Had the card 3 months, already CLI

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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Elijahmex
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Had the card 3 months, already CLI

Postby Elijahmex » Thu Jun 16, 2016 10:05 am

So I've had the card 3-4 months tops. It was the 2nd card I got after my 1 year credit history mark. Originally limit was 1000 and this morning I received an email how they gave me an extra 350$. Sure it's not much, in fact this is my lowest limit out of all 5 CC I have but I was just pleasantly surprised to see it happen bc I've been reading a whole lot how Discover can take for ever to increase limits.

I never used more than 15-20% of available credit. The first month I used 7% and PIF. The next 2 or maybe 3 months I used a little more and almost PIF, I always left a small balance around 25$. Last time I called them to change my due date I did tell the CSR how excellent their customer service is and it's my favorite card. Maybe that helped. But yea just thought Id share
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MemberSince99
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Re: Had the card 3 months, already CLI

Postby MemberSince99 » Tue Jun 21, 2016 7:11 am

Congrats +1

takeshi
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Re: Had the card 3 months, already CLI

Postby takeshi » Tue Jun 21, 2016 9:47 am

Elijahmex wrote:I've been reading a whole lot how Discover can take for ever to increase limits.

Any creditor can. It's not just a matter of the creditor or the passage of time. One's credit profile and income are the primary considerations. Everyone's credit and income are not identical so you can't just rely on collecting anecdotal evidence from others to determine if you'll get CLI's and for how much. It's all about what you specifically qualify for. Those that barely squeezed in with an approval may not see a CLI and it may take them a long time to get one. Those who have credit profiles in better shape or show significant improvement can see earlier and larger CLI's.

Elijahmex wrote:I never used more than 15-20% of available credit. The first month I used 7% and PIF. The next 2 or maybe 3 months I used a little more and almost PIF, I always left a small balance around 25$.

While low revolving utilization is a good thing it's not just the revolving utilization on the one account that matters. It's not just the one account itself that matters. One's entire credit profile matters.

Why are you leaving a small balance? Don't conflate "allow a small balance to report" with "carry a small balance". Report and carry are not the same thing. You can have a balance report even if you are paying the statement balance in full. It's all about the date you pay versus the report date. If you're paying the statement balance in full after the statement is generated and by the due date then the balance on statement date will report even though you're paying the statement balance in full. You do not need to carry a balance for scoring purposes and you're just incurring interest and losing your grace period. If you're using a card for rewards then do not carry a balance. Pay every statement balance in full. Even if you're not using a card for rewards you generally want to avoid incurring debt and interest.



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