"Not Mad At Discover"

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Written by: ari on 2010-01-05

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ari's review: Callout Comment I appld online, was not immediate decision but was avail online 1 hr later-denied. I called to find out why. They pulled equifax, too many deliq(i have 1- 2.5yrs ago), too many accounts(9). High util(45%). Very friendly, curteous customer service. I see why everyone raves about them, but they are extremely conservative as I guess they should be. Have to guessstimate my equifax score @680. Thats what I get for being bored at work. LOL


Comment 1 by wanderer
Re: Not Mad At Discover User Icon on 2010-01-05

Remarks Remember... Visa & Mastercard are recognized worldwide. American Express and Discover have a smaller market availability. Also, I too have been turned down twice in thirteen months. Discover took a hit in the big BK many years ago and they remember the past.
Comment 2 by ari
Re: Not Mad At Discover User Icon on 2010-01-05

Remarks Thanks. : ) and we haven't heard Discover included w/the recent failings of banks. But darnit, I just wanted one. I have a Directmerchant's Discover but its like having a faux Discover card. LOL
Comment 3 by ari
Re: Not Mad At Discover User Icon on 2010-01-05

Remarks I wonder how many people suffer from my affliction. I'm addicted to credit cards. For yrs. I suffered from poor credit and recently my credit has improved dramatically. I get such a rush when I submit a credit appl, and when I get that unmarked envelope in the mail and you know there's plastic in there. Now I have to be careful and I carefully investigate which reporting agency a bank uses before applying so as not to have too many inquiries. I can take 1 more hit from both equifax and transunion. Next up GEMB MasterCard. Hoorah!!
Comment 4 by wanderer
Re: Not Mad At Discover User Icon on 2010-01-05

Remarks The history on Discover Card spans many years and at one time Sears (if you can imagine) owned them. They have had their challenges and survived. One thing Discover Card did NOT do was issue cards to the sub-prime market cardholder market. Part of why they are ever so careful today. When others would jump off the deep end, Discover Card held back and let the wave pass. Staying profitable and let the marginal account holders go by let Discover Card keep their head above water. Discover Card like American Express has tried hard legally to challenge the huge grip MasterCard and Visa have had on the market place. At this time however, they have NOT been able to match the availability. As to your good feeling opening a new card in the mail... Yes I know. It feels great seeing "Congratulations" you have been approved... On the computer screen. Try this, according to one major CB yesterday, the average high scorer (credit rating) has 19 years or more on their accounts; has not had an inquiry this past year; and has an account average of 14 years. Now imagine the CB scoring system we are up against. My BK 09/2001 wiped out credit history back to 1973. My average history today is four years. GADS!!!
Comment 5 by ari
Re: Not Mad At Discover User Icon on 2010-01-05

Remarks Yikes! I have the Experian credit monitoring and it showed me how much my credit score would jump if I had zero inquiries. It was 25 points! But then whats the point of having good credit if you don't use it?! Rather like being 95 years old and filthy rich.
Comment 6 by kiejon9
Re: Not Mad At Discover User Icon on 2010-01-05

Remarks Discover has aways been extremely conservative who they give credit to let me tell you this it was hard for my wife to get credit with them but afther 18mo on time payments to other crediters when she reapplyed 18mo later 0 lates on time payments to other credits.2 inquiries she was told Congratulations" you have been approved but Like I tell her it takes time for your credit to improve
Comment 7 by joeyman
Re: Not Mad At Discover User Icon on 2010-01-09

Remarks @ Wanderer

I say we all team up and conquer Visa and MasterCard! Go underdogs!!

Here are some interesting quotes from a recent Nytimes news article:

"... The National Retail Federation says the [Visa] interchange fees cost households an average of $427 in 2008." - Those which also include debit transactions.

A dollar is no longer a dollar in this country, said Mallory Duncan, senior vice president of the National Retail Federation, a trade association. Its a Visa dollar. Its only worth 99 cents because they take a piece of every one.

Its a penny here or there, said Moshe Katri, an analyst who tracks the payments industry for Cowen and Company. But when you have a billion transactions or more, it adds up."
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