topic Re: Unhappy with Discover, Credit questions in Credit Cards

Unhappy with Discover, Credit questions

ayeecorreia — Wed, 04 Jun 2014 08:29:05 GMT

I just got my chase freedom in the mail today, however

I don't see a need for me to keep my discover card or use it at all. Chase has the same rewards, 5% cash back, and discover is being stingy with their limits. I tried writing the letter, they just want me to submit again so I'm going to call and speak to someone, hopefully I can get past this $500 limit. I use my card frequently enough and just have to pay it off too often, I want a CLI.

I was thinking, if I stop using the discover card, will it cancel automatically? Last time I used was about a week ago, how often do they report? Monthly? but I'm just thinking what would be better for my credit score? it has 0 balance currently.

I just got my freedom, said 680 score from Experian.

Heres my lineup.

NFCU Cash Rewards 2k opened August 2013

Discover It 500 opened Feb 2014

Amex Everyday 2k opened May 2014

Chase Freedom 2k opened May 2014.

Should I cancel discover, let it keep 0 balance and collect dust, or keep calling about CLI since its only soft inquiry? I'm in the garden now but I just wonder what would be best for my score.

Thanks

Re: Unhappy with Discover, Credit questions

lg8302ch — Wed, 04 Jun 2014 09:57:12 GMT

@ayeecorreia wrote:
I just got my chase freedom in the mail today, however
I don't see a need for me to keep my discover card or use it at all. Chase has the same rewards, 5% cash back, and discover is being stingy with their limits. I tried writing the letter, they just want me to submit again so I'm going to call and speak to someone, hopefully I can get past this $500 limit. I use my card frequently enough and just have to pay it off too often, I want a CLI.

I was thinking, if I stop using the discover card, will it cancel automatically? Last time I used was about a week ago, how often do they report? Monthly? but I'm just thinking what would be better for my credit score? it has 0 balance currently.
I just got my freedom, said 680 score from Experian.

Heres my lineup.

NFCU Cash Rewards 2k opened August 2013
Discover It 500 opened Feb 2014
Amex Everyday 2k opened May 2014
Chase Freedom 2k opened May 2014.

Should I cancel discover, let it keep 0 balance and collect dust, or keep calling about CLI since its only soft inquiry? I'm in the garden now but I just wonder what would be best for my score.

Thanks

What do you expect? Your account is really new and you have added more new accounts after Discover so you cannot expect a CLI from a conservative lender that soon. I have 800 Fico scores and it took me 15 months to get a CLI from Discover.. just be patient.. it will happen but you need to give Discover more time....You cannot compare Discover with NFCU. Keep your card use it regularly and build a good payment history and you will get your CLI also from Discover.

Re: Unhappy with Discover, Credit questions

gh17 — Wed, 04 Jun 2014 10:58:03 GMT

Also, they don't have the "same rewards." Similar structure, yes, but the categories aren't the same. You could use Discover for restaurants one quarter and Chase for restaurants another quarter.

Re: Unhappy with Discover, Credit questions

coldnmn — Wed, 04 Jun 2014 11:03:30 GMT

Credit is a journey not a race. Use your cards responsibility and CLI's will come with time. Continually applying for credit makes you look desperate and makes CC companies nervous.

Re: Unhappy with Discover, Credit questions

fargobzn — Wed, 04 Jun 2014 12:08:16 GMT

Discover still has it uses even with the Freedom like some have said they categories are not the same, plus there is shopdiscover and the Free FICO score. The card has no AF and from what I can tell Discover will give out CLIs(I've received two in 11 months) but you gotta give it some time.

Re: Unhappy with Discover, Credit questions

takeshi74 — Wed, 04 Jun 2014 12:24:44 GMT

@ayeecorreia wrote:
but I'm just thinking what would be better for my credit score?

You've already taken the hits to AAoA and inquiries by opening it. Might as well be patient and use it responsibly. Keep its reported utilization in check since it has a $500 limit.

While it won't negatively impact your score it doesn't look good to open and quickly close accounts.

Re: Unhappy with Discover, Credit questions

maiden_girl — Wed, 04 Jun 2014 12:29:31 GMT

Discover is a great bank and they have amazing customer service. If you want a CLI...it might be time to take a HP hit for one. Or just wait it out. Discover is having a gas category soon. It might be a good time to use it to rack up 5% bonus. But I wouldn't close it.

Re: Unhappy with Discover, Credit questions

ways2go — Wed, 04 Jun 2014 12:59:43 GMT

i've been gettng a cli roughly every 3 to 4 months about $300 each time. They do like to see usage on it. I regularly use it, but not this quarter. Next quarter I will though. 5%on gas.

Re: Unhappy with Discover, Credit questions

MoreRewards — Wed, 04 Jun 2014 13:56:53 GMT

I wouldn't close an account only 3 month after opening. I'd wait for the CLI. You might try carrying a balance also. That seems to work for me anyway. I wouldn't expect CLI after only 3 months. Try 6 months. The Freedom & It have great uses together. I also use the It for online shopping over Freedom since the UR points are usually lower.

Re: Unhappy with Discover, Credit questions

Creditaddict — Wed, 04 Jun 2014 17:01:22 GMT

While it may seem like you can sit around for a sp cli with all the success people have with it, others of us (my partner and I included) could not get a dime out of Discover until we were willing to take the HP... if you won't take the hp they are asking you for to at least match your current CL's then I don't think you can expect them to give you cli just because you have some new cards that are higher.... they can be really weird and sometimes annoying but it's the credit game.

Re: Unhappy with Discover, Credit questions

Anonymous — Wed, 04 Jun 2014 17:22:12 GMT

@Creditaddict wrote:
While it may seem like you can sit around for a sp cli with all the success people have with it, others of us (my partner and I included) could not get a dime out of Discover until we were willing to take the HP... if you won't take the hp they are asking you for to at least match your current CL's then I don't think you can expect them to give you cli just because you have some new cards that are higher.... they can be really weird and sometimes annoying but it's the credit game.

do you know which CRA they HP from for a CLI?

Re: Unhappy with Discover, Credit questions

rockinn8 — Wed, 04 Jun 2014 17:38:01 GMT

When you applied for the Discover card did you have any baddies? Theres been instances on the boards where people with baddies had to wait a year before they saw any auto CLIs.

FYI the Chase Freedom limit PROBABLY won't auto increase after 3 months...in fact some people still have their original CLs.

OP, hang in there, it will come with time, patience and responsible use. Good luck!

Re: Unhappy with Discover, Credit questions

ayeecorreia — Wed, 04 Jun 2014 17:46:29 GMT

no baddies at all, just INQ's.

How often does discover report?

Thanks for the advice guys, riding it out seems like the best idea. I'll keep using it regularly, especially for the gas this summer.

Re: Unhappy with Discover, Credit questions

Creditaddict — Wed, 04 Jun 2014 17:48:46 GMT

@ayeecorreia wrote:
no baddies at all, just INQ's.

How often does discover report?

Thanks for the advice guys, riding it out seems like the best idea. I'll keep using it regularly, especially for the gas this summer.

monthly

Re: Unhappy with Discover, Credit questions

bk510 — Sat, 07 Jun 2014 01:08:17 GMT

@fargobzn wrote:
Discover still has it uses even with the Freedom like some have said they categories are not the same, plus there is shopdiscover and the Free FICO score. The card has no AF and from what I can tell Discover will give out CLIs(I've received two in 11 months) but you gotta give it some time.

Discover likes to see usage....but I suppose who doesnt.

Re: Unhappy with Discover, Credit questions

mongstradamus — Sat, 07 Jun 2014 02:53:18 GMT

@bk510 wrote:
@fargobzn wrote:
Discover still has it uses even with the Freedom like some have said they categories are not the same, plus there is shopdiscover and the Free FICO score. The card has no AF and from what I can tell Discover will give out CLIs(I've received two in 11 months) but you gotta give it some time.
Discover likes to see usage....but I suppose who doesnt.

Hope that is the case experimenting leaving balance when it reports this summer . hoping I will see some auto CLI sometime down the road

Re: Unhappy with Discover, Credit questions

JKXX — Sat, 07 Jun 2014 04:52:08 GMT

Most of the other posters summed it up.

Discover is a conservative lender that likes usage. Your starting limit indicates that it was probably a borderline approval and they want to see how you do at your current limit. Discover also sees that you opened up other credit after you got their card so they would want to see how you handle those cards as well. Your FICO scores aren't high so with all these factors, they don't see a reason to give you a CLI. I would wait until you hit the 6 month mark and then try to get a 6 month CLI.

Lastly, DO NOT CLOSE THE ACCOUNT. It has ZERO AF and it stays on your CR for 10 years. It will negatively affect your AAoA for the next 10 years if you close it now. It does not hurt to keep it open and it looks bad if you close an account so soon after opening.

Re: Unhappy with Discover, Credit questions

-HighScoringGame- — Sat, 07 Jun 2014 05:59:42 GMT

I will echo what others have said about being patient with Discover, OP. They are a conservative lender but also a great company with excellent customer service based right here in the USA. If you use your card responsibly in time the CLIs will come. That said, I do get your frustration with the toy limit they gave you. I got a limit like that once from Barclays and decided to close the card after they wouldn't increase the limit on recon. I had older, more established accounts already so didn't care how it affected anything (and in the long run it really didn't very much). It looks like you're just starting out so YMMV. It can't hurt to keep it for awhile and see what happens though. Good luck whatever you decide. I'd keep it just for the free FICO score.

Re: Unhappy with Discover, Credit questions

mongstradamus — Sat, 07 Jun 2014 14:48:30 GMT

This is the one card when i was still in rebuilding phase that i apped for and shouldn't have. I think i will just put one small bill on it every month like myfico SW. I will keep my eye out on what 5% categories there are out there.

I am wondering if i can close the account and try to reapply for it now since my credit is in an lot better shape now. I wouldn't mind taking an hit on EQ since I have an lot less inq compared to tu and ex

Re: Unhappy with Discover, Credit questions

Anonymous — Sat, 07 Jun 2014 15:02:52 GMT

Great advice about Discover. Discover was slow with me and it took time but the added several increases equaling $4.5 over 30 months. Guess they were wanting to see me prove performance.