topic Re: Should I app for discover or stop? Mail Preapproval.. in Credit Cards

Should I app for discover or stop? Mail Preapproval..

vizon — Tue, 24 Apr 2012 01:02:46 GMT

I have these accounts

BoA CC - $0/$500 3 yrs

JCPENNEY - $0/$1000 2.7 years

Chase Freedom - $99/$1000 3 months (I pay this off, forgot to in time!)

Citi Platnum $1400/$4800 1 month

Auto Loan $20k - 1 month

So my score went from like the 710-730 to now being 671. I think because it now looks like I am looking for credit with all the new accounts.

I have had two discover preapprovals in the past 2 weeks and I have been tempted to app for it to bring down my util. Does it sound like a bad idea? Was hoping for one more card with a decent limit. Thoughts?

Re: Should I app for discover or stop? Mail Preapproval..

injustifiiable — Tue, 24 Apr 2012 01:10:17 GMT

How many inqs do you have already?

Re: Should I app for discover or stop? Mail Preapproval..

2NE1 — Tue, 24 Apr 2012 01:12:28 GMT

I've also been getting pre-approvals (this time with my correct name) for the past three months... my scores aren't exactly in the 600s so I don't understand why they even want me to apply...

but for your case I say perhaps wait for your Citi card to report 6 months of history and then apply for Discover? that's what most users suggest, once you open a new account to wait 6 months to a year for the next one.

Re: Should I app for discover or stop? Mail Preapproval..

2NE1 — Tue, 24 Apr 2012 01:13:34 GMT

@injustifiiable wrote:
How many inqs do you have already?

Is Discover inquiry sensitive? what do they pull?

Re: Should I app for discover or stop? Mail Preapproval..

vizon — Tue, 24 Apr 2012 01:18:22 GMT

I have several inq. I own a business so cc processing checked, my auto loan was shot gunned which is 7-12 although they supossidely count as one. But all stuff was present when I got the offer.

Re: Should I app for discover or stop? Mail Preapproval..

Anonymous — Tue, 24 Apr 2012 01:22:29 GMT

@2NE1 wrote:
@injustifiiable wrote:
How many inqs do you have already?
Is Discover inquiry sensitive? what do they pull?

For me they pulled 2 CRA's TU and EQ since you have a Chase Freedom I bet you get approved seems like they are activity going after Chase customers

Re: Should I app for discover or stop? Mail Preapproval..

Anonymous — Tue, 24 Apr 2012 01:25:10 GMT

I tend to app in bunches so I'm probably a bad influence lol... After 2+ years of gardening I went a little wild in the past month, but I just app'd (without preapproval) for the Discover More and was approved earlier this evening - although I don't know the CL.

I'm working with:

Orchard (secured) - $200 4 yr 1 mo

BofA - $800 4 yr 1 mo

HSBC - $950 2 yr 5 mo

Victoria's Secret - $500 1 mo

Cap1 - $500 1 mo

Southwest RR (Chase) - $3000 1 mo

Discover More - $-- 0 mo

I have a load of inquiries right now from the cards I had app'd for at the beginning of the month (the 3 I got, plus a refused BofA CLI, and declined BML attempt) and I've got a large handful of baddies that are all 5+ years old as well, mostly old COs for small amounts, none are Discover related though.

Hope my experience helps with your decision, good luck if you do app!

(ETA: My Cap1 and Chase aren't reporting yet.)

Re: Should I app for discover or stop? Mail Preapproval..

Revelate — Tue, 24 Apr 2012 01:33:52 GMT

If you want the tradeline, then go get it now. I'm not certain I'd ever pickup a card to help with utilization, if you're spending beyond your means you're only pushing the issue out further anyway.

If it's a card you actually want to carry around, then apply, if not, skip it.

FWIW it's better to cluster your inquiries rather than stretching them out in my opinion... spreading things out just drags out the negative penalties associated with them (since time passes at constant rate for FICO), better just to get them out of the way if you have a reasonable chance of approval which you do.

Re: Should I app for discover or stop? Mail Preapproval..

vizon — Tue, 24 Apr 2012 01:36:14 GMT

Well, I have the money. I could pay off the $1400 obviously. Its a 0% interest right now. Also - I think that a $7300 full credit line isn't very high. I would like to be at $10k at least.

Re: Should I app for discover or stop? Mail Preapproval..

vizon — Tue, 24 Apr 2012 01:49:39 GMT

DECLINED!!!!!

Kind of good, kind of bad.

She said it was because I have limtied credit history. I guess 3 years isn't enough. Also, because of the new auto loan shows 11 inquries counting against me (is what she said).

(I called recon and they said the only way was with a co applicant...... kind of ridiculous with a credit history like mine I think.)

Re: Should I app for discover or stop? Mail Preapproval..

Anonymous — Tue, 24 Apr 2012 01:56:14 GMT

@vizon wrote:
DECLINED!!!!!

Kind of good, kind of bad.

She said it was because I have limtied credit history. I guess 3 years isn't enough. Also, because of the new auto loan shows 11 inquries counting against me (is what she said).

(I called recon and they said the only way was with a co applicant...... kind of ridiculous with a credit history like mine I think.)

they should count the auto as 1, I would call back tomorrow and try to recon again

Re: Should I app for discover or stop? Mail Preapproval..

injustifiiable — Tue, 24 Apr 2012 01:58:28 GMT

@vizon wrote:
DECLINED!!!!!

Kind of good, kind of bad.

She said it was because I have limtied credit history. I guess 3 years isn't enough. Also, because of the new auto loan shows 11 inquries counting against me (is what she said).

(I called recon and they said the only way was with a co applicant...... kind of ridiculous with a credit history like mine I think.)

That bites. Especially with the so-called "preapproval"...watch them send more crap to your house in the coming weeks.

That said, I'd try again with a different rep tomorrow. lol

Re: Should I app for discover or stop? Mail Preapproval..

vizon — Tue, 24 Apr 2012 01:59:06 GMT

To be honest, she was super nice but didn't even BUDGE at her decision. It was almost like the number I called (from backdoor) she didn't have the authority. Maybe I will fight tomorrow.

Re: Should I app for discover or stop? Mail Preapproval..

mikka1 — Tue, 24 Apr 2012 02:57:48 GMT

She said it was because I have limtied credit history. I guess 3 years isn't enough. Ooops... Seems you killed my dreams about Discover with my less-than-a-year credit history, or at least postponed them for quite some time. I thought Discover is not that sensitive to the length of credit history as long as they have certain offers for students who can have limited or no history too...

Re: Should I app for discover or stop? Mail Preapproval..

LS2982 — Tue, 24 Apr 2012 09:43:13 GMT

@vizon wrote:
I have these accounts
BoA CC - $0/$500 3 yrs
JCPENNEY - $0/$1000 2.7 years
Chase Freedom - $99/$1000 3 months (I pay this off, forgot to in time!)
Citi Platnum $1400/$4800 1 month
Auto Loan $20k - 1 month

So my score went from like the 710-730 to now being 671. I think because it now looks like I am looking for credit with all the new accounts.

I have had two discover preapprovals in the past 2 weeks and I have been tempted to app for it to bring down my util. Does it sound like a bad idea? Was hoping for one more card with a decent limit. Thoughts?

I would suggest gardening for at least 6 months from now before you go for Discover.

Re: Should I app for discover or stop? Mail Preapproval..

LS2982 — Tue, 24 Apr 2012 09:45:13 GMT

@mikka1 wrote:
She said it was because I have limtied credit history. I guess 3 years isn't enough. Ooops... Seems you killed my dreams about Discover with my less-than-a-year credit history, or at least postponed them for quite some time. I thought Discover is not that sensitive to the length of credit history as long as they have certain offers for students who can have limited or no history too...

That is totally YMMV. With an AAoA of 1 year I got in with Discover with a 671 EQ FICO.

Re: Should I app for discover or stop? Mail Preapproval..

Anonymous — Tue, 24 Apr 2012 10:34:18 GMT

To be honest, Discover is conservative as heck.

Even if you would have gotten approved, I highly doubt your CL would have been anything north of 5,000.

And that's being overly generous. I think you should just give it some time and let your current relationships grow with time. They can be rather... "stingy"... about CL's some times. I apped for them with a 760 EX and they gave me just 6K when I already had an established 15.9K with BoA and I hear that getting an increase is a "fun" process. Still, can't deny they have excellent customer service so far.

Re: Should I app for discover or stop? Mail Preapproval..

Anonymous — Tue, 24 Apr 2012 11:13:40 GMT

Seems like after reading this thread that bofa is stingy. 2 members in here been with bofa for several years and yet still have limits under 1000? Nice! Anyways sorry about your denial. Maybe the csr seen your new accounts with so many inquiries and figured your just too new to credit. Try another recon. Good luck

Re: Should I app for discover or stop? Mail Preapproval..

vizon — Tue, 24 Apr 2012 20:17:46 GMT

Called again today, she said a manager will call me back within 24 hrs. We shall see.

They've done 2 softs on equifax and NOTHIGN HAS CHANGED SINCE!