Discover it Chances?

[Anonymous]

Hello All!

I've been rebuilding my credit for five months now. CCT has my scores ranging from 620-642, and a CA has agreed to a PFD my only collection that was acquired last fall. I'm not sure on how much of a bump i'll receive from the removal, but I'm hoping that it will be enough to land me an approval for the Discover it card. Unfortunately I have two 30-day lates from 16+ months ago and I don't currently have any revolving credit (2 secured cc's that have recently closed with positive marks), but I do have two auto loans, one which was opened in the fall of 2012 and another which was opened this past March. I have 9 inquiries on TU, 6 on EX, and 5 on EQ. My annual income is $84,000. I'm afraid that not having an active cc or any revolving credit will hurt my chances of approval. I know that the pre-approvals for Discover aren't worth much of anything, but do any of you think I will have a chance with this card once the collection is removed from all three of my reports?

Thanks for your help!,

Walt

[jbsea]

I dont have Discover so I will let someone else answer but I do have a question.... Why did you close your secured credit cards before you had other cards to replace them with?  how long did you have the cards?

[OmarGB9]

Income and inquiries are in good shape, but scores are a little on the low side and those Lates won't help either. I would wait and garden.

[Anonymous]

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@OmarGB9 wrote:
Income and inquiries are in good shape, but scores are a little on the low side and those Lates won't help either. I would wait and garden.

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+1. I'd go and garden for a while then maybe try again in a few months when your scores hit around 690.

[Anonymous]

Might want to wait until that collection is gone and your scores go up a bit for Discover. What about Capital One? I'm pretty sure you'd be able to get a card through them. Have you checked their pre-qual site?

[Anonymous]

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@Anonymous wrote:

Might want to wait until that collection is gone and your scores go up a bit for Discover. What about Capital One? I'm pretty sure you'd be able to get a card through them. Have you checked their pre-qual site?

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A good plan...

[Gunnar419]

Garden for sure.

Cap One would be a good stopgap for you (too bad you closed those secured cards before replacing them), but if you really want Discover, garden.

[Anonymous]

Hi jbsea,

I had one secured card with a credit union for 2.5 years, it was closed last December because I had -$5 in my checking account. I was unaware of my checking balance as I had moved to another state, opened an account with a national bank and transferred my checking and savings over. The second secured card was opened with Wells Fargo last December, but they closed the account in June because I had exceeded my limit because avis car rental charged me an additional $400 in fees in error (they removed two weeks later.

[Anonymous]

Hi JustMe3,

Well the account specialist with the CA accepted my offer for a PFD with 20% off the total charge. I want to receive a letter/email for the agreement before I pay, so I'm to call back this morning to speak with a manager. I'm ready to pay as soon as the email hits my inbox. The collection has been reporting to all three bureaus since November of last year so I'm hoping for a solid increase in scores (fingers crossed). I haven't checked with Capital One's pre-qual site, but I receive offers for QS in the mail quite often. My auto loan that I've had with them for 2 years, 10 months is most likely the reason behind it. I'm not sure how true this is, but i've heard that Discover sometimes overlooks those with a thin profile (mine with the revolving credit). And for what it's worth my oldest account is 10 years this November, and my AAoA is 3.7 years. 

[TRC_WA]

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@Anonymous wrote:

Hello All!

I've been rebuilding my credit for five months now. CCT has my scores ranging from 620-642, and a CA has agreed to a PFD my only collection that was acquired last fall. I'm not sure on how much of a bump i'll receive from the removal, but I'm hoping that it will be enough to land me an approval for the Discover it card. Unfortunately I have two 30-day lates from 16+ months ago and I don't currently have any revolving credit (2 secured cc's that have recently closed with positive marks), but I do have two auto loans, one which was opened in the fall of 2012 and another which was opened this past March. I have 9 inquiries on TU, 6 on EX, and 5 on EQ. My annual income is $84,000. I'm afraid that not having an active cc or any revolving credit will hurt my chances of approval. I know that the pre-approvals for Discover aren't worth much of anything, but do any of you think I will have a chance with this card once the collection is removed from all three of my reports?

Thanks for your help!,

Walt

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You are correct... with the recent lates and lack of revolving credit... you'll be denied.