Credit limits on Discover vs. other issuers

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
52 posts
User avatar
lobbythis
Centurion Member
Centurion Member
 
Posts: 609
Joined: Sun Sep 07, 2014 8:53 pm
Location: usa

Re: Credit limits on Discover vs. other issuers

Postby lobbythis » Wed Jul 08, 2015 8:11 pm

yfan wrote:
No, it isn't. First, I might point out that LACreditGuy, in so many words, associated modest incomes with modest credit scores - which is far from true. Lots of people with modest incomes have great credit scores because they manage their money well. So what he intimated there is patently false.

Second, there is no frustration here, just a way to brag about being rich. $14,000 is a pretty good limit, and better than most other Discover stories I have heard. I doubt someone with LACreditGuy's claimed level of wealth is running around after a measly $75 in rewards a quarter (5% of the $1500 spend cap on the bonus categories), and as a flat rewards card, Discover isn't exactly the greatest. A $14K limit is quite good for the purposes for which Discover exists; that it doesn't meet whatever LCG's demands are is not a good reason to be "frustrated" when all the information about Discover and its target market is out there.

Except that Discover is not a business card, and LCG never indicated that he was using it for business. Rather to the contrary, by asserting that it's a card for people with modest income (and incorrectly associated modest scores), he seemed to imply personal use. And I'm still waiting for him to tell us which Mastercard provides a six-figure limit on a personal account and exactly what his limit is.



He said nothing about credit scores. You got defensive and read too much into that. Read his post again.

I confused the business part with another post. My bad, but my point and his are still going to stand. Big limits/big spend is just not Discover's specialty.

I don't understand why you think it's impossible that someone has a credit card with a six-figure limit. It does not matter what he has or doesn't have specifically, he was just making a point. If you don't spend 5-figures per month or more like he mentioned, then yea, $14K is a fine limit. You're missing the point here and just acting defensively. I don't spend tens of thousands every single month like him, but I do spend a ton on my business and that's just something not everyone can relate to. No need to get mad at him because he has a high income.


MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Re: Credit limits on Discover vs. other issuers

Postby MemberSince99 » Thu Jul 09, 2015 6:00 am

I don't think he was mad about the guy having a high income. The perception was that the guy was looking down on people of "modest" income.

And I can understand that - after all Jesus was a charter member of the Republican party who advocated strong economic growth policies of tax cuts for the rich and eliminating welfare for the poor (but NOT eliminating public bailouts of corporations, or public financing of new stadiums for sports teams of course). Jesus promised to stop these environmentalists who actually care more about the planet than profit (I believe He called them "terrorists") and firmly advocated that Rome invade Mesopotamia (now Iraq).

The message is, that we are all the same, to a degree, but the rich are much, much better than the rest of us, and they will certainly enter Heaven first and sit at the right hand of God who admires their rugged individualism, while the slothful unwashed stupid working class can sit under the feast table and have the scraps that are left because God frowns upon their reliance on handouts. Nothing wrong with that - it's only just and as it should be.

User avatar
lobbythis
Centurion Member
Centurion Member
 
Posts: 609
Joined: Sun Sep 07, 2014 8:53 pm
Location: usa

Re: Credit limits on Discover vs. other issuers

Postby lobbythis » Thu Jul 09, 2015 10:09 am

Eh, now you're just telling stories and putting on a show so I can no longer take this conversation seriously. Have fun.

yfan
Centurion Member
Centurion Member
 
Posts: 377
Joined: Wed Jul 09, 2014 5:55 pm
Location: San Jose CA

Re: Credit limits on Discover vs. other issuers

Postby yfan » Thu Jul 09, 2015 11:09 am

lobbythis wrote:He said nothing about credit scores. You got defensive and read too much into that. Read his post again.


While it's true that I was misreading him associating modest incomes with modest credit scores (he said modest credit needs), it's not true that he said "nothing" about credit scores. Here:

LACreditGuy wrote:If you're looking for a large credit limit, stay away from this card. With an impeccable credit rating and high income, I was only able to get a $14,000 limit.


This is a clear statement that he considers the limit Discover gave him to be too low for his income and his credit score.

I don't understand why you think it's impossible that someone has a credit card with a six-figure limit. It does not matter what he has or doesn't have specifically, he was just making a point.

No, he was claiming a fact about his credit situation. Particularly that HE has a Mastercard with a six-figure limit. I want to know from what bank. LCG is not saying "you can get six-figure limits", he's saying that he has gotten it.

No need to get mad at him because he has a high income.

It's not his high income that's my problem. It's his attitude towards people with lower incomes. As I said, it's also unclear to me if he really makes and spends as much as he claims, why Discover would even be on his radar. It's not like he needs to chase $75 in quarterly bonuses at his claimed level of wealth. Heck, Discover isn't even marketed as a super premium card. It baffles me why he'd even think of Discover - and THEN take time out of his busy wealth-generating day to come to a forum to complain. Something doesn't add up for me.

Vermonster
Centurion Member
Centurion Member
 
Posts: 725
Joined: Mon Oct 01, 2012 11:09 pm
Location: NJ

Re: Credit limits on Discover vs. other issuers

Postby Vermonster » Thu Jul 09, 2015 11:48 am

Ehh It's all a crapshoot in the end. But as has been said over and over, Discover is a shit card for someone wanting to pump "tens of thousands" through a card in a month. If your business is going to live or die by their double rewards then you need to reevaluate your business plan.

This LA guy sounds like someone that will complain about how expensive his Ferrari is by comparing it to his Aston. We grew up calling it the "back-handed brag." My favorite was "Do these M&M taste stale to you? No, I guess they just taste better on our private jet."
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3539
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: Credit limits on Discover vs. other issuers

Postby CarefulBuilder14 » Thu Jul 09, 2015 12:00 pm

Does anyone know what CLs come with Premier Plus? I suspect Discover would try to provide those customers with an adequate CL.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
2017 ideas: Delta Gold, Wyndham, Hilton Reserve, SPG, First Tech or UNFCU, Freedom Unlimited, Aviator, Fairmont, R-C, Sapphire Reserve
Closed: PRG
Letting new accounts cool off since May

whit
Centurion Member
Centurion Member
 
Posts: 508
Joined: Tue Aug 13, 2013 10:04 pm
Location: ca

Re: Credit limits on Discover vs. other issuers

Postby whit » Thu Jul 09, 2015 9:50 pm

lobbythis wrote:
yfan wrote:
No, it isn't. First, I might point out that LACreditGuy, in so many words, associated modest incomes with modest credit scores - which is far from true. Lots of people with modest incomes have great credit scores because they manage their money well. So what he intimated there is patently false.

Second, there is no frustration here, just a way to brag about being rich. $14,000 is a pretty good limit, and better than most other Discover stories I have heard. I doubt someone with LACreditGuy's claimed level of wealth is running around after a measly $75 in rewards a quarter (5% of the $1500 spend cap on the bonus categories), and as a flat rewards card, Discover isn't exactly the greatest. A $14K limit is quite good for the purposes for which Discover exists; that it doesn't meet whatever LCG's demands are is not a good reason to be "frustrated" when all the information about Discover and its target market is out there.

Except that Discover is not a business card, and LCG never indicated that he was using it for business. Rather to the contrary, by asserting that it's a card for people with modest income (and incorrectly associated modest scores), he seemed to imply personal use. And I'm still waiting for him to tell us which Mastercard provides a six-figure limit on a personal account and exactly what his limit is.



He said nothing about credit scores. You got defensive and read too much into that. Read his post again.

I confused the business part with another post. My bad, but my point and his are still going to stand. Big limits/big spend is just not Discover's specialty.

I don't understand why you think it's impossible that someone has a credit card with a six-figure limit. It does not matter what he has or doesn't have specifically, he was just making a point. If you don't spend 5-figures per month or more like he mentioned, then yea, $14K is a fine limit. You're missing the point here and just acting defensively. I don't spend tens of thousands every single month like him, but I do spend a ton on my business and that's just something not everyone can relate to. No need to get mad at him because he has a high income.


I think some folks on the Internet let things get too personal, and I get it cos I've been there done that

I'm amazed, after dealing with tons of folks and credit, one of the credit being revolving cc, the difference in limit and there are a lot of folks out there with 300, 500, 1000, 3000, 5000 and tons of folks with 15k, 20k, 30k, 45k, 50k and so on.. I've had folks be unhappy because even though they've never used the full 50k, and not even close (2-3k) and their income is different now than it was when they opened the card.. Be upset that the new card they opened is half that in terms of CL and cannot move over CL from the other card to make the new one 50k or raise the new one to 50k. It was a matter of principal for that person

Perhaps this is the same for the LA dude, just a matter of..other lenders have given me that high, why not discover.

And to be honest, not a lot of folks have above 5 digit CL but, a lot of folks do. It just depends on the county and city you live in, in mine, the median CL would be around 25-30k.

yfan
Centurion Member
Centurion Member
 
Posts: 377
Joined: Wed Jul 09, 2014 5:55 pm
Location: San Jose CA

Re: Credit limits on Discover vs. other issuers

Postby yfan » Thu Jul 09, 2015 10:02 pm

whit wrote:And to be honest, not a lot of folks have above 5 digit CL but, a lot of folks do. It just depends on the county and city you live in, in mine, the median CL would be around 25-30k.

Except I am not challenging the possibility that six-figure credit card limits; I'm asking LCG which such card he has and with what limit. Which, somewhat suspiciously, they have not answered.

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Re: Credit limits on Discover vs. other issuers

Postby MemberSince99 » Sun Jul 19, 2015 6:31 am

yfan wrote:
whit wrote:And to be honest, not a lot of folks have above 5 digit CL but, a lot of folks do. It just depends on the county and city you live in, in mine, the median CL would be around 25-30k.

Except I am not challenging the possibility that six-figure credit card limits; I'm asking LCG which such card he has and with what limit. Which, somewhat suspiciously, they have not answered.



That's because LCG has been VERY busy these days. So many fancy galas with royalty to attend. The only bad part of such affairs is, the people who valet your car and bring you more food and drink are low life unwashed peasants who smell and are stupid (thus their deservedly lowly station in life). But despite their congenital inferiority to wonderful people such as himself, LCG has SUCH deep concern for their jobs that he's doing all he can to oppose the great evil known as the "minimum wage", which is trying to kill their jobs. He's doing it strictly out of the goodness of his heart, so that they can continue to serve wonderful people such as himself for a dime an hour if that's what the market will bear. If they work around the clock, they'll earn $2.40 before taxes - and oh yes there will be taxes - God forbid rugged individualist job creators pay any - that's what the poor are for. How can he create more jobs if he has to pay any taxes on his millions in annual investment income? My God liberals are clueless! That's just not right at all - God personally frowns upon punishing the successful - no instead you punish the poor to encourage them to also become successful! And if they starve trying, well hey that's just too damn bad, laws of nature and all. After all let's not forget that Jesus heartily advocated tax cuts for the job creators, and He warned us against feeding the lazy lest they become dependent upon handouts. All those rumors you've heard about him feeding the poor are just liberal propaganda. Jesus along with being a charter member of the Republican party was a HUGE fan of Vlad Tepes otherwise known as Dracula. Vlad liked to impale people on huge stakes. Vlad also had a burning desire to help the poor in his country, and he invited them to a feast in a hall in a village. During the feast, Vlad asked them wouldn't they like to be free of poverty forever? And they all said yes, but of COURSE they did not want to work for their freedom, being liberal freeloaders. So Vlad slipped out of the feast, had his men seal the hall, and lit it on fire, and by God, they were free from want forever more. Now THAT's what I call a "compassionate conservative" in action!

And of course, LCG is in his vault, counting his money - it just wouldn't do if one of his servants made off with a valuable trinket or a wad of 100s now would it.

morgacj2004
Platinum Member
Platinum Member
 
Posts: 50
Joined: Tue Jun 09, 2015 2:21 pm

Re:

Postby morgacj2004 » Wed Jul 22, 2015 6:43 pm

CC Deville wrote:
Iroquois wrote:Someone said in one of the threads that if you use the card they will raise your limits. Now I find that perverse competitively (if its true). First if qualified there is little reason not to give the person what makes sense. Second is rewarding their intially stingeyness when in most cases there is a better card limit in the wallet from an issuer who took the time effort and risk to give you what made sense to begin with.


That was me; and it appears to be true. I stopped using my Discover Card back in late 2004 when I PC'ed my Citibank Platinum Select to the Dividend (better cash back). Discover gave me an auto CLI around 7/05 and I have not had one since. I only use my Discover Card during the 5% gas and grocery bonus period or when I want $20 by getting cash over at the grocery store instead of going to the bank. Prior to this, they gave me $1K increase every 6 months from 2/02-8/03 like clockwork. I am sure if I returned to using Discover as my primary card I would be up to $10K + within months.

Now, my sister had a Discover from 2004 that she never used. She filed bankruptcy in 2005 and did not include them and they did not shut her account down. After ber bky was discharged she started using the account again like it was going out of style and they gave her an auto CLI. This was just three months after her bky was discharged so it would be my guess that usage and payments are even more important than scores.

Therefore; it is my observation that Discover likes to see usage before giving out large credit lines. There are other banks and credit unions that do this as well and it does make sense. Why hand out $10K limits right off the bat not knowing how the customer is going to handle the account?

Overall, this past decade (2000-2010) elevated Americans' greed and excess to a new level. American's feel entitled and they want everything right away. Back when credit cards first came on the scene and through the early 1990s cards had relatively low limits, high APRs and typically they had an annual fee. The 2000's spoiled everybody into thinking that we deserve huge credit lines etc (and look what happened). I do believe that someone who has proven their worth with excellent management of their credit should be given perks like better rewards, higher limits and lower APRs. In all honesty, I never come (came) anywhere near my $8000 limit so why do I need more?

In a past career, I reviewed credit reports and I agree, the Discover limits are generally not as high as Chase, Citi, BofA etc. I also noticed some original Discover Card customers from 1986-1989 had some pretty small credit lines. But I also saw a few $15K-$20K limits as well. I will also say that Amex is generally terrible with initial credit lines-moreso than Discover. It is not uncommon for people with excellent credit to be approved for an Amex card with a $2K limit. Amex is better at raising them; however.

Discover is conservative, which is one of the reasons they avoided the meltdown of other banks during the Great Recession. They also don't have a lot of deposits to fall back on like the banks and they also were not able to do securitization to further hand out higher limits. Remember that the issuer has to have the money to loan out in the first place.

Of course, if you want a CLI, you can always ask for one. They also have a new CLI button on their website.



One of the reasons I respect Discover is that they generally will not shut down your card after you file BK unlike AX and other lenders. They are very conservative with SL but are willing to take chances on granting people CL with fair-good credit.



Return to “Discover, Diners Club”

Who is online

Users browsing this forum: No registered users and 0 guests