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My son applied for Discover IT a few weeks ago and got an instant denial. We were surprised because his Ficos are 740-770 with only a few inquiries. He carries 1-2% utilization on one card at a time. Amex ED, Citi Double Cash, USAA Signature Visa, USAA Rewards Amex and Chase Sapphire Prefered. Today the letter came in the mail. The reason for denial.....are you ready? Because this blew my mind. Reason for Denial: No Savings Account. He has relationships with Amex, USAA, Citi and Chase. He is 20 and said he will never carry a Discover Card!
Really?! I have never heard of that before!
I had a Discover card for a few years. Other than being a nice looking card there wasn't anything they offered that I couldn't get from someone else. I definitely don't miss it. Things like this are a good reminder that I made the right decision.
Thats a bit of an odd denial reason.. Uhm. id just open a savings account at a CU or something and throw in a few hundred (preferably the no fee minimum).... feels like they are pulling that out of their backside....Read around the forum if your thinking of considering this.. Discovers a bit famous/infamous for "not doing recons" but some folks have gotten through to someone who can at least explain the real reason...
Discover is not known for recons but you might be able to try... It really shouldnt matter but.. why doesn't he have a savings account, even if theres not much in it?
Surprised they didnt try offering a Joint ....
-J
@CatOfSpades wrote:Really?! I have never heard of that before!
I had a Discover card for a few years. Other than being a nice looking card there wasn't anything they offered that I couldn't get from someone else. I definitely don't miss it. Things like this are a good reminder that I made the right decision.
Because of the massive CLIs they handed out every 3-4 weeks and because of the BT offers I constantly get, I keep my Discover.
In my sock drawer.
@Anonymous wrote:My son applied for Discover IT a few weeks ago and got an instant denial. We were surprised because his Ficos are 740-770 with only a few inquiries. He carries 1-2% utilization on one card at a time. Amex ED, Citi Double Cash, USAA Signature Visa, USAA Rewards Amex and Chase Sapphire Prefered. Today the letter came in the mail. The reason for denial.....are you ready? Because this blew my mind. Reason for Denial: No Savings Account. He has relationships with Amex, USAA, Citi and Chase. He is 20 and said he will never carry a Discover Card!
This one is certainly different.
Your son's FICO score's are up there where everyone craves. A savings account shows lenders that besides income from employment or business, you have a source of income as a fall back option should emplyment cease. I would encourage your son to open one up with a local bank or credit union, and reapply for that card after 6 months. Once in bed with Discover, they are very generous when it comes to credit lines. I started with a $400 limit, and after responsible use I'm up to 11K in under 4 years. Planning and patience are key.
That's interesting.
How would they know if he has a savings account or not?
Do they also do a ChexSystems pull then?
I don't remember seeing an option to answer yes or no on their application for a savings account.