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frokey

Should I try for a Discover?

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I currently have 2 active cards: CapitalOne Platinum ($1K due for CLI next month), and Ollo ($1.5K), both of which I acquired this year (got the Ollo in July). Before either of those I was searching for cards that I could get approved for to rebuild and Discover was one of the sites I searched. Each time I looked at their preselector, it returned one of their secured cards (which I didn't really want to do). At the time, my Experian FICO was in the low 600's. 

 

Well my score has improved bit by bit, and today I got a notice from Experian that it rose to 660 from 618 in July! Still not where I want to be, but a whole lot better than where I was! Anyway, I wasn't really looking for another card so soon, but decided to go to Discover just for the heck of it to see what it said. Lo and behold, I was preapproved for the Discover it Cash Back and the Discover it Chrome Card. Now, I'm wondering if I should go ahead and apply, or just hold tight for now. What do you guys think?

 

EXTRA INFO...

Both cards are paid in full right now, but the one of them hasn't reported yet, so EX is showing a 12% utilization.

I recently paid off a Chase settlement which is showing on EX now. Not sure about TU and EQ.

EX FICO: 660

TU FAKO: 688

EQ FAKO: 706

 

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discovery isn't the worst rebuilder. getting a third revolver is important so if not discovery, find a third.

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27 minutes ago, hegemony said:

discovery isn't the worst rebuilder. getting a third revolver is important so if not discovery, find a third.

Thanks Hegemony! I was concerned about the timing and didn't want to move too quickly. But if you don't think that's an issue, I'll go ahead and pull the trigger to see what happens. 

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If the Chase settlement is showing only on EX, put a security freeze on that file. Then Discover won’t be able to pull from EX. They pulled EQ when I applied with TU and EX frozen. 

You can freeze TU also if you want to. But you either have to create an online account or use the automated phone system. Only takes a few minutes to do via phone. 

The EX freeze is extremely easy to do on their website without having to create an account. 

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Thanks DPB. I think I'll wait just a bit longer to see if the APR will go down. Right now they're offering a little over 23%. Will let you guys know when I go for it and what happens when I do!

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47 minutes ago, frokey said:

Thanks DPB. I think I'll wait just a bit longer to see if the APR will go down. Right now they're offering a little over 23%. Will let you guys know when I go for it and what happens when I do!

waiting is fine but APR doesn't matter.

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8 minutes ago, hegemony said:

waiting is fine but APR doesn't matter.

True since I'm not carrying a balance (and don't plan to). 

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1 hour ago, frokey said:

Thanks DPB. I think I'll wait just a bit longer to see if the APR will go down. Right now they're offering a little over 23%. Will let you guys know when I go for it and what happens when I do!

As hege said, APR doesn’t matter. PIF and your APR is zero no matter what the T&C say it is. Plus it’s Discover, you’re never going to get a low APR other than the 0% they offer for the first year or whatever. 

Also, if you have a settlement that’s on only one report, waiting is probably a bad idea. Even if you freeze your reports, a legitimate account will report. A freeze only stops new applications. 

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3 minutes ago, DPB said:

As hege said, APR doesn’t matter. PIF and your APR is zero no matter what the T&C say it is. Plus it’s Discover, you’re never going to get a low APR other than the 0% they offer for the first year or whatever. 

Also, if you have a settlement that’s on only one report, waiting is probably a bad idea. Even if you freeze your reports, a legitimate account will report. A freeze only stops new applications. 

Ok, ya'll are pushing me over the edge! lol I'll let you know what happens in a few minutes.🤞

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4 minutes ago, frokey said:

Ok, ya'll are pushing me over the edge! lol I'll let you know what happens in a few minutes.🤞

Don’t take that as me telling you to get the card or not. That’s entirely your decision. It should just be an informed decision. 

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3 minutes ago, DPB said:

Don’t take that as me telling you to get the card or not. That’s entirely your decision. It should just be an informed decision. 

Totally understand DPB. I pulled the trigger and my jaw is on the floor! $9,000 credit line!!! I can't believe it!!

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2 minutes ago, frokey said:

Totally understand DPB. I pulled the trigger and my jaw is on the floor! $9,000 credit line!!! I can't believe it!!

Congrats! They like you more than they like me. That’s a significantly higher initial CL than I got.

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3 minutes ago, DPB said:

Congrats! They like you more than they like me. That’s a significantly higher initial CL than I got.

Heck, they like me more than like me!! LOL!! I was expecting like $1500 or $2000 max. Again, thank you guys for giving me the info I needed to move forward!

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13 hours ago, frokey said:

Experian ... rose to 660 from 618 in July!

Congrats on your progress, and keep it up!

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Let us know who they pulled and general location for future reference.  Their prequal site seems to be solid.  In my case, last year they soft pulled EX for a prequal and then pulled TU for the hard.  Regardless, nice CL.

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1 hour ago, pacemaker67 said:

Let us know who they pulled and general location for future reference.  Their prequal site seems to be solid.  In my case, last year they soft pulled EX for a prequal and then pulled TU for the hard.  Regardless, nice CL.

It looks like they only pulled EX. Usually CS and CK will send me immediate alerts when soft or hard pulls occur, but I’ve only gotten an alert from EX. I’m in Mississippi. 

Edited by frokey

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