Get a second card or try to increase CL?

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Mandes
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Get a second card or try to increase CL?

Postby Mandes » Fri Jun 10, 2016 6:55 pm

Hi,

About 2 years ago I picked up the Discover It card as my first credit card. Since then, I've used the card pretty responsibly, charging 20-30% of my credit limit every month and paying it in full every time. My FICO credit score (on Discover's website) hovers around 760-780. While the card has been great, Discover has been pretty conservative with its CL, offering me only $500 at first and bumping me to $1000 and then to the $1500 CL I have now.

This usually isn't a problem since I'm a student and don't spend too much, but I'm traveling more often now and so I'm spending more than I have in the past. I still keep my balance below 30-40% of my CL (putting the rest of my expenditures on my debit card), but I was thinking it might be helpful to get a second card with a higher CL and travel rewards. I tried applying for the Chase Sapphire Preferred card, but got denied because of "too few accounts for too little time" (since my only credit line is my Discover card).

Is my best course of action to just keep using my Discover card as I do and apply for the Chase (or another card) in a year or so (when I'm out of school and have a full time income)? Or should I use a higher percentage of my Discover card CL to "indicate" to Discover that I want a higher CL? Or should I maybe try applying for another credit card? I know the Chase Sapphire Preferred has a minimum CL of $5000 and I'm not sure Discover will ever bump me up that high.

Any suggestions would be great!


TXviking
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Re: Get a second card or try to increase CL?

Postby TXviking » Sat Jun 11, 2016 9:24 am

I'd try for another card. The CSP is hard to qualify for with a thin credit file, but you may have better luck applying for a cobranded travel card that fits your travel profile, e.g. the Delta AmEx. I would, however recommend getting at least one Visa or MC as not everyone takes Discover (or AmEx.)

Kevin86475391
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Re: Get a second card or try to increase CL?

Postby Kevin86475391 » Sat Jun 11, 2016 8:53 pm

Mandes wrote:Hi,

About 2 years ago I picked up the Discover It card as my first credit card. Since then, I've used the card pretty responsibly, charging 20-30% of my credit limit every month and paying it in full every time. My FICO credit score (on Discover's website) hovers around 760-780. While the card has been great, Discover has been pretty conservative with its CL, offering me only $500 at first and bumping me to $1000 and then to the $1500 CL I have now.

Have these two past CLIs been Discover initiated or did you ask for them?

You should be able to do a SP (soft pull, that won't affect your credit score) CLI with Discover. It should notify you if it will be a hard pull (that would affect your credit) instead, but in general Discover is very good about SP CLIs. You can do the request online. I'd recommend that as the first course of action and then you can make your next decision accordingly based on whether or not you get a CLI and if so how much.

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CarefulBuilder14
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Re: Get a second card or try to increase CL?

Postby CarefulBuilder14 » Sun Jun 12, 2016 12:52 am

I would go for a Visa or MC with a low minimum CL and a rewards program that will be useful for a long period of time. Chase Freedom (the 5% one, not the 1.5% Unlimited one) comes to mind.

Some serious travel cards like CSP might be out of your reach until you can demonstrate experience with higher CLs. The good news is that with two years of clean history, you've got a great start.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

Mandes
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Re: Get a second card or try to increase CL?

Postby Mandes » Sun Jun 12, 2016 2:18 am

Kevin86475391 wrote:
Mandes wrote:Hi,

About 2 years ago I picked up the Discover It card as my first credit card. Since then, I've used the card pretty responsibly, charging 20-30% of my credit limit every month and paying it in full every time. My FICO credit score (on Discover's website) hovers around 760-780. While the card has been great, Discover has been pretty conservative with its CL, offering me only $500 at first and bumping me to $1000 and then to the $1500 CL I have now.

Have these two past CLIs been Discover initiated or did you ask for them?

You should be able to do a SP (soft pull, that won't affect your credit score) CLI with Discover. It should notify you if it will be a hard pull (that would affect your credit) instead, but in general Discover is very good about SP CLIs. You can do the request online. I'd recommend that as the first course of action and then you can make your next decision accordingly based on whether or not you get a CLI and if so how much.


The two past CLIs were Discover-initiated. I did try the SP on the Discover website, but it notified me that it would require a hard pull. I'll try giving them a call though and see if I have any better luck.

Mandes
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Re: Get a second card or try to increase CL?

Postby Mandes » Sun Jun 12, 2016 2:22 am

CarefulBuilder14 wrote:I would go for a Visa or MC with a low minimum CL and a rewards program that will be useful for a long period of time. Chase Freedom (the 5% one, not the 1.5% Unlimited one) comes to mind.

Some serious travel cards like CSP might be out of your reach until you can demonstrate experience with higher CLs. The good news is that with two years of clean history, you've got a great start.


The Discover it has a pretty great 5% rotating rewards program, but I'm looking for something that I can use on a more daily basis and rack up some points or miles. The BankAmericard Travel Rewards® Credit Card, Capital One Ventur, and Barclay Arrival Plus World Elite all look pretty good, but I'm not sure if they're beyond my reach like the CSP. I do have a Bank of America checking + savings account which may help my chances for the BankAmericard though. If you have any recommendations for other good daily use cards for rewards that would be great!

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CarefulBuilder14
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Re: Get a second card or try to increase CL?

Postby CarefulBuilder14 » Sun Jun 12, 2016 4:15 pm

Mandes wrote:
CarefulBuilder14 wrote:I would go for a Visa or MC with a low minimum CL and a rewards program that will be useful for a long period of time. Chase Freedom (the 5% one, not the 1.5% Unlimited one) comes to mind.

Some serious travel cards like CSP might be out of your reach until you can demonstrate experience with higher CLs. The good news is that with two years of clean history, you've got a great start.


The Discover it has a pretty great 5% rotating rewards program, but I'm looking for something that I can use on a more daily basis and rack up some points or miles. The BankAmericard Travel Rewards® Credit Card, Capital One Ventur, and Barclay Arrival Plus World Elite all look pretty good, but I'm not sure if they're beyond my reach like the CSP. I do have a Bank of America checking + savings account which may help my chances for the BankAmericard though. If you have any recommendations for other good daily use cards for rewards that would be great!

BofA Travel Rewards and Arrival Plus are definitely available with starting limits under $5k. I don't know if the same is true for Venture.

If Freedom doesn't sound like an ideal choice to you, I think our priorities/building strategies are too different for my advice to be useful.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

Mandes
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Re: Get a second card or try to increase CL?

Postby Mandes » Sun Jun 12, 2016 11:30 pm

CarefulBuilder14 wrote:
Mandes wrote:
CarefulBuilder14 wrote:I would go for a Visa or MC with a low minimum CL and a rewards program that will be useful for a long period of time. Chase Freedom (the 5% one, not the 1.5% Unlimited one) comes to mind.

Some serious travel cards like CSP might be out of your reach until you can demonstrate experience with higher CLs. The good news is that with two years of clean history, you've got a great start.


The Discover it has a pretty great 5% rotating rewards program, but I'm looking for something that I can use on a more daily basis and rack up some points or miles. The BankAmericard Travel Rewards® Credit Card, Capital One Ventur, and Barclay Arrival Plus World Elite all look pretty good, but I'm not sure if they're beyond my reach like the CSP. I do have a Bank of America checking + savings account which may help my chances for the BankAmericard though. If you have any recommendations for other good daily use cards for rewards that would be great!

BofA Travel Rewards and Arrival Plus are definitely available with starting limits under $5k. I don't know if the same is true for Venture.

If Freedom doesn't sound like an ideal choice to you, I think our priorities/building strategies are too different for my advice to be useful.


The Freedom does seem like a great card, but the rewards are the same as the Discover it (5% rotating, 1% on all other purchases) so I'm not sure if it's worth having 2 cards that are pretty identical. The cards do have mostly different rotating categories though and I would likely get a higher CL with the Freedom. I just spend a lot of money on dining/travel and so a card that would reward that would be best, but I'm not sure if a good one is really within my reach.

MemberSince99
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Re: Get a second card or try to increase CL?

Postby MemberSince99 » Mon Jun 13, 2016 8:01 am

Go for csp it's not that hard

If that fails after recon if need be try citi thank you premier or one of their travel cards t hat suits you or an amex travel card.

You should get one of these.

Consider a cap one venture check their preapproval site if it says you have e a match go for it. Chase amex and citi all have preapproval sites too.

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CarefulBuilder14
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Re: Get a second card or try to increase CL?

Postby CarefulBuilder14 » Mon Jun 13, 2016 2:05 pm

MemberSince99 wrote:Go for csp it's not that hard

If that fails after recon if need be try citi thank you premier or one of their travel cards t hat suits you or an amex travel card.

You should get one of these.

Consider a cap one venture check their preapproval site if it says you have e a match go for it. Chase amex and citi all have preapproval sites too.

I got the impression OP's rejection for CSP was fairly recent.

An Amex charge card or cobrand hotel/airline card might be worth considering. I'm not sure what the minimum CLs are for Premier or Prestige.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May



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