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New Discover It approval - $7K SL

LADave
Regular Contributor

New Discover It approval - $7K SL

I've been getting letters from Discover for several months now. Tonight I finally decided to give in, tempted by the 0% offer and the low APR after 15 months (15.29% - although the letter I got said 14.99%), 5% categories and double cash back at the end of the first year, and their stellar reputation for service and credit limit increases. This is my first time applying for (and getting) a card with Discover.

 

What finally tipped me over into applying tonight was the realization that it should soon be more difficult for me to get another card like this at a similar APR for a while, after my new auto loan with Premier America Credit Union gets picked up by the bureaus. And with the offer to get a new Premier America Mastercard on the table with the same hard pull, I'd rather get the Discover card now, before that card and the car loan show up on my reports.

This was my favorite Discover Card design by far.This was my favorite Discover Card design by far.

My Equifax file was pulled, and I honestly couldn't be more thrilled by that. My Experian file has 7 hard pulls over the last 2 years, and this is the first love my Equifax file has got in at that time. 😂 My Equifax FICO 8 was at 710 before the application.

 

The new Discover is now by far my highest-limit card. My two second-highest limit cards are now my Wells Fargo Active Cash and Chase Amazon Prime cards, which both have $4500 lines. My Apple Card isn't far behind at $4K.

 

At this point I'm now 8/24, and won't get below 5/24 until at least June 2023. I can live with that.

 

I wasn’t totally thrilled that the APR after the introductory period is 0.3% higher than was originally advertised to me (15.29% vs. 14.99). I’ll call Discover later this week and see if that can be brought back down.

Message 1 of 23
22 REPLIES 22
CreditMagic7
Super Contributor

Re: New Discover It approval - $7K SL

Congratulations on your new discover.jpg Card Approval!!

Message 2 of 23
Trini88
Established Contributor

Re: New Discover It approval - $7K SL

Congratulations 🥳. It's a great card!



Goal Cards:
Message 3 of 23
Elpadrino1
Valued Contributor

Re: New Discover It approval - $7K SL

Congratulations on your Disco approval!!

Message 4 of 23
CreditAggie
Community Leader
Super Contributor

Re: New Discover It approval - $7K SL

Congratulations on your Discover approval! The difference in the interest rate is due to the recent federal interest rate increase.

Current Cards (in order of approval):

            
Current FICO 8 | 9:  
Credit Age:  
Inquiries (6/12/24 month):  
Banks & CUs:                           Goal Cards:
                
Message 5 of 23
SEAlifer
Established Contributor

Re: New Discover It approval - $7K SL

Very nice!

AU

Message 6 of 23
gdale6
Moderator

Re: New Discover It approval - $7K SL

These mailers are prepared months in advance and the Federal Reserve just raised interest rates a .25% so that is why its now in the 15% range. After you have had the account for a year you can request a permanent APR reduction. Grats on your new Disco card Smiley Happy

Message 7 of 23
LADave
Regular Contributor

Re: New Discover It approval - $7K SL


@gdale6 wrote:

These mailers are prepared months in advance and the Federal Reserve just raised interest rates a .25% so that is why its now in the 15% range. After you have had the account for a year you can request a permanent APR reduction. Grats on your new Disco card Smiley Happy


Thank you @gdale6 ! And to eveyrone else for your congratulations.

 

After I posted, I suspected that the recent interest rate hike was the reason behind the slight bump in the APR. I may call to confirm, but there is very little difference in the APR, and I'm unlikely to carry a balance after the 0% period that would cost me interest. I really appreciate the tip to request a permanent reduction after a year.

 

The timing for getting the card seemed perfect. I did the application late last night, and this morning I saw that the new Premier America loan had hit my Experian report.

 

I'm inclined not to get the Premier America credit card that was offered, since I have met my credit padding goals with the Discover, and I don't want to look like an eager beaver with getting credit. (Plus, the rewards on the PA card are only 1.5 percent cash back at best - which I already get with my C1 Quicksilver.)

Message 8 of 23
CYBERSAM
Valued Contributor

Re: New Discover It approval - $7K SL

Congrats on your Disco approval! 🥂🤑👍👍





Message 9 of 23
coreyb80
Senior Contributor

Re: New Discover It approval - $7K SL

Congrats on the approval!

Message 10 of 23
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