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Discover IT approval odds?

Hyperlite
New Member

Discover IT approval odds?

Hello everyone. I have been reading a lot of great information here in the forums and trying to rebuild my credit. You all have been a tremendous help.

A few DP

2 cards of my own.
-Cap1 plat secured $300 SL (4-18-18)
-Cap1 QS1 $1,000 SL (8-20-18)

AU on a discover IT card. 4k limit

16% Utilization across all cards

4 inq

Rehabing $1,450 old student loan debt to try and remove baddies from history. 12/2018 I will finish the process and pay off in full.

I'm trying to get a disco to complete my starting cards so I can garden until Feb 2019. Planning on pc the secured card if they will unsecure in a few months.

Current FICO 8 scores are
616 EX
635 TU
641 EQ
Message 1 of 7
6 REPLIES 6
xaximus
Valued Contributor

Re: Discover IT approval odds?

Hi and welcome to the forums. Great job on the rebuild so far, it's a work in progress but you're off to a great start. Disco usually works well with thin profiles and/or baddies. Disco usually pulls EQ, which looks like it's your highest.

My guess would be that you may get approved albeit not a high SL but then again, never know till you try. If you don't, they may offer you the secured card. (IMHO, I think you'll get approved since you already have a Cap1 QS1 card, as always, YEMV). Good luck and do let us know how it goes!


Scores - All bureaus 756 +
TCL - Est. $275K
Message 2 of 7
Hyperlite
New Member

Re: Discover IT approval odds?

That's what my thoughts were. Only thing that makes me not want to use the HP is when I attempt the pre-qualification I only get the secured card.

I would like to not go the secured card route simply to avoid the 7 months to get it unsecured.
Message 3 of 7
FinStar
Moderator

Re: Discover IT approval odds?

Given where things are at this stage of your rebuild, it may definitely pose a challenge to qualify for anything unsecured from Discover, but anything is always possible. Then again, having the secured product still builds history and can eventually graduate.

You can definitely improve those chances for the unsecured route and likely a better SL the further your overall profile has aged along with any score improvements and any derogatory marks being addressed.
Message 4 of 7
ttulaw
Established Contributor

Re: Discover IT approval odds?

OP—Good job on your start. I agree in part with previous responses, but my thoughts are these. If I were in your position, I would spend the remainder of 2018 cleaning up the student loan and aging my two secured cards. In January 2019, provided the loan is cleaned up, utilization is 8.9% or less, and no new negatives, I would apply for Discover. I believe at that point, you will be in great shape for an unsecured card and decent SL. Additionally, you will be ready or very close to graduating your current secured cards. Patience and planning is the key to financial success, particularly in the credit world.






Message 5 of 7
Hyperlite
New Member

Re: Discover IT approval odds?

Thanks for all the input. It looks like I will be waiting several months before applying for the discover.

I know they are a hard one to predict but are there baseline things they like to see? Also any suggestions on getting the capital one platinum card I have unsecured? I keep the utilization low and make several payments each month well above the minimum. Once it reports I pay it off
Message 6 of 7
Vintageheart
Regular Contributor

Re: Discover IT approval odds?

Think you have an excellent chance. I was approved for 6k with 666 EQ, 20% utilization. My average age of accounts is 10years and I also am a discover AU which I felt helped. Think I had 1 inquiry, maybe 2. No baddies except 2 student loans that I have not rehabbed yet. 

 

When youre ready try their prequal page and see what you’re offered. A month prior I was only offered their secured, so was shocked to get 6k shortly after trying again.

 

 

07.18 -
08.09 -

Current cards: AMEX Blue Sky, PayPal 2% Cashback, Discover It, Capital One Quicksilver, Capital One Quicksilver, Lendup Arrow, Merrick Bank

Future Card wants: USAA
Message 7 of 7
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