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Discover

RITATA78
Valued Member

Discover

I had a Discover card that was closed with a balance outstanding.  I have been paying that balance down for the past 3 years and the balance is now about $800.  

 

I recently went on an app spree and after adding new trade lines and paying down balances on my other accounts my util is under 30%.  Two of my new accounts are not yet reporting to the credit bureaus and I've paid even more of my balances down. 

 

One of the new accounts is a Penfed PCR with a $2500 SL.   

 

The Discover balance is not calculated in my util on MyFico.  But I don't know if my score will drop just from paying off the closed account.  

 

I would love to get back in with Discover and I'm considering transferring the Discover balance to Penfed or maybe Amex but I'm not sure what the APR is on BT. 

 

Just wondering how soon Discover let's people back in after paying off a closed account.  

 

And if there is anything else I should consider.  

 

It feels great to pay off these old debts. My DTI without the new accounts reporting is 24%. Six months ago it was over 60% and a year ago I was 120 days late on my Capital One card.  

 

So this rebuild journey has been eye opening.  

 

If anyone has any insight or experience with Discover please let me know. 

 

3 REPLIES 3
gdale6
Moderator

Re: Discover

I dont see how your Fico will be affected by paying off the 800. As far as getting back in with Disco the situation that led to the closure would have to be resolved. I am assuming here that the account was not late or a CO when closed.

Message 2 of 4
reynolam
New Member

Re: Discover

My husband was taken to court over Discover about 10 years ago. He never paid the balance to discover. Tonight he got approved with 4,000 limit. So I'm thinking since you are paying it off you should have a chance I'm sure as long as your current credit looks good to them. 

Message 3 of 4
Puppetmaster
New Contributor

Re: Discover

@RITATA78,

 

Discover sued me in the years following the Great Recession, as did numerous other creditors.  I was able to win a judgment against Discover after calling out lies that were made to the court by their attorneys.  Not only did the judgment wipe out my legitimate debt with Discover, one of their collection agencies had to send back money (thousands of dollars) I had previously paid them.  If there was anyone Discover wouldn't lend to again, I was that person.  But when I began actively rebuilding in 2019, Discover was one of my first approvals with a meaningful Line.  It was my first try with Discover following the lawsuit.  I can't say how soon I might have been able to get their card again following the judgment, since I didn't try for a while.  But they didn't blacklist me for as long as Citi or Amex did following writeoffs.  And recently Discover gave me a generous CLI upon my request without a hard pull.  So at a minimum, Discover should be better to deal with in your rebuild than some alternatives.

 

 


@RITATA78 wrote:

I had a Discover card that was closed with a balance outstanding.  I have been paying that balance down for the past 3 years and the balance is now about $800.  

 

I recently went on an app spree and after adding new trade lines and paying down balances on my other accounts my util is under 30%.  Two of my new accounts are not yet reporting to the credit bureaus and I've paid even more of my balances down. 

 

One of the new accounts is a Penfed PCR with a $2500 SL.   

 

The Discover balance is not calculated in my util on MyFico.  But I don't know if my score will drop just from paying off the closed account.  

 

I would love to get back in with Discover and I'm considering transferring the Discover balance to Penfed or maybe Amex but I'm not sure what the APR is on BT. 

 

Just wondering how soon Discover let's people back in after paying off a closed account.  

 

And if there is anything else I should consider.  

 

It feels great to pay off these old debts. My DTI without the new accounts reporting is 24%. Six months ago it was over 60% and a year ago I was 120 days late on my Capital One card.  

 

So this rebuild journey has been eye opening.  

 

If anyone has any insight or experience with Discover please let me know. 

 


 





Personal Credit: | 5/21/2019 - $0 | 12/16/2019 - $32,300 |

Business Credit: | 5/21/2019 - $0 | 12/16/2019 - $70,000+ |
Message 4 of 4
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