20 years old, 8 months of credit history, approved!

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
MemberSince99
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Postby MemberSince99 » Fri May 31, 2013 10:06 pm

Bksuper wrote:Actually, even though I don't have any first hand experience with discover, from what I've read here they give smaller limits not because your score is high or low, but if you already have lots of cards and credit proportional to your income. Even if you make $200k per year, if you already have $100k+ in credit, they'll lowball you. If you've built up enough history to show you're trustworthy, but only have a couple of cards open with decent breathing room with your total limit to income and utilizations, then they'll give you a higher limit, even if your score and income is much lower than the person with the higher total limit. If you have a really low score, they'll just decline you outright, but I think DTI, Total Limit to income, and low utilization is probably what sets the limit once you're actually approved.


You could be on to something. I don't really get them, and it's just better in my case I do business with other lenders who show a desire to compete for my business. It's a shame, though I like everything else about them except how damn Cap One like stingy they are. Drives me nuts. If they just loosened up a bit, I'd have their card. I'm not going to waste my time on their 3k limit card that will NEVER grow at this point. I'd rather give the business to those who show they want it.


Bksuper
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Postby Bksuper » Fri May 31, 2013 10:28 pm

Understandable, and I'm not saying they're the best lender for you, I chose to skip them myself after all, just expressing my observation of the pattern I'm seeing from the people like you and sevenfeet who got stung by them compared to those who seem to be getting welcomed in with high limits.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

kqwqk27
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Location: Southern

Postby kqwqk27 » Fri May 31, 2013 11:52 pm

MemberSince99 wrote:I'm sorry, the bitterness there kind of seeped in. God they are cheap, it should really bug Sevenfeet I don't know how he keeps that thing open it's insulting what they gave him.


Lol, you've got a reason to be bitter imo.
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)

PopiLopi
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Postby PopiLopi » Sat Jun 01, 2013 6:42 pm

Congratulations!!! That's an awesome credit limit for Discover!

When I got my discover my credit history was 4 months old, but they only gave me $1,250. Now it's up to $2,500 with their automatic CLI , but $5k is awesome!!
Amex: Business Platinum (09/12) BCP $10,500 (03/13)
Visa: Capital One Journey $750 (04/11) Chase Freedom $1,800 (04/12)
MasterCard Citi AAdvantage Platinum Select $8,500 (05/13)
Discover: Discover It $2500 (07/11)
Store Cards: Amazon $3900 (12/11) Macy's $500 (04/11) Kohl's $500 (05/12) Victoria's Secret $750 (11/12)

Sevenfeet
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Postby Sevenfeet » Sat Jun 01, 2013 7:50 pm

MemberSince99 wrote:I'm sorry, the bitterness there kind of seeped in. God they are cheap, it should really bug Sevenfeet I don't know how he keeps that thing open it's insulting what they gave him.


Mainly because I intend to buy my wife's new Macbook on it in 10 days. It does have a purpose, despite them pissing me off.
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)

sblfilms
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Location: United States

Postby sblfilms » Sat Jun 01, 2013 7:55 pm

It does seem very strange how they hand out credit limits. If I were those of you with excellent credit and getting weak limits, I would also dump them!

Bksuper
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Location: California

Postby Bksuper » Sat Jun 01, 2013 8:18 pm

^Well, at least you have high enough limit cards that maxing out that discover with that macbook shouldn't hurt your overall debt utilization too much. If I were you, I would change one of my cash+ categories to electronic stores, but still go in through shop discover, to get 10% back, then buy gift cards if I could get a business or educational discount or the computer if I couldn't. Then, if you wanted the 0% APR, you could use your free balance transfer on the IT right, once the statement cut on the cash+ for the rewards.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

MemberSince99
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Location: WI

Postby MemberSince99 » Sun Jun 02, 2013 9:51 am

Bksuper wrote:^Well, at least you have high enough limit cards that maxing out that discover with that macbook shouldn't hurt your overall debt utilization too much. If I were you, I would change one of my cash+ categories to electronic stores, but still go in through shop discover, to get 10% back, then buy gift cards if I could get a business or educational discount or the computer if I couldn't. Then, if you wanted the 0% APR, you could use your free balance transfer on the IT right, once the statement cut on the cash+ for the rewards.


That's a great idea. Sevenfeet you could get some payback on them by using the Cash + that way.

MB131174
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Postby MB131174 » Sun Jun 02, 2013 12:02 pm

Yeah, go Discover. My whopping $2,000 is laughable. My CSP has a $10,500 limit. My CSP is my everyday card now.
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MemberSince99
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Postby MemberSince99 » Sun Jun 02, 2013 12:20 pm

I know, I read another story on FICO about some guy with a mid 600s score and baddies getting an IT with a 6500 limit or something like that. Then they will turn around and tell you if you have a score 100 points higher with perfect history reporting that your credit profile doesn't support a limit like that. They are just "special" that way I guess.

I honestly don't see it as an entitlement thing to want them to be at least somewhat competitive in terms of limit. Who is going to use them when they give you a much lower limit than everyone else and it never grows much if at all?

I think they prefer people they think will carry a balance, but that can backfire too if they get in too deep or lose their job or have health issues or for a number of reasons. They clearly don't want people like me in the Discover family.



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