Wow

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
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MemberSince99
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Wow

Postby MemberSince99 » Sun May 19, 2013 7:14 am

I just read on MyFICO, a guy is getting Discover pre-approvals, so he's asking should I go for it, and they are all telling him yeah do it.

Nothing wrong with that, but then they proceed to tell him Discover likes to match or exceed your current high limit. Uh, dudes, I get the fanboi rah rah stuff, but it's for sure a YMMV situation. Don't get his hopes too high given they are a "conservative lender" he may end up with a limit less than 1/4 of his current high like I did.

There are no hard and fast rules about this is what I've seen it's always a YMMV thing. They may well give him his highest limit if they like him. If they don't, it will be a toy limit and it won't grow. (And if they REALLY don't like him of course they won't approve, though unlikely if they are mailing him for his business).

They are a great source of knowledge and information over there, BUT, you really have to take their posts with a grain of salt. They were telling him the "lowest" Discover would possibly give him based on his other cards is 8k. Actually the truth is, you SELDOM see a Discover card with a limit that high in anyone's signature. They give high limits to a few people but those are just that - a few. Most have limits under 5k from what I've seen regardless of your other cards/income/etc.


Gamma
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Postby Gamma » Sun May 19, 2013 8:55 am

I predict you will be getting Discover mailers very soon and when you do, go for it! I'm sure the limit will be lower than your 1st and 2nd time of approval!
On a serious note, do you plan on applying with Discover anytime soon?

MemberSince99
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Postby MemberSince99 » Sun May 19, 2013 10:54 am

Well I actually did just this last week. Got the 5-7 day notice, and so I called when I got out of work that night. Talked with an underwriter who said congratulations I'm happy to welcome you to the Discover family with a 3000 dollar limit.

Background is I'd had them before, put good use through them, paid in full as soon as charges posted (they may not like that and prefer you carry a balance is what I've heard). I'd had a 5500 limit More in 2012 and a 4500 limit IT just this year. Why did I cancel? Never got a CLI despite doing what they said to.

So fast forward to last week. I said well thanks that's great but I was really hoping for a higher limit more in line with my current cards, this is nowhere near my higher limit cards. She said well I see you have a Barclays with 2k and an Amex with 5500. I said those are closed, my current cards all have higher limits, with 5k being the lowest. She then said well we would need to see some history from you with us before we give you a higher limit. I said you can see it right in front of you, I have very recent history with you as you well know and it's all good, and in fact I did spend money on Discover and pay in full and on time and you never gave me anything which is why they are closed now. She said well I can't increase your limit. So I closed the card same day I got it. Given a great history with them I honestly found it a bit insulting that they are telling me I should get less than my last limit, and I could see they were not really serious or interested in competing for my business.

So bottom line: no I will certainly not be applying for a Discover card anytime soon. The only question I thought of later is I wonder if I'm the only guy who ever closed their card the same day he got one.

Sevenfeet
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Postby Sevenfeet » Mon May 20, 2013 12:24 pm

Yup, that's the Discover we know and love. Once they approve you, the CL is set in stone until CLI time....at least six months out for customer requested CLIs but as I've seen, Discover granted auto-CLIs can happen as early as 3 months. Still, no exceptions to the policy.
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)

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Calipso
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Postby Calipso » Mon May 20, 2013 5:34 pm

I recieved my CLI automatically after six months like other people have experienced. YMMV.
My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500

MemberSince99
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Postby MemberSince99 » Mon May 20, 2013 6:09 pm

Discover is now blacklisted in MY book.

Why you might ask? They turned it around and even though they approved the application for a paltry 3k, they claim they declined to give me their card. You know what reason they cited? (I got the letter today). Get this:
CREDIT INFORMATION DOES NOT SUPPORT CREDIT LINE REQUESTED.

On the back of the leter it lists my EQ Fico as 765. Yeah, that makes as much sense as the rest of their arguments. That's the up to the minute score and my cards are in my sig. Sounds like sour grapes from this loser company to me. They are now on MY blacklist.

You are right by the way YMMV but they've clearly indicated they don't want my business and I'm HAPPY to oblige, seriously with my other cards why in hell would I need or want them? I don't. Sometimes, you win by losing. It's just a joke the arguments these guys come up with. I guess they have to save face at all costs.

KrazyNick
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Postby KrazyNick » Mon May 20, 2013 6:29 pm

MemberSince99 wrote:Discover is now blacklisted in MY book.

Why you might ask? They turned it around and even though they approved the application for a paltry 3k, they claim they declined to give me their card. You know what reason they cited? (I got the letter today). Get this:
CREDIT INFORMATION DOES NOT SUPPORT CREDIT LINE REQUESTED.

On the back of the leter it lists my EQ Fico as 765. Yeah, that makes as much sense as the rest of their arguments. That's the up to the minute score and my cards are in my sig. Sounds like sour grapes from this loser company to me. They are now on MY blacklist.



Wow, that's a pretty crappy reason. You have some really big limits and they can't give you 3k? Wow
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)

MemberSince99
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Postby MemberSince99 » Mon May 20, 2013 6:52 pm

I think they just wanted to add insult to injury on my way out the door. Duly noted.

kqwqk27
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Postby kqwqk27 » Fri May 31, 2013 7:49 am

MemberSince99 wrote:I think they just wanted to add insult to injury on my way out the door. Duly noted.


This makes no sense... you're a perfect candidate for a high CL Discover. I got 2.5x your limit and don't have the type of CC profile you do, nor the FICO scores... mine are all low to mid 700s.
My Cards:
Capital One Platinum MasterCard ($500)
Capital One Platinum Visa ($2k)
BofA Visa ($4k)
Citi ThankYou Preferred ($6.5k)
Chase United MileagePlus Club ($8k)
Discover IT ($8k)

MemberSince99
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Postby MemberSince99 » Fri May 31, 2013 10:38 pm

Sevenfeet has much higher limit cards than I do. And they gave him even less.

There must be a method to their madness, I'm not sure exactly what it is, it may be like Bksuper thought, if they see you have a bunch of high limit cards already, they aren't as inclined to give you a high limit.



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