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Question By
akgriff

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1 Person Helped
Should I apply for a Discover IT card?
I currently have 6 hard inquiries on my credit score (3 from buying a car in 12/13), and a CK score of 721 (Bank said 620-ish, can't remember exact score). I have 2 credit cards, one with a local credit union with a CI of 500 (Recently moved to unsecured from secured) and a Capital One Platinum that I have had since 12/14, that recently got bumped up from a 1000 CL, to a 2000 CL. I am tempted to apply for a new Discover card to increase my credit utilization and total number of accounts (currently have 4 open accounts; car, mortgage, and 2 CC), but it will bring down my average age of credit history. Any tips on what I should do? I hear the Discover IT card is a really great card to have with perks and a pretty decent credit limit.

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b. boggs

Helpful to 6 out of 7 people

I would not apply for any more credit until at least 4 of the 6 hard inquires you say you now have come off your credit repor, because when they come off your score will jump maybe 15 to 20 points. So if you now have a 620 score  then that plus points you should get from other facters such paying bills on time, and a longer credit history just to mention a couple while you're waiting to get those hard inquires to off. To me it would be worth the waite because it could be the difference between being approved, or being denied, and definately a higher credit limit when you are approved. The DISCOVER IT card is a very worth while card, and you should enjoy using the benefits associated with it.....GOOD LUCK!!... You can't put much stock in your score on CK I find it to be always much highter than your actual score will be. Don't make the mistake of applying for any type of credit solely on what  your CK score is. If you do you'll end up with a bunch of rejections, and hard inruires which are very damaging to your score when you get more than 2 in a short period of time.

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1 Person Helped

Helpful to 1 out of 1 people

Might take a quick hit on your credit score,but Discover IT is my favorite credit card. Transfered my credit union card debt to Discover to save 15 months of interest, while gradually paying it off. Most cards charge 2-3% on transfers that eat up some savings. 

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I would

Helpful to 1 out of 1 people

I just applied for that card and the chase freedom card. Got approved for both but do not know the credit line on discover. It has good rewards and you get a free fico score with your statement. If you ever travel outside the U.S., it has no transaction fee. Though, I do hear they give low lines of credit but can have them reconsider the credit line if approved. I just did so with the freedom card I was approved for. 

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Reply by
FirmAndSteady

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145 People Helped

If you haven't received your card yet, then call Discover for your details/CL.  Their customer service is top notch!

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inquiries come off

Helpful to 1 out of 2 people

how long do inquires stay on your account.when do they drop off

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Reply by
tinykay1

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Inquiries stay in your report for 2 years. After 1 year they have no impact. The most impact is in the first 6 mo

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Reply by
tinykay1

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Helpful to 0 out of 1 people

However the have the least pact on your credit score than anything else. 10%. But you shouldn't have more than 2 a yr, 4 max. Not too many at the same time. 

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145 People Helped

Good credit for Discover It approval

When you get a little time since the last hard hits, also make sure you have your scoring up into the high "good" or excellent range.  You're much less likely to receive a denial.

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4 People Helped

If you did not have Discover It before

I am out of BK ch7 since 05/14 (18 months) and was just got approved to Discover It card with the line of $6,500. Never had Discover card before. According to their letter, my Equifax score was 662 at the time I was approved (although CK shows 707). Anyways I was surprised to get approved. Another thing could have helped the decision is that I only had 1 inquiry on my EQ report, where as on TU has 10 (6 aging out soon) and EX has 6. 

Cheers and good luck.

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12 Contributions
169 People Helped

I would say no

First off Discover is not accepted everywhere.  They are heavy fishers for customers.  As far as a hefty limit, try Capital One Venture.  That card goes as high as 15000.  No matter what limit you get, the more you spend the higher the payment.  I don't think any Discover card is appealing.  Many of your retailers do not accept them.

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2 People Helped

Go for it!

Helpful to 0 out of 1 people

Inquiries have less affect  over time (6 months).  If you are turned down solely based on inquiries, then there is something else a lender does not like.

"There are 3 important facts about inquiries to note:

  • Inquiries usually have a small impact
  • Many types of inquiries are ignored completely
  • The score allows for "rate shopping"

http://www.myfico.com/CreditEducation/New-Credit.aspx

Try the "find my offer" link on the Discover site and see if you have any offers.  The Discover iT is a great card that is offering double cash back right now.

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