Targeting Discover It - Update: Approved

[K-in-Boston]

@Anonymous Sorry I missed the question on Jordan’s. @Anonymous answered that quite well. Jordan’s has an automated kiosk to apply. Went in with the intention of paying for it with my SPG card for the points and then balance transferring it, but the offer was 84 months no interest. We got an approval for $10,000 and bought a couch for a little over $4,000. If you don’t get approved with enough of a buffer you could likely call TD Bank for a reconsideration, and there is a CLI button on the website for the card. Ours had to be special-ordered and we didn’t take delivery until late March so it showed $0/10,000 on our credit reports for the first couple of months. When the couch was delivered I made an immediate payment of $1200 or so to bring it down to 30%. I’ll probably lose out on a bit of that interest-free period, but it’s not the end of the world.

[Anonymous]

Thanks @TortoiseWins  and @K-in-Boston,

I don't really need another credit card and only intention was to take advantage of 0% for 5 years. I am hoping to get a good limit on Discover. The details on Discover IT says they also offer 14 months 0% on purchases. That will work well too. 

[Anonymous]

Thanks for everyone's suggestions. I applied for Discover IT card and got approved for 8k limit. 10k would have been ideal, but it should be okay. 

[Adkins]

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@Anonymous wrote:

Thanks for everyone's suggestions. I applied for Discover IT card and got approved for 8k limit. 10k would have been ideal, but it should be okay. 

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Congratulations! 

[joltdude]

Powerade1,

8k out of the gate for discover is decent... Still think you might see some movement but give it a little time... Discover is a bit unpredictable...

Now onto the "prediction"...(not definite by a long shot) This is discover were talking..

If the card gets some use... not heavy use.. just some use.... somewhere after your third statement youll get an auto-cli... 

If not. hit the button.. 

Youll get there before the end of your first year .....

Congrats

-J

[Anonymous]

Sweet! Congrats!

[Anonymous]

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@joltdude wrote:

If the card gets some use... not heavy use.. just some use.... somewhere after your third statement youll get an auto-cli... 

If not. hit the button.. 

Congrats

-J

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I was planning to use the card for about 5k and then some routine usage. Since purchases are 0% for 14 months, was hoping to take some advantage. How much is considered "heavy usage"? 

[joltdude]

Were getting into YMMV land again.. but .. my def of heavy use for disco is coming close to maxxing it out and paying it off..... Discover is as folks will say.. a bit unpredictable as what they want to see..  But the use most of the limit and repeat tactic doesnt seem to do much .....  You still have an advantage over many folks.. you have a high score, you dont have a handful of credit cards (competition)... Even in this financial climate were in now...  and they flatly out admit they prefer revolvers over transactors... So keeping a moderate balance during the 0 period might work nicely for you.. 

-J

[Anonymous]

Thanks joltdude, I am planning to carry balance just to make full use of 0% purchases. worst case worst, i won't get any SP CLI for 14 months. 

[kshurika]

Nice going powerade1. Three months ago I got a 6K SL, but my numbers were nowhere near yours. As joltdude mentioned, though, there was no HP because it was my first (and probably only) Disc card. I've been hitting it pretty heavily, because the first year you've got to love that 2X cash back, especially in the 5% categories. Now, with a recent 130% boost in my total CL and a large upswing in my FICO scores, I'm going for a CLI after my 4th statement, next week.

Congratulations, again.