topic Re: Discover It Pre Approval Help! in Credit Cards

Discover It Pre Approval Help!

Anonymous — Tue, 26 Jan 2016 05:24:30 GMT

I tried the pre approval for Discover and the webpage that came up says:

Your Personalized Offer

Here's The Card We Found For You

Your Offer

No Annual Fee*
0% Intro Purchase APR* for 12 months and then 11.24% – 23.24% Standard Variable Purchase APR based on your credit worthiness.
0% Intro Balance Transfer APR* for 12 months from date of first transfer, for transfers under this offer that post to your account by April 10, 2016 and then 11.24% – 23.24% Standard Variable Purchase APR* based on your credit worthiness.
3% fee for each balance transferred .
* See rates, rewards, free FICO ® Credit Score terms and other info

Cash Rewards

5% Cashback Bonus in categories that change each quarter throughout the year like gas, restaurants and more up to the quarterly maximum. Signing up each time is free and easy.
See 5% Cashback Calendar
1% Cashback Bonus on all other purchases -with no limit on how much you can earn.

It doesn't actually say "Pre Approved"

I don't want to risk any HP for awhile.

If it is a pre approval, I think it's worth the risk, but if it isn't, I'll pass for now.

Anyone know if this is a pre approval?

Thanks

Re: Discover It Pre Approval Help!

Anonymous — Tue, 26 Jan 2016 05:27:51 GMT

That isn't a good preapproval.

The rule of thumb is, if it gives you a range APR of the entire range they offer (11.24%-23.24%), it's just what they tell everyone. If they give a firm APR or a very small range (just a couple percentage points rather than 12 percentage points) it's a better offer.

You can get the same page you got by putting in Scooby Doo as the name and 1234 as the last four of the social.

Re: Discover It Pre Approval Help!

Anonymous — Tue, 26 Jan 2016 05:38:08 GMT

Thank You Michikade!

I owe you - 1 HP save LOL!

This is great information!

Re: Discover It Pre Approval Help!

takeshi74 — Tue, 26 Jan 2016 13:59:53 GMT

Even if it was a preapproval, do not rely on preapps.

@Anonymous wrote:
I don't want to risk any HP for awhile.

HP's are a relatively small factor though they can have a greater impact those with thin and/or poor credit profiles. Based on the scores and limits in your signature you probably need to focus on working on your issues before applying for anything. Hit the Rebuilding subforum and carefully research.

Re: Discover It Pre Approval Help!

Anonymous — Tue, 26 Jan 2016 16:01:32 GMT

Takeshi74,

My current scores are 620+ and I've added a Credit Union auto loan.

I thought a mix of 2 store cards and 3 CC's are the optimum goal for rebuild?

I'm not sure what issues you think I need to work on?

Thanks for your input

Re: Discover It Pre Approval Help!

boober — Tue, 26 Jan 2016 16:24:52 GMT

There was another thread here on the forums from about a week ago, where it was stated by a few individuals that with Discovers prequal site, if you get a fixed APR as opposed to the range that you got, it was considered to be pretty good odds you'd get approved.

I've been checking the prequal site and I keeep getting the range as opposed to a fixed, and it's really annoying the Hell out of me. I've already got Discovers More card that I've had for 5 years with an $18,300 limit on it. My scores are all around 770 with nothing negative. I'm currently waiting on about $8000 in paid off debt to report on my reports, and when it does I'm just gonna apply for the It! card, even if I still keep getting the range APR. As Discover is an awesome CCC IMO. And I'd love to have 2 of their cards. Hopefully that debt will report today, as I had paid it off back on the 19th and it's been a week already and it seems like it should report any minute now.

I'm nowhere near as knowledgeable as Takeshi74, but I will say that based on your signature and the info you're provided, IMO (no offense), you really don't have a very long and proven track record of handling credit well. And your current limits and scores are probably too low for a Discover card. I would think you'd need scores in the 650 on up range to even have a shot at a Discover card. I don't think I've read of many people getting one with a score less than 650, and if they did it may have been a little lower than 650, and they probably had other factors in their reports that helped them over compensate for the lower score.

Discover does have a secured card though that I don't know much about, I would think that could be a possibility for you and you may want to do some research on that one.

Re: Discover It Pre Approval Help!

Nova5041 — Tue, 26 Jan 2016 18:29:24 GMT

Yeah I tried for months using there preapproval and kept getting a range, plus I kinda of feel it don't check anything but get you to sign up for there cards.