App w/Discover + Timing

[Anonymous]

I am thinking about applying for a Discover card. I figured if I am going to apply, might as well be now because my AAoA is going to take a hit when CapOne and HSN both report in a couple weeks. 

Based on your experience and Discover's current "behaviors," hoping to get advice on whether to take the HP now, or if I am better off waiting because it's likely to be a "denial" anyway.

My last Discover it Chrome app was denied in May due to "recent derogatory/BK," when I was only 3 months out of Bk discharge. I had 2-cards pop up when checking for Discover Pre-qualifying this weekend. I was logged in to the Disc. Report Card site. Discover is my goal card b4 gardening for 6 months. 

I filed for BK 13 mos. ago. My current FICO 8 scores are EQ 676 (4 inq), EX 670 (7 inq), TU 645 (2 inq). My rebuild is going well so far. My cc util. is 1% ($7). All payments are PIF, on time, no late payments as of discharge. AAoA is 9y 9m. AoOA is 18y 2m. 

The negatives most recent "lates" over 3y 2m ago, as (9) >30d, (9) >90d on "closed" student loans. All "open" student loans are all current, w/no lates.  

These are the cards I currently have and rebuilding with, 

• 3/29/17: CO Quicksilver MC --  $750 CL, as of 9/26 .... $300 SL ...  (PC'd from Platinum $300 SL)
• 4/22/17: KOHLS Charge -- $700 CL, as of 11/4 .... $300 SL
• 5/4/17: VS Pink Card -- $750 CL, as of 11/5 ... $250 SL ... ddip over weekend ... *Closing card in Jan.
• 5/10/17: Overstock  -- $2,600 CL, as of 11/3 ... $1,000 SL ... 'luv' monthly, ddip on 11/3
• 10/14/17: HSN Store -- $2,550 CL, as of 11/5 ... $950 CL ... ddip after increase on 11/5
• 10/14/17: CO Quicksilver VSA --  $3,000 SL
• 4/1/17: CO Auto Loan -- $28,000 ... I am the co-owner.  

Of course I can continue to rebuild with current cards. My goal is to close/replace store cards with bank cards--preferably Discover, AMEX, Chase...in that order, lol. However, I am perfectly ok just being an AU on DH's cards...when he gets them. 

Sorry if I gave too much info...just wanted to give a clearer pic. Thank you for all the advice and tips I received directly and indirectly that has helped me build my "Very Bad" mid-400s scores up in the past 9 mos. 

[Anonymous]

If you are getting a pre-approval, go for it! 

[Anonymous]

Like justagirl said if you get the pre approval go for it they are pretty solid. If denied you can always recon. But I think you have a strong chance.  Keep us posted. Dv

[Anonymous]

I would only move forward if it's single APR or maybe with a short range like < 3%.

[Anonymous]

Screenshots below.  *Note to MF mod's: Not sure if we're allowed to post screenshots but I did blur out my name. Hope it's ok. I can remove them if it's not ok. 

I am still learning how CLI's and new card accounts affect my credit score. HSN bills for the first time on the 9th, and Overstock will show a $1,000 CLI. Would it be better to apply before or after the CLI's report...? Or after Cap1 reports for the first time? 

My scores will likely drop once they report right?

When Cap1 reports it will be my highest CL, ($3,000). Not sure if I'm likely to be affected by the delayed reporting by Cap1. My husband's still waiting for his new Cap1 card to report, and he's approaching his 2nd statement on the 16th. 

What do you guys think...a good chance of approval, or should I wait to see how the CLI's and new accounts affect my score?

[Anonymous]

Those are solid approvals. I would do it. Let your accounts age together. 

Your scores will take a slight hit from the new accounts, but they will rebound. I’ve never lost more than 5 pts for new accounts. 

[Anonymous]

Thank you for the feedback. My thoughts are just that...age them together. If I am already going to lose a few points for HSN and CapOne accounts would suck for them to rebound only for me to lose them again by app'g later. 

Anyone happen to know which card is the better card? Like which card gets higher SL and CLI's? Received more "luv", etc? 

I originally wanted the Chrome card but 5% cashback even if rotating categories, is tempting. The high APR is not an issue right now b/c I PIF monthly, and will try to get the apr lowered after I've porven myself.

[Anonymous]

Only you know what card works the best for you...

The 5% category card is actually 10% the first year due to cash back match with a quarterly spending limit. 2% general spend the first year!

The gas/restaurant card is 2% there but first year is 4% on those two categories and 2% on general spend the first year, no limits.

IT Miles is 1.5% on everything and can redeem as cash back but first year it's 3% on all spend, no limits.

I have the gas/restaurant card since March 2017 and I'm banking a ton because of 2% general and 4% on my very rare restaurant dining. I'll snag IT Miles after my 12 month prison sentence is up with them because 3% on general spend for a year is amazing.

Their 5%/10% card is kinda useless for me since none of those categories match my spend at all.

[Anonymous]

Definitely go for the regular IT card, those 5% are 10% for the 1st year, nothing else out there offers close to that.

[Anonymous]

Yay!!! Instant Approval! I was totally second guessing myself through the entire application. Finally clicked "submit" and after a long pause got the instant approval! Had to click a link to reveal my credit limit so was expecting $500, maybe $1,000...approved for $9,000 for Discover It card (rotating categories). 

So excited!  I have my goal card! Wasn't expecting $9,000 SL but not complaining at all. Time to garden for awhile. 

Thank you for the feedback and helping me through applying.

P.S. So far no alerts of a credit inquiry.