Need HELP Quick!!!

[asphaltcowboy]

Personally, I don't see the starting CR as a negative, there does not seem to be

a rhyme or reason with Discover, many have a great profile and get a low limit while

others on the border of approval get large limits??

[adavis425]

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@nvrgvupnvrsrndr wrote:
I applied for Discover it card and was approved but with terrible initial CL. On my recent app spree I was approved on all apps except AMEX BCE. All starting CL's were $5k plus. I'm sure it has everything to do with the number of recent inquiries/trade lines but Discover only gave me an initial CL of $1,000. My question is do I accept. I've already had the hard pull but comparatively this a low CL.

Is it better to not show a new trade line for fear of spooking the other new creditors I've received credit cards from?
Is it better to eat the hard pull and not start with such a low CL?

The whole reason I even app'd with Discover is due to reading about their good initial CL's. I realize I've pushed the envelope here and it's time to quit but had already app'd the same night I was approved for my new Citi TYP. I called Discover today and they said the offer is still good but I would need to accept soon or the offer would be pulled and I'd run the risk of a hard pull again and I'd need to re-apply. Following is the revolver tradelines I already have reporting:

Cap1 $2.5k
Cap1 $2.5k
Cap1 $1.5k
Kohls $1k
PayPal SC $5k
Walmart $2k
Barclays $2.5k
Chase Freedom $5k
Chase Sapphire $5k
FNBO AMEX $6k
Citi TYP $6.5k
AMEX PRG-NPSL(charge)

Anyway, what would you do?

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Please! I would take the $1000 Discover CL over Cap One any/everyday. In fact, if I were you and my util could handle it, I would ditch all Cap One. YMMV, but I've read here that some creditors take a dim view of Crap One in the app process. Plus, you have a $1000 cl with Kohl's, Discover at $1000 is good, at least a foot in the door. It'll grow and as others have said, there's no rhyme or reason with Discover. You took the hit, take the card. IMO.

[JonStur]

Yes accept the card. The only negative you have to worry about is all the recent inqs... Discover is still a prime card and you can request a CLI online after 4 months without a HP...

[SnackTrader]

There is no evidence of creditors looking down on Capital One!!! Look at the limits in my profile and tell me if anyone looked down on my original $3,000 Capital One.

No need to close active tradelines with no AF - or if the card helps with rewards strategies. I think your advice is pretty narrow-minded adavis.

To OP, feel free to accept the Discover. A low CL always has the ability to grow with responsible use, and you already took the HP AND... Discover's rewards program may come in handy even with that low CL.

Congrats on your new cards, and make sure you hit the Garden.

[adavis425]

Nope, not narrow-minded. I did not advise OP to close anything, I simply said that "If I were you, I would close..." and I would. You wouldn't, that's fine. That's what makes horse races. I never offered any evidence that creditors looked down on Crap One, I just said what "I've read here". Creditors may or may not which is why I also said "YMMV".  

[Gunnar419]

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@nvrgvupnvrsrndr wrote:
So the general consensus here is I should accept their offer with an initial CL of $1k? I'd like to here from a few more of you credit gurus before I decide which wat to go here.

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I am not a guru, but I have enough experience with Discover to say take it. It may grow slowly, but it will grow. Also, because it's a Discover card, and therefore prime no matter what its CL, I don't believe any bank will judge you badly for having it.

Barclays may take AA against you as others have said, but that's because of the apps and inquiries. Having that Discover card won't be the cause.

[hutchj]

This may be a dumb question, but why wouldn't you keep it? Definitely keep the card. Discover is a great company. It's one of my favorite cards. As long as you use the card wisely and make sure you are paying on time, they will increase your limit. They randomly increased my limit by $1500 and I wasn't expecting it. So just be thankful for an approval and not a rejection.

[zeusta20]

Take it...EVEN IF banks (and thats a big IF) looked at your 1k Discover limit (which I honestly don't think they do) when making a negative decision...they can easily look at the Chase who gave you 5k or Citi who gave you even higher. So FROM MY OPINION, you should be golden. Just as others have said, let it grow. Garden. Soon enough, that discover card will grow into an even MUCH better card than some you may have now.

[indiolatino61]

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@nvrgvupnvrsrndr wrote:
I applied for Discover it card and was approved but with terrible initial CL. On my recent app spree I was approved on all apps except AMEX BCE. All starting CL's were $5k plus. I'm sure it has everything to do with the number of recent inquiries/trade lines but Discover only gave me an initial CL of $1,000. My question is do I accept. I've already had the hard pull but comparatively this a low CL.

Is it better to not show a new trade line for fear of spooking the other new creditors I've received credit cards from?
Is it better to eat the hard pull and not start with such a low CL?

The whole reason I even app'd with Discover is due to reading about their good initial CL's. I realize I've pushed the envelope here and it's time to quit but had already app'd the same night I was approved for my new Citi TYP. I called Discover today and they said the offer is still good but I would need to accept soon or the offer would be pulled and I'd run the risk of a hard pull again and I'd need to re-apply. Following is the revolver tradelines I already have reporting:

Cap1 $2.5k
Cap1 $2.5k
Cap1 $1.5k
Kohls $1k
PayPal SC $5k
Walmart $2k
Barclays $2.5k
Chase Freedom $5k
Chase Sapphire $5k
FNBO AMEX $6k
Citi TYP $6.5k
AMEX PRG-NPSL(charge)

Anyway, what would you do?

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Just take it...you have a good line-up, so Discover's low CL isn't going to hurt your profile in any significant way, IMHO.

[kimmiller112]

Keep it.  It's going to report because you apped for it and was approved.  If you choose not to activate it or close it, it will show as a closed account that was closed right after opening it, which probably doesn't look good.  Don't worry about Barclays - I opened 10 new accounts in the year that I have had my Barclays account and they just gave me an auto CLI (but I used this card a lot and this was the card that I would let my less than 10 % utilization report to).  Also, don't worry about the low limit.  Call them in 6 months and see if they will do a SP CLI.  They may tell you that they need to do a HP so that will be up to you on that - given your other limits, they might be pretty generous with you.