topic Re: Should I apply for Discover IT? in Credit Cards

Should I apply for Discover IT?

Anonymous — Sun, 24 Feb 2013 03:39:39 GMT

Hey, guys:

This is my first post on myFico!

After a year with my Cap One card, I got a LL Bean Visa in Dec, and was just approved recently for a Chase Freedom! I really want to diversify my cc portfolio, though, and the Discover IT seems perfect, and appears to give generous CLs! Should I app it? (If I were to app it, I would definitely go to the garden!)

Lemme know what you all think.

Re: Should I apply for Discover IT?

Anonymous — Sun, 24 Feb 2013 03:30:35 GMT

I was approved for Discover at the 6 month mark with Capital One.

Re: Should I apply for Discover IT?

SnackTrader — Sun, 24 Feb 2013 04:57:45 GMT

We definitely need more information in terms of both your chances for approval and if the card is a good fit for your profile. What are your 5 largest spending categories that you use consistently?

Do you have any baddies? Any installment loans reporting on your account? What's your AAoA? Income? Do you by chance know your FICO?

In general, the Freedom and IT are similar reward structures, so having both only helps if you are going to use the 5% categories heavily. Otherwise, I would just hold on to the Freedom for 6 months and then look into applying. Spacing it out that way helps give the accounts age and reduces the impact of the existing inquiries slightly. Waiting a year could pay even bigger dividends. This probably goes back to a simple rule of waiting 4 or 5 days after deciding you "want" something to determine if you really need it. But unfortunately with credit cards the rule sort of extends to a month or two given the timeframes of it all.

Thanks for the nice response, SnackTrader. My FICO is aro...

Anonymous — Sun, 24 Feb 2013 05:21:59 GMT

Thanks for the nice response, SnackTrader. My FICO is around 691. my AAoA is approximately 9 months. I had the Cap 1 for like a year and 1 month when I got the LL Bean Visa, and I just got the Freedom, which will drop it to about 6 months. No Baddies or installment loans. I guess I should wait, I am just really antsy right now, haha. As far as spending categories go, I'm pretty varied, actually.

Re: Thanks for the nice response, SnackTrader. My FICO is aro...

jacquelinemay9 — Sun, 24 Feb 2013 18:06:19 GMT

I was just (surprisingly) approved for Discover IT. 1 year 6 mos history with Capital One $750 CL 2 baddies ($38 and $244 collections which will fall off 11/13 and 3/14, respectively) I received about 2 applications a week in the mail, so finally applied. Approved after answering income and identity questions for $4,500. It seems they are being generous with their new card. The pulled TU, which had 2 hard inquiries and only one of the baddies. My AAoA is 3 years, 10 mos due to a very old car loan which is in good standing. Don't have my FICO for TU but fako was 691 (CK). Hope this helps! Good luck if you decide to ap!!!

Re: Thanks for the nice response, SnackTrader. My FICO is aro...

SnackTrader — Sun, 24 Feb 2013 19:21:00 GMT

@Anonymous wrote:
Thanks for the nice response, SnackTrader. My FICO is around 691. my AAoA is approximately 9 months. I had the Cap 1 for like a year and 1 month when I got the LL Bean Visa, and I just got the Freedom, which will drop it to about 6 months. No Baddies or installment loans. I guess I should wait, I am just really antsy right now, haha. As far as spending categories go, I'm pretty varied, actually.

So - in my experience, the Freedom probably isn't reporting yet since you just applied for it. Which means your AAoA isn't quite as low as you think it is. That's a good thing if you were thinking about applying.

My concern comes from your overall very short credit history. In my situation, I have student loans paying as agreed for over 6 years and a paid off car loan on my reports. I have also been at my job for 2.5 years, and my residence for 1.5 years - so I've definitely shown some stability and have been rewarded for it in terms of credit limits and instant approvals. I think you have to ask yourself if you were a lender would you give yourself a high line of credit? Think about it objectively - have you held a steady job for a significant period of time? Do you have a healthy level of income to support a high credit limit? Does your time at your residence add up to stability? Then combine all of that with multiple inquiries on your credit reports, and two relatively new credit cards. I guess what I'm saying is if you are approved, you are risking a low credit line. And regardless of what the members here state, it can be hard to increase a credit limit at times.

You have no baddies, so growing your scores at this point is just going to take a little bit of time. My advice is to wait 6 months and really show a solid track record of debt repayment through your credit cards.

But, if you do decide to apply anyway, I wish you luck and hope you will post back here and tell me I was wrong.

Re: Should I apply for Discover IT?

dddewdrop — Sun, 24 Feb 2013 19:29:35 GMT

It seems to me like you are borderline for approval because you don't have that long of a credit history and you do have some baddies. Applying and being denied wouldn't hurt you all that much but I think Snack had a really good point when he said that you may get approved for a very low CL and it might be a lot harder to start with a really low CL and try to convince them to raise it over time then to just wait a bit and have a bigger limit out of the gate. Its up to you. I think your application could go either way.

Re: Should I apply for Discover IT?

freeurmind — Sun, 24 Feb 2013 19:42:22 GMT

Hey how do you know Discover give godd CLI? I recently got approved for a Discover IT card. They gave me a 1.2k limit with a FICO score of EQ 630. And im wondering how would I get a CLI

Re: Should I apply for Discover IT?

webhopper — Sun, 24 Feb 2013 19:59:15 GMT

I think you should go for IT!

Discover is a great company and will treat you right!

Re: Should I apply for Discover IT?

webhopper — Sun, 24 Feb 2013 20:00:10 GMT

@freeurmind wrote:
Hey how do you know Discover give godd CLI? I recently got approved for a Discover IT card. They gave me a 1.2k limit with a FICO score of EQ 630. And im wondering how would I get a CLI

Your account will be automatically considered for a CLI every six months. I started with a 1.5k limit on my card and see, its grown to 5k now

Re: Thanks for the nice response, SnackTrader. My FICO is aro...

LS2982 — Sun, 24 Feb 2013 20:32:05 GMT

@Anonymous wrote:
Thanks for the nice response, SnackTrader. My FICO is around 691. my AAoA is approximately 9 months. I had the Cap 1 for like a year and 1 month when I got the LL Bean Visa, and I just got the Freedom, which will drop it to about 6 months. No Baddies or installment loans. I guess I should wait, I am just really antsy right now, haha. As far as spending categories go, I'm pretty varied, actually.

I think you would be approved. Go for IT!!!!

(Hopefully they give you a nice starting CL!!!)

Re: Should I apply for Discover IT?

Anonymous — Sun, 24 Feb 2013 20:38:57 GMT

Update:

I was approved you guys! Dddewdrop called it, as I got a credit limit of $500! Chase, however, approved me for $1900! And I got my ll bean visa increased to $1500! I am really happy to begin establishing credit with Discover! And hopefully, I will get a nice cli at my 6 month period!
How generous is Discover at the 6 month period?
At any rate, to the garden I go!

Re: Should I apply for Discover IT?

LS2982 — Sun, 24 Feb 2013 20:39:03 GMT

@Anonymous wrote:
Update:

I was approved you guys! Dddewdrop called it, as I got a credit limit of $500! Chase, however, approved me for $1900! And I got my ll bean visa increased to $1500! I am really happy to begin establishing credit with Discover! And hopefully, I will get a nice cli at my 6 month period!

To the garden I go!

CONGRATS!!!

and welcome to the garden!!!! (I have the alcohol stahed in mine if you ever feel the need to come to the dark side and drapp...lmao)

Re: Should I apply for Discover IT?

freeurmind — Mon, 25 Feb 2013 03:19:35 GMT

Sounds reasonable, Thanks!

Re: Should I apply for Discover IT?

gpfirestone — Mon, 25 Feb 2013 03:49:11 GMT

I recently spoke with a Discover Rep about this card. They said pretty much no one is being flat out declined unless they have accounts in bad standing on their credit report. If you don't have ideal credit and have a score around 600-700 you will be approved, but you won't receive the same offers that are posted around the web such as 0% intro apr or bonus cash back. You'll likely get in as a 3.99% intro apr for less months and no bonus cash with a lower limit but you'll definitely be approved. Just call the backdoor # after you apply and you will be accepted within a few minutes.

Re: Should I apply for Discover IT?

TiggerDat — Mon, 25 Feb 2013 10:31:05 GMT

Congrats and welcome to the Discover IT family.