I have been getting tons of invitations from Discover to apply but have been scared to get turned down and have a hard hit with no reward. Got one such invitation in a pretty holiday envelope the other day and just couldnt resist the temptation. I applied and hit the submit button with my fingers crossed. Lo and behold .I was approved for a $7500 credit limit...I was shocked and so excited I had to share. Thanks to this forum and all the great advice given I am finally on the right track and looking foward to a new car purchase this summer...
@Anonymous wrote:Sure..I went to their Discover Score Card website and it stated my Experian score was at 706, which I thought was pretty good. I am assuming they just pulled Experian because I do not see any other hard inquiries on TU or Equifax. Before I applied for Discover my credit card utilization was high about 58%. I got a personal loan for $2000 a couple of months ago and paid down my credit card debt with it. With that loan and a credit limit increase of $3000 on my Cap one Quicksliver my utilizaton dropped to an awesome 18% which was reported on experian at the time I applied for the Discover card.. I think this was the thing that got me approved...a lowered utilization. Now that I was approved for $7500 with Discover my utilization will be around 10%...I so proud of that right now! By transferring the rest of my credit card debt to the the interest free Discover Card for 14 mos intro period I will be saving way more than the payment of the personal loan in interest. I also will paying off the loan in 12 mos instead of 36 mos. Its seems to be saving me tons of interest and making my credit look so much better.
My other cards are:
Cap One quicksliver $4500 just came up from $1500.
Merrick $2100
Cap one Plat $1500 expect to go to $4500 too in Jan/2017.(6 mos after last CLI),
MFCU (my credit union) Visa $1000,
And finally the dreaded Credit One Visa $700...will be gone this summer after I get a new car loan processed.
I also have some retail accounts I no longer use except for some very small purchases once and awhile to keep active.
Kohl's $300
Fingerhut $2400
My age of account due to long standing student loans is 6-10 years depending on credit report pulled. Most credit cards are over 3yrs old.
Its hard to believe I have 12 late payments some 90 days just alittle over 2 years ago along with a repo'd car when I lost my job. I managed to save all these accounts and had no charge off's. My repo is also at a zero balance. credit report states paid in full for lesser amount. My credit score was in the mid 500's back then now its pushing 700 or over...not looking back!
I hope this helps explain my situation some...just let me know if you have anything else you might want to know.
Please ...Don't wait... close that credit one card... Now... Get the albatross off your neck...
The merrick is a decent rebuilder card, but the credit one... Please. please for the love of all myFico.... close it already... its dead weight... it will only affect utilization if you close it... it served its purpose, now shred and bury it.... It just makes my skin crawl when people hang onto what I consider predatory lending.... you use them as briefly as possible to get you ahead and then you throw it out... burn it...
How old is the Fingerhut account? Did you know theres a free FICO score in there now?
And how old is the merrick card.. is there a monthly fee or af? Have you gotten a "double your credit" yet?
Congrats on the Discover card....
-J
Congrats on Discover! Very nice SL and great card to have. 👍
On Credit1, its going to show on your CR for 10 years even when you cancel it.
@Anonymous wrote:I know I hate Credit one too I was just worried about a score drop from closing it before my car loan...i do hate that card too at least its at a zero balance. I should start 2017 with closing it. Their monthly annual fee is terrible..$75 yr 6.25 month.
Anyway Merrick is almost 4 yrs old and seems to go up at $300 at a time and no annual fee.
And Fingerhut is 2yrs old and I didn't know they did a Fico score too. Thanksfor the info
Please do close the Credit One... The discover will more than compensate for closing it....
No AF on the Merrick, . then hold onto it for a bit....
If perchance you lose points due to opening the Discover (which is possible), they will likely come back within 3 months... id take the leap of faith on this one....
Not sure of the details but its supposedly a monthly free FICO score.. not fako... on the Fingerhut....
Discover also gives you a monthly FICO score as well...
and if you need a second FICO Discover can provide that via credit scorecard.. they use a different CRA than they do for the cards themselves