topic Re: App for pre-approved card or wait? in Rebuilding Your Credit

App for pre-approved card or wait?

Anonymous — Wed, 29 Jul 2015 00:43:39 GMT

I have a C1 platinum 800 limit since april and a C1 Quicksilver - the one with the annual fee - $500 limit that I just got in the beginning of July. I know I should have at least 3 revolving credit lines. I would like to get the third one established sooner rather than later and then start to garden and age off the multiple inquiries I have while working on some other areas of my rebuild. I want as much time as possible to recover from the hit I assume my score will take when I apply and to age the account before we start searching for mortgages hopefully next spring/summer.

I check for pre-approvals all the time because I'm a bit obsessed and I finally got one for the Discover it card. No other credit cards give me pre-approvals yet. Scores are 618, 638, 644.

I honestly don't know if I want a discover card. I don't know what I want. The amount of information is all overwhelming and goes right over my head. I need some kind of comparison chart designed for a 5 year old to understand. (does that exist anywhere?) I'm trying to go about this rebuild the RIGHT way. But I am driving myself crazy trying to figure out which is the RIGHT card.

Should I get it because I can (probably) or should I hold off until something better comes along - and how will I know what's better?

Re: App for pre-approved card or wait?

mamatried — Wed, 29 Jul 2015 00:57:16 GMT

Do you have any baddies or lates? When I got a preapproval and app'd I still had a baddie showing and they wouldn't recon it.

Re: App for pre-approved card or wait?

mamatried — Wed, 29 Jul 2015 01:00:58 GMT

Update, from this thread: http://ficoforums.myfico.com/t5/Credit-Cards/Discover-online-preapproval/td-p/3023272

"Does it say anywhere on the page.... "Congratulations, you are pre-approved for the following cards/products?" If not, it is probably the standard offer page when there isn't a pre-approval."

I just tried the link again and it gave me the "Here's The Card We Found For You" with a merlot colored Discover IT.

I tried it again with the name Snoop Dogg and SSN 1234 and it gave me "Here's The Card We Found For You" with the silvery blue Discover IT card....

Re: App for pre-approved card or wait?

crrredit — Wed, 29 Jul 2015 01:03:00 GMT

If you are a member of a credit union, the loan officers are usually pretty good about talking to you about you situation. They may be willing to give you a credit card. You can talk to them about your scores and things on your report. Once you apply, they will have to do a hard pull, but they might be able to tell you if you have a chance.

Re: App for pre-approved card or wait?

Relique — Wed, 29 Jul 2015 01:04:46 GMT

Discover's pre-approval site is really awful. I was denied twice by discover even though it came up pre-approved every time I checked. If you have any baddies on your report I wouldn't trust their pre-approval site at all. I finally got the card but only once my report was clean.

If you don't mind the inquiry then you can try your luck, but it has been reported here that they often deny even with pre-approval.

If you are watching out for inquiries then I would recommend looking into secured cards that graduate. Bank of America has a partially secured card that graduates and they can even add rewards on it.

Re: App for pre-approved card or wait?

J91605 — Wed, 29 Jul 2015 03:54:20 GMT

If denied Discover will sometime counter with a secured it card that should graduate in a year.

Re: App for pre-approved card or wait?

Anonymous — Wed, 29 Jul 2015 13:19:40 GMT

Thanks for the responses.

I do have a few baddies - all 2 years old at least. My husband did get approved for Discover and his report looks very similar to mine. In fact, his scores are slightly lower. I just checked in at Credit Check Total and my scores all went up a few points. I might go for it. Gonna think about it and do some more research before I make up my mind.

Re: App for pre-approved card or wait?

mamatried — Wed, 29 Jul 2015 13:57:32 GMT

If you go for it, let us know how it works out. I jumped the gun and applied for it after all my baddies were paid, but one was still reporting as unpaid. I was denied. On recon, I tried to explain that and offer to send the letter showing it was paid, but they weren't interested. I asked about the secured card, (I had app'd thinking no sweat if I get denied because at the time, I would of been very happy with the secured option), but they wouldn't let me have the secured card either and told me they only offer that to certain people, they were picky about it and the only feedback they would give me was to try again when all my baddies showed as paid on my CR.

Re: App for pre-approved card or wait?

Anonymous — Wed, 29 Jul 2015 14:05:42 GMT

oh man - you're breaking my confidence! REALLY don't want the hp with nothing to show for it. what to do, what to do.

Re: App for pre-approved card or wait?

Anonymous — Wed, 29 Jul 2015 14:08:52 GMT

@Anonymous wrote:
I have a C1 platinum 800 limit since april and a C1 Quicksilver - the one with the annual fee - $500 limit that I just got in the beginning of July. I know I should have at least 3 revolving credit lines. I would like to get the third one established sooner rather than later and then start to garden and age off the multiple inquiries I have while working on some other areas of my rebuild. I want as much time as possible to recover from the hit I assume my score will take when I apply and to age the account before we start searching for mortgages hopefully next spring/summer.

I check for pre-approvals all the time because I'm a bit obsessed and I finally got one for the Discover it card. No other credit cards give me pre-approvals yet. Scores are 618, 638, 644.

I honestly don't know if I want a discover card. I don't know what I want. The amount of information is all overwhelming and goes right over my head. I need some kind of comparison chart designed for a 5 year old to understand. (does that exist anywhere?) I'm trying to go about this rebuild the RIGHT way. But I am driving myself crazy trying to figure out which is the RIGHT card.

Should I get it because I can (probably) or should I hold off until something better comes along - and how will I know what's better?

It wont hurt if you wait and apply in Jan/2016. It's only 5 months. In the meantime, use those cards and PIF and maybe try to request a CLI. That should help you get your scores up a little bit and have a better chance of approval with a Barclay or Discover.