Welcome to the forum.
Your CS is a snapshot of that days report. Your AAOA, util, pyts, inq and types of accts are all part of the formula used to calculate your CS. Lenders base approvals not only on your CS, income, util and other factors. Depending on your AAOA - which sounds low if the Discover is your only cc, it would be best to wait the additional 3 mos so that this acct/inq has aged. Discover has changed their policy recently on CLI's prior to 6 mos so I would suggest you try that first.
I'm not familiar with low limit cc's transferring limits to a main card. Some lenders do let you consolidate CL's but they are specific cc's for specific lenders.
Credit takes time and building; establishing credit limits will not happen overnight. Patience and research would suit you well.
Your CS is a snapshot of that days report. Your AAOA, util, pyts, inq and types of accts are all part of the formula used to calculate your CS. Lenders base approvals not only on your CS, income, util and other factors. Depending on your AAOA - which sounds low if the Discover is your only cc, it would be best to wait the additional 3 mos so that this acct/inq has aged. Discover has changed their policy recently on CLI's prior to 6 mos so I would suggest you try that first.
I'm not familiar with low limit cc's transferring limits to a main card. Some lenders do let you consolidate CL's but they are specific cc's for specific lenders.
Credit takes time and building; establishing credit limits will not happen overnight. Patience and research would suit you well.
@Anonymous wrote:I'm in college right now and this is the first credit card I've been approved for so I just decided to sort of roll with the waves on this one. A friend told me I might be able to get a secured credit card also which would help speed up the building process (although not by much). I've also started to slowly chip away at some of the smaller portions of my subsidized and unsubsidized federal loans. Will that help?
If you already have a Discover IT card, you're past the point of needing a secured credit card. Secured cards require a deposit and are usually a last resort when no other lenders will extend credit. That being said, paying your federal loans will be a huge help as credit score takes many things into account including loan history and repayment.
In my opinion, if you want another card you should be looking at applying at a card from a prime lender in a few months. Until then, tend to your current card and loans and your credit will be fine. You don't need a secured card.
It is very normal for scores to differ with such a thin file.
Wait as long as you possibly can, which should be at least 6 months to give yourself the best chances of approval for another card. Use that time to research different cards and the impacts it will have on your score. Or set other life goals, and don't apply for the new card until you reach those life goals. Like running a marathon. Or building a shed. Or whatever else floats your boat.
Wait as long as you possibly can, which should be at least 6 months to give yourself the best chances of approval for another card. Use that time to research different cards and the impacts it will have on your score. Or set other life goals, and don't apply for the new card until you reach those life goals. Like running a marathon. Or building a shed. Or whatever else floats your boat.
