Can I get a Discover with four negative accounts?

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stwill23
 
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Can I get a Discover with four negative accounts?

Postby stwill23 » Tue Jun 03, 2014 1:31 pm

I am in a rebuilding stage. My Experian credit score is 582 at this point. I have 4 negative accounts showing BUT my report does show 3 out of 4 of them paid in full. The 4th one is listed in the public column as a lien which falls off in 6 months. I know this is probably wishful thinking but is there a chance for me to obtain a Discover card? If not is there any other credit card companies that will help boost up my credit score within the next 6 months? Please advise. Thank you.


mdl28
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Postby mdl28 » Tue Jun 03, 2014 8:18 pm

Chances are slim to none. Try cap one, rebuild with them. Get your priorities straight and slowly take on the credit you can manage.

Good luck
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CarefulBuilder14
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Postby CarefulBuilder14 » Tue Jun 03, 2014 9:14 pm

stwill23 wrote:I know this is probably wishful thinking but is there a chance for me to obtain a Discover card? If not is there any other credit card companies that will help boost up my credit score within the next 6 months?


Do you currently have any cards open?

If yes, the most important thing to do for now is probably just to stay current on them. Providing more detail on the 'healthy portion' of your credit profile will help others give you more useful advice.

If no, a secured credit card could be the way to go. I don't know if your credit would qualify for a Bank of America secured card. You could probably get a Capital One secured card. Capital One's customer service has a bad reputation (though I've never dealt with it personally) but it might be the best way to go.

I was initially declined for a Discover with a short but clean history. Getting your score up will take time.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

takeshi
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Postby takeshi » Wed Jun 04, 2014 9:00 am

stwill23 wrote:If not is there any other credit card companies that will help boost up my credit score within the next 6 months?

If you want to improve your score see what you can do about your derogs as they are always a major problem and they're the biggest thing holding you back. Try forum site that is active in the rebuilding area.

Adding a card isn't likely to help you in the short run though it can help in the long run. You're going take a hit to AAoA, you're going to take a hit from the inquiry (possibly multiple given your credit) and you probably won't qualify for a limit that will really help your utilization.

See if you can address the derogs first then worry about apping.

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Jun 04, 2014 9:52 am

takeshi wrote:See if you can address the derogs first then worry about apping.


It is true that if you can get derogatory marks off your report - and prevent them from later reappearing - then that will probably raise your score more quickly than getting a secured card and making regular payments in full on it.

I don't know much about the ins and outs of getting genuine (non-fraudulent) derogatory marks removed from a credit report. I do know, though, that if you dispute derogatory marks, they will be temporarily removed while the credit bureau investigates the situation. In some cases (I'm not sure how often) a creditor that has been paid won't bother to send an answer to the credit bureau's inquiry. That result would improve your credit score.

What could be a bad outcome, though, would be:

1. You dispute the derogatory marks.
2. The credit bureaus remove the marks while they investigate the claims.
3. You apply for and get a Discover with your 'juiced up' FICO scores.
4. The creditors do reply to the credit bureaus, and they credit bureaus find the marks are legitimate and put them back on your report.
5. Your FICOs fall.
6. Discover sees the bad marks reappear and closes your account. Also, your credit history says the lender (not the borrower) closed the account and your credit history looks worse.

More information will help. My main point is: don't be suckered into paying for some service that claims it can fix your credit and get you a Discover quickly.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red



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