Another "when to apply" thread- Discover, US Bank Cash+

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ckkiw8
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Another "when to apply" thread- Discover, US Bank Cash+

Postby ckkiw8 » Mon Nov 19, 2012 11:41 pm

My rewards cards have been working out quite nicely however I would like to add either a Discover card or the US Bank Cash+ to my arsenal. I am waiting to apply for either of these because since about July my credit score has taken a beating due to some unexpected life happenings. 4 hard inquiries, auto loan increased about $15k, and credit card debt increased about $6k. Ugh! The credit card debt will be paid 100% in March (its at 0%).
So, how long should I really wait before messing with things? (especially these cards?)
[color=purple][size=60][font=Tahoma]
Amex Blue Cash Everyday (25K, 2011)
Amex Costco TrueEarnings (7K, 2005)
Citi Forward (12K, 2012)
Chase Freedom (18K, 2013)
Chase Sapphire Visa (8K, 2002)
GE Capital Gap Visa (8K, 2010)
US Bank Cash+ Visa (13K, 2013)

BofA Royal Caribbean Visa (11K, 2006) ~not used
Home Depot Store Card (5K, 2005) ~not used
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MemberSince99
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Postby MemberSince99 » Tue Nov 20, 2012 6:32 pm

We still have no idea what your utilization is. Or your scores. Discover is not THAT hard to get I hear of people in the upper 600s (like 675 or 680) getting approved for the More card. You MAY be able to get that now.

The US Bank card on the other hand is one of the harder cards to get. If your score is not at least close to mid 700s you will probably not be approved for it. Shoot for at least 740 before applying for best odds of success.

That's about the best I can tell you, having both of the cards.

ckkiw8
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Postby ckkiw8 » Tue Nov 20, 2012 11:13 pm

MemberSince99 wrote:We still have no idea what your utilization is. Or your scores. Discover is not THAT hard to get I hear of people in the upper 600s (like 675 or 680) getting approved for the More card. You MAY be able to get that now.

The US Bank card on the other hand is one of the harder cards to get. If your score is not at least close to mid 700s you will probably not be approved for it. Shoot for at least 740 before applying for best odds of success.

That's about the best I can tell you, having both of the cards.


According to Credit Karma, my credit card utilization is currently at 12%. Historically it has stayed around 3% but these last few months we have needed to use some cards for emergencies. Balances ALWAYS paid in full (except for my 0% interest promo cards), never late. My score today is only 741 (again, Credit Karma). Before all this chaos it was 786. I hope it bounces back once I pay off a couple accounts (1 paid off in January, 1 paid off in February and the last paid off in March.)

Thanks for the information you provided on the cards. That helps.
[color=purple][size=60][font=Tahoma]

Amex Blue Cash Everyday (25K, 2011)

Amex Costco TrueEarnings (7K, 2005)

Citi Forward (12K, 2012)

Chase Freedom (18K, 2013)

Chase Sapphire Visa (8K, 2002)

GE Capital Gap Visa (8K, 2010)

US Bank Cash+ Visa (13K, 2013)



BofA Royal Caribbean Visa (11K, 2006) ~not used

Home Depot Store Card (5K, 2005) ~not used

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hematino
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Postby hematino » Wed Nov 21, 2012 10:25 am

12% utilization still isn't bad.

+1 to what MemberSince99 said, and when you take the plunge I'd try for the Cash+ first. In my own experience as well as others it does end up usually being harder to get approved for, so go for the Discover after the minor sting of the Cash+ inquiry. I'm pretty sure Discover always pulls EQ for opening new accounts, US Bank is all over the map, they pulled EX for me but I was in the minority. Good luck!
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Snowman
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Postby Snowman » Wed Nov 21, 2012 10:32 am

That's not bad utilization at all.

Hematino- I don't know what U.S. Bank pulls, but out here Discover pulled Transunion for me. But then again I had a score of 739 at the time so it might have helped a little bit. I really want a Cash + card too, but my income atm won't allow me anywhere near it...lol.
Cards And Credit History
Bank Of America: BankAmeriCard Cash Rewards-4/25/12-1,000$ (CLI Increase on 6/15/13)
Citi: Forward-10/27/12-3,000$ (SP CLI 2/8/14)
Discover: More. 10/27/12-2,000 (Auto CLI 5/31/14)
Amex: PRG.- 11/24/12 (Closed 12/13/13) Amex BCE.2k-12/7/13. Amex SPG-4k.-12/8/13
Chase: Freedom-2,400-5/1/13. Southwest Rapid Rewards Plus- 3,600- 6/15/13.
Future Cards
Marriott Premier Rewards
American Airlines AAdvantage Gold
Chase Sapphire Preferred
Fidelity Amex

hematino
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Postby hematino » Wed Nov 21, 2012 10:47 am

Snowman wrote:That's not bad utilization at all.

Hematino- I don't know what U.S. Bank pulls, but out here Discover pulled Transunion for me. But then again I had a score of 739 at the time so it might have helped a little bit. I really want a Cash + card too, but my income atm won't allow me anywhere near it...lol.


It was for a new account not a CLI right? If so I'm surprised, Discover typically pulls EQ for new accounts and TU for CLIs. Could be that its a regional thing? I dunno.
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Snowman
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Postby Snowman » Wed Nov 21, 2012 6:06 pm

Hematino- Yes it was for a new account. I pulled my credit score on the 8th (after everything updated) and it looked like they pulled Transunion, which is my highest score for some reason. Could be a regional thing because I have read as well here in California they pull EQ, but it looks like they used Transunion. Maybe it was a random bureau pull.lol.
Cards And Credit History
Bank Of America: BankAmeriCard Cash Rewards-4/25/12-1,000$ (CLI Increase on 6/15/13)
Citi: Forward-10/27/12-3,000$ (SP CLI 2/8/14)
Discover: More. 10/27/12-2,000 (Auto CLI 5/31/14)
Amex: PRG.- 11/24/12 (Closed 12/13/13) Amex BCE.2k-12/7/13. Amex SPG-4k.-12/8/13
Chase: Freedom-2,400-5/1/13. Southwest Rapid Rewards Plus- 3,600- 6/15/13.
Future Cards
Marriott Premier Rewards
American Airlines AAdvantage Gold
Chase Sapphire Preferred
Fidelity Amex


hematino
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Postby hematino » Thu Nov 22, 2012 5:46 am

That's really interesting behavior on Discover's part, even Irvine (the resident discover expert) mentioned that they typically use EQ for new accounts. Thankfully it was your best score though. My TU is the opposite, its plagued with inquiries and the like right now, wouldn't want anyone to pull it and add more insult to injury lol. I wonder what makes lenders pull a certain bureau over another one, and how they determine which one to pull for each individual. Maybe you're right, maybe it is random haha who knows.
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kcarter609
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Postby kcarter609 » Thu Nov 22, 2012 10:11 am

Snowman wrote:That's not bad utilization at all.

Hematino- I don't know what U.S. Bank pulls, but out here Discover pulled Transunion for me. But then again I had a score of 739 at the time so it might have helped a little bit. I really want a Cash + card too, but my income atm won't allow me anywhere near it...lol.


What's your income?

Active Cards:
Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
Chase Sapphire Preferred ($10k Limit - 2/2013)
Chase Ink Plus ($7k Limit - 2/2013)
Discover IT ($9.5k Limit - 10/2012)
AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)

MemberSince99
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Postby MemberSince99 » Thu Nov 22, 2012 1:38 pm

I've app'd for 3 Discover cards in 2012, all 3 were EQ pulls (WI). Cash + was TU. Hopefully this is helpful.



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