Should I pass on Discover?

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kelvSYC
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Should I pass on Discover?

Postby kelvSYC » Wed Mar 20, 2013 8:08 pm

Given the fact that Discover It is promoted by this very site and many others as one of the best out there, I'm in a conundrum.

Just today I received an offer in the mail from Discover to apply for Discover It. Problem is, in the past few weeks I've already opened two new credit cards. With my known credit scores showing extremely high variance (I have received a separate offer from a well known "fee harvester" bank for their credit card as well - that one went straight to the shredder), I don't think my credit score can handle three hard pulls (four if you count the one form more than 9 months ago), let alone the opening of three credit cards. (Besides, I would like to save a hard pull for a car or home loan.)

I would like to think that Discover, since they had to have soft-pulled me in order to send me this offer letter, would know that my credit score would not be able to handle so many hard pulls in such a short time. (Neither of my two new cards have cut their first statements, but I have used them and put money on them.) My gut feeling is that I will pay quite dearly if I were to apply.

What is your advice? Should I pass on one of the best credit cards out there, and wait for the next time they give me an offer?
Current Credit Scores:
VantageScore 3.0 - 760 TU, 764 EX (11-19-16, Credit Karma)
FICO 8 - 747 EX (10-22-16, AmEx statement)
Discover - 750 TU (11-4-16, Discover statement)

Current Credit Cards:
RBC - $8000 CAD
BoA - $13500 USD
Capital One - $2750 USD
AmEx BCE - $4000 USD
Discover It - $8000 USD


MemberSince99
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Location: WI

Postby MemberSince99 » Wed Mar 20, 2013 8:45 pm

It's really up to you. You don't give a score for EQ and that's who they almost always pull for new accounts. If you are interested in them you might want to check that. A 655 might be a bit low for them, while a 715 would be no problem at all I'm sure.

Assuming that's up to snuff, and you want the card, why not? If your average age of account is in the tank anyway, why not, then they can all age together, as can the inquiries. And an inquiry from 9 months ago isn't having much of an effect on your score, and in 3 months, it won't have ANY effect on it.

If you like the offer and want to get in with them, go for it.

DavidNY
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Postby DavidNY » Wed Mar 20, 2013 8:56 pm

I think the Chase Freedom is a better 5% rotating card, if that's what you're after. I have a Discover card because when I applied they offered 5% off gas with the Open Road card (now 2%).

Don't let a few inquires stop you from applying for this any other card. I've applied for three cards recently and have been successful even with over ten inquires. Utilization matters much more than the number of inquires.

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Calipso
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Postby Calipso » Thu Mar 21, 2013 3:49 pm

Discover pulled EQ for me. YMMV.
My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500



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