Discover It Secured Declined!

[soxfaininfl]

I decided to put in one last app before the new year since I just got approved for a Cap1 Savor One with a 5K SCL. I tried the Discover prequalification site and go no offers due to "STATUS OF EXISTING/ PRIOR DISCOVER CARD ACCOUNT". Discover was included in my BK7 from 12/2016 for 5,400, so I tried for the secured card to see if I could get back in with them that way and got a fat decline! I thought I could get back in with them with alteast a secured card. I guess I was wrong!

I'd be putting my own money down, so never in my wildest dreams would I have thought I'd be declined for a secured card with the scores that I have. I know they are not great, but they are not terrible either. I was going to put a 300 dollar deposit down and as use this card for the 2% on gas. They pulled EX which sucks! Now I have 10 INQ's on EX in the last 24 months. I thought they would pull TU or EQ which I only had 7 and 5 INQ's.

Well I hope this helps others in a similar situation as myselft to avoid an HP. If the prequlaifaction site doesn't show you a secured card at then don't apply. Learn from my experience. What I've read also Discover doesn't do recons, so I'm out of luck there too.

[CreditInspired]

I don’t understand why you thought you could get back in with Discover after burning them just a mere 3 years ago. $5.4K is a big piece of change.

It doesnt matter if you were going to open a secured card with $5K (your own money), all Discover sees is you burned them once, you havent learned a lesson because you’re reapplying, and they dont trust you ATM—maybe in another 4 years. And that’s a big maybe.

So the DP should be, if one includes a creditor in BK—It’s no soup for you.

But congrats on the Cap1 approval.

[Anonymous]

Sorry about your denial. It’ll probably take awhile to get back in.,

That being said... there was someone on here that got a starting credit line with them for $8000 in 2018 after a BK discharge 2012. Not sure if others have gotten in sooner or not.

Edited to say: the person included Discover in their bankruptcy

[AllZero]

Yup, best to avoid Discover for a while.

[soxfaininfl]

CreditInspired wrote:
I don’t understand why you thought you could get back in with Discover after burning them just a mere 3 years ago. $5.4K is a big piece of change.

It doesnt matter if you were going to open a secured card with $5K (your own money), all Discover sees is you burned them once, you havent learned a lesson because you’re reapplying, and they dont trust you ATM—maybe in another 4 years. And that’s a big maybe.

So the DP should be, if one includes a creditor in BK—It’s no soup for you.


This person burned them for over10k only 2 years ago. I burned them for half that amount 3 years ago, and Discover offered a unsecured card for 3k to this person on 9/2019. I was offering my money as collateral to cover them, so your argument has no merit. Clearly creditors pick and choose who they want to let back in. My post was for educational purposes for other to learn from my mistake. Thanks for rubbing salt on the wound! Appreciate it!

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Discover-IT-approval-after-BK/m-p/5747235

[FinStar]

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@AllZero wrote:
Yup, best to avoid Discover for a while.

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Good advice here plus placing the brakes on application activities.  You'd be risking more denials than approvals at this stage of your journey. 

[randomguy1]

"STATUS OF EXISTING/ PRIOR DISCOVER CARD ACCOUNT"

Not sure why you did not think it was possible. Is this a "you mean I have a chance moment?" 

9 accounts in 12 months is plenty for anyone. Post BK and under 700, not sure why you would go the secured route. Time to start gardening. 

[Anonymous]

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@randomguy1 wrote:

"STATUS OF EXISTING/ PRIOR DISCOVER CARD ACCOUNT"

Not sure why you did not think it was possible. Is this a "you mean I have a chance moment?" 

9 accounts in 12 months is plenty for anyone. Post BK and under 700, not sure why you would go the secured route. Time to start gardening. 

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This. 

Despite what reason they listed on the letter, the denial may have more to do with your profile (number of new accounts, score, etc.) than just the fact that you burned them in a recent BK. 

As mentioned, time to tap the brakes and sit back for a while. Had you been a bit more conservative with adding new credit over the past year, the outcome might have been different. 

I think your experience with this app provides some valuable DPs for others, but not for the reasons that you presented. 

[Anonymous]

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@soxfaininfl wrote:


So the DP should be, if one includes a creditor in BK—It’s no soup for you.


This person burned them for over10k only 2 years ago. I burned them for half that amount 3 years ago, and Discover offered a unsecured card for 3k to this person on 9/2019. I was offering my money as collateral to cover them, so your argument has no merit. Clearly creditors pick and choose who they want to let back in. My post was for educational purposes for other to learn from my mistake. Thanks for rubbing salt on the wound! Appreciate it!

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Discover-IT-approval-after-BK/m-p/5747235

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One of the biggest mistakes in myfico is comparing ones profile to another and expecting similar results. No one is trying to rub salt in, just stating facts. All profiles, while maybe similar, are different. 
As a BK'r myself, I was declined for my first attempt at a secured card with Discover. 6 months later, I tried again and was approved for an unsecured Discover. 
I know denials can be disappointing, I get it. But you also just had an amazing approval. 
I also think a stint in the garden would do your profile a world of good and could render different results in the future. Good luck op. 

[recoveringfrombk7]

I think the fact that you burned them AND you've been exhibiting credit-seeking behavior is what did it.

I thought it was common knowledge that Discover pulls EX. They pulled it for both my secured and unsecured cards. They use TU for CLI/secured graduation as far as I know. Definitely worth searching here and if you can't find something asking folks to avoid surprises like this.

Sorry you did not get what you wanted, but on the bright side you have plenty to work with.