topic Re: Should I apply for Discover or wait? in Credit Card Applications

Should I apply for Discover or wait?

Shann0n_marie — Sat, 15 Aug 2015 18:29:14 GMT

Ok... I'm getting finger happy.

I want the Discover card.

My current stats:

639 EQ, 649 EX & 656 TU

Utilization 12%

Last Late: 1 year ago - paid collection

All other baddies PAID CO's from 2011.

Income: $100k/yr +

AAOA on EX 3.6 yrs

1 unpaid IRS lien from 2011

8 inq in last 12 mos (EX)

So... with that said... what do you think? I have $12,600 in CLI I've received in the last month+ that are NOT reporting on credit yet until the end of the month and I'm expecting a very nice CLI on NFCU after AR at end of the month.

Do you think that it would make sense to wait until all of this transpires with the chance of a higher credit line? Or does it matter?

Thank you!

Re: Should I apply for Discover or wait?

Shann0n_marie — Sat, 15 Aug 2015 18:31:28 GMT

Oh PS - I checked the prequal site, although I know it isn't worth crap and it just gave me the APR range... not specific.

I did receive my first PRIME mailer offer from AMEX the other day but with the double rewards offer up to 10% I am really really wanting this card! I put abt $5k through my cc's a month.

Re: Should I apply for Discover or wait?

OmarGB9 — Sat, 15 Aug 2015 18:35:01 GMT

What APR range did you get? If it's small like 12.99-15.99 you have a decent chance, but if it's that standard 12.99-22.99 then not very good odds. Your util and AAoA are good, but scores a bit low. Then again Discover is unpredictable so you can never really tell until you try lol.

Re: Should I apply for Discover or wait?

CreditCuriosity — Sat, 15 Aug 2015 18:37:53 GMT

Wait until 680's+ imo.

Fairly recent late within the last year... Scores are on the low end, income is decent. Other CO's from 2011 along with an unpaid federal tax lien doesn't paint a very good picture of you, especially with 100k+ income.. Hate bearing bad news, just trying to be honest.

Re: Should I apply for Discover or wait?

Shann0n_marie — Sat, 15 Aug 2015 18:41:05 GMT

@OmarGB9 wrote:
What APR range did you get? If it's small like 12.99-15.99 you have a decent chance, but if it's that standard 12.99-22.99 then not very good odds. Your util and AAoA are good, but scores a bit low. Then again Discover is unpredictable so you can never really tell until you try lol.

BOOOOO. It gave me:

0% Intro Purchase APR* for 12 months and then 10.99% – 22.99% Standard Variable Purchase APR based on your credit worthiness.

I'm in Cali. It's an EX pull right? It's probably best I wait. I don't want to make mistakes and screw myself. The extended the program to all new cardholders who apply by Sept 30th so I might as well pump my breaks and let things update on my credit and re-evaluate in mid Sept.

Says the responsible, non-instant gratification side of me LOL. Godddddddd this gardening is HARD.

Re: Should I apply for Discover or wait?

OmarGB9 — Sat, 15 Aug 2015 18:47:50 GMT

I agree it's hard lol. I foolishly pulled the trigger a couple of weeks ago and got slapped with a denial due to "insufficient credit history" (read: accounts too new) and most likely also highish util (~24%). And my EQ was 690 at the time...

Speaking of which, I believe they pull EQ most of the time, and occasionally, if you're borderline, will do a double pull and get EX as well (as they did in my case).

Re: Should I apply for Discover or wait?

Shann0n_marie — Sat, 15 Aug 2015 18:54:05 GMT

@CreditCuriousity wrote:
Wait until 680's+ imo.

Fairly recent late within the last year... Scores are on the low end, income is decent. Other CO's from 2011 along with an unpaid federal tax lien doesn't paint a very good picture of you, especially with 100k+ income.. Hate bearing bad news, just trying to be honest.

Yeah, the collection was from Verizon when I switched services to T-Mobile and they were supposed to pay my early term fee but it got screwed up because they said they received past the cut off, so I had to suck it up and pay the $300, and didn't realize there was any problem until it showed up on my credit. Verizon wouldn't remove it for the life of me.

The IRS tax lien is a huge chunk from having to re-pay first time homebuyer credit because I lost my job and rented out my house within 1st 3 years and wasn't supposed to... then my tenant stopped paying me rent and I had no way to pay the mortgage because my unemployment wouldn't cover it. That screwed me. In any case, I am working on one last detail for IRS and then will be able to request a re-payment plan and hopefully be able to apply to have the lien deleted after 6 mos payments with the fresh start program.

Re: Should I apply for Discover or wait?

kdm31091 — Sat, 15 Aug 2015 19:57:33 GMT

Id wait. The APR range like that is definitely not a "real" prequal.

Usually if you're asking yourself if you should wait, 99% of the time the answer is yes. Good luck

Re: Should I apply for Discover or wait?

taxi818 — Sat, 15 Aug 2015 20:06:31 GMT

To be frank. you chances are slim with a 639 EQ. of course you could be approved for 10k. But its a hard call. Discover is just weird like that. ive seen 700s declined and i got in my self with 665. Which i was in shock. very thin profile and a old collection .At time was 4 years old. So know one really nows. If your finger is itching. i suggest asking for a cli on something. To get it out of your system

Re: Should I apply for Discover or wait?

Anonymous — Sun, 16 Aug 2015 01:47:07 GMT

Perhaps wait 6 months and get your scores a little bit higher. You'll have a better chance of acceptance and a better chance at a high SL. Just my thought.

Re: Should I apply for Discover or wait?

Anonymous — Sun, 16 Aug 2015 01:59:22 GMT

I got in about a month ago with a 640. Never got a specific range on the prequal. Got 15+ inqs. Not sure what until is. I say go for it.

Re: Should I apply for Discover or wait?

Shann0n_marie — Sun, 16 Aug 2015 02:03:58 GMT

@Anonymous wrote:
I got in about a month ago with a 640. Never got a specific range on the prequal. Got 15+ inqs. Not sure what until is. I say go for it.

Thx for the info! What was your starting line? Did you know your Fico bank card 8 score? Mine is 651.

Re: Should I apply for Discover or wait?

Anonymous — Sun, 16 Aug 2015 02:19:17 GMT

I don't think they used the bank card 8, just the latest FICO scoring model. Whenever I received my welcome packet and card, whatever bureau they pulled matched my Myfico.com score exactly(cant check since I cancelled my subscription). My SL was 1800. Not the biggest, but I was happy. Cancelled my credit one, and both first Savings bank cards the same day.

Re: Should I apply for Discover or wait?

CreditCuriosity — Sun, 16 Aug 2015 05:56:57 GMT

@Anonymous wrote:
I got in about a month ago with a 640. Never got a specific range on theprequal. Got 15+inqs. Not sure what until is. I say go for it.

sorry gotta disagree you aren't the normal on the people getting approved and everyones profile is different. Somehow you have 4 chase cards with low fico's(this isn't normal btw), but something in your profile is attracting them, just like why discover accepted you. Need to know alot more than score in your profile what is holding down your scores than just a statement "go for it" and have op waste an inquiry or two.

Is it utilization or baddies that is holding your Ficos down? A past BK(not the case as chase wouldn't approve you for 4 cards)? I just personally think that is very bad advise. This isn't meant as an attack on you for critiquing your profile just has to be more to it.

Re: Should I apply for Discover or wait?

taxi818 — Sun, 16 Aug 2015 11:20:28 GMT

@CreditCuriousity wrote:
@Anonymous wrote:
I got in about a month ago with a 640. Never got a specific range on theprequal. Got 15+inqs. Not sure what until is. I say go for it.
sorry gotta disagree you aren't the normal on the people getting approved and everyones profile is different. Somehow you have 4 chase cards with low fico's(this isn't normal btw), but something in your profile is attracting them, just like why discover accepted you. Need to know alot more than score in your profile what is holding down your scores than just a statement "go for it" and have op waste an inquiry or two.

Is it utilization or baddies that is holding your Ficos down? A past BK(not the case as chase wouldn't approve you for 4 cards)? I just personally think that is very bad advise. This isn't meant as an attack on you for critiquing your profile just has to be more to it.

Totally agree. That is bad advice. Of course there will an exception here and there as I mentioned. I guess the only way to find out is to app. And learn the hard way. No one tells this info based on fear. But from experience. Let us know results after you are done op. Good luck.

Re: Should I apply for Discover or wait?

Shann0n_marie — Sun, 16 Aug 2015 15:28:37 GMT

Thanks everyone for your input, I appreciate it! I do know that the case above is not the "norm" situation and I definitely don't want to waste a hard pull.😉

I want to make sure when I apply I get approved, so I will definitely be holding off .

Have a great Sunday!