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.
23 posts
Scoobynoodles
Platinum Member
Platinum Member
 
Posts: 53
Joined: Sat Jan 19, 2013 9:06 pm
Location: NYC

Postby Scoobynoodles » Fri Jun 07, 2013 1:00 am

I have been a Discover Cashback cardmember since 07 with a current limit of 7.5K and decided to open up the It card...to my bemusement, I received a flimsy 3K limit with a 710+ credit score across the board. I do like Discover, but this lowballing just reeks. I mean, their balance transfer promos are the best right now...but still =/
AmEx Platinum 2009 & Blue Cash $3.5K Delta Gold $2K
BofA BankAmericard $6K | Chase[/i] Sapphire Preferred $10K & Amazon $1.5K Freedom $2.2K | CACU Platinum $13K
Discover Cashback $8.5K & It $6K | Citi Simplicity $5.6K & TY $4.3K


MemberSince99
Centurion Member
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Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Fri Jun 07, 2013 5:52 am

Maybe their strategy is with the low-balling they can offer you a great balance transfer promo to get you to bite, then give you a toy limit to approve you while preventing you from taking advantage of that promo.

They seem to do that to a lot of us. They give someone with a 660 score who has a Cap One with a 500 limit 8k to start and someone pushing 800 with 10k or 20k cards a 2k limit. Just makes no sense to me. Maybe one of these days they'll realize if we wanted Cap One, we would have applied for a Cap One card. They found their way out of my wallet altogether with this kind of thing.

Scoobynoodles
Platinum Member
Platinum Member
 
Posts: 53
Joined: Sat Jan 19, 2013 9:06 pm
Location: NYC

Postby Scoobynoodles » Fri Jun 07, 2013 11:18 am

Yup, that's fairly accurate. They routinely gave me increases during school stopping at $3.75K. Frustrated I then called in gave them a wonderful pitch and doubled my balance to $7.5K. But when I signed up my sister with a mid 670 score who was getting nailed on those flimsy store cards, they gave her a whopping $6.5K limit just to start out, to my amazement! And she capitalized on it by transferring those toxic balances and is in much better shape now financially.

I take it, while lenders are out to profit, maybe Discover is really being genuine in giving consumers a second chance in rebuilding their fair credit histories enabling them to get rid of debt via BT and larger CL. Maybe, just maybe.

Discover BT rates and promo offers were life-savers for me during college and tremendously benefited me. Once I realized how powerful they were, literally giving me the time to get my finances in order without getting killed by interest, I became a happy Discover customer.

It's such a shame people don't realize the help BT's provide, carrying balances with obscene interest rates is benign. I just opened the It card and will probably use it till the remainder of the year enjoying the 0% promo apr. Once that expires it'll be back to my everyday Platinum & Sapphire card.
AmEx Platinum 2009 & Blue Cash $3.5K Delta Gold $2K
BofA BankAmericard $6K | Chase[/i] Sapphire Preferred $10K & Amazon $1.5K Freedom $2.2K | CACU Platinum $13K
Discover Cashback $8.5K & It $6K | Citi Simplicity $5.6K & TY $4.3K



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