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New Member
jayb44
Posts: 8
Registered: ‎03-04-2013
0

Big Discover IT CL...Garden or App?

Ok so new guy here, might have seen my other post regarding my IT approval for $6,000 today.

 

I have a question as the best way to move forward and plan my FICO building journey.

 

Before today I only had 1 open cc account...... it is a Cap 1 Platinum with a $300 limit. I have been auto PIF for the last 9 months but because I use it a lot (trying to rebuild) I am always near the limit.

 

I also have 1 closed Chase account from 2008-ish they shut me down after a couple lates (1 60 day) and only paying minimum payment. That was  $2500 limit and I currently owe $884.

 

My goal is to BT the Chase account to my new Discover so I can pay that off without the interest.

 

My real question is , should I try applying for another Prime card somewhere now or wait a couple months.  I only have the 1 inquiry  on my report from Discover right now.

 

So do I apply for another card or 2 to help my credit UTL?   Or garden the Cap 1 and Discover for at least a couple months?

 

Also should I apply for a CLI on the Cap1?

 

 

My Stats:

myFico: 673 Income: $40K

Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: Big Discover IT CL...Garden or App?

Wait a few months. With a $6,000 line reporting more lenders may be willing to extend you similar lines. Applying now with your limited positive history, you would be unlikely to replicate the Discover approval. 


In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
New Member
jayb44
Posts: 8
Registered: ‎03-04-2013
0

Re: Big Discover IT CL...Garden or App?

Thanks SnackTracker....I think  I knew that was the best course of action, I just needed someone wiser than me to tell me. :smileywink:

Valued Contributor
SnackTrader
Posts: 1,566
Registered: ‎09-15-2012
0

Re: Big Discover IT CL...Garden or App?

Anytime! I think you did yourself a big favor by getting that Discover, and 6 months from now with some of that debt paid down you will be in a fantastic position for some more cards. 


In My Wallet: Amex BCP (12/12) $22.200, Cap1 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Moderator
09Lexie
Posts: 25,016
Registered: ‎09-13-2012
0

Re: Big Discover IT CL...Garden or App?

Senior Contributor
youngandcreditwrthy
Posts: 6,163
Registered: ‎08-16-2012
0

Re: Big Discover IT CL...Garden or App?

Congrats!!!!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Established Contributor
Pilotdude
Posts: 955
Registered: ‎02-02-2013
0

Re: Big Discover IT CL...Garden or App?

Congrats!! 

 

Snack is totally right. 

There is also a chance that you might see a couple preapproved offers with that Discover reporting.  Keep the util low and in a few months check your reports and scores for a couple cards you might want to add. 

 

:smileyhappy:


NFCU #1 Fan!! NO MOAR APPS TIL 10/13 Minimum!!
TU -746, EX - 721, EQ -745
Cards:NFCU Flag Visa Sig $10000, CSP $8500, AMEX BCP $2000 Freedom $3500, Disc IT $5000, Cap 1 Green $2100, Credit 1 CLOSED! AU on Amex Green, Discover $2000, Cap One Plat $1000
Valued Contributor
thom02099
Posts: 1,323
Registered: ‎08-30-2011
0

Re: Big Discover IT CL...Garden or App?


SnackTrader wrote:

Wait a few months. With a $6,000 line reporting more lenders may be willing to extend you similar lines. Applying now with your limited positive history, you would be unlikely to replicate the Discover approval. 


+1 Excellent advice! 

 

Gardening it will result in a rather healthy yield come harvest time in the fall!  :smileyhappy:  Give yourself that time, pull your scores, and then evaluate where you want to go from there. 

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Senior Contributor
youngandcreditwrthy
Posts: 6,163
Registered: ‎08-16-2012
0

Re: Big Discover IT CL...Garden or App?

Amex might even approve you in a few months' time with that nice Discover CL reporting!:-)
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k

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