Unhappy with Discover, Credit questions

ayeecorreia · ‎06-04-2014

I just got my chase freedom in the mail today, however

I don't see a need for me to keep my discover card or use it at all. Chase has the same rewards, 5% cash back, and discover is being stingy with their limits. I tried writing the letter, they just want me to submit again so I'm going to call and speak to someone, hopefully I can get past this $500 limit. I use my card frequently enough and just have to pay it off too often, I want a CLI.

I was thinking, if I stop using the discover card, will it cancel automatically? Last time I used was about a week ago, how often do they report? Monthly? but I'm just thinking what would be better for my credit score? it has 0 balance currently.

I just got my freedom, said 680 score from Experian.

Heres my lineup.

NFCU Cash Rewards 2k opened August 2013

Discover It 500 opened Feb 2014

Amex Everyday 2k opened May 2014

Chase Freedom 2k opened May 2014.

Should I cancel discover, let it keep 0 balance and collect dust, or keep calling about CLI since its only soft inquiry? I'm in the garden now but I just wonder what would be best for my score.

Thanks

Amex Plat, Gold, BCP, EDP, Aspire, Delta Platinum,
NFCU Platinum, Cash Rewards, Amex More Rewards,
CSP, CFF,
Barclay Arrival,
BoA Cash Rewards, Travel Rewards, Alaska Airlines,
Capital One Venture
Citi Costco
Paypal MC
Best Buy
Discover
Military Star

lg8302ch · ‎06-04-2014

@ayeecorreia wrote:
I just got my chase freedom in the mail today, however
I don't see a need for me to keep my discover card or use it at all. Chase has the same rewards, 5% cash back, and discover is being stingy with their limits. I tried writing the letter, they just want me to submit again so I'm going to call and speak to someone, hopefully I can get past this $500 limit. I use my card frequently enough and just have to pay it off too often, I want a CLI.

I was thinking, if I stop using the discover card, will it cancel automatically? Last time I used was about a week ago, how often do they report? Monthly? but I'm just thinking what would be better for my credit score? it has 0 balance currently.
I just got my freedom, said 680 score from Experian.

Heres my lineup.

NFCU Cash Rewards 2k opened August 2013
Discover It 500 opened Feb 2014
Amex Everyday 2k opened May 2014
Chase Freedom 2k opened May 2014.

Should I cancel discover, let it keep 0 balance and collect dust, or keep calling about CLI since its only soft inquiry? I'm in the garden now but I just wonder what would be best for my score.

Thanks

What do you expect? Your account is really new and you have added more new accounts after Discover so you cannot expect a CLI from a conservative lender that soon. I have 800 Fico scores and it took me 15 months to get a CLI from Discover.. just be patient.. it will happen but you need to give Discover more time....You cannot compare Discover with NFCU. Keep your card use it regularly and build a good payment history and you will get your CLI also from Discover.

gh17 · ‎06-04-2014

Also, they don't have the "same rewards." Similar structure, yes, but the categories aren't the same. You could use Discover for restaurants one quarter and Chase for restaurants another quarter.

coldnmn · ‎06-04-2014

Credit is a journey not a race. Use your cards responsibility and CLI's will come with time. Continually applying for credit makes you look desperate and makes CC companies nervous.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17

fargobzn · ‎06-04-2014

Discover still has it uses even with the Freedom like some have said they categories are not the same, plus there is shopdiscover and the Free FICO score. The card has no AF and from what I can tell Discover will give out CLIs(I've received two in 11 months) but you gotta give it some time.

takeshi74 · ‎06-04-2014

@ayeecorreia wrote:
but I'm just thinking what would be better for my credit score?

You've already taken the hits to AAoA and inquiries by opening it. Might as well be patient and use it responsibly. Keep its reported utilization in check since it has a $500 limit.

While it won't negatively impact your score it doesn't look good to open and quickly close accounts.

maiden_girl · ‎06-04-2014

Discover is a great bank and they have amazing customer service. If you want a CLI...it might be time to take a HP hit for one. Or just wait it out. Discover is having a gas category soon. It might be a good time to use it to rack up 5% bonus. But I wouldn't close it.

As of 2017, rebuilding...

ways2go · ‎06-04-2014

i've been gettng a cli roughly every 3 to 4 months about $300 each time. They do like to see usage on it. I regularly use it, but not this quarter. Next quarter I will though. 5%on gas.

MoreRewards · ‎06-04-2014

I wouldn't close an account only 3 month after opening. I'd wait for the CLI. You might try carrying a balance also. That seems to work for me anyway. I wouldn't expect CLI after only 3 months. Try 6 months. The Freedom & It have great uses together. I also use the It for online shopping over Freedom since the UR points are usually lower.

EQ 773 * EX 786 * TU 797

Creditaddict · ‎06-04-2014

While it may seem like you can sit around for a sp cli with all the success people have with it, others of us (my partner and I included) could not get a dime out of Discover until we were willing to take the HP... if you won't take the hp they are asking you for to at least match your current CL's then I don't think you can expect them to give you cli just because you have some new cards that are higher.... they can be really weird and sometimes annoying but it's the credit game.