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Discover it® Cash Back Approval.

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Regular Contributor

Discover it® Cash Back Approval.

Discover pulled from Experian as expected - was a 667 (currently rebuilding from low 400s... it's been a long road.) 2% credit utilization ratio, 30,000 trade line auto loan. I'm thankful I was approved for a card, but they only approved me for a $500 credit line. Seems like a waste of an account. 

Current Score (01/13/2020): EXP: 680; TU: 684; EQ: 665
Gardening as of 01/13/2020

Community America CU Cash Rewards - $10000 | Discover It Cash Back - $4000
Nordstrom Credit Card - $4000 | BMO Harris Cash Back MasterCard - $4000
Discover It Cash Back - $2000 | US Bank Cash+ Visa Signature - $2000
Target Red - $1100 | Chase Starbucks Visa - $1000
Capital One Quicksilver - $700

Total Credit: $28800
Message 1 of 12
11 REPLIES 11
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Senior Contributor

Re: Discover it® Cash Back Approval.

Congratulations on your approval! That SL will grow in no time. Also, welcome to the forums!

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

Current Scores



Message 2 of 12
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Regular Contributor

Re: Discover it® Cash Back Approval.

Congrats on the approval! Seems like Disco's dishing out low SLs lately for mid 600s. There is a ton of info on rapid CLI's with them however! Keep us posted how it grows. Smiley Happy

Current: Gardening...


FICO 8: EX:TU:EQ:

As of June 2019. Total CL: $24,900; Goal: $50,000
Message 3 of 12
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Valued Contributor

Re: Discover it® Cash Back Approval.


@jordandhale95 wrote:

Discover ... only approved me for a $500 credit line. Seems like a waste of an account. 


I understand the disappointment. However if you read some of the dedicated Discover threads you'll discover (pun intended) $500 today can be 15K tomorrow.

Congrats! on getting approved.

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (03/3/2020): FICO 08 EXP: 749; TU: 758; EQ: 761
2019 Goal Score: 800 across the board


Take the myFICO Fitness Challenge
Message 4 of 12
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Regular Contributor

Re: Discover it® Cash Back Approval.

1985, I'm hoping so! I'm above a 650 on all three bureaus with a pretty extensive report (two auto loans, 2 credit cards, personal loan, student loans.) I do have quite a few hard inquiries (around 30 on each report) from auto shopping and refiancing and my DTI ratio's a bit high (35%), but a $500 CL is kind of a smack to the face.

 

Also, thanks! I've browsed the forum for awhile, but never decided to sign up until just today. 

Current Score (01/13/2020): EXP: 680; TU: 684; EQ: 665
Gardening as of 01/13/2020

Community America CU Cash Rewards - $10000 | Discover It Cash Back - $4000
Nordstrom Credit Card - $4000 | BMO Harris Cash Back MasterCard - $4000
Discover It Cash Back - $2000 | US Bank Cash+ Visa Signature - $2000
Target Red - $1100 | Chase Starbucks Visa - $1000
Capital One Quicksilver - $700

Total Credit: $28800
Message 5 of 12
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Established Contributor

Re: Discover it® Cash Back Approval.

Don't despair. My SL is 900, but I was happy my foot is in the door. Discover can grow rather quickly. Just be patient and enjoy your Disco! Congratulations!
Message 6 of 12
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Valued Member

Re: Discover it® Cash Back Approval.

I. Suddenly greatful for my 2K SL; I’ve read a lot of recent approvals at 500 or 900. I can’t wait for it to grow. I was approved at around 660 with 18% útil. 

Message 7 of 12
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Regular Contributor

Re: Discover it® Cash Back Approval.


@jordandhale95 wrote:

1985, I'm hoping so! I'm above a 650 on all three bureaus with a pretty extensive report (two auto loans, 2 credit cards, personal loan, student loans.) I do have quite a few hard inquiries (around 30 on each report) from auto shopping and refiancing and my DTI ratio's a bit high (35%), but a $500 CL is kind of a smack to the face.

 

Also, thanks! I've browsed the forum for awhile, but never decided to sign up until just today. 


Be grateful that Discover even approved you with your profile. I got my first CLI auto fromt them 4 months after I got the card. It will grow sooner than you expected. Good luck!


Message 8 of 12
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Frequent Contributor

Re: Discover it® Cash Back Approval.

Never fear, it will grow!  I started at the $500 limit as well just shy of 2 years ago, at $3100 now.  Not leaps and bounds, haha, but progress nonetheless ;-)  Congrats!!!

Present Day...Equifax: 765, TransUnion: 778, Experian: 758
Sept. 2016...Equifax: 652, TransUnion: 608, Experian: 597
PenFed CLOC: $500
Message 9 of 12
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Regular Contributor

Re: Discover it® Cash Back Approval.

I've never considered applying for a Discover card until today - do they have strict criteria? My scores may be on the lower end, but my report definitely isn't bad. Great payment history, low credit utilization, good mix of trade lines. 

Current Score (01/13/2020): EXP: 680; TU: 684; EQ: 665
Gardening as of 01/13/2020

Community America CU Cash Rewards - $10000 | Discover It Cash Back - $4000
Nordstrom Credit Card - $4000 | BMO Harris Cash Back MasterCard - $4000
Discover It Cash Back - $2000 | US Bank Cash+ Visa Signature - $2000
Target Red - $1100 | Chase Starbucks Visa - $1000
Capital One Quicksilver - $700

Total Credit: $28800
Message 10 of 12
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