Should I apply? Discover mailed me a prescreened offer.

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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Should I apply? Discover mailed me a prescreened offer.

Postby Shawn » Tue Sep 16, 2014 12:38 am

A few weeks ago I just reached 6 months with first credit card, Capital One. So just very recently I generated a credit score for the first time.

I want a Discover card ...but I decided I was going to wait until I had my credit card for 1 year before I applied to show a longer payment history, and maybe hope for an additional CLI from Capital One (C1 Credit Steps just recently upped it to $2000) .

But literally just a few weeks after I would've generated a credit score, Discover just me a prescreened offer. The prescreened offer has an exact interest rate listed not a range, and has the instructions on how to opt-out of prescreened offers.

Does that mean Discover wants me? I know I've recently read about people applying with new thin files to Discover, and Discover giving them decent credit lines.

Should I apply now? Or wait? I'd be upset if waiting a few months could get me a higher initial credit line from Discover.

What would everyone else do?

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Postby luvbullmarkets » Tue Sep 16, 2014 1:02 am

I say go for it.

Discover is pretty generous with credit noobs and often gives decent credit limits. Discover will continue to increase your limit over time whereas Capital One will just stop as your credit grows.
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Postby PlyrStar93 » Tue Sep 16, 2014 1:03 am

If it's me, I would respond to the offer. Considering the upcoming 5% category in online shopping, the card could come timely. If you wait you would miss the coming quarter.

Shawn wrote:Does that mean Discover wants me?

The prescreened offer does not necessarily mean Discover wants you, it's essentially advertisement. However, you receive the offer because you do have passed some kind of filter so you meet certain criteria in credit rating. The prescreening is not a complete review of your credit file.

Shawn wrote:I know I've recently read about people applying with new thin files to Discover, and Discover giving them decent credit lines.

One of my friends got Discover as his first credit card, prior to which he had no credit history of any sort. That guy got $500, though.
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Postby OldMan » Tue Sep 16, 2014 6:31 am

As long as you don't have any open negatives on your report, I'd apply. I got mine after receiving a pre-screen offer in the mail and had only one other card with only two months of history. I sent invitations to a couple of friends of mine, and one of them got flat turned down due to a open tax lien of $53.
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Postby popamode72 » Tue Sep 16, 2014 7:27 am

I think that's a good sign that you should app for it.
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Postby Vattené » Tue Sep 16, 2014 2:47 pm

I agree with everyone else and say if you want the card you should go for it. Realize that there is no guarantee, as has been pointed out, but since you got an invitation to apply your odds are good.

If your biggest concern is a lower limit now vs. a few months from now, you can alway request an increase once your account is more established with Discover (and with no HP). Assuming that would happen, and there is no way to tell, your AAoA would get a boost from becoming a member now anyway.
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Postby Berk » Sun Sep 28, 2014 7:16 pm

I have had my Discover Card for about 5 and a half years now. It was my first major credit card in about 10 years. I messed up my credit pretty bad and took a 10 year hiatus so it would all go away. I had an initial limit of 2500. It is now at 15500. Discover launched the rebuild of my credit. I now have almost $100,000 credit line between 5 major cards and a few store cards. I carry no balances either. If you pay your balance in full every month then all the rewards are true rewards and cash back is indeed free money. If you carry a balance then all the cash back rewards aren't worth it in my opinion.

Go for it and use it responsibly. It can be the beginning of great things for you (not to mention free money).
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