topic Re: Discover App in Credit Cards

Discover App

tsquad131 — Fri, 06 May 2011 05:08:22 GMT

Im thinking about apping for Discover in June once my new balances post this month. Im a 20 year old college student, I will be apping for the regular more card because my school is ineligible since its a 2 year community college for the student card. My TU Fico is 680. 17 accounts, 6 inquiries in the past 6 months, 12 in the past 12 months. Utilization is 16% currently but will be 6% when balances post to CB and hoping to shoot my score up to 700+ when they do post. No baddies AAoA 10 months. I have a lot of recently opened accounts. Do you think I have a good shot at getting approved?

Re: Discover App

Anonymous — Fri, 06 May 2011 06:29:45 GMT

@tsquad131 wrote:
Im thinking about apping for Discover in June once my new balances post this month. Im a 20 year old college student, I will be apping for the regular more card because my school is ineligible since its a 2 year community college for the student card. My TU Fico is 680. 17 accounts, 6 inquiries in the past 6 months, 12 in the past 12 months. Utilization is 16% currently but will be 6% when balances post to CB and hoping to shoot my score up to 700+ when they do post. No baddies AAoA 10 months. I have a lot of recently opened accounts. Do you think I have a good shot at getting approved?

With these ... may not ...

Anyone is able to tell you "Yes" or "No"

Re: Discover App

Anonymous — Fri, 06 May 2011 06:58:54 GMT

I hope you don't mind me asking but what do you need this card for? 17 accounts is a lot.... That can easily get out of hand quickly.

Re: Discover App

tsquad131 — Fri, 06 May 2011 15:59:01 GMT

a lot of them are store cards that I used for 0% interest financing deals that I paid off already and use them occasionally for store discounts. Im looking to get rid of a couple accounts with no rewards in a couple months once I pay off the cards that have a small balance from my 0% interest deals

Re: Discover App

DI — Fri, 06 May 2011 16:18:42 GMT

@tsquad131 wrote:
Im thinking about apping for Discover in June once my new balances post this month. Im a 20 year old college student, I will be apping for the regular more card because my school is ineligible since its a 2 year community college for the student card. My TU Fico is 680. 17 accounts, 6 inquiries in the past 6 months, 12 in the past 12 months. Utilization is 16% currently but will be 6% when balances post to CB and hoping to shoot my score up to 700+ when they do post. No baddies AAoA 10 months. I have a lot of recently opened accounts. Do you think I have a good shot at getting approved?

How many of those 16 accounts are credit cards?

Re: Discover App

tsquad131 — Fri, 06 May 2011 16:21:23 GMT

7 are bank cards the others are store cards

Re: Discover App

Imhotrodcrazy — Fri, 06 May 2011 16:24:54 GMT

@tsquad131 wrote:
Im thinking about apping for Discover in June once my new balances post this month. Im a 20 year old college student, I will be apping for the regular more card because my school is ineligible since its a 2 year community college for the student card. My TU Fico is 680. 17 accounts, 6 inquiries in the past 6 months, 12 in the past 12 months. Utilization is 16% currently but will be 6% when balances post to CB and hoping to shoot my score up to 700+ when they do post. No baddies AAoA 10 months. I have a lot of recently opened accounts. Do you think I have a good shot at getting approved?

Wow, 17 accounts, IMO, this seems like a lot of accounts to me. But then, I am a simple man with simple needs. I only have 3 accounts, but use only one. At my age, I need to keep everything simple.

Re: Discover App

DI — Fri, 06 May 2011 16:25:47 GMT

Your chances of getting approved is less than 1%. You'd have to pay down balances, let accounts mature, wait for inquries to fall off and close unnecessary accounts. You're looking at about 2 yrs before apping for a Discover card.

Re: Discover App

tsquad131 — Fri, 06 May 2011 16:26:57 GMT

I only use 2 cards, my zync and my amazon chase rewards right now a couple of the store cards have small balances due to a 0% interest deal and I use a couple of the other bank cards that is autopaid every month for a recurring charge

Re: Discover App

DI — Fri, 06 May 2011 16:29:39 GMT

@tsquad131 wrote:
I only use 2 cards, my zync and my amazon chase rewards right now a couple of the store cards have small balances due to a 0% interest deal and I use a couple of the other bank cards that is autopaid every month for a recurring charge

If you feel like using an inquiry go for it. But, I highly do not recommend apping for a Discover card at this time. Your credit risk is just too high right now. Good luck!

Re: Discover App

tsquad131 — Fri, 06 May 2011 17:31:45 GMT

I'll probably wait 6 months from my last inquiry 2 months ago and if its a nogo then wait a year while paying down my balances. Should be at 3% utilization in 4-5 months

Re: Discover App

android01 — Sat, 07 May 2011 01:58:32 GMT

Discover is notorious for looking at the whole picture other than just a simple credit score. They are also not known for giving generous credit lines - even to those whose scores and history are in far better shape than yours. I've seen people with your score get discover cards, but not very often. I've never seen anyone (at least here on MyFico) who is 20 years old with 17 open and relatively new accounts, with more than a dozen inquiries on their reports get a Discover card - even those like you who seem to use what you have responsibly. Don't be in such a rush. Mellow out a bit and let what you have grow for a while. In all honesty, (I assume you're looking for a truly honest assessment) I wouldn't apply for anything for five years. More isn't necessarily better. Believe me, I know!

Re: Discover App

Anonymous — Sat, 07 May 2011 02:24:00 GMT

I agree with the above poster.

Re: Discover App

annalog — Sat, 07 May 2011 02:45:25 GMT

Just trying to give you advice here....not trying to tell you what to do.....

I really think you should ask yourself why you're addicted to credit (credit cards)?

Wrap up all your cards in a rubber band and stick them in your dresser drawer and don't use them for 3 months.

Then ask yourself what you were thinking?

If you keep up with this behaviour at 20, you're risk for charging off by 27 is about 93%.