2nd discover card? (Hi, it has been a while)

[Anonymous]

Hi Everyone,

been going through the forums. Seeing a lot of new names and still some familiar ones, which is awesome! It's been a few years since I've posted, I think. Have a house now, in the process of refi actually. Should close soon.

I have a discover miles card already. Had it a few years maybe and it has a 15k limit. Current balance is 4300ish, but about to pay it to $1600 and then a full payoff in a month or two. 

my total credit limits are about $63.5 ish. Across 7 cards. Haven't apped for any cards since maybe 2017. Total uti is about 17%. That's on two cards only. Life went a little crazy for two years. With my med bills and my dogs numerous bills at the end of her life, I racked it up. Have about 9600 on one, but it is low interest with my CU. On target to pay off in about 2-3 years.

I'm steady working from home during covid. So I have stable income to apply for something. Inquires are low. Experian site shows 764, but uti just went down a bit and scores should go up a bit. 

ive heard a lot of people say they get bigger limits on the second discover. I'm not sure that will be the case for me, but do you think my odds for discover It are good? I did the prequal and was ok for interest rate 16.99.

i have a boa card at 14k and a Cu one at 18something. The rest are $3500-5k. I don't ask for increases in the chase or Best Buy citi one. Seems not worth the credit hit. 

So to recap, lol, chances of approval and a guess at the limit? Or should I hold off? Definitely waiting until refi completes. 

special note: when I started rebuilding and preparing to buy a house years ago, you all were amazing. Went from lows 6's to mid to high 7's. Happy to be back in the forums again. 

[AverageJoesCredit]

Welcome back @Anonymous , hard to forget a name like that lol. 

If you got a prequal  , your chances are good  . Disco has been weird lately asking a few folks for a 4506t income verification so be aware of the possiblity.  

Welcome home Stay safe!

[Anonymous]

Hi, Joe! Definitely a member I remember haha. Thanks for the heads up. I recently updated my income with them because I received a raise and haven't changed it with them in a year or more. Discover has been kind to me. Given me a couple sp increases when I asked, but mostly just did it automatically as my other limits starting increasing. Had it about 3 years and gone from $6700-15k. So far, I've been very happy with them. Guess the only way to really know the SL is to apply. Glad you think my odds are good. Thank you. 

[recoveringfrombk7]

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@Anonymous wrote:

Hi, Joe! Definitely a member I remember haha. Thanks for the heads up. I recently updated my income with them because I received a raise and haven't changed it with them in a year or more. Discover has been kind to me. Given me a couple sp increases when I asked, but mostly just did it automatically as my other limits starting increasing. Had it about 3 years and gone from $6700-15k. So far, I've been very happy with them. Guess the only way to really know the SL is to apply. Glad you think my odds are good. Thank you. 

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Make sure the income you are claiming is supported by your most recent tax returns.  Otherwise use whatever income was on the returns, even if you now make more.  Discover ain't playing recently.  Not worth the risk.

[Anonymous]

@recoveringfrombk7  Thank you for this advice. When I updated my income it said income includes current or reasonably expected income. My gross with my increase is maybe a couple grand more than my return. Should I go back and update my income in the app to my last tax return? My paystubs will also show the increase. 

[recoveringfrombk7]

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@Anonymous wrote:

@recoveringfrombk7  Thank you for this advice. When I updated my income it said income includes current or reasonably expected income. My gross with my increase is maybe a couple grand more than my return. Should I go back and update my income in the app to my last tax return? My paystubs will also show the increase. 

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They will only take your tax docs, no pay stubs/other supporting docs.  If you are married and file separately, do not include SO income even though it says you can.  If you file married jointly then no problem.

If your income is not significantly more than it was I would not worry about it, but if it were a big change I would wait until filed taxes support it.

[Anonymous]

@recoveringfrombk7 thank you. I just pulled up my return. It's maybe a grand off, but lower. I just changed it to that in my discover profile and will use that same number when I app so if they ask for proof, it will keep things simple. I doubt $1k or so is going to make or break my approval or SL. Planning to app after May 7th when my boa card reports $0. Thank you so much! 

[Meanmchine]

Good luck on Disco #2