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Pre-approved for a Discover it. First CC.

Champion54
Established Member

Pre-approved for a Discover it. First CC.

My FICO credit score is 720, my Transunion is 799, and Smiley Sad Equifax 620. 

 

 

I am applying for  discover car and they say I will get a 22.5% APR. I think it's a little high. Why is that?

Will it goes down if my credit score Equifax goes up?

 

Thanks.

Message 1 of 17
16 REPLIES 16
FinStar
Moderator

Re: Pre-approved for a Discover it. First CC.

There's a variety of factors considered with pricing.  The score(s) would be one of many elements, the others would be based on your overall profile.  Are you planning on carrying balances on the card, if approved?

Are the scores you provided FICO?  If so, what's holding your EQ down?

The plus side about Discover is that the standard APR can be lowered over time if your account is in good standing.

Message 2 of 17
Champion54
Established Member

Re: Pre-approved for a Discover it. First CC.

Equifax seem not to have picked my other accounts, only my Self Lender.

Message 3 of 17
Harvey26
Valued Contributor

Re: Pre-approved for a Discover it. First CC.

@Champion54 Apple Card Pulls TU. I would also try AMEX they pull Experian. Barclay is a TU puller also if you find one of their cards to be appealing.

Message 4 of 17
Slabenstein
Valued Contributor

Re: Pre-approved for a Discover it. First CC.

If this is your first cc, then lack of revolving history might be one of many factors determining your offered rate, along with score.  If I were in your position, I would still app for the card.  (Assuming that you want it, which I do b/c you were checking prequal. Smiley Happy)  As FinStar said, Discover is an issuer that lets you request APR reductions over time as long as your account is in good standing, so unlike with, e.g., Chase, you won't necessarily be stuck with a >20% rate for the life of the card.  Discover is also a very easy issuer to work with that focuses on customer service, so I think they're a great choice for someone new to credit cards.  With regards to whether your APR will go down as your EQ score goes up, I don't know which bureau Disco uses for account review pulls (if there's one that they use consistently), but to my knowledge they don't automatically lower APRs.  You'll need to request it via call or chat, after you've had the card for a little while.


Message 5 of 17
FinStar
Moderator

Re: Pre-approved for a Discover it. First CC.


@Champion54 wrote:

Equifax seem not to have picked my other accounts, only my Self Lender.


Can you elaborate what other accounts you currently have?  Are they student loans or...?

Message 6 of 17
Remedios
Moderator

Re: Pre-approved for a Discover it. First CC.

Is anyone going to ask about 179 points difference or do I always have to be the bad guy? 

Message 7 of 17
Remedios
Moderator

Re: Pre-approved for a Discover it. First CC.

Also, if you have no cards, what's generating scores for you?

Loans? AU accounts? 

Message 8 of 17
FinStar
Moderator

Re: Pre-approved for a Discover it. First CC.


@Remedios wrote:

Is anyone going to ask about 179 points difference or do I always have to be the bad guy? 


Go ahead love 🤗❤️

Message 9 of 17
Remedios
Moderator

Re: Pre-approved for a Discover it. First CC.


@FinStar wrote:

@Remedios wrote:

Is anyone going to ask about 179 points difference or do I always have to be the bad guy? 


Go ahead love 🤗❤️


😂❤️

 

 

Message 10 of 17
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