Discover It Card - Approval Odds

[Anonymous]

Hello everyone, my first time here, and just wanted to get some advice on what I should do. I started my credit journey back on September 2016 (exactly six months ago), I had nothing on my report at all. I had always lived by using my debit card and paying out of pocket for everything and one day I decided to go with an offer from my current bank Capital One to open a secured card with them, I deposited $200 which then became my limit. I started off with a credit score of 554 and then gradually saw massive improvements. Recently I had checked my Fico scores and my stats have remained clean, however, it is very thin. Having just 1 credit card account and the length of my credit history only 6 mos. old. I am thinking if applying for another card would help me improve those stats as well. I was looking into the Discover IT card because of the 0 Annual fees and the low APR rates (If I qualify for that offer) But I have been indecisive because the length of my credit history is still in infancy stages. But my current Fico scores at the moment: TU: 720 EQ: 728 EX: 742 no derigatory, nothing on collection, I always pay before due dates making multiple payments everytime each month. So given my current stats, how do you think this would fair. Should I go for it and apply for a second card. I am only considering to have at least three credit cards in my wallet. One is my current Capital One secured card of course since I owe them a big deal for taking a chance on me in building my credit. then Discover and hopefully in the next year or so I can try AMEX. But this year If I were to apply for a second card, I would love to apply with Discover. Hoping to get some advice from some of you experienced folks. Thank you in advance

[Anonymous]

I would give it a try. Discover seems to like thin files but I think your odds would be slightly better if your secured were unsecured. I still think you have a fair shot though providing that's the only thing on your CR

[Anonymous]

For how things were with me plus from what I've read on here, discover does seem to like thin profiles so I'd say your odds are pretty good. Discover can be an odd bird sometimes though, so if they deny you I wouldn't get too discouraged about it.

[SecretAzure]

If those are truly your scores, I would apply for Amex ED or Amex BCE. They grow faster than most other cards allowing you to request a credit limit increase after 61 days for (up to) triple your starting limit. Six months after that you can ask for another increase. If you want to build your total limit to make your profile more attractive I wouldn't look anywhere but Amex. Discover is great in that its rewards structure is (generally) better but I personally would go for Amex and get Discover when I have more of a history so that your starting limit will be in the $5K+ range instead of where I think you'd be now which is probably in the $2-3K range. I feel you'd get more benefit from Discover in 8 months.

Just my two cents.

Good luck!

[Anonymous]

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@Anonymous wrote:
I would give it a try. Discover seems to like thin files but I think your odds would be slightly better if your secured were unsecured. I still think you have a fair shot though providing that's the only thing on your CR

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+1.  Totally Agree.  My daughter got approved with only a Capital One reporting, a car loan and a furniture account.   less than 1 year of history.  Starled her off with a 4000 credit line.  Good luck.  Discover has been great to everyone I know.

[Anonymous]

Thank you everyone for your advise. It gives me hope to try. As for AMEX, I did apply for the Amex Green charge card back in February 22  "BIG MISTAKE" because I was a week shy from turning 6 mos with my credit history, and had I know I should have waited. I did not know that In order for a Fico score to get calculated you would need to at least have 6 mos. of credit History, I was only refering to my Vantage score from Creditwise (Credit Monitoring tool offered by Capital one). When March 1st came I called Amex to recon but they declined it again without even doing a soft pull on my credit report and gave me the same exact Credit decision on 2/22/2017, the reject letter date was even the same, when the supposed recon decision was actually made on 3/5 it says:

 

The Profile report does not contain any tradelines that have been open for at least six (6) months. (Experian) 

So this is why I am now anxious on applying for anything, because ultimately my objective is to strengthen that credit history. Which is why I tried for the Amex green card  so that I am obligated to pay in full each month and not carry a balance. But they did not give me another shot at reconsideration as they declined both my initial application and the recon i filed thereafter. However, I am planning to re-apply in a years time with them but would like Discover card  to hopefully be my second long term card. 

[Anonymous]

Honestly i would steer clear of the green. Rewards structure is very sub par AND there's a hefty fee. I doubt more than 10% of users here get their money worth out of that card.
Amex is okay but overall their rewards are slightly weak and 3x CLI isn't a guarantee. I think discover grows faster in general. I went from $800 to $4,600 in a year with disco and from $2k to.... hmm.... $2k with amex in 2 years in may lol.

[Anonymous]

I completely agree. Discover seem to have a better rewards structure than most. Which is why i am wanting to apply. Reading through the forums alone had given me so much of the education I needed, which I did not even know until Amex denied me.  , Looking at it in a positive perspective. It would not have prompted me to learn more about Fico scores and how that is the current references used by most credit lending companies. Thank you all for your good advice. Will update you all on what I have decided and if I do go for it, i'll let you know if I get approved or not. Enjoy your day everyone. 

[Anonymous]

Good luck!!!

[SecretAzure]

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@Anonymous wrote:
Honestly i would steer clear of the green. Rewards structure is very sub par AND there's a hefty fee. I doubt more than 10% of users here get their money worth out of that card.
Amex is okay but overall their rewards are slightly weak and 3x CLI isn't a guarantee. I think discover grows faster in general. I went from $800 to $4,600 in a year with disco and from $2k to.... hmm.... $2k with amex in 2 years in may lol.

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I agree with most of what you said...even to the point of the 3xCLI not being a guarantee (I know it definitely is not) but they helped me when I was starting out. I pretty much doubled my CL on day 61 (didn't know about 3x rule) and then doubled it again 6-12 months later. I don't remember the timeline exactly but I hit the cap on that card in about 2 years of having it. I don't know if you can hit over 20K as easily on Discover (I don't have one nor am I that knowledgable about it) but I do know they are very nice with CLIs.