Approved for IT - Question on CLI

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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medo
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Approved for IT - Question on CLI

Postby medo » Tue Apr 09, 2013 4:49 pm

I was approved for an IT card with mediocre terms. $1200 with an intro APR at 3.99% for 6 month then 24.99% APR.

I was wondering if anyone else has been in this boat, and what should be expected in terms of a potential CLI considering I'm using it for daily purchases and am making payments multiple times throughout the month (paying it off each month).

Any insight to CLI's considering my situation would be appreciated.

Thanks!


Dman316
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Location: Pittsburgh, PA

Postby Dman316 » Thu Apr 11, 2013 10:13 am

Give it about 6 months before requesting an increase. Also Discover does have a rep for being conservative in the beginning.
My Cards

Chase Freedom Visa Signature: $5.2K
Capital One Quicksilver Visa: $7.5K
Discover IT: $5.5K
Huntington Voice World Mastercard: $1.6K

In the garden indefinitely.

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Terry
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Postby Terry » Thu Apr 11, 2013 5:56 pm

medo wrote:I was approved for an IT card with mediocre terms. $1200 with an intro APR at 3.99% for 6 month then 24.99% APR.

I was wondering if anyone else has been in this boat, and what should be expected in terms of a potential CLI considering I'm using it for daily purchases and am making payments multiple times throughout the month (paying it off each month).

Any insight to CLI's considering my situation would be appreciated.

Thanks!


After six months you should have no problem getting an increase based on your usage and multiple payments during each billing cycle. Also, after 12 months, you can request an interest rate reduction and then annually. In my case, I had to fill out a rate reduction form and submit by mail - Discover shaved off three percent shortly after receiving said form. Whereas, a CSR offered to take off .25 when the request was by phone.
AMEX Green Card - NPSL [Member Since 1995]
AMEX Everyday Card ($25,000)
Chase Visa Signature ($17,000)
Citi Visa Signature ($16,000)
Discover IT ($17,500)
Sam's Club MasterCard - ($20,000)
Wells Fargo Personal Line of Credit - ($15,000)

FICO's - 803 EX, 805 EQ, 799 TU [01/2017]

432521
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Postby 432521 » Thu Apr 11, 2013 6:08 pm

Terry wrote:After six months you should have no problem getting an increase based on your usage and multiple payments during each billing cycle. Also, after 12 months, you can request an interest rate reduction and then annually. In my case, I had to fill out a rate reduction form and submit by mail - Discover shaved off three percent shortly after receiving said form. Whereas, a CSR offered to take off .25 when the request was by phone.


if you dont mind me asking what do they ask you to fill out when you do the form?
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday

medo
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Postby medo » Thu Apr 11, 2013 7:13 pm

Thanks for your replies!

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Terry
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Postby Terry » Thu Apr 11, 2013 10:14 pm

432521 wrote:if you dont mind me asking what do they ask you to fill out when you do the form?



The form ask for name, address, phone, account number and signature with date. It also states that the account must be in good standing and that only one request per year is allowed. For some reason unknown to me, the signed request is processed by (a real person) the account review department, whereas a telephone request is processed by the Discover computer system.
AMEX Green Card - NPSL [Member Since 1995]
AMEX Everyday Card ($25,000)
Chase Visa Signature ($17,000)
Citi Visa Signature ($16,000)
Discover IT ($17,500)
Sam's Club MasterCard - ($20,000)
Wells Fargo Personal Line of Credit - ($15,000)

FICO's - 803 EX, 805 EQ, 799 TU [01/2017]



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