How to get Discover credit limit increase requests approved

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
Sevenfeet
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Postby Sevenfeet » Fri May 17, 2013 2:13 pm

My take is that it's not that Discover is necessarily conservative since they like being that. (And they tell EVERYONE that they are conservative). I think the real issue is that they are small. Well, more like their parent company is smaller than their competitors by a wide margin. Discover, like Amex issues their own cards. Discover has 50 million card holders. But Discover Financial only has revenues of $6.3b (2011) and profits of $2.5b and assets of about $69b. Contrast that to Amex that has revenues of $33.8b (2012), profits of $6.5b and assets of over $150b. Clearly Amex has more resources to draw upon than Discover. When you get a credit card, you are using someone else's money with the promise of paying it off later. So if you get a card with a $5K CL, they have to be ready to fork over that amount for whatever purchase you might make. Multiply that by all the card holders and you get an idea of the balance they have to keep in order to make sure there are enough reserves for the system to work (and it's not 100%). But since they (Amex) have larger reserves, they can give larger CLs to more people. It's not that there aren't people walking the streets with high CL Discover cards. There are just fewer of them. I just thought I'd qualify early but apparently they treat everyone like this.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)


MemberSince99
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Postby MemberSince99 » Fri May 17, 2013 3:14 pm

Understand, but I think it hurts them when they try to keep people when they can go somewhere else and get a limit more in line with their credit profile.

I'd really like to have kept them, to be honest but 3k, after having first 5.5k then 4.5k (and a 3.5k Escape) with lots of use and perfect history, and being told they had to see my history with them first, didn't make any sense at all to me. More likely was they saw me as a risk for some reason. Given my history of always paying on time and in full I don't understand that but they may not like the fact I closed previous cards with them. It just kind of rubbed me the wrong way and I'm honestly not interested in cards under 5k at this point in my credit journey. A year ago, or two even, 3k would have delighted me, but now, my low limit cards are 5k signature cards. It's like for you, you have numerous cards with 20k plus limits, 2.5k is honestly kind of an insult in my view.

Sevenfeet
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Postby Sevenfeet » Fri May 17, 2013 3:56 pm

I'm not disagreeing with you. The only reason I play along with them is because they are giving me an opportunity to make a large purchase with their money interest free until next spring. And when I do that in two weeks, we'll see if the relationship changes at all. It's a good experiment to say the least.
Cards:

American Express Platinum (NPSL)

Penfed Platinum Reward Visa ($28K)

Chase Freedom Visa ($25K)

Fidelity American Express ($20K)

American Express Blue Cash Preferred ($20K)

Bank of America Cash Rewards MasterCard ($20K)

Citi Thank You Preferred Visa ($9.5K)

Chase Sapphire Preferred ($7.5K)

US Bank Cash + Visa Signature ($7K)

Discover IT ($4K)

MemberSince99
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Postby MemberSince99 » Fri May 17, 2013 4:12 pm

And your thoughts are always welcome! I'll be curious to see what happens with that.

To kind of add insult to injury I just read on the FICO forum how some guy says he just got an IT card with a 7,500 starting limit, it's his first card over 1k. Man is that a slap in the face to us. I suspect, and this is only what I can guess here, that they see a guy like that and figure it's his first non-toy card and if they get him to use that, which of course he will given it's his first "real" card, they may have a customer for life, where you and I have other higher limit options so we may not be as loyal to them. Just a thought on that.

I still feel if they want your business and they know you have higher limit cards, they won't win it by giving low limits to people with proven ability to handle real cards.

I saw another post where someone said they'd used it for 6 months, always paid on time and usually more than min, with a 500 balance out of 1700, no cli luv from Disccover. Gee who could have guessed that. Of coruse if he'd paid in full I doubt it would have gone any different.

Seriously it seems they either really like you or not, and only they know why or why not.

flan
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Postby flan » Mon May 20, 2013 1:32 pm

Discover have different underwriting criteria than other card companies. I rather expect that one of the ones they use for setting credit limits is your total revolving credit limits to income ratio. So having a bunch of high limit cards isn't necessarily a good point with them. That's a not unusual criteria for things like mortgages, but it's not common among credit card companies.

KrazyNick
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Postby KrazyNick » Mon May 20, 2013 4:40 pm

Yeah took me two years with no auto clis but they finally took me from 1500 to 3k
Bank of America Travel Rewards Visa Signature - 5k (2/10)
Capital One Mastercard- 2.5k (1/11)
Chase Freedom- 5k (4/11)
Discover It- 3k (5/11)
Chase Amazon Visa- 2k (5/13)
American Express Blue Cash Everyday- 8k (5/13)

Bank of America WorldPoints Rewards for Business- 18k (11/11)

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Re: How to get Discover credit limit increase requests approved

Postby superzombieduck » Mon Mar 14, 2016 10:57 pm

Now I have had my discover card since 2009 when i was like 18 years old. I started out around $1,000 CL then automatically over time i started getting regular small CLI but eventually i started requesting them. Ive requested about 2 or so times myself, and i just called them 10 mins ago and said "can i have some more please?" lol and they said yeah sure here's an extra 5,000 CLI, so now i'm at a CL of about $14,000 on Discover. However, i have about $23,000 combined on my 2 Capital One cards and i've only been with Capital One for like 2 years so yeah...really i should have more with Discover, but i rarely use that card so i never really thought to ask for more...I guess i should start doing that! lol They told me i could request every day if i wanted to! I was like how about after midnight?? LOL

I just turned 25 and am really starting to ask for more CLI since last year when i started realizing i could really use my credit score i had built. I have like over $50,000 combined on all credit cards so far, but I'm starting to ask for more now since i know that helps to build credit as well, so I've been requesting CLI lately just for fun!

Hey does anyone know the average amount of total CL a typical 25 year old has in the credit card world??? I feel like mine is a little low since I have had cards since i was like 18, so about 7 years...although i haven't really started requesting increases until last year...

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Vattené
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Re: How to get Discover credit limit increase requests approved

Postby Vattené » Tue Mar 15, 2016 11:43 am

Welcome to the forum!

I don't know the answer, but if I were to speculate I'd say you're actually probably higher than average. I would guess most people don't really think about it or ask for CLIs - or they get to a credit limit around what they would be spending in a month and don't bother asking for more since they don't use it. I'm 25, too, and I ask for CLIs. My limits are more than I ever expect to use, but they pad my utilization so I can charge as much as I need without worrying about what utilization is getting reported. I think most people don't even know about utilization, though, or the impact it has on credit.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

augiedog
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Re: How to get Discover credit limit increase requests approved

Postby augiedog » Wed Mar 16, 2016 1:16 am

superzombieduck wrote:Now I have had my discover card since 2009 when i was like 18 years old. I started out around $1,000 CL then automatically over time i started getting regular small CLI but eventually i started requesting them. Ive requested about 2 or so times myself, and i just called them 10 mins ago and said "can i have some more please?" lol and they said yeah sure here's an extra 5,000 CLI, so now i'm at a CL of about $14,000 on Discover. However, i have about $23,000 combined on my 2 Capital One cards and i've only been with Capital One for like 2 years so yeah...really i should have more with Discover, but i rarely use that card so i never really thought to ask for more...I guess i should start doing that! lol They told me i could request every day if i wanted to! I was like how about after midnight?? LOL

I just turned 25 and am really starting to ask for more CLI since last year when i started realizing i could really use my credit score i had built. I have like over $50,000 combined on all credit cards so far, but I'm starting to ask for more now since i know that helps to build credit as well, so I've been requesting CLI lately just for fun!


Hey does anyone know the average amount of total CL a typical 25 year old has in the credit card world??? I feel like mine is a little low since I have had cards since i was like 18, so about 7 years...although i haven't really started requesting increases until last year...


Welcome superzombieduck! :cheers:

I am also 25. My guess is that this can vary between individuals, but likely is not a large amount considering a young credit profile. Since you say you have had credit cards since 18, that likely means you have large credit lines for someone our age since you have had the cards so long. I don't have as old of a credit profile as you, but I have had good luck with receiving credit since I have always paid off my balances. Some of my friends are not in the same situation!

Generally it seams as though Discover will approve CLIs every 6 months as long as your account is in good standing. I have indeed used their online utility after midnight before (it's very easy to use). You sound like you have a substantial amount of credit with Discover though, they might not be willing to approve for any more after some point.
American Express: Blue Cash Everyday (10k), Everyday, ; Discover It (7.3k) ; Target (2.1k)

Citi: Diamond (2k) ; Bank of America: Cash Rewards (2.6k) ; Capital One: Quicksilver (3k) , Sony ; Chase: Freedom (3.7k), Slate (3k), (Amazon) ; Barclay Ring ; Synchrony: Walmart MC, Amazon, Ebates

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Re: How to get Discover credit limit increase requests approved

Postby eapa507 » Tue Mar 22, 2016 9:51 am

I have had my Discover card for almost 5 months. I started out with $5,000 and after 3 months I got an auto increase to $8,500. I use this card almost exclusively right now since it has double rewards for the first year. I sometimes have between $5,000-6,000 on it when the statement cuts, but I have it set up on auto pay so it is PIF every month. I have other cards with higher limits $12,000 -$20,000, So I would agree that Duscover seems a little stingy. I would like a CLI to $10,000, but I don't really want a HP. When you request an increase do they always do a HP?



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