in Credit Card Applications

Discover prequal is a joke

Kasuito39 — Tue, 17 Sep 2019 02:04:27 GMT

I applied for Discover prequalification and it came back with preapprovals for Discover It and Chrome with 19.99% APR and 0% for 14 months. At first i could not believe my eyes. I took the bait and applied for discover IT with 2% cash back and wolla. Unfortunately, you have been denied. Please wait 7-10 business days for a letter in the mail. This is very disappointing as i pulled the plug after the preapproval. What are my chances if i recon? I've read hear that discover preapprovals are solid but i guess not. Any advise?

Re: Discover prequal is a joke

Andypanda — Tue, 17 Sep 2019 02:07:41 GMT

Prequals are never 100%.

Re: Discover prequal is a joke

CreditInspired — Tue, 17 Sep 2019 02:11:28 GMT

@Kasuito39 wrote:
I applied for Discover prequalification and it came back with preapprovals for Discover It and Chrome with 19.99% APR and 0% for 14 months. At first i could not believe my eyes. I took the bait and applied for discover IT with 2% cash back and wolla. Unfortunately, you have been denied. Please wait 7-10 business days for a letter in the mail. This is very disappointing as i pulled the plug after the preapproval. What are my chances if i recon? I've read hear that discover preapprovals are solid but i guess not. Any advise?

So sorry for the decline but OP a prequal or a preapproval is not a guarantee of approval. The prequal only let's you know that Discover liked what they saw from just a preliminary view of your credit. Once your report is pulled, then they or any other CCC gets to see the full file.

So with this knowledge, would you like to provide us with your DPs so we can give you an idea of what may have gone wrong while you await the letter.

Re: Discover prequal is a joke

Anonymous — Tue, 17 Sep 2019 02:22:17 GMT

Disco doesn't recon so, wait 6-12 months and try again.

Post the denial reasons here if you want to disect the declne a bit more in depth.

Re: Discover prequal is a joke

AllZero — Tue, 17 Sep 2019 04:06:02 GMT

There's something that Discover didn't like. Could it be prior unsatisfactory relationship, new accounts, inquiries, delinquency, derogatory, utilization, etc?

Re: Discover prequal is a joke

Kasuito39 — Tue, 17 Sep 2019 04:09:42 GMT

They IIB back in 2017 for a small amount. I guess i can wait 12 months

Re: Discover prequal is a joke

Anonymous — Tue, 17 Sep 2019 04:16:40 GMT

If your signature is accurate, your inquiries are also through the roof. A recent BK and credit seeking may not lead to favorable results with many lenders, prequal or not.

Re: Discover prequal is a joke

Meanmchine — Tue, 17 Sep 2019 04:31:25 GMT

@Anonymous wrote:
If your signature is accurate, your inquiries are also through the roof. A recent BK and credit seeking may not lead to favorable results with many lenders, prequal or not.

Bingo

Re: Discover prequal is a joke

M_Smart007 — Tue, 17 Sep 2019 04:41:28 GMT

@Anonymous wrote:
If your signature is accurate, your inquiries are also through the roof. A recent BK and credit seeking may not lead to favorable results with many lenders, prequal or not.

Re: Discover prequal is a joke

Anonymous — Tue, 17 Sep 2019 06:02:38 GMT

Holy HPs Batman!!! There had to be a few car loans and mortgages in the last 24 months... Thats actually impressive around these here parts.

Re: Discover prequal is a joke

CreditInspired — Tue, 17 Sep 2019 13:06:47 GMT

@Kasuito39 wrote:
They IIB back in 2017 for a small amount. I guess i can wait 12 months

Well there you go!

Heads-up: There are going to be a lot of declines from CCCs with a BK on your CRs. And those who do allow you in, will give you a toy limit and then when/if they do, will rarely give a CLI. And it doesn't matter whether the amount IIB was $200 or $200K, it was still an amount that Disco lost. And 2 yrs out of BK is not nearly enough time for forgiveness. So, I suggest not wasting HPs on what will 99% of the time be “no soup for you.” So you see, Discover prequal is not a joke.

Re: Discover prequal is a joke

AverageJoesCredit — Tue, 17 Sep 2019 13:09:26 GMT

Op, sorry for your decline but i would caution against calling Discover's prequal page a joke. Amongst most lenders prequsl pages, it is usually a good indicator for approval though it is no way guaranteed. We say its usually solid around here becsuse the vast majority who prequal do get approved though there are on occasion a few denials such as yourself. That just proves that we all must remember denials are still possible. The factor that swayed your decision to the denied most likely was your recent bk. Its not impossible to get a Disco so soon after burning them, a recent poster did so, but its not probable. Give some distance and hopefully one day they will let you back in.

Re: Discover prequal is a joke

Anonymous — Tue, 17 Sep 2019 14:30:26 GMT

Honestly, your FICOS have been moving up nicely. Not sure where they are presently but I would guess even higher than your last update in your sig. Don't know what cards you've acquired so far but there are lenders that will entertain you a little for now. Some are known to be tough on BKs and are well known... Chase, BofA, PenFed, USAA... not the complete list but a little poking around will let you know what waters to swim in for the next couple years and be successful with approvals. With the right strategy you can log some serious CLs within 2 years which in real life (not CC Ninja life) , is a short amount of time By the time those HPs fall off its a whole new world for you. In the meantime, stick to the friendly sandboxes and stay under the radar. Your time is coming

GrRe: Discover prequal is a joke

Kasuito39 — Tue, 17 Sep 2019 15:02:15 GMT

I appreciate all your great feedback and look forward to trying Discover again in 6 months which I've calendared. I just had high hopes when i saw the two offers but i guess perhaps next time. So far i've the following cards.
Capital One - $700 - $0.00 balance
Blaze MC- $1750 - $0.00 balance
Show Card - $2250 - $0.00 balance
CO Spark -$1500 -$0.00 balance
First National - $1750 - $0.00 balance
First Savings - $1750 - $0.00 balance
Fortiva LOC - $6000 - $4100 balance.

Re: Discover prequal is a joke

GApeachy — Tue, 17 Sep 2019 15:08:41 GMT

@Kasuito39 wrote:
I applied for Discover prequalification and it came back with preapprovals for Discover It and Chrome with 19.99% APR and 0% for 14 months. At first i could not believe my eyes. I took the bait and applied for discover IT with 2% cash back and wolla.Yep, I almost did the same thing. Luckily I searched the forums here to find I would not be accepted for the fact that I haven't been with them 1 year. I wish those pre-quals would not give false hope when you are already in their system. So nope, nothing is ever set in stone. Unfortunately, you have been denied. Please wait 7-10 business days for a letter in the mail. This is very disappointing as i pulled the plug after the preapproval. What are my chances if i recon? I've read hear that discover preapprovals are solid but i guess not. Any advise? All you can do is wait on the letter....so sorry for your outcome. Don't give up; maybe it's something easily fixed and then you can apply again. GL!

Re: GrRe: Discover prequal is a joke

M_Smart007 — Tue, 17 Sep 2019 15:27:32 GMT

@Kasuito39 wrote:
I appreciate all your great feedback and look forward to trying Discover again in 6 months which I've calendared. I just had high hopes when i saw the two offers but i guess perhaps next time. So far i've the following cards.
Capital One - $700 - $0.00 balance
Blaze MC- $1750 - $0.00 balance
Show Card - $2250 - $0.00 balance
CO Spark -$1500 -$0.00 balance
First National - $1750 - $0.00 balance
First Savings - $1750 - $0.00 balance
Fortiva LOC - $6000 - $4100 balance.

"EQ 33 INQ l TU 29 INQ l EX 48 INQ l " That is pretty excessive! IMO ...you definitely need to Garden!

Re: GrRe: Discover prequal is a joke

GApeachy — Tue, 17 Sep 2019 15:39:39 GMT

@M_Smart007 wrote:

"EQ 33 INQ l TU 29 INQ l EX 48 INQ l " That is pretty excessive! IMO ...you definitely need to Garden!

Hopefully that's all it is....the inquiries . Which only takes patience and time, hit the Garden for sure.

OP, when are those inquiries scheduled to fall off?

Re: GrRe: Discover prequal is a joke

FinStar — Tue, 17 Sep 2019 15:42:13 GMT

@Kasuito39 wrote:
I appreciate all your great feedback and look forward to trying Discover again in 6 months which I've calendared. I just had high hopes when i saw the two offers but i guess perhaps next time. So far i've the following cards.
Capital One - $700 - $0.00 balance
Blaze MC- $1750 - $0.00 balance
Show Card - $2250 - $0.00 balance
CO Spark -$1500 -$0.00 balance
First National - $1750 - $0.00 balance
First Savings - $1750 - $0.00 balance
Fortiva LOC - $6000 - $4100 balance.

@Kasuito39, one DP that would help you and the community as a whole is perhaps include the BK information in your signature. This saves the guess work with identifying the potential reasons as to why the application was not approved or the feasibility of future applications. Since your signature already includes your scores, inquiries, etc., it is just as important of an element for consideration.

Re: GrRe: Discover prequal is a joke

Anonymous — Tue, 17 Sep 2019 16:41:51 GMT

@GApeachy wrote:
@M_Smart007 wrote:

"EQ 33 INQ l TU 29 INQ l EX 48 INQ l " That is pretty excessive! IMO ...you definitely need to Garden!

Hopefully that's all it is....the inquiries . Which only takes patience and time, hit the Garden for sure.
OP, when are those inquiries scheduled to fall off?

OP - just curious, what are all those inquiries from? Many people wouldn’t amass 100+ inquiries in a lifetime.

Re: GrRe: Discover prequal is a joke

Kasuito39 — Tue, 17 Sep 2019 19:30:47 GMT

90% of this inquiries were from car dealerships when we were rate shopping in 2017 and 2018. They are scheduled to fall off by end of spring next year. I had not updated my signature for over a year but i just did. Thanks to those of you who pointed that out, very helpfull. For now, gardening is my best option. I'll continue to rely on CLI's on my current cards while using AZEO.