cancel
Showing results for 
Search instead for 
Did you mean: 

Discover graduation and Amex Cash Magnet Approval!

Cookiegrabber
Regular Contributor

Discover graduation and Amex Cash Magnet Approval!

I started my journey with a Discover secured card in April with no credit score. My deposit was $200, and it graduated last month with a CLI to $2,000 after 7 months of use. The deposit refund arrived about a week after I got the message. Love Discover. Heart

 

I used the card often and paid all but $2 multiple times a month, leaving my statement balance at $2 each month except for one month where I messed up the timing and had a $20 balance. Oh, and there was another month where I left $1.90ish and Discover just waived it, leaving me with a $0 statement balance, haha... So yeah, not as perfect as planned but I guess Discover still liked what they saw.

 

I kept checking the "other" thin-file friendly issuer, Amex, for a prequal, but always got turned down until the $200 limit changed to $2,000 on my credit reports a few days ago. I was suddenly offered the Gold card, Everyday card, and Cash Magnet. Gold card was a no-no because of the AF and I thought really hard for 20 minutes between Membership Rewards (because of some really nice discount offers I missed at SlickDeals...) and cashback. Cashback won, for now, because I'd rather save money than get help spending it. SL is $2,000!

 

Next things on my list are to grow the CLs until I could get the 5% CB Amazon Prime card (might just apply for the store card first if I can't help myself though), and hopefully by then I'll have a decent enough file to get started with low APR credit union cards and grow the CLs on those -- because that's the endgoal for me with this, to have a fleet of low interest APRs to choose from if I ever really need the credit, instead of all this 24% stuff from big banks that'll bankrupt me. Meanwhile, I hope the 28 cents in interest I pay Penfed every month is helping to build a positive picture of me there for when I actually end up applying for something.

 

Cheers to all the other foreigners and newbies and rebuilders! We'll get there! Smiley Very Happy


Starting Score: No Score (03/2018)
Current Score: 727 to 751 (10/2020)
Goal Score: 780 across the board

Take the myFICO Fitness Challenge
Message 1 of 15
14 REPLIES 14
VoltronM
Senior Contributor

Re: Discover graduation and Amex Cash Magnet Approval!

Congrats on approval !!!!

 

 

8-2019 / Fico 8 EX 8013 , EQ 8016 , TR 810
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 2 of 15
Cookiegrabber
Regular Contributor

Re: Discover graduation and Amex Cash Magnet Approval!

Thanks!!!


Starting Score: No Score (03/2018)
Current Score: 727 to 751 (10/2020)
Goal Score: 780 across the board

Take the myFICO Fitness Challenge
Message 3 of 15
Brooklyn2018
Valued Contributor

Re: Discover graduation and Amex Cash Magnet Approval!

CONGRATS on both approvals!!!!

 

Smiley Happy





Goal Score: 600(within a year)**MET MY GOAL**
Goal Score: 700(by May/2021)>

Take the myFICO Fitness Challenge













Message 4 of 15
Cookiegrabber
Regular Contributor

Re: Discover graduation and Amex Cash Magnet Approval!

Thanks!!!!


Starting Score: No Score (03/2018)
Current Score: 727 to 751 (10/2020)
Goal Score: 780 across the board

Take the myFICO Fitness Challenge
Message 5 of 15
joltdude
Community Leader
Senior Contributor

Re: Discover graduation and Amex Cash Magnet Approval!

Actually I like your trifecta..

You got discover early enough in your build that they should treat you right... and ditto for Amex...

Id garden for a year or more with this combination......

This particular combo actually could grow quite nicely if you don't go trying to add more cards for awhile...

 

Both Disco and Amex are pretty amicable to thinner and clean files....  and Discover *loves* attention not shared with a lot of friends.... 

(I.E being more of a daily driver or carrying your largest balance)... and Amex.. you might be eligible for a 3x CLI in 61 days..... (esp since you got a 2K approval not a 1K approval.. 1K is oftentimes borderline with Amex or even sometimes their version of Cap Ones "Credit Steps"....)

 

And Penfeds a conservative bank but can be very good in the longer haul.. and if you have the income but also they are a bit DTI sensitive... so you picked the right group of cards at the right time...  I think your wallet is brilliant... 

 

On the Amazon card.. Waiting an additional 6 months or so is an option.. Chase for their mainstream cards tends to like a year of experience with credit and your current limits tend to be a factor with them..  For me it was a relatively easy approval but they didn't give me a great deal or CL on that card.. and its a HP to get it increased usually.. so .. i haven't touched it.. Good enough for my AZ shopping though as a PIF card

 

-J

 

Message 6 of 15
xaximus
Valued Contributor

Re: Discover graduation and Amex Cash Magnet Approval!

Congrats on the approval and great start! I would definitely get atleast a year of history prior to apping for any Chase cards. Also, be selective in the cards you app for. Good luck!


Scores - All bureaus 756 +
TCL - Est. $275K
Message 7 of 15
19eighty5
Senior Contributor

Re: Discover graduation and Amex Cash Magnet Approval!

Congratulations on your graduation and your approval!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Mar 2020):EX- 689, TU- 665, EQ- 670
What's in my wallet:



On the chopping block:

Message 8 of 15
Newtophilly
Contributor

Re: Discover graduation and Amex Cash Magnet Approval!

Congratulations!!
FICO 8 Scores: Exp 603, Equifax 597, Trans 574 as of 6/7/2018. 6/8/2019

FICO 8. EXP 661, EQ 664, TU 640. In the Garden Starting 09/26/2019
Message 9 of 15
RonM21
Valued Contributor

Re: Discover graduation and Amex Cash Magnet Approval!

Congrats on the graduation and approval. Both are normally good lenders to deal with.
                

Total CL: $306.1kUTL: 3%AAoA: 6.8yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k |DISC-40.6k | PENFED-38.4k | AMEX-37k | NFCU-37k | LOWES-35k | ALLIANT-25k | BARCLAYS-15k | CITI-13.7k | CHASE-10k

Message 10 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.