Big Discover IT CL...Garden or App?

[Anonymous]

Ok so new guy here, might have seen my other post regarding my IT approval for $6,000 today.

I have a question as the best way to move forward and plan my FICO building journey.

Before today I only had 1 open cc account...... it is a Cap 1 Platinum with a $300 limit. I have been auto PIF for the last 9 months but because I use it a lot (trying to rebuild) I am always near the limit.

I also have 1 closed Chase account from 2008-ish they shut me down after a couple lates (1 60 day) and only paying minimum payment. That was  $2500 limit and I currently owe $884.

My goal is to BT the Chase account to my new Discover so I can pay that off without the interest.

My real question is , should I try applying for another Prime card somewhere now or wait a couple months.  I only have the 1 inquiry  on my report from Discover right now.

So do I apply for another card or 2 to help my credit UTL?   Or garden the Cap 1 and Discover for at least a couple months?

Also should I apply for a CLI on the Cap1?

My Stats:

myFico: 673 Income: $40K

[SnackTrader]

Wait a few months. With a $6,000 line reporting more lenders may be willing to extend you similar lines. Applying now with your limited positive history, you would be unlikely to replicate the Discover approval. 

[Anonymous]

Thanks SnackTracker....I think  I knew that was the best course of action, I just needed someone wiser than me to tell me. 

[SnackTrader]

Anytime! I think you did yourself a big favor by getting that Discover, and 6 months from now with some of that debt paid down you will be in a fantastic position for some more cards. 

[09Lexie]

As usual, excellent advice!

[youngandcreditwrthy]

Congrats!!!!

[Pilotdude]

Congrats!! 

Snack is totally right. 

There is also a chance that you might see a couple preapproved offers with that Discover reporting.  Keep the util low and in a few months check your reports and scores for a couple cards you might want to add. 

[thom02099]

---

@SnackTrader wrote:

Wait a few months. With a $6,000 line reporting more lenders may be willing to extend you similar lines. Applying now with your limited positive history, you would be unlikely to replicate the Discover approval. 

---

+1 Excellent advice! 

Gardening it will result in a rather healthy yield come harvest time in the fall!    Give yourself that time, pull your scores, and then evaluate where you want to go from there. 

[youngandcreditwrthy]

Amex might even approve you in a few months' time with that nice Discover CL reporting!:-)