Applying for a Discover - Questions

[Anonymous]

When should I apply? I currently have 15 derogs, 14 of which have been paid off. 4 of them are due to update to zero balance in the next 30-40 days. Fico lists my UTI between 5-60% due to two of these balances (that are now paid) being over the limit. I want to apply for the Discover card, but I am fine with only being allowed to do secured, as I'll do the $2500 max. However, should I wait till these report a zero balance which will in turn take my UTI down below 10%. I think I will get a slight bump in my FICO when this happens. However my scores are soft depending where you look FAKO/FICO 600-650. 

I currently have two cards reporting positively. And 2 new cards that haven't reported yet. I have a car loan for $15K that was for 72 months, but paid it off in 12.

Opinions?

[Anonymous]

In my opinion wait 2 or 3 months like you say your scores update big and your credit look better too. they approve me with a EQ 622 but nothing bad in my credit. 

[Anonymous]

In my opinion, Discover will be really picky about 15 derogs.. but there are surprises on here daily..
The only way to know is app.

But if it were me i would wait

[Anonymous]

I think you should wait for these changes to report.  I wish I waited before applying for the Discover card when I did.  When I applied in Feb 2016 my EX score was only a 628 (with one collections account on my credit report) and I was not given an instant approval.  Instead they gave me a counter offer in which they approved my application but I did not qualify for the 0% APR for 12 months which was what I was applying for.  And they only gave me a SCL of $1.6k.  Since Feb 2016 my EX score increased to a 687.  So I wish I has applied for the card now and would have most likely been approved for the 0% APR offer for 12 months and for a much higher CL.

Just my two cents.... 

[Anonymous]

Yes...I agree.  It has been my experience that the longer u can wait the better SL, APR, and Promotional offers you will get.  I wish I would of waited to app for a couple of my cards as I could of gotten much higher credit lines down the road.

[OmarGB9]

I'd say wait. It can only help improve your chances.

[NichelleN]

I'd heed the advice and wait until everything has reported. I applied for Discover in May of 2015 with scores similar to your quoted scores. My reports had a judgement that was due to age off within 9 months. I was turned down flat and didn't receive an offer for the secured at all. After the judgement was removed (early exclusion) I applied again in November with no judgements, no collections and a higher score. I was approved with a $6.5K starting limit.

If you can afford to wait, do it.

[RonM21]

I'd wait OP, as others have suggested. You'll be in better positon hopefully down the road. The last thing you need is a HP denial while you are on your way to improving.

[Anonymous]

Does Discover use one of the 3 CB as their main reference or all three?

[Anonymous]

In my state they pull EX & EQ. If you Google credit pulls database you can see what was pulled for those approved in your state.