20 years old, 8 months of credit history, approved!

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
23 posts
sblfilms
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20 years old, 8 months of credit history, approved!

Postby sblfilms » Fri May 31, 2013 1:19 am

I've been reading the forum for the last couple of months. My first credit account was with Kay Jewelers, $450 credit line for the engagement ring I got my then fiance.

I decided to go ahead and pull the trigger on the Discover IT card and got approved with a $5000 limit. I also applied for an Amex Delta Gold and was approved for a $2000 limit.

Thanks for the help with selecting the cards to apply for!


websteth
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Location: Florida

Postby websteth » Fri May 31, 2013 4:37 pm

sblfilms wrote:I've been reading the forum for the last couple of months. My first credit account was with Kay Jewelers, $450 credit line for the engagement ring I got my then fiance.

I decided to go ahead and pull the trigger on the Discover IT card and got approved with a $5000 limit. I also applied for an Amex Delta Gold and was approved for a $2000 limit.

Thanks for the help with selecting the cards to apply for!


Congrats! Both the Discover IT and Delta Gold are great cards. As someone that flies a lot, the Delta card will more than pay for it self with the boarding and luggage fees.
American Express: Platinum, Zync, Platinum Delta SkyMiles, Blue, Starwood Preferred Guest
Barclaycard US: iTunes Reward Visa, US Airways Premier World MasterCard
Chase: Sapphire Preferred Visa Signature, Freedom Visa
Citi Bank: Hilton HHonors Visa Signature, AAdvantage Platinum Select World Elite MasterCard
Bank of America Virgin Atlantic World Elite MasterCard
Discover: Discover it
Other:Macy's Star Rewards, Target REDCard

Sevenfeet
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Postby Sevenfeet » Fri May 31, 2013 5:16 pm

$5000 as a starter Discover IT card for a "kid"? Sheesh...I don't know to congratulate you or curse Discover for my application situation.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

im_mr_awesome
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Postby im_mr_awesome » Fri May 31, 2013 6:20 pm

I'm very jealous of the Discover IT limit. There are people on the forum with $15k+ limits on several cards who can't get $4k. I felt lucky with my high utilization they even gave me $1200.

Congrats on the new cards!
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680

MemberSince99
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Postby MemberSince99 » Fri May 31, 2013 6:34 pm

Yeah I hear you Sevenfeet. They are so cheap they would only give me 3k so I closed it. It seems like the better your credit the lower your limit with Discover.

kqwqk27
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Postby kqwqk27 » Fri May 31, 2013 8:12 pm

As soon as I read OPs post I had a feeling MemberSince99 wasn't going to be happy...
My Cards:
Capital One Platinum MasterCard ($500)
Capital One Platinum Visa ($2k)
BofA Visa ($4k)
Citi ThankYou Preferred ($6.5k)
Chase United MileagePlus Club ($8k)
Discover IT ($8k)

Bksuper
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Postby Bksuper » Fri May 31, 2013 8:31 pm

MemberSince99 wrote:Yeah I hear you Sevenfeet. They are so cheap they would only give me 3k so I closed it. It seems like the better your credit the lower your limit with Discover.

Actually, even though I don't have any first hand experience with discover, from what I've read here they give smaller limits not because your score is high or low, but if you already have lots of cards and credit proportional to your income. Even if you make $200k per year, if you already have $100k+ in credit, they'll lowball you. If you've built up enough history to show you're trustworthy, but only have a couple of cards open with decent breathing room with your total limit to income and utilizations, then they'll give you a higher limit, even if your score and income is much lower than the person with the higher total limit. If you have a really low score, they'll just decline you outright, but I think DTI, Total Limit to income, and low utilization is probably what sets the limit once you're actually approved.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

sblfilms
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Postby sblfilms » Fri May 31, 2013 8:42 pm

I don't have super high income ($50,000/year) either. Not sure why I got such a generous limit on the IT. Going to collect the 30,000 intro bonus on the Amex Delta Gold, get the 3X CLI and then eventually try and product change to a BCE.

Again, thanks for all the tips on which cards to go for and how to go about it.

KrazyNick
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Postby KrazyNick » Fri May 31, 2013 8:53 pm

Sevenfeet wrote:$5000 as a starter Discover IT card for a "kid"? Sheesh...I don't know to congratulate you or curse Discover for my application situation.


II know that's crazy!
Bank of America Travel Rewards Visa Signature - 5k (2/10)
Capital One Mastercard- 2.5k (1/11)
Chase Freedom- 5k (4/11)
Discover It- 3k (5/11)
Chase Amazon Visa- 2k (5/13)
American Express Blue Cash Everyday- 8k (5/13)

Bank of America WorldPoints Rewards for Business- 18k (11/11)

MemberSince99
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Postby MemberSince99 » Fri May 31, 2013 10:03 pm

kqwqk27 wrote:As soon as I read OPs post I had a feeling MemberSince99 wasn't going to be happy...


I'm sorry, the bitterness there kind of seeped in. God they are cheap, it should really bug Sevenfeet I don't know how he keeps that thing open it's insulting what they gave him.



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