ChristianLFonts wrote:So I recently just turned 18 and I had just applied for a Discover It card.I just got my card in yesterday with a no credit history they gave me a CL of $500 I don't know whether that is a good starting limit or not.
Context matters with words like "good". As indicated above for someone starting out with no history it's good. For a person with an established credit history it would not be good.
ChristianLFonts wrote:I have read that I don't want to use more then 33% of my balance so does that mean that I want to restrain myself from using more then $165?
You don't want reported utilization to exceed 30%. It will difficult to use less than 33% of your balance (especially if your balance is 0 since it's a new account). Utilization = balance / limit.
Reported utilization can be adjusted by paying prior to statement end.