Questions about obtaining multiple Discover cards

Anonymous · ‎05-03-2017

I have a Discover It that is a joint card that was originally my Mom's card and I was an au on. Back when I didn't know any better I called in and had myself added as a joint account holder.

Problem is this card will not grow. Mom's credit has took a downward turn because of problems with my sis ( whole other story).

I've read a couple post that say that it is possible to split myself off of this account and carry a portion of the credit line with me. That would start me off very small but hopefully could get it to grow relatively fast.

Or would I be better off applying for another card. Don't know if I can apply for the It since I'm on this one but maybe could apply for the miles card.

Anyone out there with any experience with a situation like this.

my Eq score is around 715 and utilization stays between 1 to 3% on about 200k available credit.

Anonymous · ‎05-03-2017

Highly doubt any creditor would split into two accounts plus why would you want your mom's tough history attached to yours in any way?

Apply yourself. Try the pre-qualification page.

Anonymous · ‎05-03-2017

@Anonymous wrote:
Highly doubt any creditor would split into two accounts plus why would you want your mom's tough history attached to yours in any way?

Apply yourself. Try the pre-qualification page.

Sorry, forgot to add. I have paid this account since the beginning. It was opened in March of 2015 and has never been late and rarely carries a balance. She opened it to help me rebuild after my own credit problems.

I do have several 6+ year old baddies including several paid chargeoffs and an auto repo.

I did actually try the prequal but as we all know Discover's is not very reliable.

I do prequal for a couple Amex and Cap one cards tho. So I'm guessing I'm looking a lot better.

Anonymous · ‎05-03-2017

@Anonymous wrote:
@Anonymous wrote:
Highly doubt any creditor would split into two accounts plus why would you want your mom's tough history attached to yours in any way?

Apply yourself. Try the pre-qualification page.
Sorry, forgot to add. I have paid this account since the beginning. It was opened in March of 2015 and has never been late and rarely carries a balance. She opened it to help me rebuild after my own credit problems.

I do have several 6+ year old baddies including several paid chargeoffs and an auto repo.

I did actually try the prequal but as we all know Discover's is not very reliable.

I do prequal for a couple Amex and Cap one cards tho. So I'm guessing I'm looking a lot better.

The older those derogatories are, the less effect they'll have on your overall report, and if you're willing to wait a while longer, they should drop off your report entirely before too many more months pass. As to the prequal, what sort of APR quote did you get? Nothing is ever a 100% sure thing in credit applications, but if you got a single-figure quote, even a relatively high APR like 23.49%, I'd say your chances are good (that's what I was approved at), followed up by a small-range (3-4% spread) quote. If you get one of those 16.49% - 23.49% things, though, yeah, I'd give it a pass unless you like gambling.

Alternately, if you have the cash available, you can try for a secured Discover. Your chances for that should be pretty good and that card has a good track record of graduating to unsecured.

Anonymous · ‎05-03-2017

Not to push you to a bad decision, but I was approved yesterday despite the wide spread rates on prequal. My only baddies (3 paid/released tax liens) are newer than yours (2015) and my AAoA is likely much shorter than yours as I just got my FICOs to show up yesterday.

Obviously YMMV but I'd assume you're in better shape than I am as none of the prequal sites liked me. I applied anyway and it worked out.

AverageJoesCredit · ‎05-03-2017

I think its time to try to get your own Discover card, if you go for it i hope you get it. Id give Disco a call and explain you are looking to get your very own card and see if they can change ownership back to just your Mom. Let us know how it goes

Anonymous · ‎05-04-2017

@Anonymous wrote:
I did actually try the prequal but as we all know Discover's is not very reliable.

Did you get a solid APR?

@AverageJoesCredit wrote:
I think its time to try to get your own Discover card, if you go for it i hope you get it. Id give Disco a call and explain you are looking to get your very own card and see if they can change ownership back to just your Mom. Let us know how it goes

I'd be concerned to do that first though since they could take off the account entirely...

Anonymous · ‎05-04-2017

If I'm following you
Mom basically opened the account 'for' you, as your Trojan Horse...as you are really the only user of the card and you pay the bill
Which has never been late and has been managed well since March 2015
It's just that the card is joint that concerns you?

a) First and foremost Discover can be a frickle hard to figure lender, period...some ppl get CRAZY CLIs with them while others barely move (see PLENTY of WTH accounts of this being true all over this very site)
That's the 1st issue to consider

b) Of course you could app for a new Discover, you can have more than one that is of less concern
What may be more important is the strength of your overall profile, you may be right, your profile may warrant a bigger SL and sometimes like Cap-1 like lenders just give better SLs when you app new accounts ( sucks but has been proven to be the case, for some)

c) One thing I want to mention, especially for Momma's sake
Even if you app up a new account, please consider allowing Momma to keep this account open, as in don't closed it from under her feet...Why?
Because you said her fortunes have changed (possibly due to helping her other child, your sister) anyway, the point I'm driving at is this account is a bright spot on HER credit
With 2 years of solid history ( since you said you pay and maintain it) so leaving it open would benefit Momma, who helped you out in the past
You don't need to 'use' the account anymore but allowing it to sit on Momma's credit does Momma good...that aging account, especially with light to no use utilization works in Momma's favor, so for her sake be her Trojan Horse this time,son😎

Anonymous · ‎05-04-2017

Or daughter (sorry, didn't know which)😀

Anonymous · ‎05-04-2017

Thankyou toall for your input and suggestions. I definitely plan on keeping the current one openfor Mom if she wants it.

Guessthe only way I'll know is to hit the apply button.

Soon as I get the nerve to try, i'll be sure to post the results either way.