topic Should I? Discover... in Credit Cards

Should I? Discover...

andyaycw — Sat, 18 Aug 2007 20:58:46 GMT

So I hear that Discover now has the distinction of being quite difficult to obtain credit with. I am not 100% sure if I want to apply for a card with them, but in the event that I do decide to, I'm wondering if I would be wasting an inquiry on an instant-denial or something like that.

TU: 719, EQ: 738, EX: 735

*TU Report has 0 inquiries
*EQ Report has 0 inquiries
*EX Report has the following Inquiries in the Past Year:
*****Date *****Company making the inquiry
*****August 11, 2007--- Citi
*****July 30, 2007 ---Amex
*****August 21, 2006 ---Citi

What does Discover usually pull? I live in California if that helps...or hurts. I just hope they don't pull my Experian and risk getting shot down for something like "Too many recent inquiries."

My Oldest established account is only 1 year - the same as my Average Age of Accounts (which will eventually change as my Amex card begins reporting.) So I can certainly imagine being denied for "Insufficient Established Credit."

Or should I wait 10 years until I have an 850 FICO before I should even consider going for Discover?

Re: Should I? Discover...

Anonymous — Sat, 18 Aug 2007 21:49:29 GMT

As they say 'It ain't that hard'. Though they may deny you for the age of your accounts for now.

Re: Should I? Discover...

andyaycw — Sat, 18 Aug 2007 21:53:16 GMT

I got the 30 day message. Guess that's pretty much 99% a denial. Oh well, I was kinda expecting it anyway as I was really pushing my luck, especially considering my recent approvals with Citi and Amex! But I thought ah what the heck, I'm not applying for anything for another year so I might as well just do it now

Re: Should I? Discover...

Anonymous — Sat, 18 Aug 2007 22:03:13 GMT

andyaycw wrote:
I got the 30 day message. Guess that's pretty much 99% a denial. Oh well, I was kinda expecting it anyway as I was really pushing my luck, especially considering my recent approvals with Citi and Amex! But I thought ah what the heck, I'm not applying for anything for another year so I might as well just do it now

Even so doesn't mean you're denied. Discover is pretty good at returning an 'I'm sorry message'. As young as yur credit profile is, I would wait. Especially with that Amex. Too many apps can open you up to a F/R which is enough of a headache. Who knows you may need that discover down the line to xfr that AMEX balance to.

Re: Should I? Discover...

Anonymous — Sat, 18 Aug 2007 23:52:11 GMT

IF crap one gets around to reporting CRA this month I'm my luck with discover

with 5 year history 2 CCs oldest 2-3 installments(TU only has 1) 5% overall util

I spoke with a rep, 5 years is "fairly short" but not enough to exclude me.

Re: Should I? Discover...

andyaycw — Sun, 19 Aug 2007 00:38:52 GMT

Darn...more bad news for me. I wonder if my 1 year short credit history will single-handedly make me ineligible for one of their cards...

Message Edited by andyaycw on 08-18-2007 05:38 PM

Re: Should I? Discover...

Anonymous — Sun, 19 Aug 2007 01:21:04 GMT

Are you a Student? Try their student card

http://www.discovercard.com/apply/student/?icmpgn=200512_dc_wp_hu_drpdwn_acq_nap_stu_1

you even get to take part in the get more promotion, rate is 16.99 but just PIF milk all the free stuff you can

get 5% cash back with get more and 5-20% with shopdiscover.com double the cash into giftcards

so even though the cash back for normal spending isn't great .25% under 1.5K .5% til 3K 1% 3K+ annualy you can still make out like a fat cat

Re: Should I? Discover...

fused — Sun, 19 Aug 2007 01:32:28 GMT

andyaycw wrote:
So I hear that Discover now has the distinction of being quite difficult to obtain credit with. I am not 100% sure if I want to apply for a card with them, but in the event that I do decide to, I'm wondering if I would be wasting an inquiry on an instant-denial or something like that.

TU: 719, EQ: 738, EX: 735

*TU Report has 0 inquiries
*EQ Report has 0 inquiries
*EX Report has the following Inquiries in the Past Year:
*****Date *****Company making the inquiry
*****August 11, 2007--- Citi
*****July 30, 2007 ---Amex
*****August 21, 2006 ---Citi

What does Discover usually pull? I live in California if that helps...or hurts. I just hope they don't pull my Experian and risk getting shot down for something like "Too many recent inquiries."

My Oldest established account is only 1 year - the same as my Average Age of Accounts (which will eventually change as my Amex card begins reporting.) So I can certainly imagine being denied for "Insufficient Established Credit."

Or should I wait 10 years until I have an 850 FICO before I should even consider going for Discover?

I wouldn't, your HX is short and you have new CCs with three inqs on EX. Discover is a heavy EX puller.

Re: Should I? Discover...

andyaycw — Tue, 21 Aug 2007 19:35:43 GMT

Hm, well they also pulled my EQ report on the same day. So they did a double pull with me, as they have with many other applicants.

My EQ FICO score before the inquiry was 738, and it is now 730 after the inquiry. My EX score of 735 was unaffected.

Despite the fact that my EX report has 3 inquiries on it, my EQ only has the one from Discover. Do you think this will help my chances?

Message Edited by andyaycw on 08-21-2007 12:35 PM

Re: Should I? Discover...

andyaycw — Wed, 22 Aug 2007 08:16:55 GMT

I got a message from Discover today...I couldn't make out the message very clearly, but presumably they want me to call them back...possibly to verify some information?

This is a good thing, correct?

Re: Should I? Discover...

Anonymous — Wed, 22 Aug 2007 10:44:23 GMT

andyaycw wrote:
I got a message from Discover today...I couldn't make out the message very clearly, but presumably they want me to call them back...possibly to verify some information?

This is a good thing, correct?

Anytime they are talking to you its a good thing. They just send letters to deny

Re: Should I? Discover...

andyaycw — Fri, 24 Aug 2007 06:25:01 GMT

Well long story short, they approved me for the Discover More card, but called me back 5 seconds later asking me for employment information which is when I told them I was a student. As a result, I was notified that my application would be changed to a Student card with a mere $1000 credit limit. They informed me that I could convert to any other card in the future so long as I can meet the minimum income requirement of $15k a year. It is my intention of calling them 12 months from now to request a card conversion. I do have a job right now but since I only recently got hired I told them my income was Zero. Does anyone know if they will ask for verification of my income a year from now when I ask to convert?

Message Edited by andyaycw on 08-23-2007 11:25 PM