Credit Cards

[arjames01]

I haven't apped since Nov. 2008, not to long ago, I know. But I have wanted a Discover card for the longest time! So DF (fiance) convinced me to go ahead and give it a try. I app'ed for a Discover Motiva card and got approved with a $3k CL!  Now I have a couple of quick questions. I have a few cards in my collection as I am only 21 and my utilization now with the new card is only at 3%. I have a capital one card that I have had for nearly two years and its CL is still only at $750.00 I have tried to up it and I get an automated message that says that reviews are periodic. This is my lowest CL card. With my highest limit at  $7k and my next lowest after the Cap1 at $1400. Should I close out the capital one card? Or just sock drawer it, since I can't seem to get a CL increase?

[Pappy214]

If it were me I'd sock drawer it.

[fused]

Congrats! Discover is not that easy to get. I wouldn't close any of your cards, and don't let them become inactive from lack of usage. You can always make a charge and PIF before the statement cuts once every few months.

[arjames01]

I have been using all my cards for small purchases like a video game or gas here and there to keep them all in use. But it's a pain not being able to get a CL increase, after having the card for so long.

[fender]

Lots of people app for a new cap1 and combine them.

[oracles]

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arjames01 wrote:
I have been using all my cards for small purchases like a video game or gas here and there to keep them all in use. But it's a pain not being able to get a CL increase, after having the card for so long.

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Hey arjames:

I would also read

CLOSING CREDIT CARDS

You should definitely not close this cap 1 card. If you are not paying an annual fee then this card is giving you age history.

Keep it and sock drawer it.

hope this helps

Message Edited by oracles on 01-21-2009 10:42 PM

[tempusfugit123]

Thats amazing for you to be approved hopefully when I app for the Discover More maybe 2 years from now I will be approved as well lol I havent met anyone my age on this forum im very happy to see that my generation is becoming so credit savvy so early. Im very proud

[FretlessMayhem]

Congrats on the Motiva! Discover is a great CCC.

[jbh]

If you ever go out to the movies, use cap 1
For dinners, use another
And another for bills

That can make life a lot easier

This way they all get usage and you are able to PIF as these are things we
can handle if we had to use cash, all things being equal. Do not close it.

When you are 30/31 and you have multiple 10 year tradelines you will thank me

[oracles]

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jbh wrote:
If you ever go out to the movies, use cap 1
For dinners, use another
And another for bills

That can make life a lot easier

This way they all get usage and you are able to PIF as these are things we
can handle if we had to use cash, all things being equal. Do not close it.

When you are 30/31 and you have multiple 10 year tradelines you will thank me

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I agree indeed