topic Re: Help.. Thinking to apply for Discover It in Credit Cards

Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 19:58:01 GMT

Hey guys,

My current tu score is 681 and my ex is 671. As the title of my subject states, I'm really eager to apply for a Discover card, but to be honest I'm quite terrified and think I should maybe wait a bit longer to do so.

A lil about my background, I have a Captiol one card, $300 limit, 8% credit utilization (the same usage since I have had it for the past 4 months). I have a 9 month installment loan from my bank that I have been paying since March. Lastly, I have a 73month car loan that I have been paying off for the last 3 years. 3 open accounts.

Now for the baddies... Skip the long story, I have an 3 year term car loan (open 2010) that I settled for (late payments/paid/settled 2 1/2 years ago). 2 school loans (late/paid in full to creditor).

You guys can be brutally honest and critical of me, it will be greatly appreciated. Should I wait and let more time heal my negative information or is my current credit profile rehabilitated enough to go ahead and apply?

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 20:09:44 GMT

I wouldn't apply until my score is 720+; even if you are approved you might just end up with a really low CL discover card. Only apply if you NEED it.

I started applying for (subprime) credit cards last year. If I could do it again I would have waited until my subprime credit cards limits were fairly high until I applied for the prime cards.

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 20:06:21 GMT

Are those FICO scores? What is your Equifax score, Discover likes Equifax and Experian?

Re: Help.. Thinking to apply for Discover It

UncleB — Mon, 04 Jul 2016 20:14:46 GMT

@Anonymous wrote:
Hey guys,

My current tu score is 681 and my ex is 671. As the title of my subject states, I'm really eager to apply for a Discover card, but to be honest I'm quite terrified and think I should maybe wait a bit longer to do so.

A lil about my background, I have a Captiol one card, $300 limit, 8% credit utilization (the same usage since I have had it for the past 4 months). I have a 9 month installment loan from my bank that I have been paying since March. Lastly, I have a 73month car loan that I have been paying off for the last 3 years. 3 open accounts.

Now for the baddies... Skip the long story, I have an 3 year term car loan (open 2010) that I settled for (late payments/paid/settled 2 1/2 years ago). 2 school loans (late/paid in full to creditor).

You guys can be brutally honest and critical of me, it will be greatly appreciated. Should I wait and let more time heal my negative information or is my current credit profile rehabilitated enough to go ahead and apply?

First of all, welcome to the forum!

Also, congratulations on the progress you've been able to make - sometimes that first step is the hardest, and you made it. Now you just have to ride that momentum, and with a little time and patience you'll get what your going after - in this case, a Discover card!

Here's what I think... you're on the right track, but to apply right now would likely be a 'coin toss' as to if you would be approved... the closer to at least 700 you can get the better off you'll be. In my own case, I was approved with a 708 (or close to that - I was barely less than 710 I'm certain) and I had two six year old charge-offs (one paid for less than the balance). In my favor I had a semi-lengthy history with my oldest two accounts being 10+ years, and at that time my AAoA was 5+ years.

If you check the credit pulls database (check google for link) you'll get an idea of the scores people have been approved at, and you can also do a search on the approval forum here (search on 'Discover') since many people will post their 'stats' when they are approved. This will give you a better idea of what to expect.

If it were me, I would probably hold off just a little longer to see if your score might inch up just a bit more. Don't get discouraged, though, it sounds like you've made fantastic progress, and you'll have your Discover card in your hand before you know it!

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 20:15:11 GMT

Thank you!

Would be nice and relatively easy to continue to work at my credit score/history with a card that rewarded you for everyday spending (fuel, groceries, etc.). I think I'm traveling a good road towards achieving that.

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 20:18:27 GMT

I got in with a 646EQ and baddies only 800SL but I got in

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 20:21:37 GMT

@Anonymous wrote:
Thank you!

...with a card that rewarded you for everyday spending (fuel, groceries, etc.).

Do not forget that banks aren't your friend. The rewards are there to encourage you to overspend. The 12-21 months 0% interest is there to encourage you to overspend. In short, if you want to use credit cards to earn cash rewards, treat them like cash. If you are bad with money, avoid credit cards at a all cost.

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 20:28:10 GMT

@Frizclotz, duly noted!

I'm gonna take your advice and work my Captiol One card for another 12 months or so. I don't think my score will rise much since my credit limit is so low on it but I'm sure the 8% utilization history will work in my favor tremendously.

Thanks for the warm welcome, background and advice, @UncleB! @slicknick17, congratulations, dude!

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 20:44:25 GMT

@Anonymous wrote:
I'm gonna take your advice and work my Captiol One card for another 12 months or so.

I don't really have an income since I'm a student. I had my first two credit cards 12 months ago and started with $500.00 for each subprime credit card (Capital One**) and under 12 months they increased them to $7,500 combined.

Capital One is really good with CLI; but do realize that I NEVER carry a balance and pay in full each month.

**those Capital One cards started out as Platinum and Student are now Quicksilver and Quicksilver One.

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 20:38:15 GMT

@Anonymous wrote:
Hey guys,

My current tu score is 681 and my ex is 671. As the title of my subject states, I'm really eager to apply for a Discover card, but to be honest I'm quite terrified and think I should maybe wait a bit longer to do so.

A lil about my background, I have a Captiol one card, $300 limit, 8% credit utilization (the same usage since I have had it for the past 4 months). I have a 9 month installment loan from my bank that I have been paying since March. Lastly, I have a 73month car loan that I have been paying off for the last 3 years. 3 open accounts.

Now for the baddies... Skip the long story, I have an 3 year term car loan (open 2010) that I settled for (late payments/paid/settled 2 1/2 years ago). 2 school loans (late/paid in full to creditor).

You guys can be brutally honest and critical of me, it will be greatly appreciated. Should I wait and let more time heal my negative information or is my current credit profile rehabilitated enough to go ahead and apply?

Well..the good news is that you are on right track....seeking brutally honest advice.

Discover denied me with scores over 700...

But they are a funny outfit.....

I would apply if I were you.....

As long as you stop....one app...then stop

You will be denied...or aproved with a crazy low limit..

IT WILL BE A LEARNING EXPERIENCE...

good luck and keep us posted

PS..great post

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 20:39:03 GMT

@Frizclotz

Wow... Under 12 months? That is pretty good! Patience is key, as I relentlessly seem to here uttered in the wind.

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 20:47:39 GMT

@julie,

Hey, thanks a lot! I'd probably literally cry if I took a hard inquiry and get denied. Not because of the deniiee app itself, but due to the points I would lose because of it. I have been very diligent towards building my credit profile and by any means I do not want to go backwards. Therefore, taking all the advice the community have provided for me today, I think I'll wait in agony lol and continue working with the open accounts I have. Thus building a longer history of on time payments and responsible credit card usage (low utilization/pay on time).

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 20:48:21 GMT

You shouldn't have a problem getting approved. Low SL can be raised fairly quickly. You don't need a 700 score.

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 20:50:04 GMT

@costafirness

It's not the score I'm worried about. It's the few baddies/negative accounts that are reflected on my credit report that concerns me.

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 20:57:46 GMT

What is your Equifax score?

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 21:01:55 GMT

I'm sorry, @Donny10, I'm not sure of my Equifax score.

I'm sure it's somewhere in the realm of the other two scores. Tu 681/EX 671

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 21:04:45 GMT

No problem! I was approved when my Equifax was around 710 for a SL of $2500 no baddies. It's hit or miss with them.

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 21:06:08 GMT

You may want to find out before applying. (Equifax Score).

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 21:08:32 GMT

I was recently approved for a Discover IT card. They only pulled a report from TransUnion. What they pull may depend on your location.

Re: Help.. Thinking to apply for Discover It

Anonymous — Mon, 04 Jul 2016 21:16:28 GMT

When did you open your Capital One credit card account? The one with $300.00 CL. Oh okay, it's only 4 months old. In two months you should see an increase. Since CLI is only a soft pull with Capital One, you can click it anytime you want to.