Wow so excited, started my credit rebuild journey about a April 2017 now Im 700s all across the board! Mind you, I was mid 400s last year!
My Equifax is at 713 and decided to pre apply for Discover and the Discover IT Cashback + Chrome appeared!
The APR says 24.74% after 1st year, it seems quite high. Does this mean my limit will be low?
Should I wait a few more months and try to improve my profile a little bit?
Im also at 1.5 year AAOA , 15% util , and NO derogs!
Also, how are my chances with PenFed lol?
Mod note: I've updated your subject to reflect your approval; feel free to change/edit if you would like. --UB
I say go for it! Disco seems to favor being your first prime card and then wants to be your main usage card. They were my biggest approved SL after going on an app spree and only having subprime cards.
Amex only gave me the measly $1K, but Citi and Disco gave me $6.1K and $6.5K to start. Haven't even had my Citi DC for 90 days yet and after my 2nd statement cut, hit the luv button and was instantly approved for another $2K, bringing my CL to $8.1K with them.
My scores were around the same as yours back then when I apped for these cards so I'd say you have a good chance of getting approved and possibly for a decent SL. However, I do think my income had something to do with the SL as well.
As for your APR, that is usually decided based upon your credit file. If it is thin, they more than likely will give you a higher APR in my experience, no matter what your score is. Basically, you don't have enough experience with credit cards so they're taking a chance with you. I've seen on here where people with high scores get denied because their files are thin. Your SL will reflect a lot upon your income as well because they need to know that you can afford to pay it back. Once again, your score isn't all that is considered when they offer you these credit lines.
So, GO FOR IT! And post back here to update us. Good luck!
|Total Credit: $240,100||Credit Utilization: 1%||AAoA: 5 years, 7 months||Installments: Car Lease, Marcus Loan||Negatives: 0|
Ive seen discover card pre approval with high apr (they do that especially on 1st card) and approved with high sl.so it's possible.
Im not going to comment about penfed.
Hi everyone! Been a lurker forever and just created an account here. (Thanks everyone for my lurker education, it has helped me get to the point I’m at today.)
My Disco experience as a rebuilder in a nutshell:
- 7 years of divorce cleanup where my ex hub was terrible with money and credit but controlled the finances. My good credit took a very hard hit (FICO plummeted to 590s)
- Paid off all CC debts myself over several years. Was credit shy after that and opted for no CCs, paid cash for everything, and lived debt-free. Thought that was the way to go; didn’t realize that would hurt me in the long run.
- Couldn’t get an auto loan in April ‘17 bc I had *no credit profile* (Pre-marriage mortgage—gone. All my pre-marriage auto loans—gone. Gone gone gone.) Had to get a co-signer for my auto loan.
- Aftet a few months of on time auto payments, I started getting CC offers in the mail. I hadn’t seen one in years. Ended up with a Cap One Platinum card with a $500 CL and I was ecstatic. PIF every month.
- After ~6 mos asked via online chat if I could swap it for a Cap One Quicksilver; got approved for that and CLI to $1500. I was over the moon.
- Rec’d (in the mail) an invitation to apply for the Discover IT card (with an invitation code). Read about it on this forum. Went in their site and got pre-approved. Decided to pull the trigger and apply, with a HP. DENIED. Never got a reason!!
-Last week (which was about 4 mos after my denial) I decided to try again, HP and all. APPROVED with a $10.5 K CL, 17.99 APR starting September ‘19. To say I was shocked is a gross understatement.
Looking forward to the 12 months of double rewards. I’ve heard that Disco is fickle and now I believe it.
So in a nutshell, be prepared for an initial denial, but that doesn’t mean denied forever. Or...you will get a great rate and CL this time! Best of luck to you.
This is totally encouraging - I have several derogs right now that I am taking care of - one at a time and to be honest I JUST pulled up a pre-approval and was told that there is a card that they have available for me (Green-ish Discover IT card). So I'm totally stoked but, am caught on the fence on whether I should do it now or later since my credit score is at 584 trans 590 ex - AND I am currently due for an auto increase for Cap One QS1.
I doubled my CL within 7-8 months, so even if you start "low" you may not stay there!
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!10% Rotating - Discover 5%-20% - Amazon & Lowes 3-6% Groceries - NFCU & Amex Preferred