So I currently have two Capital One cc's, but would like to get the Discover IT. I'm wondering when I should/can apply for the card.
My current scores are 620 Equifax 631 Transunion and 648 Experian.
Part of this is because of my high util due to paying tuition (I had 76% util of a 6500 total cc limit), but I just paid that down to $500 last week. I also have some late payments that are past two years old.
Should I wait till the payment reports, or do I need to wait longer before applying?
Wait until the card reports and your scores are close to 700. Some get approved lower than that, but with some late payments you'll probably need a little score padding.
Thanks, both, for the response.
Im curious to know, also, how "accurate" the fico score simulator is. I ran a simulation that suggested in 6 months, if I had paid off my cc balances completely and stayed current on all of my bills, I would have scores of 702, 689, and 681.
I'm hoping that those scores, along with my recent 14k increase in income, would be enough to give me some options outside of capital one. I would really just like to have a card that gives me good cash back rewards.
I agree with captool on this. See what your scores are once your report updates with the lower utl. With having some lates on your report you need to make sure your score is as high as it can be.
I want to update this given the new scores I'm seeing:
677 EX 654 TU 642 EQ
This is after one of my payments has posted, which means the credit report still shows a 30% utilization rate. I'm waiting for the next payment to update to bring my util down to 9%. I am wondering, if all my scores go up to 670+, would it be worth applying for the Discover IT, or should I still wait?
I applied yesterday and was approved for $800 SL. They pulled EQ and my EQ score from myfico is 645. Obviously YMMV and scores aren't everything.
Hmm. If they're pulling EQ then I'll probably have to wait a little longer.
Thanks for the response, summer. I'll stick to that same plan. Let me know how it goes!