Just approved for a Discover IT card. What should my next step be?

[Anonymous]

For the past two years I've been repairing my credit after being reckless at the age of 21.  I currently have five accounts in collections, all due to fall off my credit report in late 2019 and early 2020.  One will remain until 2021.  14 months ago I opened a credit card with Capital One and 10 months ago I opened a Capital One BuyPower card.  Both have limits of $500 and a credit limit increase, according to CapOne, is not allowed at this time.  I was just approved for a Discover IT card with a SL of $1,800 and am beyond excited

My current stats:

Credit score:  620-660 depending on util rate

AAoA:  5 years

Util rate:  15%

Baddies:  4-5 collections depending on the report being looked at.  All are due to fall off in late 2019 and early 2020.  One will remain until 2021 (an Ad Astra collection that's known for allowing PIF...so I'll do that soon). 

Current credit line:  $2,800

I want to get one or two more cards before I garden until 2019/2020.  I need to buy a new laptop soon and was considering the Barclays Apple Rewards card because it seems like I'd likely be approved for it.  I also need a new retainer so was considering a Care Credit card because it seemingly has low approval standards.  

I'm not going to ever miss a payment again, and having the Discover card simultaneously excites and scares me.  I'm very new to credit.  What should I do?  I'm a senior in college and earn roughly $30,000 a year.  

[me12345]

Join and apply to PenFed...

My wife just applied online yesterday with PenFed (Membership & Card)  according to the PenFed notice her Equifax score was 681, (she also has 10 medical collections) and they just gave her a Rewards Card with a $17,500.00 SL right out of the gate, 0% BT for 12 months. Her other highest other card is a Cap 1 with a $500.00 limit!!

I love Pen Fed...

[shoegal]

Congrats on the discover! I got one recently and love it. If your Experian score is 650, I would go for Amex Everyday if you like point cards or BCE if you like cash back. I have both and really enjoy them.

[darwin_wins]

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@me12345 wrote:

Join and apply to PenFed...

My wife just applied online yesterday with PenFed (Membership & Card)  according to the PenFed notice her Equifax score was 681, (she also has 10 medical collections) and they just gave her a Rewards Card with a $17,500.00 SL right out of the gate, 0% BT for 12 months. Her other highest other card is a Cap 1 with a $500.00 limit!!

I love Pen Fed...

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Actually I would avoid joining Penfed right now, you may get a good limit with them if they decide to approve you but with all the collections on the record you won't be seeing any offers from them any time soon. I know that because thats how I got started and haven't seen any offers even though my reports are now clean

[shoegal]

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@darwin_wins wrote:

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@me12345 wrote:

Join and apply to PenFed...

My wife just applied online yesterday with PenFed (Membership & Card)  according to the PenFed notice her Equifax score was 681, (she also has 10 medical collections) and they just gave her a Rewards Card with a $17,500.00 SL right out of the gate, 0% BT for 12 months. Her other highest other card is a Cap 1 with a $500.00 limit!!

I love Pen Fed...

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Actually I would avoid joining Penfed right now, you may get a good limit with them if they decide to approve you but with all the collections on the record you won't be seeing any offers from them any time soon. I know that because thats how I got started and haven't seen any offers even though my reports are now clean

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Good to know! I've old (over 4-6 years old) baddies and was thinking of joining to get a new car next year, and their 2% CB card, but a lot of my baddies will fall off my report next spring, so I'll wait.