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Promo offer from Discover vs waiting for a higher CLI or lower rate


Promo offer from Discover vs waiting for a higher CLI or lower rate

I just tore up a promo offer from Discover, tore it up, threw it in the trash can.  After dinner I got it out of the trash to read the offer.  The terms (interest rate caps might best be described as orbital).


I found Discover soft inquires on all three reports, but the three most recent inquires (12/29/08, 1/21/09 and 3/16/09)  are all on my Equifax.  I have a small $22 collection that I disputed and refuse to pay (before I found this website).  I mailed my DV letter last week and plan to pursue a PFD.  This collection only appears on EQ and EQ is my lowest score.


I have 4 hard inquires in the last 2 years as follows: 

May 2008 US Bank REI VISA ($6,500)

July 2008 Barclay LL Bean VISA ($21,000).  I did not opt-out when Bank of America stopped providing an LL Bean card.

February 2009 Chase DisneyVISA ($4,600) because we plan to visit Walt Disney World this fall.

March 2009 Barclays US Airways Mastercard DENIED because I had adequate credit with them on other 


I have about $120k in available credit with a 0% to 1% utilization, PIF each month.   I don't need any more credit  cards but Discover and Citibank American Airlines Advantage cards are on my want list.  However, I was not going to apply until July 2010 at the earliest.


As I always PIF, I usually don't care about the interest rates on my cards.  I have seen many posts about calling to get a CLI and a few about calling to get a lower interest rate.  I really don't want another low limit, high interest rate card.  



-   Discover letter came today.  Since the last soft inquiry was after my last hard inquiry (March 2009) and the inquiry was on the CRA report with the CA, do you think it will get approved if I apply?

 -  Assuming I get approved with a low limit and orbital interest rate, how hard is it to get the interest rate lowered in a few years?  Is it better to wait until after I PFD my CA in order to get a higher credit limit and lower interest rate?

-  I assume my scores already took a hit for my newer cards, so is it better to add another new card since it was offered then sit back a few years in order to let them age or wait?






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Frequent Contributor

Re: Promo offer from Discover vs waiting for a higher CLI or lower rate

Does the promo tell you how much the limit will be on the Discover. I love Discover esp since I've been paying in full.  The rewards are pretty good esp without an annual fee.  Our limit is only $1000 but they've lowered the IR as long as we don't pay late or go over the limit.  I would wait for the CA to be deleted until you app.  They've been stingy with CLIs.

Where I was 8/22/08 TU 581 EQ 554 EX 615
Where I am 7/30/09 EX 737 (FAKO) EQ 689 TU 745
Can't wait to see what my scores will be when all my accounts hit the 1 year mark!
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