topic Re: Should I give Discover another try? in Credit Cards

Should I give Discover another try?

killer_queen229 — Thu, 14 Nov 2013 14:44:14 GMT

So I got denied by Discover over the Summer for having limited credit history (got a secured card in March and one of my store cards got a random credit increase within 3 months of having the card, went from $400 to $600). But my question is, should I try Discover again eventually? I was going to try it within the new year but I was afraid of denial again , that you can't use it everywhere and the fact that I am trying to get 3 cards within 2014. My accounts are all in good standing.

Re: Should I give Discover another try?

FinStar — Thu, 14 Nov 2013 15:21:52 GMT

If you're in the "garden" until January, then wait until after January before you apply again.

Re: Should I give Discover another try?

killer_queen229 — Thu, 14 Nov 2013 15:24:37 GMT

Wasn't planning on applying for anything sooner than that but thank you .

I want a card from my bank so bad. They've rejected me a few months ago and in the past for not enough credit references. Hopefully that will change in January.

Re: Should I give Discover another try?

coldnmn — Thu, 14 Nov 2013 15:46:37 GMT

IMHO I would join us in the garden until march seeing as your waiting until next year anyway. That way your secured card has a year on it. The inquiry for the card won't be figured in your Fico score and be that much higher. That's just my 2 cents on the subject. Whatever you decide Good Luck!

Re: Should I give Discover another try?

killer_queen229 — Thu, 14 Nov 2013 15:50:27 GMT

I DO want to go on an app spree.. but not as bad as the one I went on this year. I want to have time between all the cards I apply for next year and Discover wouldn't be my first choice of what card to apply for.

Re: Should I give Discover another try?

coldnmn — Thu, 14 Nov 2013 15:55:28 GMT

The more inquiries the more desperate you look after a certain number in the internal scoring of each card company. Some accept more some like Barclay not so many. IMHO Again Good Luck!

Re: Should I give Discover another try?

FinStar — Thu, 14 Nov 2013 15:59:19 GMT

@killer_queen229 wrote:
I DO want to go on an app spree.. but not as bad as the one I went on this year. I want to have time between all the cards I apply for next year and Discover wouldn't be my first choice of what card to apply for.

If you want to optimize your approval chances, then you will need to wait on your app fiesta. Chances are if you do not, you will either be declined, or if approved, receive a low CL and not the best credit terms. If you've had a plethora of new accounts opened in the last 6 months, I would wait until those age for about 12 months.

Ideally, you still need some sort of barometer to know where you stand score-wise whether you want to pay for it or not. There's plenty of available CMS sites that can provide an "educational" score of some sort, but it will definitely vary from your true FICO scores, which is what most lenders will use.

Re: Should I give Discover another try?

killer_queen229 — Thu, 14 Nov 2013 15:59:36 GMT

I only have plans for 3 cards in 2014.. I haven't applied for anymore this year. I'm being a good girl .

Re: Should I give Discover another try?

coldnmn — Thu, 14 Nov 2013 16:04:37 GMT

Sure! Sure! Join us in the garden we can help. We have squirrels to keep you on track! roflol

Re: Should I give Discover another try?

killer_queen229 — Thu, 14 Nov 2013 16:06:56 GMT

It just feels so weird when your own bank won't give you a card. I'm really excited for the future cards I hope I can get. I got a credit increase on my TJX rewards card within 3 months of having it (and didn't even ask!).

Re: Should I give Discover another try?

FinStar — Thu, 14 Nov 2013 16:09:34 GMT

TD Bank in general is a fairly conservative bank, there is no surprise there. Regardless whether you are an employee of such entity or have a general banking relationship.

Re: Should I give Discover another try?

killer_queen229 — Thu, 14 Nov 2013 16:10:42 GMT

That does seem to be the case.

Re: Should I give Discover another try?

coldnmn — Thu, 14 Nov 2013 16:11:48 GMT

It's definitely addicting but slow

@killer_queen229 wrote:
It just feels so weird when your own bank won't give you a card. I'm really excited for the future cards I hope I can get. I got a credit increase on my TJX rewards card within 3 months of having it (and didn't even ask!).

and steady seems to win the race to bigger limit cards.

Re: Should I give Discover another try?

killer_queen229 — Thu, 14 Nov 2013 16:14:19 GMT

It does.

Re: Should I give Discover another try?

coldnmn — Thu, 14 Nov 2013 16:20:06 GMT

@killer_queen229 wrote:
It does.

When you have a bunch of baby limits no one wants to be the first to give a larger limit. Slow and steady shows your not desperate and gives you a chance on your current cards to get auto CLI. IMHO

Re: Should I give Discover another try?

killer_queen229 — Thu, 14 Nov 2013 17:09:06 GMT

I do wonder if Discover will ever be worth applying for.

Re: Should I give Discover another try?

alvon123 — Thu, 14 Nov 2013 17:30:15 GMT

@FinStar wrote:
@killer_queen229 wrote:
I DO want to go on an app spree.. but not as bad as the one I went on this year. I want to have time between all the cards I apply for next year and Discover wouldn't be my first choice of what card to apply for.
If you want to optimize your approval chances, then you will need to wait on your app fiesta. Chances are if you do not, you will either be declined, or if approved, receive a low CL and not the best credit terms. If you've had a plethora of new accounts opened in the last 6 months, I would wait until those age for about 12 months.

Ideally, you still need some sort of barometer to know where you stand score-wise whether you want to pay for it or not. There's plenty of available CMS sites that can provide an "educational" score of some sort, but it will definitely vary from your true FICO scores, which is what most lenders will use.

Re: Should I give Discover another try?

Alkalinem0n0 — Thu, 14 Nov 2013 18:20:13 GMT

@killer_queen229 wrote:
So I got denied by Discover over the Summer for having limited credit history (got a secured card in March and one of my store cards got a random credit increase within 3 months of having the card, went from $400 to $600). But my question is, should I try Discover again eventually? I was going to try it within the new year but I was afraid of denial again , that you can't use it everywhere and the fact that I am trying to get 3 cards within 2014. My accounts are all in good standing.

Patience is a virtue i did not apply for a second card until my first card was over a year old. I was worried about wasting HPs. Its probably best to hold off on the app now the card will still be there waiting for you in March

Good Luck!

Re: Should I give Discover another try?

killer_queen229 — Thu, 14 Nov 2013 18:41:06 GMT

I'm thinking about waiting.. although I am REALLY excited. Might add Discover as the 4th card I want but I'm still debating.

Re: Should I give Discover another try?

killer_queen229 — Thu, 14 Nov 2013 19:05:26 GMT

I might just wait till March.. because then my secured card will be a year old, my Capital One Mastercard and TJX rewards card will be 8 months old, and the Old Navy and Kohl's cards will be 7 months old. Even though I'd like to spread out when I apply for cards, I really want all the cards I have in mind within 2014.