Should I wait or pull the trigger on Discover It?

[hefw26]

So I've been thinking about applying for the Discover It. I'm just wondering if I should wait a few months or go ahead now--my thought is that it won't make a huge difference, and I think I'd be approved if I applied now (I'm pre-approved), but if it would potentially improve my starting CL it might be worth waiting?

I applied for the Uber card at the end of December (they pulled TU and Discover usually pulls EQ in my area), and my AoYA is very low as a result. Other stats:

Total accounts: 11 (6 installment loans, 5 revolving)

AAoA: approx 3.7 years (according to CK, but it's higher on FICO, I have 2 of my student loans from 2012 paid off)

AoOA: 7 years

No late payments

Revolving Utilization: 2-3%

0 inquiries on EQ, but 3 accounts opened in the past 2 years, 2 in the 12 months.

Basically my thought was that I could make it so I have fewer cards reporting balances, and wait until April so that my new accounts drop to 2 in the past 2 years, 1 in the last 12 months, potentially boosting my score a bit (current scores are in my sig). But it's probably a minor difference? Can anyone weigh in? Do people have a sense of how much score impacts CL vs income? Any particulars about Discover I should factor in?

[hefw26]

Oh, the other factor I was thinking about was existing trade lines. Right now I have:

Chase Freedom Unlimited: 4.5k

Citi Forward (PCing now to Thank You Preffered): 6.3k

Uber Visa: 9k

Cap1 QS: 10k

Amex BCE: 11.5k

If I wait until April I can also do CLIs on the Amex and Citi, if that would make a difference?

[Gmood1]

UUhh....what are you waiting for?
Scores are solid and history solid.
If you want it, get it. You don't have a ton of new accounts or INQs. Go for it.

[Anonymous]

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wrote:

So I've been thinking about applying for the Discover It. I'm just wondering if I should wait a few months or go ahead now--my thought is that it won't make a huge difference, and I think I'd be approved if I applied now (I'm pre-approved), but if it would potentially improve my starting CL it might be worth waiting?

I applied for the Uber card at the end of December (they pulled TU and Discover usually pulls EQ in my area), and my AoYA is very low as a result. Other stats:

Total accounts: 11 (6 installment loans, 5 revolving)

AAoA: approx 3.7 years (according to CK, but it's higher on FICO, I have 2 of my student loans from 2012 paid off)

AoOA: 7 years

No late payments

Revolving Utilization: 2-3%

0 inquiries on EQ, but 3 accounts opened in the past 2 years, 2 in the 12 months.

Basically my thought was that I could make it so I have fewer cards reporting balances, and wait until April so that my new accounts drop to 2 in the past 2 years, 1 in the last 12 months, potentially boosting my score a bit (current scores are in my sig). But it's probably a minor difference? Can anyone weigh in? Do people have a sense of how much score impacts CL vs income? Any particulars about Discover I should factor in?

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Your profile seems solid. What’s your FICO scores? You don’t seem to have a lot of inquiry’s. Good age of accounts. Why do you want the card? Does it add value for cash back? If it fits your spending patterns with your other cards apply. Discover is fairly easy to get amongst the many cards. Whether you apply now or wait is probably most contingent upon your scores. Your apps are spread out good.

[finfree]

Re: score versus income- I’m not convinced either matter in any predictable way with Discover, nor does CU either. My scores are shown in signature, income > $150k/year, utilization at 2%, and my SL was only $12.5k. You will almost certainly be approved but if your goal is a higher SL then I would avoid any HPs to get CLIs with other cards before applying. Based on comments here, Discover seems to disproportionately reward thinner files and lower limits on other cards so I’m not sure building your file will yield a more positive result. If you apply now and are approved, you’ll start the clock running on when you’ll be able to get your first CLI.

[AverageJoesCredit]

With Discover, no real way to determine how good a sl you will get. DP's abound here on the wacky difference in starting limits so i would app when you are comfortable. Hopefully you get what youd like , if not it does grow with sp luv so thats a positive

[Anonymous]

My advice is always wait if you have to ask.  If you're asking, there's a reason/something that makes you believe that you may not be approved with the most favorable terms.  If you think whatever that something is could change in say 6 months, simply wait.  It could be the difference between a $2k SL and a $5k SL or a $6k SL vs a $10k SL.  If you don't think anything will change really, then pull the trigger now or whenever you want.

[hefw26]

Appreciate the input everyone! Just to update- I ended up going for it, and got a starting CL of 5.5k! It's on the lower end of my starting limits, but definitely not bad and I'm hopeful it will grow, so I feel happy with it! I think I can contentedly go garden now

[Anonymous]

That's great news OP! Yes, not everyone gets the luck for early CLI with Discover, but give them some time and they will grow.

[AverageJoesCredit]

Great job Op, enjoy your Discover. Perhaps youll find you are on their bullet train to high cl