topic Re: Discover It approval odds in Credit Cards

Discover It approval odds

C24Webb — Mon, 20 Jan 2014 04:57:25 GMT

I've been thinking of pulling the trigger on the Discover It for a while now. The only rewards card I have is with USAA, and the benefits are pretty weak when compared to the Freedom, It, BCP, etc.

My credit profile:

Cards and balances:

USAA Platinum Mastercard: 0/1000

Chase Slate: 45/500

Banana Republic Store card: 0/400

Chase AU: 31/3500

Inquiries -- all over a year old:

Experian: 5 (2 fall off in March, 2 in April, and 1 in September)

Equifax: 5 (2 fall off in March, 2 in April, and 1 in September)

Transunion: 2 (both fall off in March)

Scores:

Up until about September of 2013 my scores were stuck in the mid 600s, but since then I've paid everything off (except a small <10% balance on one card to keep utilization between 1 and 10%) and have seen my scores creep into the 700s.

Experian (USAA Credit Monitoring): 715

Transunion (CreditKarma FAKO): 729

Oldest account: 6 years 4 months

AAoA: 3 years 8 months

Newest account: 1 year 8 months

I see my lower limits hurting me, although I have established much more history since they were given out. I'm thinking I have a decent chance of an approval, although it may be with a low limit to match USAA's. Just hoping a few people will chime in with thoughts on my approval odds, maybe what you were approved with. Thanks!

Re: Discover It approval odds

Creditaddict — Mon, 20 Jan 2014 04:59:56 GMT

You check the pre-approval on discovers website?

id say yes either way

Re: Discover It approval odds

Boragard — Mon, 20 Jan 2014 05:06:06 GMT

I say " apply now" lol...I had doubts about Discover too but was approved with a charge off reporting and a EQ of 638 back in October. Also when approved, it was my highest limit.

Re: Discover It approval odds

Anonymous — Mon, 20 Jan 2014 05:30:17 GMT

I was recently approved with a 5 year old BK and FICO's in siggy. Sounds to me like you have very good chance. It seems that discover has loosened up some from recent approvals ave seen. Good luck and post results!

Re: Discover It approval odds

Anonymous — Mon, 20 Jan 2014 05:31:35 GMT

I was approved for $7,500 with a 688 EQ, 3 negs. Highest card was $2800 Care Credit. Do it!

Re: Discover It approval odds

Revelate — Mon, 20 Jan 2014 07:57:59 GMT

Shoe-in in my opinion.

Minimums for Discover are still ~1 year revolving history, and 640ish FICO. You have both and then some: unless you're blacklisted or Discover doesn't like your income or something (unlikely, they heavily market to students even) doubt there will be any issue.

Re: Discover It approval odds

chwebb1 — Mon, 20 Jan 2014 09:24:06 GMT

@Revelate wrote:
Shoe-in in my opinion.

Minimums for Discover are still ~1 year revolving history, and 640ish FICO. You have both and then some: unless you're blacklisted or Discover doesn't like your income or something (unlikely, they heavily market to students even) doubt there will be any issue.

Re: Discover It approval odds

Repo-ed — Mon, 20 Jan 2014 12:31:27 GMT

50/50

Re: Discover It approval odds

Anonymous — Mon, 20 Jan 2014 13:12:46 GMT

@Repo-ed wrote:
50/50

33.3/33.3/33.3 (they could offer a joint account too, which I wouldn't count as a technical approval.)

But unless there's something we don't know, looks like you have a really good shot. Have you tried the prequalify site yet?

Re: Discover It approval odds

C24Webb — Mon, 20 Jan 2014 13:38:11 GMT

Thank you all for your input! It feels great to be encouraged

I have no idea how, but there actually is something I forgot to post. I had a 30 day late payment in July 2012, not due to hardship but just forgetting to pay it. I've had on time payments prior to and since then. USAA, the issuer I was late with, has actually lowered my APR since the late payment (it was not asked for, but was automatically done due to 'excellent payment history') but will not remove the late from my reports (I definitely tried, especially after they claimed I had 'excellent payment history'). So anyway, I think this could definitely make Discover think twice. Thoughts?

I have checked the preapproval site (twice!) and was preapproved for the standard 0% APR for 15 (?) months and their second-lowest APR.

Re: Discover It approval odds

Anonymous — Mon, 20 Jan 2014 13:39:31 GMT

IMO you should just app and find out. It's a great card and you get a free FICO score to boot. I noticed the scores you listed were fakos.

Re: Discover It approval odds

Anonymous — Mon, 20 Jan 2014 13:43:51 GMT

@C24Webb wrote:
Thank you all for your input! It feels great to be encouraged

I have no idea how, but there actually is something I forgot to post. I had a 30 day late payment in July 2012, not due to hardship but just forgetting to pay it. I've had on time payments prior to and since then. USAA, the issuer I was late with, has actually lowered my APR since the late payment (it was not asked for, but was automatically done due to 'excellent payment history') but will not remove the late from my reports (I definitely tried, especially after they claimed I had 'excellent payment history'). So anyway, I think this could definitely make Discover think twice. Thoughts?

I have checked the preapproval site (twice!) and was preapproved for the standard 0% APR for 15 (?) months and their second-lowest APR.

Wow, sounds like you have pretty good odds then. I think their pre-approval site is supposed to be pretty accurate. The lates won't harm you that bad IMO if you've had a good history since.

Re: Discover It approval odds

C24Webb — Mon, 20 Jan 2014 16:28:03 GMT

All right, thank you all!

I'll apply in a few weeks once new balances report and post the results.

Re: Discover It approval odds

Involver — Mon, 20 Jan 2014 16:58:55 GMT

I would say you're good to go, especially with the pre-approval. I was recently approved with some pretty serious (albeit old) derogs and slightly lower scores.

Re: Discover It approval odds

Anonymous — Mon, 20 Jan 2014 17:22:38 GMT

Or you could just do it now and let us live vicariously through you

I say do it now. I was approved with 30%+ utilization and 3 baddies on my EQ.

Re: Discover It approval odds

robbulous — Mon, 20 Jan 2014 17:42:20 GMT

I'd say you have an 85% chance of being approved, and if you're not, you should be able to recon over the phone.

Good luck on the app!