topic Re: requirements for DISCOVER in Credit Cards

requirements for DISCOVER

alsawye — Thu, 07 May 2009 14:39:54 GMT

anyone know what the reqs are to get approved by discover, ie. what they like and dont like score wise and report wise

Re: requirements for DISCOVER

Anonymous — Thu, 07 May 2009 15:02:30 GMT

Im applying in June and would like to know as well..

Re: requirements for DISCOVER

Anonymous — Thu, 07 May 2009 15:05:15 GMT

Discover is a prime lender and reputable card. But they seem to be especially conservative among prime cards. I wish I had not app'ed them 6 weeks ago. They were by far my lowest CL and in hind sight not worth the inquiry and new account. Where they gave me $2k, other major cards gave me $10k to $25k.

Message Edited by txjohn on 05-07-2009 08:05 AM

Re: requirements for DISCOVER

Anonymous — Thu, 07 May 2009 15:08:38 GMT

I notice that they ask for good credit not excellent.

Re: requirements for DISCOVER

score_building — Mon, 07 Jun 2010 03:25:37 GMT

TU HP and soft pull on EQ for my Discover More card app. i had applied 2 years previous (denied) and they pulled EX.

circa 680 can put you in range. from what i understand, they may pull any of the 3 (EQ, TU or EX).

i don't think they like inqs or too many new apps. of course recent negs are not going to wash with discover. they're generally still credit sticklers with relatively strict underwriting as far as i can tell.

Re: requirements for DISCOVER

alsawye — Thu, 07 May 2009 15:11:06 GMT

wow txjohn i had someone tell me that they were aroiund 700 and working as a peon at target and he got 4400, but that was a while ago, maybe yours was due to the current credit crunch

Re: requirements for DISCOVER

Anonymous — Thu, 07 May 2009 15:20:03 GMT

My TU was 814 and EQ 810. EX had been in 780 range in Feb 09.

My income six figure.

Absolutely NO derogs of any kind.

Oldest account over 20 years. Average age of accounts almost 6 years.

I did have a couple recent inquiries and a new account. So, they may be especially sensitive to any new credit or signs you are shopping credit.

My advice: If you want Discover, make sure no recent inquires or accounts and then make sure to app Discover first if you are going to make more than one.

Message Edited by txjohn on 05-07-2009 08:20 AM

Re: requirements for DISCOVER

Anonymous — Thu, 07 May 2009 15:23:00 GMT

Would a new mortage 8 months old be a auto denial with discover?

Re: requirements for DISCOVER

alsawye — Thu, 07 May 2009 15:23:29 GMT

i am with you i think i will hold off and wait to app discover until this time next year maybe i have a few inqs that are over 6 months old and a new acct that turns 1 next month

Re: requirements for DISCOVER

Anonymous — Thu, 07 May 2009 15:32:02 GMT

Carter -

My advice, let all new credit age past one year. Then it has hit the birthday, the inquiry doesn't have FICO impact and you have a full year's payment history.

@Anonymous wrote:
Would a new mortage 8 months old be a auto denial with discover?

Message Edited by txjohn on 05-07-2009 08:32 AM

Re: requirements for DISCOVER

Anonymous — Thu, 07 May 2009 15:37:52 GMT

@Anonymous wrote:
Carter -

My advice, let all new credit age past one year. Then it has hit the birthday, the inquiry doesn't have FICO impact and you have a full year's payment history.

Ok this is my plan. All 16 cc will be well over 1 yr old in June. I only have 1 baddie on EX + TU no baddies on EQ at all. The baddie is a medical bill for $116. that is paid. I am just concerned that i will be denied due to the new mortage.

Any thoughts on the new mortage?

Re: requirements for DISCOVER

Anonymous — Thu, 07 May 2009 15:49:06 GMT

What is your FICO scores?

What is your income?

How much debt do you have?

How old is the paid Med CA?

Personally, i would wait till the mortgage is a year old.

Re: requirements for DISCOVER

Anonymous — Thu, 07 May 2009 16:12:05 GMT

@Anonymous wrote:
Personally, i would wait till the mortgage is a year old.

Hmmm well i was going on an apping spree in june for Discover,Sears,Amex(Costco),Citi,And Shell. But i feel in this credit climate a new mortage is really going to hurt more than help...

Thanks

Re: requirements for DISCOVER

Anonymous — Thu, 07 May 2009 16:20:13 GMT

I don't know that it hurts, unless you are getting the loans and credit close enough together that lenders can't see the resulting use and payment history.

The mortgage is a good thing, ultimately. It hurts short term, but ultimately makes you even more desirable. Homeowners are traditionally more stable and better risks, unless they buy more than they can handle. Thus, after 1 year of mortgage payments you have demonstrated that your mortgage payments are in line with income.

It's not the 1 year bithdays of your cards I would align with, its the home loan that I would work with. When you hit 1 year home loan, you are almost 1.5 years on cards....all of this makes you a better risk, thus should get better results when app'ing.

If you do app in June, let us know how it goes.

Re: requirements for DISCOVER

Anonymous — Thu, 07 May 2009 16:32:02 GMT

I understand,And thanks for your reply. What your saying makes a lot of sense.I just hope i can hold off that long and not app for anything.

Re: requirements for DISCOVER

Anonymous — Thu, 07 May 2009 16:46:48 GMT

T X JOHN----What IS your fico scores? LOL

Message Edited by casinoannie97 on 05-07-2009 09:46 AM

Re: requirements for DISCOVER

Itsmeagain — Thu, 07 May 2009 17:30:10 GMT

Discover is very conservative (but not as conservative as PenFed).

They do a manual review, even for CLI's so, even though the inquiries are over a year old, they will still be there and may be taken into consideration by the CSR.

I've had my card since May 2008. At that time I had other credit lines up to 7500 but Discover would only go 2500, even when I snuck through the back door and begged for reconsideration. They also are sticklers for the six month minimum between CLI's. I was able to get my first in Nov. (after the 6th statement cut). I believe they pulled a HC for the CLI also. However, the increase they gave was 3000, which wasn't bad considering how conservative they are.

My next CLI app will be in a few days (after May 11). I'll let you know how it goes.

Re: requirements for DISCOVER

Watchmann — Thu, 07 May 2009 17:38:19 GMT

I'd forgo any more CC's at this point and concentrate on the mortgage. But I think you also need to ask yourself why, with 16 CC's already, you feel the need to go on another app spree to add to the total. What are you trying to achieve and do you really NEED more credit? Secure the credit you need and don't approach credit as a hobby to see how much CC's you can rack up. If you are apping just for the sake of apping you are potentially heading for trouble.

Re: requirements for DISCOVER

score_building — Thu, 07 May 2009 18:25:36 GMT

not to mention to go on an app spree when you finally reach 1+ year AAoA can bring your AAoA back into the infant stages (if you obtain new accounts) this makes you look less desirable to all lenders and can jeopardize a mortgage application.

Re: requirements for DISCOVER

KingAdrock — Thu, 07 May 2009 19:14:47 GMT

If you get a really low limit from Discover as compared to your other cards, that could be more a sign of the times than a problem with your credit.

But one big thing about Discover is that high limits is just not their MO. Never has been and probably never will be. Discover being your highest limit is just not going to happen. People go to Discover for the rewards and other benifits, not really high limits.