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19 years old, just approved for DiscoverIT $2,600, $3,500 total CL now,

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19 years old, just approved for DiscoverIT $2,600, $3,500 total CL now,

Hi! I'm 19 years old and began with a Fingerhut Freshstart account last year with $30 down. That graduated a few months ago and I went from a $230 line to an unsecured $400 dollar line, then $300 Journey Unsecrued to a $500 Step 1 CLI, and just today I hit 578/580 from CreditKarma and 620 from Discover's free credit check.

i went and applied for a DiscoverIT card and I was sent to a counter offer page and I accepted it. It came as a shocker it approved a DiscoverIT card with $2,600 CL. Highest credit line yet and when I put down only making $10,000/year and not a student I was truly shocked. Is this normal for Discover? And any tips for going from here? My CC balances are below.

 

Journey: $370 Balance | $500 Limit

Fingerhut: $115 Balance | $400 Limit

DiscoverIT: $0 Balance | $2,600 Limit

 

Discover free Fico8: 620

Credit Karma: Transunion 578, Equifax 580

 

 

 

 

4 REPLIES 4
Moderator

Re: 19 years old, just approved for DiscoverIT $2,600, $3,500 total CL now,


@RoxasW wrote:

Hi! I'm 19 years old and began with a Fingerhut Freshstart account last year with $30 down. That graduated a few months ago and I went from a $230 line to an unsecured $400 dollar line, then $300 Journey Unsecrued to a $500 Step 1 CLI, and just today I hit 578/580 from CreditKarma and 620 from Discover's free credit check.

i went and applied for a DiscoverIT card and I was sent to a counter offer page and I accepted it. It came as a shocker it approved a DiscoverIT card with $2,600 CL. Highest credit line yet and when I put down only making $10,000/year and not a student I was truly shocked. Is this normal for Discover? And any tips for going from here? My CC balances are below.

 

Journey: $370 Balance | $500 Limit

Fingerhut: $115 Balance | $400 Limit

DiscoverIT: $0 Balance | $2,600 Limit

 

Discover free Fico8: 620

Credit Karma: Transunion 578, Equifax 580

 

 

 

 


Welcome to MyFICO

 

Congrats on your Discover approval

Message 2 of 5
Community Leader
Senior Contributor

Re: 19 years old, just approved for DiscoverIT $2,600, $3,500 total CL now,

Congratulations! I bet your Discover Experian FICO takes a jump now that your higher limit leaves you room for your balances. Once your card gets going, you'll also get a TransUnion FICO from them by logging into your account.

 

In a way, I'm surprised (not shocked Smiley Happy) at your approval because the utilization on your two cards was on the high side (overall utilization 54%, the Journey card at 74%, both cards reporting a balance). I'm guessing that for someone new to credit with low limits, Discover looked at your perfect payment record.

 

For future apps, you'll want to optimize your score first as you now have everything you need to pull that off (three cards and workable limits). To do that, you'll want to have either the Journey or Discover card report a small balance (up to 8.9% of the limit) with the other two cards reporting zero. Make sure the small balance is at least $5 as some lenders forgive tiny balances rather than bothering to bill you. Don't choose the Fingerhut to be the card to report a balance. It's more effective that the balance is on a "major" card rather than a retail card. In short, FICO likes low utilization and less than half of your cards reporting a balance.

 

That doesn't mean that you can't use your cards. Simply pay down the balances before the statement cuts so the amount that reports is low on one card and zero on the others. And DON'T pay interest. The balance that reports should come from new charges.

Message 3 of 5
Valued Contributor

Re: 19 years old, just approved for DiscoverIT $2,600, $3,500 total CL now,

Congratulations on your Disco approval. It can grow nicely with you as you build your profile
State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 4 of 5
New Contributor

Re: 19 years old, just approved for DiscoverIT $2,600, $3,500 total CL now,

Good jobs, remember this Don't get into debt.
Message 5 of 5
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