Helping a Client - Veteran Client Needs 3 Points for Loan Approval!

[Anonymous]

Preapproval can’t hurt I think it’s a soft pull, can anyone verify?

[Anonymous]

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@Anonymous wrote:

@credit8502020 Yes Discover likes thin files meaning those with hardly anything on it, but they like clean files. Yeah they like getting people fresh, so I would recommend someone with no credit try them, as long as they didn’t have any derogatories on record.

IME, I was doing my spree last year and Discover I believe was the first one on the list, but I got it quite quickly and put a charge on it and they reported so fast it made my head spin. Definitely less than 30 days @Anonymous can also attest I think.

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• I apped on 2/14/20 for the Discover IT Cash Back.
• 6 days later on 2/20/20 I had the card in hand.
• That same day I used it for a single $75 charge.
• Statement closing was on 3/6/20 (14 days later) and reported that $75 charge.
• My monthly myFICO 3B report on 03/10/20 showed the card with $75 reported balance.
• Pre-approval was a soft pull. I noticed they pulled TU- it was on the soft pull list of a TU annual credit report (02/14)
• HP was on EX

Get it and use it right away!

[credit8502020]

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@Anonymous wrote:

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@Anonymous wrote:

@credit8502020 Yes Discover likes thin files meaning those with hardly anything on it, but they like clean files. Yeah they like getting people fresh, so I would recommend someone with no credit try them, as long as they didn’t have any derogatories on record.

IME, I was doing my spree last year and Discover I believe was the first one on the list, but I got it quite quickly and put a charge on it and they reported so fast it made my head spin. Definitely less than 30 days @Anonymous can also attest I think.

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• I apped on 2/14/20 for the Discover IT Cash Back.
• 6 days later on 2/20/20 I had the card in hand.
• That same day I used it for a single $75 charge.
• Statement closing was on 3/6/20 (14 days later) and reported that $75 charge.
• My monthly myFICO 3B report on 03/10/20 showed the card with $75 reported balance.
• Pre-approval was a soft pull. I noticed they pulled TU- it was on the soft pull list of a TU annual credit report (02/14)
• HP was on EX

Get it and use it right away!

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@Anonymous Thank you for those specifics. Did you already have other tradelines when you applied for Discover? I'm also wondering how good it is for those that do not have any tradelines at all. While someone would typically want an unsecured card, I'm interested in knowing the different profiles/scores that would be best for their secured card vs unsecured. Also, if someone gets denied for their unsecured, would they use the same inquiry for the secured...all questions I need to get answers to at some point...LOL! 

[Anonymous]

Cassie had two cards at that time and one closed loan, but you can pre-qualify based on a soft inquiry, so you can see whether or not an unsecured is available without a cost. I believe you can do the same for the secured at Disco.

[Anonymous]

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@credit8502020 wrote:

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@Anonymous wrote:

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• I apped on 2/14/20 for the Discover IT Cash Back.
• 6 days later on 2/20/20 I had the card in hand.
• That same day I used it for a single $75 charge.
• Statement closing was on 3/6/20 (14 days later) and reported that $75 charge.
• My monthly myFICO 3B report on 03/10/20 showed the card with $75 reported balance.
• Pre-approval was a soft pull. I noticed they pulled TU- it was on the soft pull list of a TU annual credit report (02/14)
• HP was on EX

Get it and use it right away!

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@Anonymous Thank you for those specifics. Did you already have other tradelines when you applied for Discover? I'm also wondering how good it is for those that do not have any tradelines at all. While someone would typically want an unsecured card, I'm interested in knowing the different profiles/scores that would be best for their secured card vs unsecured. Also, if someone gets denied for their unsecured, would they use the same inquiry for the secured...all questions I need to get answers to at some point...LOL! 

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I had a total revolving credit history of 1yr 2mo with 2 open cards when I applied. 9% utilization on both with no scorable inquiries anywhere.

(Total lifetime credit history of 2yr 2mo - closed loan on file.)

@credit8502020:  I think Discover is your best bet here. Click this link to see some Discover approvals posted on the forum in the last 2 months, over a score range of 600-700.

Here's just one of them: 670, 642, 634 scores got a recent approval on Discover for $7K. ( Link )