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Discover IT Approval w/ baddies!

Regular Contributor

Discover IT Approval w/ baddies!

Discover It Cash Back approval, 25% APR, $800 limit! Woo hoo!

 

Up until a week ago, I was always getting pre-approved for Discover secured. My Experian score jumped up 20 points at the beginning of the month (from 616 to 636) and right after I got pre-approved for both Cash Back and Chrome! 

 

Data points:

Experian FICO 8: 636

TU & EQ FICO 8: They were about 615-620 a few weeks ago, but I speculate that they all jumped up when Experian did. (EX had a 20 point jump at the beginning of Feb.)

Baddies: 90 day late, between 3-6 months old, depending on which credit bureau you ask. Settlement (paid for less than full amount), 3 months old, but no charge offs, no judgments. High utilization due to closed cards that I am paying off on a low-interest payment plan. (89%.) No current lates.

 

Low income (under $20,000).

 

Three other open trade lines: Two store cards with low limits and low utilization, and a secured Visa with low limits and low util.

 

Hard pull on Equifax. (Equifax only had one inquiry before this.) I'm really glad they hit EQ, because TU had four inquiries and EX had two already. 

 

I have a checking account with Discover. I think that probably helped too.

 

I also suspect that my 90-day late turning 3 months old (according to Experian) partially contributed to my recent score jump. Not sure if this had any bearing on Discover approval, though.

 

I'm really, REALLY happy about the credit limit. I was thinking with all my recent baddies, I'd be lucky to get $300. So $800 is fantastic!

 

I've chronicled my Discover IT approval saga in the Rebuilding your Credit forum. I was initially going to wait to apply (I got my first pre-approval last week) but decided to pull the trigger just in case they asked for income verification. (My earnings have "fat" and "lean" months. In a few months, I'll be in a "lean" period—and I save up for that ahead of time—but I'd prefer to be asked to verify income during a "fat" month, like right now. They didn't actually ask for income verification, but just in case...) So I thought, apply now and get it over with, I can ask for lower APR later.

 

FICO8: Nov 20, 2018:
FICO8: Feb 21, 2019:
Goal for December 2019: FICO 640-700
  Walmart Store Card Discover IT Cash Back
Green Dot Secured Visa! Oooooh! Discover It Cash Back

Starting Score: 539
Current Score: 642
Goal Score: 760


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Message 1 of 14
13 REPLIES
Valued Contributor

Re: Discover IT Approval w/ baddies!

Cool story & great approval. Congratulations!

And thank you for providing DPs -- others will find your post instructive. 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (1/25/2019): FICO 08 EXP: 721; TU: 754; EQ: 744
2019 Goal Score: 800 across the board


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Message 2 of 14
Valued Contributor

Re: Discover IT Approval w/ baddies!

Congratulations!

Starting Scores FICO 8 (Feb '18):
EX- 519, TU- 530, EQ- 545

Current Scores



Message 3 of 14
Regular Contributor

Re: Discover IT Approval w/ baddies!

Congratulations!

Around the 3rd month, ask for a CLI via the “Luv” button online or in the app. If approved, call the number on your card and ask for some more! 😀

Good luck!




Life’s a garden...Dig it!
Dangit.
Message 4 of 14
Established Contributor

Re: Discover IT Approval w/ baddies!

Congrats on your Disco IT approval!Smiley Happy

Currently: Gardening

FICO 8 [01/2016]
FICO 8 [02/2019]
GOAL: FICO 8: 760 across the board by 2/2020!
Message 5 of 14
Valued Contributor

Re: Discover IT Approval w/ baddies!

Congratulations, Disco is a great card to get and grow with!



Scores 1/1/19:
Scores 2/11/19:

Hover over my cards to see my limits!
Goal: Garden... and garden... and garden.
Message 6 of 14
Established Member

Re: Discover IT Approval w/ baddies!

ive been trying to get apporved for discover for a while now. i get pre apporved for the secured, my socres are in the 640s and patiently waiting for the pre apporval on the regular card! 

 

Congrats on your approval OP!

Starting Score: 580
Current Score: 640
Goal Score: 750


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Message 7 of 14
Established Contributor

Re: Discover IT Approval w/ baddies!

congrats, i had a similar experience a few years back, got my first 800.00 unsecured card, after like 3 years, i got my 1st preapproval, 20x the original limit.

Message 8 of 14
Valued Contributor

Re: Discover IT Approval w/ baddies!

Congrats on your approval !!!

 

 

1-2019 / Fico 8 EX 794 , EQ 801 , TR 802
Amex ED 22k , CSP 17k , Discover iT 12.5k , Fifth Third Bank S2C 12k , BofA Cash Rewards 10k , Avianca Vida 10k , State Farm Good Neighbor Visa 10k , Citi DD 6k , Union Bank Rewards 5k
Message 9 of 14
Regular Contributor

Re: Discover IT Approval w/ baddies!

Thank you everyone, for your advice and congratulations!

 

I am excited about seeing how much this card will grow. I feel like I've been rebuilding FOREVER, but it's been less than three months. I still am pinching myself over how incredibly generous Discover is for giving me a chance and giving me (in my opinion) a great starting limit. 

 

To be honest, I'm a little nervous about having higher limits. Eventually, maybe, when my income is better. I don't think I'll repeat the credit mistakes of my past, but there's just no practical reason for someone in my position to have tens and tens of thousands of dollars in available credit! RIght now, having a card with maybe $2000 or $3000 limit would be fantastic and more than enough! It sounds like Discover may eventually get there for me, and that's great to know.

FICO8: Nov 20, 2018:
FICO8: Feb 21, 2019:
Goal for December 2019: FICO 640-700
  Walmart Store Card Discover IT Cash Back
Green Dot Secured Visa! Oooooh! Discover It Cash Back

Starting Score: 539
Current Score: 642
Goal Score: 760


Take the myFICO Fitness Challenge   |   My credit recovery journal
Message 10 of 14