16 days looks like the ticket

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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MemberSince99
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Re: 16 days looks like the ticket

Postby MemberSince99 » Wed May 27, 2015 8:00 am

I read on FICO where a guy claimed that Discover did a manual review for whatever reason and then pulled the increases back because they said he wasn't really eligible for them. (3 out of 4 CLIs).

Who knows, but they have been mighty generous as of late.

If they were to do that to me, it would instantly go into the sock drawer. I don't think they would and who knows how true this is maybe there were reasons. I'm going to go for all the CLIs I can get at least up to 10k. That would put it more in line with my other cards.


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Re: 16 days looks like the ticket

Postby Vermonster » Wed May 27, 2015 9:01 am

I've seen a few CLD notices on MF. But most people mention that when they call and talk to a CSR they will have their limit restored. The CLD tends to come from the computer, not a human doing a review.

If this guy did have a full review by a person, then there was likely a significant change in his credit that warranted the review.
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hammerandnails1859
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Re: 16 days looks like the ticket

Postby hammerandnails1859 » Wed May 27, 2015 1:15 pm

Well, curiosity was killing me after reading these increase stories and I gave it a whirl. I received a online 4k increase a month ago and just received another 4k online increase. I've marked my calendar for the 12th, which will be 16 days, to try again and see what happens.

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Re: 16 days looks like the ticket

Postby oldsoldier » Wed May 27, 2015 2:02 pm

I thought I wouldn't get anything since I just got a 4k increase a month ago. I gave it a shot the other day since it was SP and got another 1.5K. I am done for now. Not sure if I want to try again.
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CarefulBuilder14
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Re: 16 days looks like the ticket

Postby CarefulBuilder14 » Wed May 27, 2015 3:01 pm

Are others using Discover heavily enough to actually need big limits? Is the goal to lower utilization or raise one's average CL? Is it just a game?

Twice I did get rather close to the old $2k limit. I paid the card off before the statement cut both times, and Discover did not even report the high mid-month utilization.
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Re: 16 days looks like the ticket

Postby flan » Wed May 27, 2015 6:14 pm

CarefulBuilder14 wrote:Are others using Discover heavily enough to actually need big limits? Is the goal to lower utilization or raise one's average CL? Is it just a game?

Twice I did get rather close to the old $2k limit. I paid the card off before the statement cut both times, and Discover did not even report the high mid-month utilization.


oh, I'm sure most people are in it as a game or for utilization. i've got a substantial limit, and spent less than a $1000 on the card all of last year.
I'm ahead of that already this year, and I'm likely to max the restraraunt and home improvemnet catagories.

I asked for a limit over hte weekend, got a 2-4 day message, and first thing (like 7:02!) Tuesday, got a called to verify my employment. Giving them my extension (they had the number from directory assistance or google) was enough. I have no idea why I have a phone at work, if anyone called me, I wouldn't answer it...

Gamma
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Re: 16 days looks like the ticket

Postby Gamma » Wed May 27, 2015 6:44 pm

CarefulBuilder14 wrote:Are others using Discover heavily enough to actually need big limits? Is the goal to lower utilization or raise one's average CL? Is it just a game?

Twice I did get rather close to the old $2k limit. I paid the card off before the statement cut both times, and Discover did not even report the high mid-month utilization.

I'd like to have the credit limit matching my highest ones and keep it at that in case there's ever a need for a balance transfer. They constantly offer me one online but no need for one right now. 10k would be more than enough that I would need to keep a balance on one card than having it on 2 cards (I currently have balances on 2 cards with 0% promo) I don't plan on getting more increases after that, even if they still have those soft pull cli. Having too much on one credit line can also be bad.

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Re: 16 days looks like the ticket

Postby Vermonster » Wed May 27, 2015 7:01 pm

CarefulBuilder14 wrote:Are others using Discover heavily enough to actually need big limits? Is the goal to lower utilization or raise one's average CL? Is it just a game?


I don't have a Discover but I do have an Amex, and one of the reasons is their easy 3x cli. My util reports around 60% despite paying in full. My score is being held back because of this. I have added quite a lot of credit over the last few months so it is looking better. If I were to not lower the balance on my current cards, I would still be under the esteemed 30%.

I also like having a little padding. We had 2 major car repairs (over $7k total) which would have maxed out our single Freedom 3 times over again if we didn't have savings and tax return to pull from.

I have also read (though with no actual support to the claim) that when applying for a mortgage it looks nice to have some large credit lines.

Then there is just the fact that it feels good ;)
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CarefulBuilder14
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Re: 16 days looks like the ticket

Postby CarefulBuilder14 » Wed May 27, 2015 9:16 pm

Gamma wrote:I'd like to have the credit limit matching my highest ones and keep it at that in case there's ever a need for a balance transfer. They constantly offer me one online but no need for one right now. 10k would be more than enough that I would need to keep a balance on one card than having it on 2 cards (I currently have balances on 2 cards with 0% promo) I don't plan on getting more increases after that, even if they still have those soft pull cli. Having too much on one credit line can also be bad.

The problem with balance transfer cards is that it can be hard to get one when you need one (due to high utilization). But if you get one in advance of actually needing it, you waste some or all of the 0% promo period.

Or do you get 0% APR BT offers beyond the intro period that everyone gets? Presumably there's a 3% or so BT fee that is rarely (or never) waived?

Having 2 or 3 major cards is better than having one, but I see some people try to "diversify" among cards and issuers way too much. It seems to lead to a lot of low CLs and a lousy AAoA. Then, when one lender gets nervous about the massive growth in someone's available credit and gives a CLD or closes an account, the cardholder is thrilled about how "diversifying" across issuers saved them from worse trouble.

Also having a huge available CL on a store card, or one with bad rewards, can be a headache. I'm looking forward to being able to move some of my BCE line over to EDP.

High limits may attract other high limits some of the time, but they can also mean a rapidly growing available-credit-to-income ratio that can be scary for issuers.

Vermonster wrote:I don't have a Discover but I do have an Amex, and one of the reasons is their easy 3x cli. My util reports around 60% despite paying in full. My score is being held back because of this. I have added quite a lot of credit over the last few months so it is looking better. If I were to not lower the balance on my current cards, I would still be under the esteemed 30%.

30% isn't so esteemed. Lower utilization - so long as it isn't actually 0% - is better. 5% would be better than 30%. Paying in full once or twice in the middle of a cycle can help.
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Really not sure what I'll add next or when

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Re: 16 days looks like the ticket

Postby Gamma » Wed May 27, 2015 11:33 pm

CarefulBuilder14 wrote:
Gamma wrote:I'd like to have the credit limit matching my highest ones and keep it at that in case there's ever a need for a balance transfer. They constantly offer me one online but no need for one right now. 10k would be more than enough that I would need to keep a balance on one card than having it on 2 cards (I currently have balances on 2 cards with 0% promo) I don't plan on getting more increases after that, even if they still have those soft pull cli. Having too much on one credit line can also be bad.

The problem with balance transfer cards is that it can be hard to get one when you need one (due to high utilization). But if you get one in advance of actually needing it, you waste some or all of the 0% promo period.

Or do you get 0% APR BT offers beyond the intro period that everyone gets? Presumably there's a 3% or so BT fee that is rarely (or never) waived?

Having 2 or 3 major cards is better than having one, but I see some people try to "diversify" among cards and issuers way too much. It seems to lead to a lot of low CLs and a lousy AAoA. Then, when one lender gets nervous about the massive growth in someone's available credit and gives a CLD or closes an account, the cardholder is thrilled about how "diversifying" across issuers saved them from worse trouble.

Also having a huge available CL on a store card, or one with bad rewards, can be a headache. I'm looking forward to being able to move some of my BCE line over to EDP.

High limits may attract other high limits some of the time, but they can also mean a rapidly growing available-credit-to-income ratio that can be scary for issuers.

The cards where I currently carrying balances are cards I've had for about 4 years. It's the BoA Better Balance Rewards card and Sallie Mae Barclays card. They have always sent me balance transfer checks or emails about balance transfers that can be done online and these offers is after the promotional offer from opening an account. I no longer open new accounts just for the 0% promotion seeing as I always get the same offers with my current cards. Barclays and Chase usually send me the best offers with 1% or 2% fee for 15~18 months. I'm sure others here get alot of balance transfer offers after their card opening promotion.

You are right about potential AA from having massive credit limits in a single account. I do plan to close alot of cards I currently have from among various banks to keep my total available credit-to-income ratio balanced and lower my credit portfolio. I currently have a total of 14 credit cards and from those, I only really use 5 of them and the others I just use as a balance transfer for when I ever need one. Currently happy with my set of cards and after closing a few cards later this year, I'm done getting new cards. Only cards I really apply for these days are just for the cards that give a big bonus after meeting a spending threshold.



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