topic Re: Discover question in Credit Cards

Discover question

Anonymous — Wed, 19 Dec 2018 00:11:57 GMT

Hey everyone really enjoy this forum. In fact, I found out about the Discover Double Dip hack/tip w.e you consider it here, as well as other valuable information. Hopefully, can be a future contributor....

I have a question about Discover. I just got married a month ago, wife and I are finally savings a lot of our income after paying for all of our wedding expenses, honeymoon etc....both have strong income as well. Our goal is to spruce up our credit in the next couple months with 0% balance transfer on the last bit of credit card debt we have remaining. It's approximately 7k. We'd use savings but we want to save the bulk of it for a down payment on a house as soon as possible.

With that said, we thought we'd take advantage of discover's generous CL reputation, and also avoid excessive hard pulls. So i've visited the pre-approval page a few times before I apply, as per the advice in this forum. Weird part is, that although I am pre-approved the page only shows a balance transfer offer of 6 months @ 10.99%. Does this seem odd considering they market 14 months 0%...? Seems like a waste of my time.

Is the pre-approval page not indicative of the final terms? What have your experiences been?

currently 669 TU, 669 EQ, utilization ~39% of my total CL (and dropping)

Thank you all in advance!

Re: Discover question

Remedios — Wed, 19 Dec 2018 00:26:55 GMT

@Anonymous wrote:
Hey everyone really enjoy this forum. In fact, I found out about the Discover Double Dip hack/tip w.e you consider it here, as well as other valuable information. Hopefully, can be a future contributor....

I have a question about Discover. I just got married a month ago, wife and I are finally savings a lot of our income after paying for all of our wedding expenses, honeymoon etc....both have strong income as well. Our goal is to spruce up our credit in the next couple months with 0% balance transfer on the last bit of credit card debt we have remaining. It's approximately 7k. We'd use savings but we want to save the bulk of it for a down payment on a house as soon as possible.

@With that said, we thought we'd take advantage of discover's generous CL reputation, and also avoid excessive hard pulls. So i've visited the pre-approval page a few times before I apply, as per the advice in this forum. Weird part is, that although I am pre-approved the page only shows a balance transfer offer of 6 months @ 10.99%. Does this seem odd considering they market 14 months 0%...? Seems like a waste of my time.

Is the pre-approval page not indicative of the final terms? What have your experiences been?

currently 669 TU, 669 EQ, utilization ~39% of my total CL (and dropping)

Thank you all in advance!

What you're seeing is what they are willing to offer you at this time, not everyone gets the 14 months offer.

Are your scores from Credit Karma?

Re: Discover question

Anonymous — Wed, 19 Dec 2018 00:36:12 GMT

i can probably bring up my scores a good bit the next month or two. But i also know from experience other banks give you the 0% or not.

and yes that's from Credit Karma.

Re: Discover question

Anonymous — Wed, 19 Dec 2018 00:37:14 GMT

I believe BT offers are "credit worthiness" based, and varies by applicant.

You might find yourself a better pre-approval offer by bringing down that UTIL.

Best of luck to you!

Re: Discover question

Anonymous — Wed, 19 Dec 2018 00:43:18 GMT

You might also want to consider joining a Credit Union.

Btw, drop the CK scores. They are meaningless. Bad data. 😏

Re: Discover question

Anonymous — Wed, 19 Dec 2018 00:52:09 GMT

@Anonymous wrote:
You might also want to consider joining a Credit Union.

Btw, drop the CK scores. They are meaningless. Bad data. 😏

Thanks for the advice will do.

Can you ellaborate how a credit union factors into the equation?

Re: Discover question

Anonymous — Wed, 19 Dec 2018 00:56:19 GMT

@Anonymous wrote:

@Anonymous wrote:
You might also want to consider joining a Credit Union.

Btw, drop the CK scores. They are meaningless. Bad data. 😏

Thanks for the advice will do.

Can you ellaborate how a credit union factors into the equation?

Credit unions are not for profit so they often have lower interest and have been known to give out higher limits to lower scores (Navy Federal and PenFed especially for this one but a lot of credit unions aren't as conservative as banks).

Re: Discover question

Anonymous — Wed, 19 Dec 2018 00:56:40 GMT

@Anonymous wrote:
@Anonymous wrote:

@Anonymous wrote:
You might also want to consider joining a Credit Union.

Btw, drop the CK scores. They are meaningless. Bad data. 😏

Thanks for the advice will do.

Can you ellaborate how a credit union factors into the equation?

Credit unions are not for profit so they often have lower interest and have been known to give out higher limits (Navy Federal and PenFed especially for this one but a lot of credit unions aren't as conservative as banks).

Great Advice, Thank you

Re: Discover question

Anonymous — Wed, 19 Dec 2018 01:01:15 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:

@Anonymous wrote:
You might also want to consider joining a Credit Union.

Btw, drop the CK scores. They are meaningless. Bad data. 😏

Thanks for the advice will do.

Can you ellaborate how a credit union factors into the equation?

Credit unions are not for profit so they often have lower interest and have been known to give out higher limits (Navy Federal and PenFed especially for this one but a lot of credit unions aren't as conservative as banks).
Great Advice, Thank you

Take a look at my signature to get an idea -- and I'm very low income (18K) too.

@Anonymous if you barely squeak into a card like I did with SSFCU, most credit unions are capped at 18% interest so even though I maxed out their interest on that card, it won't go higher and my other cards were Capital One Plat @ 24.something, PlayStation @ 21.99%, and Ollo at 24.99% when SSFCU approved me.

Navy approved my cashRewards at the lowest 11.4% 6 months later.

Re: Discover question

Anonymous — Wed, 19 Dec 2018 01:01:17 GMT

Thanks @saeren!

Re: Discover question

Anonymous — Wed, 19 Dec 2018 01:12:32 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:

@Anonymous wrote:
You might also want to consider joining a Credit Union.

Btw, drop the CK scores. They are meaningless. Bad data. 😏

Thanks for the advice will do.

Can you ellaborate how a credit union factors into the equation?

Credit unions are not for profit so they often have lower interest and have been known to give out higher limits (Navy Federal and PenFed especially for this one but a lot of credit unions aren't as conservative as banks).
Great Advice, Thank you
Take a look at my signature to get an idea -- and I'm very low income (18K) too.

@Anonymous if you barely squeak into a card like I did with SSFCU, most credit unions are capped at 18% interest so even though I maxed out their interest on that card, it won't go higher and my other cards were Capital One Plat @ 24.something, PlayStation @ 21.99%, and Ollo at 24.99% when SSFCU approved me.

Navy approved my cashRewards at the lowest 11.4% 6 months later.

That's really fantastic! I'm looking for a high enough CL to bring down utilization on a couple cards to zero or below 20%, not so much for the 0% to save on the interest. if you don't mind me asking what was the CL on that approval?

Re: Discover question

Anonymous — Wed, 19 Dec 2018 01:27:54 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:

@Anonymous wrote:
You might also want to consider joining a Credit Union.

Btw, drop the CK scores. They are meaningless. Bad data. 😏

Thanks for the advice will do.

Can you ellaborate how a credit union factors into the equation?

Credit unions are not for profit so they often have lower interest and have been known to give out higher limits (Navy Federal and PenFed especially for this one but a lot of credit unions aren't as conservative as banks).
Great Advice, Thank you
Take a look at my signature to get an idea -- and I'm very low income (18K) too.

@Anonymous if you barely squeak into a card like I did with SSFCU, most credit unions are capped at 18% interest so even though I maxed out their interest on that card, it won't go higher and my other cards were Capital One Plat @ 24.something, PlayStation @ 21.99%, and Ollo at 24.99% when SSFCU approved me.

Navy approved my cashRewards at the lowest 11.4% 6 months later.
That's really fantastic! I'm looking for a high enough CL to bring down utilization on a couple cards to zero or below 20%, not so much for the 0% to save on the interest. if you don't mind me asking what was the CL on that approval?

First approval was $3000. They likely were a little bit leery of the fact that I opened three new cards in March, closed two old ones, and according to my report closed one of the new ones in May (I actually canceled with Amex but they reported two months so thats how it looks despite me never even activating it). I asked for $7500 for my CLI on 12/10 (91/3 was 12/6) and they gave me the full CLI I asked for after review when I was expecting a $5000 counter so I turned around and got a $500 CLOC the next day with instant approval and then on Sunday I got app trigger finger and applied for the Platinum and went to review and they came back a few hours later with $7200. The Platinum has a 12 month 0% BT offer which I am going to use to pay off a personal loan that's costing me over $300 a year in interest.