Targeting Discover It - Update: Approved

[Anonymous]

Hi Guys, 

I have excellent credit and good income. I have one credit card. I want to apply for Discover IT card. I have one auto loan for 20k for next 3 years. I have 2 inquiries by auto loan lender from 2017. Does my profile looks good to get around 10k limit?

Mod note:  I've updated your subject to reflect your approval; feel free to change/edit if you would like.  --UB

[joltdude]

Sounds good but a little more info is usually in order.... Some FICO scores perhaps... 

Credit Scores are a part of your profile your not quite telling us... 

Discover likes clean and thinnish files.. (which is what I think i see here)...

I'd sign up for Credit Scorecard and get one free FICO from discover monthly.. and it will put you on the preapproval radar.....

Come back and tell us the score CS gives you 

And we can guide you a little more (ideally youd have all 3 scores from TU, EX,  and EQ) but if you do get the discover the in-account score is a different Credit Reporting Agency than the one in Credit Scorecard so you end up with 2 out of 3... 

After we find out a little more about you, and presuming the score(s) are good, id then wait a few days. and try for a preapproval....  

-J

[Anonymous]

Thanks for your reply joltdude,

I will register for  scorecard. If it helps, my current Bank Of America credit card scoring system shows 810.  

Once again thanks for your reply.

[K-in-Boston]

Welcome to the forums!  I think there's no doubt you would be approved with an 800+ score (the Bank of America score is a FICO 08 score based on information in your TransUnion credit report).  Discover doesn't always grant large starting lines (sometimes they do, though!) but they can grow pretty quickly with usage and with the customer requesting credit line increases periodically through their website (which doesn't ding your credit score with inquiries as they use a soft pull; in rare cases where they would need a hard pull (inquiry) they will ask first).

[Anonymous]

Thanks for reply K-in-Boston,

I see you also have Jordan's credit card. We will be getting some furniture and currently they have 0% for 5 years. I am expecting to spend about 5k there. I have money to pay it, but this offer looks good.  I thought it would be a loan but its actually a credit card. I am not sure if i want to keep this credit card except for getting the 0%. Do you suggest getting it? 

[Anonymous]

I’d say you’re ok for approval. The limit however is really impossible to guess. When I was researching discover IT prior to applying I saw many people with “high” scores getting 2-5k limits only. From what I I’ve read discover can grow quickly though if you don’t get what you’re hoping for. I have 3 other cards with solid limits (1-5k range) for me and had been approved for venture with a 10k limit a few months ago which is why I imagine discover started me at 10k. Good luck to you!

[joltdude]

As someone said that BOA score is a fico score (think it might be bankcard but for this case it doesnt matter) Still would sign up for CS... cannot promise anything but by doing so you might not get either any hp or even just 1 hp for apping. Should be good to go though with that 810. Perhaps wait a day or two, but dont even have to wait a week.. Also should get a decent offer on preapproval but cannot guess at CL.... you have an advantage not having a lot of cards on this with a high score. This card will very likely grow very nicely...

Love to hear how it goes..

[Anonymous]

 Thanks joltdude, Does Discover make 2 hp's for one credit card application? 

[joltdude]

They did the first time I apped and got denied, but thats awhile ago... as of late its usually 1 or zero, provided you have a preapproval offer...

Hence the second reason I recommended signing up for credit scorecard... The other was for the score itself. Basically since they already have the SP score from CS, they tend not to require that CRA as an HP..... Some folks have reported cards with ZERO pulls lately.. and its usually for the first card only.. not if you get a second one a year later... or close and reopen.... My second try apping and subscribing to CS I only got one HP for the card.... As always YMMV but the odds of only one or no pulls are pretty good... 

[Anonymous]

re: the furniture 0% card

The main pro is paying no interest. Some cons are:

-An inquiry. 

-An account that will be reporting a balance for however long you take to pay it down. And if you're approved for around the amount you want to spend, it will be reporting with high utilization.

-If you charge it on that card, you can't charge it on a card that will get you rewards of any kind. 

You have the $. It doesn't sound like you need the new CL with your score. You're also talking about another new CL (Discover). Discover generally offers 2% cash back the first year. I'd say if you get Discover and a sufficient SL to use it, charge the furniture on there and pay it immediately. 

If you decide to get the furniture card, if they ask how much you want to apply for, shoot high. If you only get approved for what your'e spending and do use it, AND if it's important for you to keep your scores up, then pay it down to below a reasonable threshold (which depends on your goals...below 90% for sure, then 60% and 30% are I think the breaking points for affecting scores). 

Remember that if you don't plan on apping for anything major, your score isn't really a concern and if you have the cash on hand to pay it and have a way to pay it, maybe charging the furniture and letting your score dip and making interest on the money you'd have paid them would pay more than the CC rewards. It all depends on your goals.