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Discover IT applying

Joefico87
Established Member

Discover IT applying

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?


Starting Score (3/7/2016) 648 EX 631 TU 620 EQ
Current Score (3/18/2016) 699 EX 679 TU 672 EQ
Goal Score: 700


Take the myFICO Fitness Challenge
Message 1 of 24
23 REPLIES 23
CAPTOOL
Senior Contributor

Re: Discover IT 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.

Message 2 of 24
_summer78
Frequent Contributor

Re: Discover IT applying

Get your utilization down. I would wait a few months before applying.

They denied me. For having too much utilization. My scores went way up when I went from 56% to 21%.
Message 3 of 24
Joefico87
Established Member

Re: Discover IT applying

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.


Starting Score (3/7/2016) 648 EX 631 TU 620 EQ
Current Score (3/18/2016) 699 EX 679 TU 672 EQ
Goal Score: 700


Take the myFICO Fitness Challenge
Message 4 of 24
JamesMS
Established Contributor

Re: Discover IT applying

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.

Message 5 of 24
Joefico87
Established Member

Re: Discover IT applying

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?


Starting Score (3/7/2016) 648 EX 631 TU 620 EQ
Current Score (3/18/2016) 699 EX 679 TU 672 EQ
Goal Score: 700


Take the myFICO Fitness Challenge
Message 6 of 24
kpants0
Member

Re: Discover IT applying

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.

Message 7 of 24
Joefico87
Established Member

Re: Discover IT applying

Hmm. If they're pulling EQ then I'll probably have to wait a little longer.


Starting Score (3/7/2016) 648 EX 631 TU 620 EQ
Current Score (3/18/2016) 699 EX 679 TU 672 EQ
Goal Score: 700


Take the myFICO Fitness Challenge
Message 8 of 24
_summer78
Frequent Contributor

Re: Discover IT applying

I'd wait until your lower utilization is reporting.

They denied me when I was at 56%. Scores were in the low 600s. I'm now at 21%. I plan on reapplying in a few months when I hit the 700s
Message 9 of 24
Joefico87
Established Member

Re: Discover IT applying

Thanks for the response, summer. I'll stick to that same plan. Let me know how it goes!


Starting Score (3/7/2016) 648 EX 631 TU 620 EQ
Current Score (3/18/2016) 699 EX 679 TU 672 EQ
Goal Score: 700


Take the myFICO Fitness Challenge
Message 10 of 24
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