When should I go for the IT card?

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When should I go for the IT card?

Postby Drudai » Sat Dec 22, 2012 9:42 pm

This week I've been looking into a new credit card to have a little more variety in what I'm getting out of using them for.

I currently have a Cap. One secured card @ $300 CL and a bank affiliated card for another $300 CL. My income has increased (doubled) from when I applied for my other two cards, and Cap. One doesn't offer CLI on secured and my bank card is less than 6 months old.

My credit history is limited to only 10 months, but I'd like to introduce a new card that reflects my current income. Which brings me to a discover card that might like my income, even if I have a shorter history.

My utilization is at about 10-15% on my current cards.

Should I hold off a little while or maybe go for it?
Chase Freedom: $800
Chase Slate: $500
Discover It: $2000
Sears: $2000
US Bank: $500
AMEX BCE: $2000

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Postby Robrus1 » Mon Dec 31, 2012 10:51 am

Depends. How do your credit scores look?
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

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Postby MemberSince99 » Mon Dec 31, 2012 3:43 pm

If you don't have any baddies, and your scores are 680 range, you should be good for IT. None of us can predict 100% of course, but just generally speaking.

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Postby nomnomnom » Thu Jan 17, 2013 2:32 pm

As others mentioned it is hard to say without more information. However, my friend just got approved for $4500 with ~700 FICO and no income. I got approved for $5500 with ~715 FICO and a ton of income.

YMMV. I'd go for it. And if declined, I'd try to recon at least 1-3 times. Even if you end up with a low limit, you're at least in the door with an outstanding CC provider and can work your way up every 6mo's from there.
[CENTER][font=Arial][size=60]Equifax: 753, Transunion: 742, Experian: 740
Discover It 10,000
USAA Total Rewards Visa 16,000
AmEx HH 16,300 | AmEx BCP 2,000
Chase Freedom Visa 10,000 | Chase Slate Visa 1,500
PenFed Platinum Visa 10,000 | PenFed Line of Credit 3,500
CapOne Platinum Mastercard 5,000 | CapOne Best Buy 4,500 | CapOne Orbitz Visa 1,000
OnPoint Platinum Visa 5,500 | Barclays NFL Visa 2,500 | US Bank Cash 1,500 | KeyBank PLOC 1,500
Amazon Store Card 400
Total Credit Line: $91,200 -- Last Updated: July 28th, 2013[/size][/font][/CENTER]

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Postby FrequentBird.com » Fri Jan 18, 2013 10:49 pm

In theory, you could get approved for the Discover it with a FICO score of 600+.

To give you another data point, I was approved for the credit card with a 731 credit score. My account has a $6500 credit limit and arrived with 0% introductory APR for purchases and balance transfers for 14 months each.

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Postby Calipso » Tue Jan 22, 2013 3:19 pm

The most important thing for me to get MY foot in the door with Discover was ZERO baddies. No lates, no delinquent accounts etc. Once my last negative dropped from my credit reports Discover approved me instantly.

My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500

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Postby djrez4 » Tue Jan 22, 2013 4:59 pm

Whereas, I received instant approval for a More (now converted to IT) with a $16k limit when my EQ FICO was 660 and I still had a paid credit card charge-off, paid medical collection, and a paid student loan collection with multiple lates reporting.

Explain that one...
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]

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Postby DavidNY » Tue Jan 22, 2013 5:09 pm

16k is a high limit for Discover even with a clean report.

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Postby FutureBillionaire » Tue Jan 22, 2013 6:03 pm

DavidNY wrote:16k is a high limit for Discover even with a clean report.

Yep. Unless it is relative to his income. That's sky high for Discover.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

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Postby djrez4 » Tue Jan 22, 2013 6:56 pm

My only thought is that they accounted for a Discover I had back in 1998 that I closed in good standing.

I'm not one to look a gift-horse in the mouth.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]


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