Hey everyone,
So this morning for s&g I decided to hit up Discover's prequal, and I was thinking it probably wouldn't show anything being that I tried a couple of months back and got a letter in the mail saying my score was low and all these other negatives (which I obviously already knew). However, right now it showed that I prequalify for the secured discover it, despite having one open collection, two closed collections, and 4 open COs, one of which is Discover themselves. Anyone know the odds of being approved for the secured when I'm still paying them off on the old CO account?
I realize my odds are probably slim, but I've searched and searched on here for DPs on getting back in with Miss Disco after CO and there aren't really any that match my particular situation. I suppose I can be the guinea pig. 
However, I will probably wait regardless, as in January I should be getting a nice chunk of money that will be just enough to pay their CO in full. Then I'll probably hit them up after a few months to see if they'll allow me back in. That said, if I can get in sooner, I'd be more than happy to do so, as I was very satisfied with Discover and never wanted to lose that card...they were the very last ones to close my account.
And before anyone mentions it, yes, I know, I still owe money and I'm still paying on it. It'll all be taken care of within the year. I'm just trying to see if I can simultaneously rebuild while paying down debt.
Thanks in advance for any and all advice.
If it's showing available, you should be good to go. If they're going to deny you for previous bad relationship, you would have got a message saying they don't have any offers and the letter in the mail would cite the previous relationship. That being said, I would wait at least a year from when you made the deal with them before applying. You may be able to just get a regular one.
@Remedios wrote:
Discover does not perform match at preapproval time. It's not done till application is submitted.
This is how most denials with them happen. If I wasn't certain of that, i would have made different word choices.
Omar, usually starting at around 2 years after account was charged off, but not if remains unpaid. For some it was a lot longer than two years.
They are not super slow to let you in, but it can be a while
10-4. I believe it CO'd June 2018, so I guess next June would be the earliest? If PIF as you said, which it will, of course. Much sooner than that.
@Brian_Earl_SpilnerI thought of that, but I'm not so sure. The first time, yea, they flat out declined a prequal and sent a letter. I don't remember what that letter said, but I'm sure it mentioned prior relationship. This time it came back with pre approval for ONLY the secured card, so maybe there's some truth to what you're saying? I don't know.
Yea I was going to wait until paid regardless. And no, I'm not against HP's, my files don't have many HPs anyway since I've done nothing credit related in years (EX: 0, EQ: 2, TU: 3). My plan is to pay it off in January, and maybe wait a few months for their internal records to fully update. Then I'll apply around April or May and we'll see what happens. If I get denied, I'll wait for a letter and see what they say. Though regardless of what the letter says, I'll probably wait another year before trying again.