cancel
Showing results for 
Search instead for 
Did you mean: 

Can I safely close my Discovery IT?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
New Contributor

Can I safely close my Discovery IT?

Spot the odd one out:

BoA Cash Rewards, May 2018, CL $34,900

Discovery IT, May 2018, CL $3,050

Amex Gold, Aug 2018

Amex Bonvoy Brilliant, Mar 2019, $30,000

Chase Sapphire Reserve, Jun 2019, $23,300

 

Discovery is my second oldest account but it just hasn't kept up in terms of CLIs and now that I just cashed out my first year cashback match the card really has no purpose. Closing it has zero impact on my utilization, and my understanding from reading these boards is that it will remain on my report and continue to "age" for ten years?

 

Knowing that Chase is very "nervous" in the beginning of a relationship and that I just got the CSR - is there any reason not to close the Discovery IT in terms of the impact it will have (or not) on my credit report?

Message 1 of 9
8 REPLIES 8
Valued Contributor

Re: Can I safely close my Discovery IT?

Delete it or keep it.  It's not hurting either way.

 

Personally I found neglecting them brought on more CLI's than trying to force them up with use.

500K+ TCL / 800+ FCOs
Message 2 of 9
Valued Contributor

Re: Can I safely close my Discovery IT?

Curious . . how often do you update your info and request CLIs ? They do generally lag behind, but I would think you'd be shown a little more love. My limit doubled a little bit after the first anniversary and then that new limit has again doubled in a few years' time.

 

Mine mostly comes in handy for 5% rotating categories and the 1.99/4.99/5.99 balance transfers they just about always seem to have.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards/PenFed Pathfinder AMEX - $60k total revolving
EQ/EX/TU: FICO 8's Sept 2019: 696/676/670, 25% utilization, INQ's: 0/0/1
New approvals based on this data: Costco Anywhere Visa $5500, NFCU Platinum $25k
Message 3 of 9
New Contributor

Re: Can I safely close my Discovery IT?


@SteelerNYC wrote:

Curious . . how often do you update your info and request CLIs ? They do generally lag behind, but I would think you'd be shown a little more love. My limit doubled a little bit after the first anniversary and then that new limit has again doubled in a few years' time.

 

Mine mostly comes in handy for 5% rotating categories and the 1.99/4.99/5.99 balance transfers they just about always seem to have.


I have tried for a CLI regularly every 1-2 months - started out at $500 so it's done allright. However, the BoA went from $1,500 to nearly $35,000 in the same period...

Message 4 of 9
Frequent Contributor

Re: Can I safely close my Discovery IT?

The value of the Discover It card is that you can get 5% back on rotating categories each quarter, but it is limited to $1500 in category spending each quarter.

 

So, really, you shouldn't need any higher CL than that in order to get the full value from the card. If you close it, you lose the ability to get that 5% bonus on it's rotating categories (up to $75 in rewards per quarter). If those rewards don't matter to you, then go ahead and close it, but why get the card in the first place if you didn't want those rewards.

    Total CL: $21,100
Fico 8 Scores:
12/2018:
03/2019:
06/2019:
09/2019:
Goals:   550 by 12/2018 600 by 3/2019   650 by 6/2019   700 by 1/2020   750 by 1/2021 800+ by 1/2022
8 derog. (all settled 1/2019)     |     Inquiries: 10, 9, 6     |     AoOA: 10.0yr     |     AAoA: 5.2yr     |     AoYA: 0.4yr
Message 5 of 9
Community Leader
Super Contributor

Re: Can I safely close my Discovery IT?

Id say the odd one is that weird Chase one not trying to top your Boa. Thats just plain wrong, close it and rinse your hands with ChaseSmiley Wink. Please leave Disco alone, she never hurt nobody, ya hear!Smiley Happy
#ChaseCreditCardHobby Enthusiast
2022
!
Message 6 of 9
Valued Contributor

Re: Can I safely close my Discovery IT?

With your profile, I dont think Discover's age is that big of deal. If we were talking several years, then i'd consider closing it. But it's fairly new, anything could still happen. It does seem odd that they gave you such a small limit compared to BoA, those two were apped same time.

 

Option A: Use a HP for a CLI to see if you net better results.

 

Option B: Apply for new Discover to see what they give with a new HP, then transfer that limit to your original account to keep the age. 

 

Option C: Just app for a new card and close the old one altogether. 

 

Or just keep requesting SP CLIs every 3-6 months until you hit the sweet spot.

 

In all honesty though with the CLs on the other 3 cards listed, I don't think you really need a higher limit on Discover. As you stated it will not affect util, generally people want CLIS for util padding. Unless they simply have a CLI addiction.

Keeping it open will help round out your profile and in time add to your AoAA. etc. Closing it will have no possitive affect.

 

Also, if you truly feel the card has no purpose after the first year. Then there really is no need to keep it, nor even app for it in the first place. 

 

As for safely closing it, you're fine. Chase doesn't care, they'll just see it as possibly more spend on their card.

 






Message 7 of 9
New Contributor

Re: Can I safely close my Discovery IT?

Thanks. I got it in the first place because I'd read it was a good starter card, and I wasn't sure I could get better ones in such a short space of time. But then I did, and now I am more into MR/UR travel cards, which means it has limited value to me.

So my long-winded question was whether it would hurt my thin'ish profile, credit rating, or relationship with other lenders if I closed it.

Based on the comments I have read so far, it seems I can go ahead and close it with no major repercussions though.
Message 8 of 9
Super Contributor

Re: Can I safely close my Discovery IT?


@RoadVIking wrote:

Spot the odd one out:

BoA Cash Rewards, May 2018, CL $34,900

Discovery IT, May 2018, CL $3,050

Amex Gold, Aug 2018

Amex Bonvoy Brilliant, Mar 2019, $30,000

Chase Sapphire Reserve, Jun 2019, $23,300

 

Discovery is my second oldest account but it just hasn't kept up in terms of CLIs and now that I just cashed out my first year cashback match the card really has no purpose. Closing it has zero impact on my utilization, and my understanding from reading these boards is that it will remain on my report and continue to "age" for ten years?

 

Knowing that Chase is very "nervous" in the beginning of a relationship and that I just got the CSR - is there any reason not to close the Discovery IT in terms of the impact it will have (or not) on my credit report?


I would hold on to it. You only got it a year ago. My Discover was 1k when I started and is now 10k, and I haven't been the recipient of generous CLI's. Their CLI requests are soft pull.

 

But for aging it doesn't matter because your other cards are around the same age. So if you want to get rid of it, get rid of it. It won't affect you in the least.


Total revolving limits 720500 (594000 reporting) 10/2/19 FICO 8 scores: EQ 744 TU 782 EX 746
Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.