SecretAgentWoman Posted April 5, 2007 Report Share Posted April 5, 2007 I've been researching cards and can't figure out why these cards are the holy grail of credit. Someone enlighten me. Link to comment Share on other sites More sharing options...
SugarNspice Posted April 5, 2007 Report Share Posted April 5, 2007 I'm surprised because when I was 18 my very first credit card was a Discover Platinum with a CL of $5000. I didnt even have credit then so I dont think their standards were that high. Then again it could have been an error somehow cause thats a pretty good CL to give to an 18 year old. One more year until that CO falls off my credit report. Cant wait. Link to comment Share on other sites More sharing options...
Big Time Posted April 5, 2007 Report Share Posted April 5, 2007 They both used to be hard to get, for one thing.They also are the least predatory of all the major banks and are considered prime cards. Link to comment Share on other sites More sharing options...
LNY Posted April 5, 2007 Report Share Posted April 5, 2007 Discover is still hard to get. AmEx has become more lenient with the advent of so many different levels of cards.SugarnSpice, I can't figure out for the life of me how you managed that. Discover doesn't do that. Link to comment Share on other sites More sharing options...
normancm Posted April 5, 2007 Report Share Posted April 5, 2007 Discover was way easier to get for me. I have a $3K Credit Limit with them. However, Amex will not show any love to me! Oh well, maybe in about 6 months. Link to comment Share on other sites More sharing options...
VonAngel (aka EarthAngel) Posted April 5, 2007 Report Share Posted April 5, 2007 Actually, my best friend got a Discover card during her 1st year of college w/ NO job and only 18 years old. Needless to say, she defaulted on the card and they hounded her for years until she paid every dime back.AMEX, IMO, should be the card to aim for b/c of its limits, criteria, rewards (i.e. cash back), incentives (i.e. NO fees), and customer service. They don't seem to be as predatory as most subprime lenders. As long as you're paying satisfactorily, they can be the best lender. Link to comment Share on other sites More sharing options...
SecretAgentWoman Posted April 5, 2007 Author Report Share Posted April 5, 2007 Discover seems to cater heavily to college students. I've gotten several mailings from them because they don't seem to know that although I'm a college student, I happen to be 37 years old with bad credit, lol.What is so great about AMEX? I thought they had high annual fees. Link to comment Share on other sites More sharing options...
LNY Posted April 5, 2007 Report Share Posted April 5, 2007 Actually, my best friend got a Discover card during her 1st year of college w/ NO job and only 18 years old. Needless to say, she defaulted on the card and they hounded her for years until she paid every dime back.AMEX, IMO, should be the card to aim for b/c of its limits, criteria, rewards (i.e. cash back), incentives (i.e. NO fees), and customer service. They don't seem to be as predatory as most subprime lenders. As long as you're paying satisfactorily, they can be the best lender.Yes, Discover, like most lenders, does have a student card with more relaxed standards. Also, I believe their acceptance standards in general were more relaxed before they were acquired by Morgan Stanley. Link to comment Share on other sites More sharing options...
LNY Posted April 5, 2007 Report Share Posted April 5, 2007 Discover seems to cater heavily to college students. I've gotten several mailings from them because they don't seem to know that although I'm a college student, I happen to be 37 years old with bad credit, lol.What is so great about AMEX? I thought they had high annual fees.The mailings you get from being on that particular list don't take into account your age or credit... they don't look into you that closely until you apply. All they know is that you are registered at a college. Link to comment Share on other sites More sharing options...
VonAngel (aka EarthAngel) Posted April 5, 2007 Report Share Posted April 5, 2007 What is so great about AMEX? I thought they had high annual fees.Some of their cards do, like the charge cards & partner cards; but they do offer credit cards w/ no annual fees (i.e. the "Blue" cards, Clear, Optima). Link to comment Share on other sites More sharing options...
TxStorm Posted April 6, 2007 Report Share Posted April 6, 2007 Another reason why Amex is so popular is because for some ppl they allow CLIs quite often. It talks about it more in that big Amex thread. You can't miss it. Link to comment Share on other sites More sharing options...
CantCU Posted April 7, 2007 Report Share Posted April 7, 2007 LOL...I'm up to page 30 on that AMEX thread.Discover turned me down less than 6 months ago. But I will try again...one day. Link to comment Share on other sites More sharing options...
sambabchip1 Posted April 7, 2007 Report Share Posted April 7, 2007 I be trying to get a amx card for yrs, EVERYTIME deined, so F them, i got first usa, 5k and a bunch of others 1 to 4 k, plus a heloc for 50k @ 9%, so if they dont want me $ whats the diff. i dont even carry all these cards anymore . my heloc has a cc so its all i need, the other macys target, ect unless my wifee goes to the mall. NO way she carries the heloc card,i may be dumb but not crazysam Link to comment Share on other sites More sharing options...
jq26 Posted April 9, 2007 Report Share Posted April 9, 2007 I don't think they are the holy grail. AmEx handed me a $6k blue card while I was in college. Discover handed me $2k. All this for someone making roughly $75 week (beer & food money). MBNA handed over an $11k platinum card in college too (based on my income from an internship). Way to much credit for a college kid with no income although I really should have known better- the end result was not pretty. I guess having a Discover or AmEx is more an indicator of clear credit than anything else, since a derog or two will derail an application for these cards. Link to comment Share on other sites More sharing options...
LNY Posted April 9, 2007 Report Share Posted April 9, 2007 I guess having a Discover or AmEx is more an indicator of clear credit than anything else, since a derog or two will derail an application for these cards.And that's why they're the holy grail. AmEx and Discover will not give you a card if you have blemished credit.MBNA handed over an $11k platinum card in college too (based on my income from an internship).MBNA used to be very different from what they eventually became. They didn't used to be picky at all, and they gave out insane limits.Generally, though, you can't judge student cards by the same standards as regular ones. They hand them out on the (sometimes mistaken) assumption that your parents will bail you out if you can't pay. I don't know if your cards were student cards, but a lot of people say "well, I got such-and-such when I was just a student..." not realizing that these cards are different from "real world" cards, so I figured I'd take the opportunity to mention it. Also, a lot of times, students who got regular cards fail to mention that they lied about their income, or had misleadingly inflated credit scores/clean credit from being AUs on their parents' accounts. OR that they started out with a low limit but gradually worked their way up to that five grand limit they now say they had as a student. Link to comment Share on other sites More sharing options...
jq26 Posted April 9, 2007 Report Share Posted April 9, 2007 Also, a lot of times, students who got regular cards fail to mention that they lied about their income, or had misleadingly inflated credit scores/clean credit from being AUs on their parents' accounts. OR that they started out with a low limit but gradually worked their way up to that five grand limit they now say they had as a student.Probably a combo of all three. Its been 7 years since the college days- but MBNA & Discover never issued a student card. Amex did and then switched it to the clear card after I graduated. But regarding this idea of the 'holy grail of cards' goes back to something discussed many times. Holy grail according to whom? Having a high limit rewards card through a credit union seems just as much a benefit as it would be if it had Discover on the front of it. all things being equal, as long as there is no differentiation by FICO scoring, trying to get a Discover card just to say you have one seems silly. Link to comment Share on other sites More sharing options...
direred Posted April 9, 2007 Report Share Posted April 9, 2007 My holy grail card was Citi. I always got one reason for the decline. Then I got a card. If I cared about Discover, I might have held that out as my holy grail. Link to comment Share on other sites More sharing options...
IHateCAs Posted April 9, 2007 Report Share Posted April 9, 2007 I didn't know Discover was considered a holy grail of credit. They suck IMO. Link to comment Share on other sites More sharing options...
SecretAgentWoman Posted April 9, 2007 Author Report Share Posted April 9, 2007 [King Arthur music] [clop clop clop] ARTHUR: Halt! Hallo![pause] Hallo! FRENCH GUARD: Allo! Who is eet? ARTHUR: It is King Arthur, and these are my Knights of the Credit InfoCenter. Whose castle is this? FRENCH GUARD: This is the castle of my master, Guy de Collection. ARTHUR: Go and tell your master that we have been charged by God with a sacred quest. If he will give us food and shelter for the night, he can join us in our quest for the AmericanExpress Card. FRENCH GUARD: Well, I'll ask him, but I don't think he'll be very keen. Uh, he's already got one, you see. ARTHUR: What? GALAHAD: He says they've already got one! ARTHUR: Are you sure he's got one? FRENCH GUARD: Oh, yes. It's very nice-a. [to other guards] (I told him we already got one.) [chuckling] ARTHUR: Well, u-- um, can we come up and have a look? FRENCH GUARD: Of course not! You are sub-prime-a types-a! ARTHUR: Well, what are you, then? FRENCH GUARD: I'm Prime-a! Why do think I have this outrageous accent, you silly king-a?! GALAHAD: What are you doing in Credit Repair? FRENCH GUARD: Mind your own business! ARTHUR: If you will not show us the AmericanExpress Card, we shall take your castle by force! FRENCH GUARD: You don't frighten us, sub-prime pig-dogs! Go and boil your bottom, sons of a silly person. I blow my nose at you, so-called Arthur King, you and all your silly low-credit k-nnnnniggets. Thpppppt! Thppt! Thppt! GALAHAD: What a strange person. ARTHUR: Now look here, my good man-- FRENCH GUARD: I don't wanna talk to you no more, you empty headed animal food trough wiper! I fart in your general direction! Your mother was a hamster and your father smelt of elderberries! GALAHAD: Is there someone else up there we could talk to? FRENCH GUARD: No. Now, go away, or I shall taunt you a second time-a! Link to comment Share on other sites More sharing options...
direred Posted April 9, 2007 Report Share Posted April 9, 2007 [King Arthur music] ARTHUR: Go and tell your master that we have been charged by God with a sacred quest. If he will give us food and shelter for the night, he can join us in our quest for the AmericanExpress Card. This SO needs to be a sticky! Link to comment Share on other sites More sharing options...
direred Posted April 10, 2007 Report Share Posted April 10, 2007 DH adds the following:"Fetchez la Discover.""Quoi?""Fetchez la Discover!"(...instead of "Fetchez la vache.") Link to comment Share on other sites More sharing options...
LNY Posted April 10, 2007 Report Share Posted April 10, 2007 This SO needs to be a sticky!No, this SO needs to be in Off-Topic. Link to comment Share on other sites More sharing options...
LNY Posted April 10, 2007 Report Share Posted April 10, 2007 I didn't know Discover was considered a holy grail of credit. They suck IMO.They don't suck in IMO.Which one of us is "right"? Link to comment Share on other sites More sharing options...
newbie7069 Posted April 10, 2007 Report Share Posted April 10, 2007 Link to comment Share on other sites More sharing options...
SecretAgentWoman Posted April 10, 2007 Author Report Share Posted April 10, 2007 No, this SO needs to be in Off-Topic.I'm SO feeling the moderator love. Link to comment Share on other sites More sharing options...
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