Discover Mailer, should i apply ?

[Anonymous]

hello dear friends

i got 2 letters in the mail from discover in past 2 weeks, first was golden shiny letter, then a shiny green one

both offer same deal as 0% for 6 month and then 24.49% with invitation codes,

i saw few ppl getting better deals from discover haha but i guess i have few negative old things on my credit that goes away in the next 6 months to a year after almost 7 years.

my score is 650 from experian.

im holding now amex platinum, amex busines gold, amex blue $1000 CL, Chase Sapphire preferred 7k CL(just got 2K increase from chase last month), capital one quick silver $500 CL that never goes up after almost 2 years lol, always pay full balance and 100% payments on time for those cards.

wonder if i should go for it and apply or wait for better offer, i also checked if i was pre qualify on discover website and i got pre qualify for 2 cards one is the Discover IT and the 2nd discover it chrome both with the same 24.49 apr but no 0% for 6 month.

thanks a lot 

[fltireguy]

The shiny green one was an approval for me!

[AverageJoesCredit]

If you want it now you could go for it but if it's not essential you could continue improving your profile and maybe get a better offer in a year or so.

[Dirge]

Since my scores are creeping up around the 650s, I've started getting Discover mailers every Monday. All different colors. They always have the same 6 months no interest and then 24.##% interest rate. I'd love to have a Discover card, and the APR doesn't really matter to me because I rarely carry a balance, but I know that at the very least, they offer other people 12 or 18 months of no interest. So I'm holding out for that. I'm glad to finally get some attention, but I know from their offers that they consider me barely eligible for one of their cards, and their offers reflect that. I'm waiting for a better offer. 

Good luck, whatever you decide! 

[Anonymous]

It's not alwasy about APR with lower scores. Sometimes apping for a card too early puts you in a certainbox with them, thus receive no growth with CLI etc. It might be worth waiting, and raising your score some.

Or not, as you can alwasy close it and reapply. Like I've read so many threads on.

[joltdude]

This is an educated guess.. but im pretty sure that when you get better offers, and lower aprs, your in a better box ..... Id definitely wait a bit... and the offers (barring your credit improves) will also become better..... Yes discover is pretty good about APR reductions and can be good about CLIs... (probably have seen posts with folks getting 300 and 500 CLIs...but also 3000 and 4000 CLIs too)...... but there are folks that have gotten stuck with Discover.. usually not as bad as Cap One.. but... if you can hold out a bit, it might be worth it...

-J

[Anonymous]

OP, the real question that matters here is whether or not you considered the Discover card prior to getting a mailer.  Is it a product that you weighed the pros/cons of?  Did you ever determine what your spend could be on it and if it would benefit you when considered along side your other cards based on what you typically buy?

Responding to a mail offer is the same thing as a candy bar impulse by the grocery store checkout.  If you already wanted the card and the mailer presented you with better terms for acquiring it, great... the same way if you went into the store with the intention of scoring the candy bar that's fine.  I take the more conservative side when considering anything credit-related, so I just offer this perspective coming from that angle.

[Anonymous]

24.99% APR sounds like Comenity and Synchrony.

I know APRs have increased dramatically this year but you are doing yourself no favors taking a hard pull and spending years with such a high rate.

It's certainly best to pay in full but you never know if you'll lose your job or have another disaster.

"The good ole days" in the not too distant past was 10.25% APR from Navy.  I still have that on my card.

Newbies want any approval.  Later on you focus on major credit cards.  Seasoned CC holders want the lowest APR.  Your best options come when your score is 720 and above.

[joltdude]

People thought i was crazy trying to hold out for the best tier rate on some cards.....  and was crazy when i was irate at getting a high rate on Amazon Prime...    Now its not so much vanity.... if you started with a low rate.. it moved less with the rate hikes.... 

That said.. I love my bare bones HFCU Plat even more now than before... Still at 8.49.....

That said I got a meh rate on Discover app.. but with the first year offer that was pretty much moot.... plus after the first year.. they actually gave me a lower rate than my approval.... plus i knocked it down even more.... Not sure what its right now since im on a 0% on new purchases over that ends later this year...

So the morale is... Sometimes good things come to those who wait... I actually like dealing with discover even if it isnt the max rewards.... plus they seem to like my account profile...... =)

[Anonymous]

I don't care about interest rates.  APR is irrelevant when you PIF and don't carry balances.  A best practice for anyone that sweats interest rates is to adopt a non-balance-carrying PIF philosophy.