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Discover prequal is a joke

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Kasuito39
Frequent Contributor

Discover prequal is a joke

I applied for Discover prequalification and it came back with preapprovals for Discover It and Chrome with 19.99% APR and 0% for 14 months. At first i could not believe my eyes. I took the bait and applied for discover IT with 2% cash back and wolla. Unfortunately, you have been denied. Please wait 7-10 business days for a letter in the mail. This is very disappointing as i pulled the plug after the preapproval. What are my chances if i recon? I've read hear that discover preapprovals are solid but i guess not. Any advise?
Message 1 of 28
27 REPLIES 27
Andypanda
Established Contributor

Re: Discover prequal is a joke

Prequals are never 100%.

Message 2 of 28
CreditInspired
Community Leader
Super Contributor

Re: Discover prequal is a joke


@Kasuito39 wrote:
I applied for Discover prequalification and it came back with preapprovals for Discover It and Chrome with 19.99% APR and 0% for 14 months. At first i could not believe my eyes. I took the bait and applied for discover IT with 2% cash back and wolla. Unfortunately, you have been denied. Please wait 7-10 business days for a letter in the mail. This is very disappointing as i pulled the plug after the preapproval. What are my chances if i recon? I've read hear that discover preapprovals are solid but i guess not. Any advise?

So sorry for the decline but OP a prequal or a preapproval is not a guarantee of approval. The prequal only let's you know that Discover liked what they saw from just a preliminary view of your credit. Once your report is pulled, then they or any other CCC gets to see the full file. 

 

So with this knowledge, would you like to provide us with your DPs so we can give you an idea of what may have gone wrong while you await the letter.

 

 


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 3 of 28
Anonymous
Not applicable

Re: Discover prequal is a joke

Disco doesn't recon so, wait 6-12 months and try again. 

 

Post the denial reasons here if you want to disect the declne a bit more in depth.

Message 4 of 28
AllZero
Mega Contributor

Re: Discover prequal is a joke

There's something that Discover didn't like. Could it be prior unsatisfactory relationship, new accounts, inquiries, delinquency, derogatory, utilization, etc?
Message 5 of 28
Kasuito39
Frequent Contributor

Re: Discover prequal is a joke

They IIB back in 2017 for a small amount. I guess i can wait 12 months
Message 6 of 28
Anonymous
Not applicable

Re: Discover prequal is a joke

If your signature is accurate, your inquiries are also through the roof. A recent BK and credit seeking may not lead to favorable results with many lenders, prequal or not. 

Message 7 of 28
Meanmchine
Super Contributor

Re: Discover prequal is a joke


@Anonymous wrote:

If your signature is accurate, your inquiries are also through the roof. A recent BK and credit seeking may not lead to favorable results with many lenders, prequal or not. 


Bingo

>3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>5/2023 All 3 reports 840ish (F8) F9s = 850 but my app finger is still twitching
Message 8 of 28
M_Smart007
Legendary Contributor

Re: Discover prequal is a joke


@Anonymous wrote:

If your signature is accurate, your inquiries are also through the roof. A recent BK and credit seeking may not lead to favorable results with many lenders, prequal or not. 


+1

 

Message 9 of 28
Anonymous
Not applicable

Re: Discover prequal is a joke

Holy HPs Batman!!! Smiley Very Happy There had to be a few car loans and mortgages in the last 24 months... Thats actually impressive around these here parts. Smiley Happy

Message 10 of 28
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