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Should I accept Discover "pre-approval" offer?

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Should I accept Discover "pre-approval" offer?

I posted a few weeks ago... After improving my credit score a bit (TransUnion pulled a 659), I was approved for $7,250 in new credit ($6,500 Chase Slate and a $750 J Crew Card) as well as a new Amex Zync Card. I transfered some BofA and Barclays balances over to the slate and I have been using my Zync card (haven't used J Crew yet). I was also denied a Citi Forward card (said my balances was too high) and a British Airways Card (I applied right after my Slate offer, said I had too many new accounts with Chase, fair enough). I now just got a Discover 15 month balance transfer offer in the mail. 

 

1) What FICO score does Discover pull

2) How hard are they on new applicants

3) How generous are they with new credit lines

 

After balance transfers and paydowns, here are my balances and CLs

BofA - CL $600, Balance $0

BofA - CL $2,600, Balance $0

CapitalOne - CL $500, Balance $0

Slate - CL $6,500, Balance $3,193

Citi - CL $4,050, Balance $1,969

Household - CL $300, Balance $0

Junper - CL $750, Balance $0

J Crew - Cl $750, Balance $0

 

Right now, I am doing Citi's payment partner program (pay down balance, pay no interest if you pay enough over the mininum). I've paid down about $2000 in debt on that card. I'll have about $1,000 left by the end of the program. I wouldn't mind having a 0% APR Discover card to transfer that balance to given Citi is at penalty APR. My only issue is getting rejected because of so many recent inquiries and suffering a further hit to credit score (though my utlilzation decreased significantly in a month due to Slate's offer). Discover offer expires June 30. 

 

 

 

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Valued Contributor

Re: Should I accept Discover "pre-approval" offer?

Right now, you have quite a few high cc balances there I would wait until you pay them down and your utilization is low, Discover is a conservative bank, and in your thread you mention citi denied you, and citi is more lenient than discover.  Be patient soon enough a discover card will come your waySmiley Happy   I waited a whole year for my discover card after my 1st denial for a discover,.


Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800
Message 2 of 3
Contributor

Re: Should I accept Discover "pre-approval" offer?

After reading up on Discover pre-approvals, I went ahead and applied...

 

Approved for $4,000 CL Smiley Surprised

 

$11,250 in CL approvals in the past few weeks. Nice.

 

This is my last application for a year. I'll work to pay down my Citi/Chase balances and get my utilization even higher. Next year I'll work on applying for big boy cards (Amex Platinum, Chase Sapphire, Airline cards like British Airways or Citi AAdvantage, etc). 

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