Should I apply for Discover or wait?

[Anonymous]

Hello everyone.  I would like to apply for this card because of the cashback rewards and also for an extra gift certificate rewards that I found in the newspaper this past week.  Scores are in my signature and I believe I have 4 inquiries since November 2010 and haven't applied for anything since.  I just paid off my car earlier this month but I don't think it has reported yet.  Not sure if my scores will increase or not but I'm thinking this would better my chances.  No lates or baddies either.  Last I checked my UTIL is around 36%.  Also, I have a Sam's Club CC and I know they also offer Discover.  I've had the card for 10 months now.  I'm assuming this will also better my chances.

I'm not sure which CRA Discover pulls and I don't know they're requirements.  The offer expires 6/30/11 so I have time to decide.

What are your thoughts/opinions?  Will a 600+ score get me in the door?

Thanks.

[DI]

TLC tip...I think you should wait until you get your utilization down.  Once you do that your score will rise to the 700s giving you a better chance of approval.  Also having the paid off car updated on your CRAs may help too.   You passed the inquiry and no baddies category.

[Anonymous]

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@DI wrote:

TLC tip...I think you should wait until you get your utilization down.  Once you do that your score will rise to the 700s giving you a better chance of approval.  Also having the paid off car updated on your CRAs may help too.   You passed the inquiry and no baddies category.

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+ 1        Me 2nd ~  I agree with DI ...  be patient for best result ... don't rush.

[Anonymous]

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@DI wrote:

TLC tip...I think you should wait until you get your utilization down.  Once you do that your score will rise to the 700s giving you a better chance of approval.  Also having the paid off car updated on your CRAs may help too.   You passed the inquiry and no baddies category.

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Hahaha

[Anonymous]

So you guys think I should wait in general?  I HIGHLY doubt my UTIL is gonna be down to <10% before the end of June unless a miracle happens.  I can be patient but I didn't wanna miss out on the offer.  No biggie though, as I'm sure there will be more and possibly better deals to come.

[android01]

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@Anonymous wrote:

So you guys think I should wait in general?  I HIGHLY doubt my UTIL is gonna be down to <10% before the end of June unless a miracle happens.  I can be patient but I didn't wanna miss out on the offer.  No biggie though, as I'm sure there will be more and possibly better deals to come.

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Discover primarily pulls TU, and your TU score is on the edge of what they'll consider, IMO.  Besides, June is only two months away, and if your UTIL goes down to <10% you'll likely be over 700, barring any baddies and the like.  Everything I've read seems to point to Discover liking scores over 700 for sure, and preferably over 720.

[Anonymous]

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@android01 wrote:

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@Anonymous wrote:

So you guys think I should wait in general?  I HIGHLY doubt my UTIL is gonna be down to <10% before the end of June unless a miracle happens.  I can be patient but I didn't wanna miss out on the offer.  No biggie though, as I'm sure there will be more and possibly better deals to come.

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Discover primarily pulls TU, and your TU score is on the edge of what they'll consider, IMO.  Besides, June is only two months away, and if your UTIL goes down to <10% you'll likely be over 700, barring any baddies and the like.  Everything I've read seems to point to Discover liking scores over 700 for sure, and preferably over 720.

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Thank you android.

[FicoScore626]

I agree with waiting until you get your utilization down before applying, BUT, if you become a little impatient and your app finger becomes VERY itchy and you end up not wanting to wait for their next offer, I can tell you that I got approved for a Discover More card last month with lower scores than yours (TransUnion-674, live in New Jersey), higher utilization  (48%) and some negatives on my report (5 90-day student loan late payments in 2008). I  received two pre-approvals from them and actually wanted to wait until I got my  utilization way down before accepting their offer but circumstances led to me needing a little more credit than I had with my existing cards so I took a huge gamble and called up Discover and accepted their offer.To my absolute SHOCK they approved me for $3500.. I still have NO idea why they approved me -- I was probably a lucky exception -- but I am grateful, lol..

I have 9 other accounts (credit cards and store cards), all less than two years old, and all in good standing, and I've never paid any of them in full, but always paid way more than their minimum payment and multiple times each month.