Quick question before pulling the trigger

[Anonymous]

hello everyone,

I am very new to the world of credit and my only credit card is discover with a $500 limit. 

I see that I am prequalified for the chase freedom card and I want to pull the trigger to take advantage of their "spend 500 and get 200 back" promo that is currently going on right now. 

My current credit limit is near maxed out. My only dilemma right now is if I should apply for the card right now or if I should pay off all my discover loan first and then apply for the new card. 

If if I decide to pay off my loan before applying for the chase freedom, how long would I have to wait until my payoff is received and recorded? Would I need to wait for the new billing cycle? 

How long will this chase freedom promotion last?

[Anonymous]

Is the Discover a loan or a credit card as you are stating otherwise in your initial thread?  What are your scores and how does your credit profile look like?  If you are pre-qualified, you look solid for it...  But answer these questions first before applying.....

[Anonymous]

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@Anonymous wrote:

hello everyone,

I am very new to the world of credit and my only credit card is discover with a $500 limit. 

I see that I am prequalified for the chase freedom card and I want to pull the trigger to take advantage of their "spend 500 and get 200 back" promo that is currently going on right now. 

My current credit limit is near maxed out. My only dilemma right now is if I should apply for the card right now or if I should pay off all my discover loan first and then apply for the new card. 

If if I decide to pay off my loan before applying for the chase freedom, how long would I have to wait until my payoff is received and recorded? Would I need to wait for the new billing cycle? 

How long will this chase freedom promotion last?

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It would be after the promotion ends. It's over in less than a week.

[Anonymous]

It is a credit card. When I said discover loan, I meant the money owed on my cc. My credit used currently is almost 400/500. Rico score is 699. I don't know what you mean by "what my credit profile looks like." 

[Anonymous]

I see. Even so, I don't want to end up with either getting denied or getting a really small credit line like I have with discover currently. I would rather miss out on the current promotion and wait for the next one. 

[Anonymous]

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@Anonymous wrote:

It is a credit card. When I said discover loan, I meant the money owed on my cc. My credit used currently is almost 400/500. Rico score is 699. I don't know what you mean by "what my credit profile looks like." 

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What I mean - See blue is what are your Fico scores thus TU, EX, EQ.  Any baddies meaning any collections, charge offs etc...  What other credit cards do you have - that is what I mean by entire credit profile.

If you are willing to wait, then you are better off waiting.  If you are pre-approved on the Chase site, you will get approved with your card almost maxed out but Chase will start you with a small credit line.

[Anonymous]

If I pay off my debt today, how long must I wait until it clears?

[Anonymous]

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@Anonymous wrote:

If I pay off my debt today, how long must I wait until it clears?

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It could be right after your statement posts, or it could take as much as a month. Discover is a little haphazard.