topic Re: Making the best of Discover It mishap? in Credit Cards

Making the best of Discover It mishap?

Anonymous — Sat, 02 Mar 2013 02:41:24 GMT

Mixed feelings about reconsideration.

I got my first pre-approved ad for a Discover It card. I applied and was denied, but after reading the sample letter posted here tried reconsideration. I got a call about a week later from someone in Delaware saying that I merely needed to access the 'check application status' function on the site and resubmit my class schedule (it was originally a screenshot with the browser cropped). There was a second hard pull that I wasn't told about, and a 'maybe' back.

I waited a few days, called Discover, and was told that they I would be redirected to an account specialist. Instead, I was taken back to the main menu! Decided to hold off on trying again immediately, and just being patient.

Later that week, I checked my application status again, and was denied (again!). I called Discover, went through what happened last time, tried again, this time explaining the issue being transferred and the representative made a three-way call (which was interrupted by the Discover main menu, but worked anyway). After going through a few, 'There's nothing we can do,' and 'We can remove the lastest inquiry,' I finally spoke with a manager, who found no record of the original offer made by the man in Delaware, but made me the same offer again ($500 limit). I took it, relieved, and got a 'Your card is shipped' email from Discover a few days later.

Tl;dr: I was yanked around by Discover a lot, and am trying to decide what I can do to make the best of the situation.

So...with that in mind, what can I do to make Discover work for me?

My card hasn't arrived yet, so I have some days to mull things over. Would it be wise to try to get the second inquiry removed? None of the documentation suggests it (neither the flyer nor the online app nor the email), but will this be a student card? Will I have the opportunity to ask for an intro APR?

Cheers,

Justin

Re: Making the best of Discover It mishap?

_jb_ — Sat, 02 Mar 2013 06:02:50 GMT

We don't have your whole credit picture, so it is hard to say. WIth that being said, I personally would chalk it up to a mistake by the first rep, which was taken care of by management afterwards and you got your card. I'd call that a win, and in 6 months call about a CLI. While it sucks that you have an extra HP on your file, is it going to affect you that much (mortage, car loan, multiple other credit cards in the near future)?

Just my .02

Re: Making the best of Discover It mishap?

FinStar — Sat, 02 Mar 2013 06:23:14 GMT

@_jb_ wrote:
We don't have your whole credit picture, so it is hard to say. WIth that being said, I personally would chalk it up to a mistake by the first rep, which was taken care of by management afterwards and you got your card. I'd call that a win, and in 6 months call about a CLI. While it sucks that you have an extra HP on your file, is it going to affect you that much (mortage, car loan, multiple other credit cards in the near future)?

Just my .02

Re: Making the best of Discover It mishap?

Anonymous — Sat, 02 Mar 2013 06:49:51 GMT

Thanks for the input.

Since you mentioned it, here's my credit situation:

I just turned 19, establishing credit. I was definitely overzealous with the credit card applications before I understood how the system worked, so I racked up a lot of inquiries that won't start to fall off my reports until next February. I have two student loans (one is five months old, my oldest account, the other dispersed in February), and a Capital One Secured with a limit of $351. My CK FAKO is 671, and the scorecard rates me all A's and F's. 11 inquiries, so having one taken off doesn't mean much.

I don't need more credit immediately, but I'm having fun building my score.

Re: Making the best of Discover It mishap?

_jb_ — Sat, 02 Mar 2013 06:55:11 GMT

@Anonymous wrote:
Thanks for the input.

Since you mentioned it, here's my credit situation:
I just turned 19, establishing credit. I was definitely overzealous with the credit card applications before I understood how the system worked, so I racked up a lot of inquiries that won't start to fall off my reports until next February. I have two student loans (one is five months old, my oldest account, the other dispersed in February), and a Capital One Secured with a limit of $351. My CK FAKO is 671, and the scorecard rates me all A's and F's. 11 inquiries, so having one taken off doesn't mean much.

I don't need more credit immediately, but I'm having fun building my score.

No problem. With that additional info, I'd say you are a perfect candidate for 'The Garden'. Let your two cards that you have age for 6 months or so, and those inquiries start to age as well. You are on the right path.

Re: Making the best of Discover It mishap?

Anonymous — Sat, 02 Mar 2013 07:04:59 GMT

Sounds good. Last question: After I've spent some time 'gardening', should I go for a CLI/APR decrease with Discover (from what I've read, Capital One is unreasonable, and only more so with Secured cards), or apply for a new card (was thinking something from U.S. Bank, they sound like they treat their customers wonderfully)?

Re: Making the best of Discover It mishap?

Anonymous — Sat, 02 Mar 2013 08:24:20 GMT

For discover, call in 6mo for cli. If you pay in full every months you won't be charged interest... And for 500bux just control your spending you will be fine.

As for new cards

If you don't already, go make a college checking with chase.

Couple months later apply for the freedom.

Its cash reward program is amazing.(especially in combo with the sapphire preferred but you won't able to get that until you have some sizable income)

From us bank, Only the cash+ card seem appealing, but that's a signature card. Meaning you need to be able to get at least 5k in credit in order to get it.. So not yet.

Another thing is, don't wait to call recon .(they might have hard pulled your credit again if you waited few weeks)

Re: Making the best of Discover It mishap?

Anonymous — Sat, 02 Mar 2013 09:58:34 GMT

using your new cards as tools for credit growth and not extra spending capacity will set you up for a great credit profile right out of college. use your cards sparingly, PIF each month, call discover every 6 months or so for CLI, for cap 1, email the EO every 6 months or so for CLI's.

if your parents have cards, i would say regardless of their util, if they are willing to add you as an AU (esspecially AMEX) do it! no need to actually ever use them yourself.

this time next year, you might even be able to go for prime cards with similar limits.

when you graduate and get a steady reasonable income, you can justifty sizable CL's and the join the faithful in AMEX land. if you've been an AU with amex prior you can get your amex account re-aged too.

wish i were as smart as you at 19 with my credit. keep up the good work.

Re: Making the best of Discover It mishap?

lithium78 — Sat, 02 Mar 2013 12:26:01 GMT

I would recommend joining a credit union. Credit unions offer the best rates on all sorts of loan products (including credit cards) and usually offer rewards on checking as well (which is really rare these days.) If you join a credit union now, you can build a strong relationship with them which could really help you when it comes time to get an auto loan or a mortgage down the road. You can check for local credit unions in your area at www.creditunion.coop

Re: Making the best of Discover It mishap?

youngandcreditwrthy — Sat, 02 Mar 2013 14:11:10 GMT

The Chase College Checking is bomb!! Esp combined w the Freedom!!! Love it :-) even better: they'll deposit your cashback directly into your Chase Checking account!:-)

Re: Making the best of Discover It mishap?

Anonymous — Sat, 02 Mar 2013 17:21:22 GMT

Wooh. All the replies

So, I have a Chase College Checking account already, which I used for DD for about six months before I moved back home and got DD at my CU again. You're saying I should keep it open to get a better shot at the Freedom card? My local credit union doesn't offer a credit card. They do offer mortages, auto loans, personal loans, and personal lines of credit. That last option kind of interests me, but I don't plan on living in Washington state for much longer (either transferring to another college or graduating). It's hard to say that the work would be worth it for something I wouldn't get to keep.

My parents have a pretty terrible track record with finances (going through their 2nd bankruptcy whenever their forebearance runs out), with that in mind, I think I can do it better on my own. Good ideas, all.

Re: Making the best of Discover It mishap?

Anonymous — Sat, 02 Mar 2013 20:36:09 GMT

@Anonymous wrote:
Wooh. All the replies

So, I have a Chase College Checking account already, which I used for DD for about six months before I moved back home and got DD at my CU again. You're saying I should keep it open to get a better shot at the Freedom card? My local credit union doesn't offer a credit card. They do offer mortages, auto loans, personal loans, and personal lines of credit. That last option kind of interests me, but I don't plan on living in Washington state for much longer (either transferring to another college or graduating). It's hard to say that the work would be worth it for something I wouldn't get to keep.

My parents have a pretty terrible track record with finances (going through their 2nd bankruptcy whenever their forebearance runs out), with that in mind, I think I can do it better on my own. Good ideas, all.

Keep it open and leave some monies in there.. no need for direct deposit but just keep some $$ there..

It will help your chances with freedom as chase does look at your relationship with them.

Re: Making the best of Discover It mishap?

Anonymous — Wed, 06 Mar 2013 16:50:57 GMT

Got It! Fancy packaging. They even sent me the non-student version (balance transfers at 11.99%, regular APR 16.99%, an improvement from my secured card's 23.99%).