Discover It approved first card

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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ChristianLFonts
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Discover It approved first card

Postby ChristianLFonts » Thu Jul 10, 2014 9:45 am

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. I do want to have more then one credit card I want to own a Amex card and build my history with them. Any tips on building my history with a Discover card? 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? I can do that but that seems pretty low to me.


Bama87
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Postby Bama87 » Thu Jul 10, 2014 1:18 pm

I'd say $500 is a great start for a person getting a true Credit Card with no history.

There is no reason for you to try to chase a credit score right now. Just use the card and pay it off in full every month for now.

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nismoZtuner
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Postby nismoZtuner » Thu Jul 10, 2014 1:59 pm

Bama87 wrote:I'd say $500 is a great start for a person getting a true Credit Card with no history.

There is no reason for you to try to chase a credit score right now. Just use the card and pay it off in full every month for now.


You can use all your credit (DON`T GO OVER YOUR LIMIT THO) but don't let it report. Like Bama said just make full payments by the end of the month before they report. On your credit report it may show that you are not using the card but to discover you are- it`ll boost your score quite a bit. Some say it is difficult to get an Amex card wasn`t for me. American Express was my second creditor at age 20.
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
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TCL-$19,800
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MemberSince99
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Postby MemberSince99 » Thu Jul 10, 2014 4:32 pm

What nismo said.


And yeah for a first card that's good. You got in with a prime lender, and it will grow, although maybe slowly but when you are starting out and looking at your alternatives, when you compare a 500 Discover to a 500 Cap One, there just is no comparison. Cap One would likely give you an annual fee, lousy customer service, no rewards, and one CLI even if you have the card 10 years. With Discover you get awesome service, rewards, no annual fee and a card that can grow with you.


Yeah I'd say that's good. Maybe it's not the 5k limit you wanted in your wildest dreams but few of us started there I can assure you.

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Terry
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Postby Terry » Thu Jul 10, 2014 7:12 pm

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. I do want to have more then one credit card I want to own a Amex card and build my history with them. Any tips on building my history with a Discover card? 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? I can do that but that seems pretty low to me.


You can charge more than 500.00 per month provided that pay off your charges several times each month. That would demonstrate that you are responsible and after a few months that action will help you with credit line increases. At least that is what I discovered in my early credit days.
AMEX Green Card - NPSL [Member Since 1995] ;)
AMEX Everyday Card ($25,000) 6/14 Backdated to 1995 - For 20% Extra Points Benefit
Chase Freedom Visa Signature ($17,000) - For 5% rotating categories
Citi ThankYou Preferred Visa Signature ($16,000) - 2% dining
Discover IT Humane Society Design ($16,500) - For 5% rotating categories
Firestone ($2,600) - For 0% financing
Home Depot ($10,000) - For 0% financing
JCPenney Credit Card ($7,000) - For special discounts
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PlyrStar93
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Postby PlyrStar93 » Thu Jul 10, 2014 7:52 pm

Like MemberSince99 said, congrats on the approval, it's a good card and a good beginning.

Like Terry said, pay before statement when you see the balance goes up, but that never bars you from using the card. The only things that matter is always keep an available credit that let you make purchases and let a low balance reported to bureaus.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
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ChristianLFonts
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Postby ChristianLFonts » Tue Jul 15, 2014 10:08 am

Thank you all for the congratulations and advice. I really appreciate it. One thing I want to point out is that I noticed that when I was approved and I got my card in the mail I also received my credit score stating it was at 716. Is that weird or is that the starting point for most people?

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Vattené
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Postby Vattené » Tue Jul 15, 2014 11:46 am

I am not really sure how 718 compares to most people starting out, but I can speak from my experience and estimate mine was probably similar. I am a few years older and, while I don't know where I was at 18, I have been strategically managing my credit for a few years and have seen my score steadily go up since I have had access to it for free. You are positioned well to have a great score when you are in your mid twenties.

I also got the Discover it a few months ago and have loved the card so far. Congrats :)
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

ChristianLFonts
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Postby ChristianLFonts » Wed Jul 16, 2014 11:46 pm

Thanks I hope so and I have noticed that Discovery does have excellent customer service also. I don't know what you guys think of Capital One but it definitely has a better service compared to them.

MemberSince99
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Postby MemberSince99 » Thu Jul 17, 2014 6:25 am

Thank you for calling Capital One a conservative lender, this is Pradesh I mean George speaking may I please know your first and last name?



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