I received an invitation to apply for the Discover Platinum. 0% until Jan 2004, 0% on balance transfers for the life if the transfer (minus small print), 13.99% interest, $0 annual fee. I'd love it because right now I am still: Bank of Marin @ $450 and 18% Providian @ $250 and 26% Cap 1 Plat @ $300 and 0% til Oct. then 14% I am slowly working my way out of the sub-prime and would like to lose Providian all together with a good prime card. However, I don't want the inquiry if I don't have a fighting chance. Any input? Who do they pull? What are typical scores needed to actually get a Discover card?
Is it the same offer that I got ... that you would get to keep the balance transfer rate only if you make at least one purchase a month? Given that your payments are first applied to lower-rate balance transfer amount, and then to purchase, any purchase you make now is being charged 13.99% interest rate, and possibly more due to Discover following a 2-cycle average-daily-balance method to compute interest, as well as minimum finance charge being $1 per month (so you can't do a tank of gas for $10 per month, since you are paying an interest of $1 per month on that $10, an effective interest rate of 120%) Skip the offer, is my advice.
Re: Re: To Discover or not to Discover... 0.00% till JAN 2004 sounds like a DIFFERENT offer... I thought the "OTHER" offer was 0.00% BT forever with 2 purchases per month...
Re: Re: To Discover or not to Discover... It is 0% BT for the life of the transfer with 2 purchases a month. So is this not a decent prime card to start with?
Re: Re: Re: To Discover or not to Discover... From cre8ivegirl's post: The 0% until 2004 is on purchases, and 0% BT forever with x purchases per month (I thought x=1, you say x=2, perhaps my memory is incorrect, since I trashed the offer) What I'm trying to say is, it's the SAME offer
Re: Re: Re: To Discover or not to Discover... Hmmm... okay so here is possibly a dumb question. Lets say that I do a BT with my Providian balance of $150 but don't honor the 2 purchases a month. Now I have an interest rate on that $150 of 13.99% instead of 26%, right? Or am I not reading correctly? Remember, I am not looking for killer 700-800 score deals. I am looking to step into the prime arena.
Re: Re: Re: Re: To Discover or not to Discover... If you are currently paying 26% then 13% is GREAT! Remember that if this new cards rate would be the lowest or one of the lower rate cards that you have then this is a GOOD deal for YOU. Many people give advice on "rates" from THEIR credit situation. You know your current rates better then anyone and I am sure you will make the right choice (let us know what you decide)
Re: Re: Re: Re: Re: To Discover or not to Discover... 13% vs 26% IS GREAT...BUT with such low limits and only 3 cards...I was worried that you would just get DENIED and have a "HARD" for your trouble... WHO KNOWS...you may get $1,000 and you could pay ALL 3 OFF...
Thanks... that is what I was asking. Now for the second question... what scores does Discover look for/who do they pull? If they sent me an "invitation" is it likely that I will be approved or is it still a crapshoot?
Re: Re: Re: Re: To Discover or not to Discover... Hmm ... good question .... I don't remember all the details ... is there a penalty rate if you don't honor the 2-purchases a month rule? Or, is the BT considered a regular BT, which incurs a 3% fee (that's $5 or $10 right there -- minimum fee for BTs) .. Even if there is no penalty rate and no BT fee, Discover follows 2-cycle average daily balance, so your effective interest rate can be more than 13.99% depending upon how quickly you pay the balance, generally the quicker you pay, the higher the interest rate ... [ And something about that rankles me ... it's generally accepted that the longer the repayment period, the higher the interest rate should be, but turning that principle over its head by this 2-cycle average daily balance method? Grossly unfair ]
Re: Re: Re: To Discover or not to Discover... I agree with George on this one! It looks like it is just a standard application. Maybe somebody can give you a little help on the scores needed for approval. Good Luck
Re: Re: Re: Re: To Discover or not to Discover... I have a very specific philosophy about applying for cards that I think you should, in part, adopt. It includes communicating with the creditor BEFORE you apply as well as AFTER you apply. I strongly suggest that you wiggle your way into their credit department and make a friend. Be honest with him/her and ask about scores, reports pulled, limits, your chances, etc. This accomplishes alot. You make a new friend, have a "go to" person after you apply, and become educated about their innards ahead of time. This also significantly minimizes your risk of a wasted hard pull (or two). Fool-proof? No, although it has ALWAYS worked for me. It's a much better way of going about it vs. applying cold. Your decision on whether or not to apply will be a better-educated one. Remember - if you don't receive satisfaction regarding your questions, call back and try again. Don't give up until you've spoken with someone who knows the ropes and will consent to personally review your app after it's available to him/her for viewing. Be confident, professional, and successful.
The word going around on a differnet forum is that you need a FICO of 720 to get approved for Discover these days. I can't imagine them requiring a FICO score that high because I have recently got AMEX Blue and I've always heard in the past that AMEX was harder to get. BTW, I wasn't in the 700's when I got AMEX Blue, but I have had Discover for close to 10 years.
Thanks for the replies. My scores might be higher. I haven't checked them in a month and know I've had some deletions. I will call them today and ask questions.
My wife got approved instant online with 650 score on exp. Got 2500.00 limit, this was 4 months ago. She has 0 derogs and only 3 accounts with less than a year history on them and a ton of inquiries (13).
