Thinking of getting a Discover card for FICO score

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Callmedory
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Thinking of getting a Discover card for FICO score

Postby Callmedory » Fri Nov 28, 2014 5:44 pm

Although we likely wouldn't use it much, since we have other cards (Amex Optima Platinum--which is NOT the Amex Platinum; Costco Amex; CSP). But I like the idea of knowing my FICO.

Not expecting to be refused as CL on all cards, including store/gas/etc is over $75K.

Any reason to NOT get one?


popamode72
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Postby popamode72 » Fri Nov 28, 2014 5:46 pm

Barclays provides a TU FICO that updates more than Discover's quite frankly. It also sends you an email when your score changes.
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Callmedory
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Postby Callmedory » Fri Nov 28, 2014 5:58 pm

popamode72 wrote:Barclays provides a TU FICO that updates more than Discover's quite frankly. It also sends you an email when your score changes.


I saw that Discover uses the FICO-08, a newer calculation (I think) that's being used more (I think). And it's free: no annual fee.

But thanks for the info! I'll have to look up Barclays' details.

popamode72
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Postby popamode72 » Fri Nov 28, 2014 6:07 pm

Callmedory wrote:I saw that Discover uses the FICO-08, a newer calculation (I think) that's being used more (I think). And it's free: no annual fee.

But thanks for the info! I'll have to look up Barclays' details.


Glad to help. I think Barclays uses the same FICO too so you'll be good with either card. Just throwing that out there if you find anything from them that you happen to like including the Sallie Mae MC or Arrival cards.
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Postby flan » Fri Nov 28, 2014 10:32 pm

Callmedory wrote:I saw that Discover uses the FICO-08, a newer calculation (I think) that's being used more (I think).


Pretty much everyone who is giving scores is using this score. (It's part of fico's attempt at keeping everyone thinking that they're the only game in town, which isn't true. Except for the broken mortgage system, which is wholly dependent on them, because it's not a competitive market.) But it's not, yet, widely used by lenders for approval purposes.

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Postby CarefulBuilder14 » Fri Nov 28, 2014 10:54 pm

Discover gives a TU FICO update consistently once a month. Barclays updates it irregularly - you might get 2 or 3 updates in a month, or you can get one every other month.

Amex gives me an EX FICO, but I think I'm one of the few lucky 'beta testers' or something.
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Postby popamode72 » Fri Nov 28, 2014 11:01 pm

CarefulBuilder14 wrote:Discover gives a TU FICO update consistently once a month. Barclays updates it irregularly - you might get 2 or 3 updates in a month, or you can get one every other month.

Amex gives me an EX FICO, but I think I'm one of the few lucky 'beta testers' or something.


I'm wondering when Amex is going to make those Ficos available across the board to all its cardholders. I don't have one on their redesigned website layout. Citi is going to make EQ FICO available in the future too.
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Postby yfan » Fri Nov 28, 2014 11:39 pm

Just getting a FICO score is not a good reason to get a credit card, regardless of how much I love the Discover card. If you are not going to use it, don't get it.

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Postby takeshi » Sat Nov 29, 2014 4:49 pm

Callmedory wrote:Any reason to NOT get one?

You'd really have to tell us what your dealbreakers would be. I wouldn't consider a FICO alone to be worth getting a card for.

Any reason to not use it's 5% cash back and the ShopDiscover/Offers cash back that stack on to the regular 5% categories?

Callmedory wrote:Not expecting to be refused as CL on all cards, including store/gas/etc is over $75K.

I wouldn't recommend relying solely on your total limits to determine approval odds.

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Postby Heels » Tue Dec 02, 2014 2:31 pm

Do you have a specific preference as to why the Discover card? More and more issuers are going to increase free access to credit scores. Although AMEX hasn't announced that it will yet Citibank, Capital One, Discover and Barclaycard are your other options as well.

Also, keep in mind that the type of credit scores you get from issuers may not be the same as what the credit lenders will see although they should be relatively close.



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