Apply for Discover It or wait...?

[mab463]

Hi All!

I was looking for some advice. I currently have a Capital One card with a $500 limit as my first card with credit steps to $750 kicking in maybe in August. When I applied in Februrary, I was a student making $5k. Now, I've graduated and have a job for $55k. I called the EO line based on this reason, asking for a credit limit increase even though my account is young. My credit tracker score for Transunion is 734 (my parents have great payment history but high utilization and I'm on their cards. I'd get off but they plan to pay them down with a sale of a house in a month).

Discover It has been soliciting me non-stop. I know my odds of getting a CLI are low, and I am unlikey to get a good card from CO for at least another few months given how young my CC relationship is with them. Do I apply for the Discover It card to add to my portofolio and give me an actual usable credit line potentially or do I wait until October and use a debit card with my savngs and paycheck and then apply for another CO card.

All help is appreciated!

[Creditaddict]

if they are offering it to you APPLY!

[fargobzn]

Yeah, I would go for it if you want it!

[mab463]

Do Discover's pre-approvals mean you're likely to get accepted?

[Skye12329]

Its not a gurantee, but it means you have a decent chance. 

[ExplicitElicit]

Take pre-approvals with a grain of salt, but the IT card would be a nice card to have. You can always research around the forum about your options and pick which card(s) would be best for your needs! Good luck!

[BungalowMo]

I got my IT card last April.  Their regular increases are awesome!  You don't even need to ask.

Here's what I got:

April 2013:  3500

July 2013:  4100

October 2013:  4700

Jan 2014:  5100

April 2014:  5500

If they approve you you'll get regular reviews & regular increases every few months!!

[Fico2Go]

ungalowMo wrote:

I got my IT card last April.  Their regular increases are awesome!  You don't even need to ask.

Here's what I got:

April 2013:  3500

July 2013:  4100

October 2013:  4700

Jan 2014:  5100

April 2014:  5500

If they approve you you'll get regular reviews & regular increases every few months!!

---

I've been stuck at 10K since they approved me.  Tried online CL increase keeps getting denied. 

Maybe I'm asking for too much.  Baby increases might be the way. 

[BungalowMo]

---

@Fico2Go wrote:

@ungalowMo wrote:

I got my IT card last April.  Their regular increases are awesome!  You don't even need to ask.

Here's what I got:

April 2013:  3500

July 2013:  4100

October 2013:  4700

Jan 2014:  5100

April 2014:  5500

If they approve you you'll get regular reviews & regular increases every few months!!

---

I've been stuck at 10K since they approved me.  Tried online CL increase keeps getting denied. 

Maybe I'm asking for too much.  Baby increases might be the way. 

---

Yeah...since they already have you at 10k, I'd just sit on that happy # for a while.  Enjoy the free TU FICO & one day your limit will suddenly be higher. 

Although it makes me wonder...what are the high limits on a Discover IT?  Maybe that's another post for the forum! 

[Fico2Go]

Sure but judging by your incremental growth of CL I might want to follow it.  15% increase per quarter is not bad.