Cleared CC card debt, when to apply for new CC/CLI

[alexvale]

Started a new job last year where I earn a good salary with yearly merit increases and bonuses. Taking advantage of this I brought all my credit lines which were basically maxed to $0 and my scores spiked to 800s.

As the title says, how much time should I wait before apply for CLI and new Credit Cards? Highly interested in a CC with miles points since I can finally travel. Considering the Discover Travel Card. 

[coldfusion]

Given that your FICO scores are now 800+ your creditors have already updated their reporting to reflect your lowered utilization numbers.

Go ahead and apply for the card you want, just be mindful of the need to pace yourself when applying for cards and for CLIs.  

[alexvale]

Thanks! That's what I thought.

I tried applying for CLI for Discover IT when the payoff was reported and was denied. Read somewhere that I might need to keep low revolving credit for a couples months.

There's a trip I'd like to book but there are a few spots left. Should I just try to apply for Discover Travel Card and see how it goes? 

[designated_knitter]

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@alexvale wrote:

Thanks! That's what I thought.

I tried applying for CLI for Discover IT when the payoff was reported and was denied. Read somewhere that I might need to keep low revolving credit for a couples months.

There's a trip I'd like to book but there are a few spots left. Should I just try to apply for Discover Travel Card and see how it goes? 

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Your current Discover card could be bucketed meaning it might not grow much.

Have you tried their prequal tool for a second card!

Also, Discover seems to really have tightened CLIs.  But I do believe they are still good about product changes.  So you can call them and ask your existing card be converted to the travel card.  While it may not get you everywhere you want to go, you'll at least get started on earning miles.

Congratulations on the new job and paying off your debt.  That took discipline when so many people would have just started spending more since they are earning more!

[alexvale]

Thanks! It took a lot effort and control but I got there. I set my mind that I was still making the previous salary. I do have a bunch of prequals from Chase like Sapphire Preferred and Reserve from before clearing the CC debt so I should be OK with applying. Want to keep Discover It since I do take advantage of the revolving 5% cash back.

[designated_knitter]

One other thing to think about if you're considering applying for a second Discover card:  they have been requesting 4505-c forms on a lot of folks recently.  There is some belief that applying for a second card may be one of the triggers.

There is a lengthy thread about it on the boards.  I tried to find the link but not showing up at the moment.

So if you don't want to risk the request for IRS transcripts and potential for having your cards suspended or worse, you may want to focus on Chase and Amex.

[alexvale]

Tried Preapproval tool from Discover and was approved the Travel Card so I completed the app and got approved 7k! 

[designated_knitter]

That's terrific!

Congratulations!  Happy Travels!

[FinStar]

As the OP has indicated they've been approved, this thread is now locked and closed to new messages.

@alexvale - congratulations on the new card.  Feel free to start a new thread in the Approvals section if you would like to do so.