topic Re: Close Discover IT? in Credit Cards

Close Discover IT?

Repo-ed — Sun, 01 Feb 2015 14:36:05 GMT

Guys, I always wanted a card from Discover, and they were nice enough to grant me the IT card last Jan w/ a 1k CL (so you know I was on the bubble)....

Well a year has gone by w/ perfect pmt history $0 balance, now reporting.

They just gave me an annual account review and auto-CLI of $200 for a total of $1200.

My question is: Should I close it?

My other major cards are either NPSL or at least 5k up to 13kCL

Thoughts?

Re: Close Discover IT?

chalupaman — Sun, 01 Feb 2015 15:04:30 GMT

Charge $1.99 a month to keep it active and they'll give you a statement credit to pay it down to 0. Free Amazon gift cards every month if you look at it that way.

If you're not interested in doing that, SD it all the way until it collects dust and cobwebs. They might even give you a CLI without even using it. If you don't wanna do that, close the thing completely. Do whatever you think will work best for you personally.

Re: Close Discover IT?

juggalo9er — Sun, 01 Feb 2015 15:04:32 GMT

other will highly disagree but i say close it if it will not grow.

setting my dislike of discover aside, i closed lowes because it never grew from its 500 limit.

Re: Close Discover IT?

chalupaman — Sun, 01 Feb 2015 15:08:02 GMT

@juggalo9er wrote:
other will highly disagree but i say close it if it will not grow.
setting my dislike of discover aside, i closed lowes because it never grew from its 500 limit.

That's strange. I never even used my Lowes card much and I was able to get the limit up to $17k after asking for $25k though of course it's closed now for various reasons. I really thought it was a card that you could get a big limit on without having to do much of anything for it provided you have decent scores and stuff. Did you have that card in the past somehow?

Re: Close Discover IT?

Anonymous — Sun, 01 Feb 2015 15:09:27 GMT

Do you use the rotating categories?

Re: Close Discover IT?

juggalo9er — Sun, 01 Feb 2015 15:12:39 GMT

@chalupaman wrote:
@juggalo9er wrote:
other will highly disagree but i say close it if it will not grow.
setting my dislike of discover aside, i closed lowes because it never grew from its 500 limit.
That's strange. I never even used my Lowes card much and I was able to get the limit up to $17k after asking for $25k though of course it's closed now for various reasons. I really thought it was a card that you could get a big limit on without having to do much of anything for it provided you have decent scores and stuff. Did you have that card in the past somehow?

i applied for it right after i closed on my home.....never went over 500, closest line was 3k

Re: Close Discover IT?

L-TWT — Sun, 01 Feb 2015 15:14:15 GMT

keep it open

some food for thought: I recently opened my Discover It card 01/2015 and was approved with a CL of 30K. I hear discover card is very conservative with regards to CL and CLI, but If I was given this CL anything is possible!

Re: Close Discover IT?

NRB525 — Sun, 01 Feb 2015 15:21:50 GMT

@Anonymous wrote:
Do you use the rotating categories?

OP are you aware that your Discover card is (or rather is not) getting 5% cash back on gasoline during this quarter?

$1,000 may not seem like a large limit, but with gas prices the way they are, it's only $30 - $60 for a fill up depending on your vehicle. 5% cash back is not beatable by any other card, so I have my Discover in my wallet this quarter for that purpose.

Re: Close Discover IT?

NRB525 — Sun, 01 Feb 2015 15:23:01 GMT

@L-TWT wrote:
keep it open
some food for thought: I recently opened my Discover It card 01/2015 and was approved with a CL of 30K. I hear discover card is very conservative with regards to CL and CLI, but If I was given this CL anything is possible!

Congratulations! That is truly a stratospheric Discover limit.

What is the rest of your credit profile? MyFICO scores, other cards you already have?

Re: Close Discover IT?

Anonymous — Sun, 01 Feb 2015 15:29:14 GMT

If you have a TU HP to burn and your scores have improved, Consider requesting another CLI.

Re: Close Discover IT?

L-TWT — Sun, 01 Feb 2015 15:32:47 GMT

@NRB525 wrote:
@L-TWT wrote:
keep it open
some food for thought: I recently opened my Discover It card 01/2015 and was approved with a CL of 30K. I hear discover card is very conservative with regards to CL and CLI, but If I was given this CL anything is possible!
Congratulations! That is truly a stratospheric Discover limit.
What is the rest of your credit profile? MyFICO scores, other cards you already have?

Credit Profile:

MyFICO:820+ across all three bureaus (may have lowered since applying)

Credit cards (three total): Citi BC 30K, Amex BCE 20K & Discover IT 30K

Re: Close Discover IT?

Anonymous — Sun, 01 Feb 2015 15:34:34 GMT

Discover is one of those people either love or hate. The amount of CL is directly proportional to that.

It doesn't have an annual fee, isn't considered subprime like CreditOne or First Premier, has good rewards throughout the year, I say keep it open. I may get one myself to go with the Freedom since their categories are different throughout the year (Chase doesn't have Gas as 5% this quarter, I wish they did).

Re: Close Discover IT?

NRB525 — Sun, 01 Feb 2015 15:48:16 GMT

@L-TWT wrote:
@NRB525 wrote:
@L-TWT wrote:
keep it open
some food for thought: I recently opened my Discover It card 01/2015 and was approved with a CL of 30K. I hear discover card is very conservative with regards to CL and CLI, but If I was given this CL anything is possible!
Congratulations! That is truly a stratospheric Discover limit.
What is the rest of your credit profile? MyFICO scores, other cards you already have?
Credit Profile:
MyFICO:820+ across all three bureaus (may have lowered since applying)
Credit cards (three total): Citi BC 30K, Amex BCE 20K & Discover IT 30K

Ok, so it looks like another data point to confirm Discover likes to be one of a very few cards the cardholder has, and with a higher FICO score, Discover is willing to go with a higher CL.

Thanks for sharing.

Re: Close Discover IT?

racer-x — Sun, 01 Feb 2015 16:01:04 GMT

I felt the same about my 2yr old Discover IT. I was ready to close 'IT' (no pun intended) and BoA that had a $1500 CL at about the same time.

I too was told to just hang on to them and be patient.

Starting limit was $1875, when I was getting $15k CL's.

A year went by, no CLI's. I initiated a HP CLI, and got $5k.....6 mos later, I called for another HP CLI, and got $12.9k.

BoA was the same scenario, ended up with a $10.1k CL.

Scores hovered low low 700's throughout those 2 yrs.

-sidenote- Discover recently gave me a 65% CLD.

Re: Close Discover IT?

chalupaman — Sun, 01 Feb 2015 16:02:19 GMT

@racer-x wrote:
I felt the same about my 2yr old Discover IT. I was ready to close 'IT' (no pun intended) and BoA that had a $1500 CL at about the same time.
I too was told to just hang on to them and be patient.

Starting limit was $1875, when I was getting $15k CL's.

A year went by, no CLI's. I initiated a HP CLI, and got $5k.....6 mos later, I called for another HP CLI, and got $12.9k.
BoA was the same scenario, ended up with a $10.1k CL.

Scores hovered low low 700's throughout those 2 yrs.

-sidenote- Discover recently gave me a 65% CLD.

Are you serious? Sounds like they screwed you over after all that work you did for them. I'm surprised you didn't dump them after the huge CLD.

Re: Close Discover IT?

racer-x — Sun, 01 Feb 2015 16:10:26 GMT

popa - True story. Bastids. They screwed me too when I PIF'd the CLD'd account, by putting an 8 day security hold on my payment which made me miss the statement cut date with the new $0 balance.

I actually called Discover this morning and asked for a mid cylce submission to the CRA's, and with a click of the button it was done....she told me to give it 24 hrs to show up. Very nice and accommodating CS for what it was worth....still feel like this though...

Re: Close Discover IT?

montana586 — Sun, 01 Feb 2015 16:13:37 GMT

They are just one of those lenders that are slow to increase your line. I started out last may with $3500 and have received two sp cli's every 90 days.. first one was for $500 and the second one for $250 should be due for another one this month. Each time I made big purchases and took a couple months to pay the balance down with big chunks $500 or more at a time

Re: Close Discover IT?

NRB525 — Sun, 01 Feb 2015 16:21:55 GMT

@racer-x wrote:
popa - True story. Bastids. They screwed me too when I PIF'd the CLD'd account, by putting an 8 day security hold on my payment which made me miss the statement cut date with the new $0 balance.

I actually called Discover this morning and asked for a mid cylce submission to the CRA's, and with a click of the button it was done....she told me to give it 24 hrs to show up. Very nice and accommodating CS for what it was worth....still feel like this though...

CLD is never fun, sorry to hear that. I've gone through that on several cards in the past.

What is the rest of your credit profile? Cards open? MyFICO Scores? new cards aquired?

Re: Close Discover IT?

Anonymous — Sun, 01 Feb 2015 16:36:38 GMT

For every argument that Discover doesn't give much CLI love, I counter with this. Chase is even more stingy with CLI. And they won't modify your APR either.

Re: Close Discover IT?

Repo-ed — Sun, 01 Feb 2015 16:45:37 GMT

@Anonymous wrote:
Do you use the rotating categories?

I did all last year.

But this year I likely will not be.

I'm working on min. spend on my BoA 1-2-3 (which I've now met) for $100 statement credit.

Just shy of completing my min spend for my Chase Freedom for another $100 credit.

Next I'll begin working on my SWA Visa spend.

So in short, at least in the near future, I will not have a need for it. That being said, I've 1000% have enjoyed discover and their customer service. If having a OPEN low CL card is not a negative factor on my profile, I just assume leave it be.

If it's viewed negatively, then I need to close it and try again in the future for a shot at a higher CL. The FICO score they presently show for me is 759.