Should I wait for my credit score to improve before applying for card?

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stoman1229
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Postby stoman1229 » Wed Aug 14, 2013 10:48 am

I now have my score of 711 which has gone up drastically. My fiance has added me on his credit card and ever since then my score has gone up. And since its now in that number range, should I apply for the BOA now or wait?


lennyj17
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Postby lennyj17 » Wed Aug 14, 2013 4:20 pm

Definitely Discover is the solid 3rd place behind V/MC in acceptance. I didn't even know the official stats until I read this thread, but just by my own observations I noticed that Discover is accepted more widely that AMEX.

PhoenixDown
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Postby PhoenixDown » Thu Aug 15, 2013 12:40 am

I have a lot of love for Discover. Great customer service and they gave me a card when I was having trouble getting one elsewhere. They also gave me some nice increases, soft and hard pull. The card definitely isn't accepted everywhere -- a restaurant I go to said they charged the highest swipe fees -- and its enough to notice but I find it is accepted at more places than I first thought.

Good luck!

im_mr_awesome
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Postby im_mr_awesome » Mon Aug 19, 2013 2:04 pm

http://www.pfblog.com/archives/6386_how_much_are_credit_card_issuers_charging_merchants.shtml

Visa/MC vary on the item and the type of card (Electronics vs Groceries, and plain cards vs rewards and Signature/World) but range from 1.5-2.7%
Discover is ~2%
AMEX is 3.5%

This information is from 2009, but I imagine it's similar now. Discover is still lower than AMEX though, and they give me the best rewards overall, so they get almost all my swipes, 5% or not.
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680

Drauka
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Postby Drauka » Mon Aug 19, 2013 8:22 pm

I still say you cant go wrong with BofA. I had a score much lower than yours when I applied and got one with a limit og $1500. They just upped my limit again to 7K too....thats the 4th CLI in a year. On the other hand, Discover started me with $3000 has only upped me once and for only $500. No other card has matched my BofA Cash Rewards for limit increases.

nitrov
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Postby nitrov » Mon Sep 09, 2013 10:26 pm

stoman1229 wrote:I am newly debt free and have a Experian score of 658. I have the capital one with a $300 limit. I am eager to apply for the Amex blue cash card and BOA cash rewards. Should I wait for my score to go up more before applying for either two?


Any update on what you ended up doing?

amyj
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Postby amyj » Thu Sep 12, 2013 1:23 am

The answer is both yes and no. ideally, you want your credit score to be as high as possible when applying for any line of credit. However, if this is your first card or you have bad credit that may not be an option. So, in this case you need to apply now and try to build your credit by wisely using the card you do get. Keep the balance low and paid off and do not max out the card and let balances sit. CreditData has some good information on some common credit card myths that might help you.

willgatlin25
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Postby willgatlin25 » Sat Sep 21, 2013 1:56 pm

AGREED!

I can't comment to the merchant processing fee facts very much, I've heard they are higher and that's why some places don't take discover. I've ran into a few small shops in the area and asked why they didn't take discover and I was told that compared to MasterCard and Visa, Discover charged the merchant too much in processing fees. Who knows... but compared to 10 years ago, Discover is widely accepted now.

On the comment of the CSR's being the best ever, I %100 percent agree! The commercials you see on tv where dumb people call up and ask dumb questions and just have a "good-ol-time" chatting on the phone with a random CSR is completely real. These people will truly sit on the phone with you and answer any questions you want and help you in any way that they can, I haven't had one bad experience yet.

And yes... Discover IS "the bees knees" lol

willgatlin25
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Postby willgatlin25 » Sat Sep 21, 2013 2:00 pm

amyj wrote:The answer is both yes and no. ideally, you want your credit score to be as high as possible when applying for any line of credit. However, if this is your first card or you have bad credit that may not be an option. So, in this case you need to apply now and try to build your credit by wisely using the card you do get. Keep the balance low and paid off and do not max out the card and let balances sit. CreditData has some good information on some common credit card myths that might help you.


Agreed, DO NOT EVER MAX OUT A CARD... or default on one...lol. I'm living proof, it will eat you alive for years. Doing that also jacks up people's APR's because of statistical factual data. I'm one of the iditos who blew a BoA card through the roof and didn't pay, stupid, stupid, stupid idea.

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otter
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Postby otter » Sat Sep 21, 2013 8:40 pm

willgatlin25 wrote:AGREED!

I can't comment to the merchant processing fee facts very much, I've heard they are higher and that's why some places don't take discover. I've ran into a few small shops in the area and asked why they didn't take discover and I was told that compared to MasterCard and Visa, Discover charged the merchant too much in processing fees. Who knows... but compared to 10 years ago, Discover is widely accepted now.


Discover used to charge more than Visa/MC, but they've become more competitive in the past few years and generally costs less for merchants than Visa/MC. AMEX does charge more than anyone else, by far...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450



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