CL to expect with IT

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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jonheaps
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CL to expect with IT

Postby jonheaps » Thu May 16, 2013 11:54 pm

Hi Friends,

I found this forum while trying to get more information about Discover IT card. I get so many mails for pre approved card. I am interested in this card but dont want to apply if chances of getting a CL less than 5k. I have 2 more cards one with 10k and one with 2.5k limit, everything on report is good. having my 2 cards for last 4 years. very good and stable job. Only thing is that I have 8 hard inquiries due to a recent move to a new location and getting all utilities, car, renting apartment etc etc

I want to get suggestions from fellow users here about what are my chances of getting a CL more than 5k?
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Freedomtodiscover
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Postby Freedomtodiscover » Tue May 21, 2013 1:11 am

If you get a starting limit of 5k with Discover, buy a lotto ticket.
[size=80]
HSBC Premier - $32K
Amex BCE - $10.5K
Amex ZYNC - NPSL
Chase Freedom - $5K
Discover IT - $3K
EX Fico- 780[/size]

MemberSince99
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Postby MemberSince99 » Tue May 21, 2013 5:39 am

Honestly it really just depends. YMMV. I've seen them give people with scores 100 points lower than mine and a high limit of 2k an 8k starting limit. And I've seen others have multiple cards with 20k or over and they give them 2500.

In General they will tell you they are a conservative lender, and starting limits tend to be small.

If you are looking for a high limit card, the odds say you would do better elsewhere. You may get lucky and have the profile they are looking for, and get a nice limit to start, but I wouldn't bet any money on it. You have only an inquiry to lose by seeing.

cdogg
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Postby cdogg » Tue May 21, 2013 7:53 am

jonheaps wrote:Hi Friends,

I found this forum while trying to get more information about Discover IT card. I get so many mails for pre approved card. I am interested in this card but dont want to apply if chances of getting a CL less than 5k. I have 2 more cards one with 10k and one with 2.5k limit, everything on report is good. having my 2 cards for last 4 years. very good and stable job. Only thing is that I have 8 hard inquiries due to a recent move to a new location and getting all utilities, car, renting apartment etc etc

I want to get suggestions from fellow users here about what are my chances of getting a CL more than 5k?


It all depends on. but for sure DiscoverCard CL is lot of lower than others. I have 770+ score and credit history for almost 20 years (i am 39). when i first got my More card back in 2010, my initial CL is 8k vs. 30k from my AMEX. I didn't use this card for two years (i meant zero transactions). then started using it last year and converted to IT this year. they gave me 1500 increase to 9500 now. i am ok with it since i don't use it much except for those quarterly cash back. i don't know how they calculate the CL based on what, but i think you should be happy with 5k
Current Cards: American Express:Blue Cash Everyday CL 33.6k member since 94
Bank Americard Power Cash Rewards Signature Visa CL 20k member since 10
Discover IT $9.5k member since 10
Chase freedom $10k, since 13
BB Store card $2600, since 02
Macys $2700, since 02
Gap/BR $800, since 02

jonheaps
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Postby jonheaps » Tue May 21, 2013 9:27 am

Thank you very much for the suggestions. I never paid any attention to any of the pre approved offers sent to me, but now i am checking all the offers. from your suggestions, AMEX seems to give good CL. I checked and I have a pre approval for that card as well, Is Both have offered same APR, Discover gives free 0% balance transfer for 18 months and AMEX gives 0% on purchases for 15 months plus 250 bonus $ on 1000 dollars spent over first 3 months. I am happy with anything more than 5k as initial CL, It safe to assume that if I need high CL, its better to go for AMEX rather than Discover?

Sevenfeet
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Postby Sevenfeet » Tue May 21, 2013 9:35 am

If you're looking for a high CL of at least $5K, I'd look elsewhere. It is possible...sure. But the odds aren't in the favor of many of us, even with good credit and other high CL cards.
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)

im_mr_awesome
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Postby im_mr_awesome » Tue May 21, 2013 6:39 pm

My highest limit is 4k, and my scores were around 650-670 when I got my Discover it. They gave me a 1.2k limit. A bit low, but I have high utilization. I'm looking to pay down my other cards and ask for a CLI to 2.5k in 6-8 months. I had about 8 inquiries when I applied to Discover.
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680

MemberSince99
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Postby MemberSince99 » Tue May 21, 2013 6:42 pm

jonheaps wrote:Thank you very much for the suggestions. I never paid any attention to any of the pre approved offers sent to me, but now i am checking all the offers. from your suggestions, AMEX seems to give good CL. I checked and I have a pre approval for that card as well, Is Both have offered same APR, Discover gives free 0% balance transfer for 18 months and AMEX gives 0% on purchases for 15 months plus 250 bonus $ on 1000 dollars spent over first 3 months. I am happy with anything more than 5k as initial CL, It safe to assume that if I need high CL, its better to go for AMEX rather than Discover?


You may or may not get a high CL with Amex. They have their own criteria to determine that which none of us knows any better than we know what Discover uses.

HOWEVER you can go for a 3X CLI 61 days after you activate your account on an Amex revolver. With Discover, in all likelihood you won't see a boost like that for years, if ever.

So they may start you out just as low (or not) but the growth potential is certainly higher.

hematino
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Postby hematino » Thu May 23, 2013 12:46 am

In my own experience, the most generous lenders with regards to higher credit limits right off the bat have been credit unions. But as far as the big companies go, US Bank and Citi have been pretty generous with initial credit lines. Bank of America has easily given me the best and most frequent credit limit increases.

Barclays is often willing to play ball with regards to good limits if you don't have a ton of accounts already. I remember like 20 credit cards ago (lol) when I only had three or four accounts and my max limit was 2k, Barclays gave me an instant approval for 5k on my first card with them. Not a huge limit, but pretty generous considering I had no history with them and they gave me a card with two and a half times the spending power of my highest at the time.
Now she's eyeless.
The snakes she held once
Eat up her hands.

pewpew
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Postby pewpew » Thu May 23, 2013 2:32 am

i got my discover card when i was 19. i had a decent job, but i was a full time college student. they started me off with 2.5k. after a year of using it regularly they increased it to 6.3k. after that i only used the discover card for the cashback bonuses. a few times they offered 10% cash back at best buy, dell and guitar center. but for regular purchases i used other cards.

right now my line with them is 20k after 6 years of use, but i used it only once a month in the last 5 years.

on the flip side, when my mom got her discover card 10 years ago, she got a 12k limit from the start because she had a decent length credit history.
Junk I use:
AmEx Platinum for Mercedes Benz from, 75k spending ability
AmEx Everyday 8.99% + Prime, 44k CL
Chase Ink Bold, 35k
Chase Freedom (Converted from WaMu VISA) from '07, 5.99% + Prime, 30k CL

Junk I don't use
BoA Susan G. Komen Cash Rewards (converted from World Points MC) from '07, 7.9% Fixed APR, 30k CL
Discover IT (Converted from Discover More) from '08, 5.74% + Prime, 20k CL
AmEx Clear from '07, 4.99% + Prime, 10k CL
All 3 credit scores are over 800.



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