Question about a discover card. (Approved but never opened)

[Anonymous]

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@score_building wrote:

Unless comparing to others with different circumstances not sure what you'd be expecting from a student card with limited income/ credit history?

250 to begin with discover is a good start based on the profile listed in OP.

In all reality did well to get a start with them, since they are no pushover, keep it and build.  

If wanting to maximize score keep reporting util below 10%

While maintaining any balances try to do so only at the lowest rate available to you.

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+ 1

[MarineVietVet]

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@Anonymous wrote:
Seriously keep it. Think normally you have 30 days to review a card until you can decide to accept or not accept. The Discover card is a great card and while the limit is low currently it will grow if you use it correctly. There are many people here who don't get approved by them.

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I believe this feature was talked about as part of the Credit Card Act of 2009 but it was not included in the final version.

But I could be wrong. 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[Pushto700]

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@Travis-84 wrote:

About 3 months ago I applied for a discover card.  They approved me (for 250.00).  I thought such a low credit limit was kind of useless, so I never activated the card. 

I pulled my credit report today, and the Discover is reporting open for 3 months, and in good standing.  I now have 3 credit cards (two of them 4 months old.) and I'm going to be getting an auto loan tommorow (already approved, just need to sign my name).

My AAoA is taking a hit with the new cards.  I don't really see me keping this card long term anyway.  I'm hoping to qualify for PenFed or a really good card in a year or so.

Question1.

Can I call discover and get that taken off my credit report.  Although I did apply for a card, I never accepted the card, or activated it.  I just don't think the credit line is worth it.

Question 2. 

Do I want to get this off my credit report.  My assumption would be the hit to AAoA isn't worth the other benefits.  I have perfect payment history, so the extra reporting on time payments are not that usefull.  Although my utilitazion is high now, it will be at 5% in 3-4 months, and a 250.00 credit line isn't going to help utilitazion anyway.

My AAoA is 3 years.  Almost certainly going to drop to 2 years next week, but I don't plan on any other car payments or mortgages anytime soon, so a short term hit isn't a problem. 

My Utliitazion is 71%! which is horrible, but I only owe 1200, and I am paying that balance off at a rate of about 300 a month.

Fico score is 697.

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Keep it. Your AAoA will rebound over time. Activate it and do small things you would normally pay cash for (and pay immediately, even if the statement has not cut) to show usage. The 0 balance helps with utilization and if you close it, it will not go away, but simply be removed from the utilization factor (which is probably helping a bit right now) and still have an account with young Av Age.

Keep it and build with it while getting the other cards down as you are already doing.