Got a huge credit line on my first account

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
23 posts
catsartcox
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Joined: Wed Jun 05, 2013 3:59 pm
Location: New Mexico

Postby catsartcox » Thu Jun 27, 2013 7:00 pm

I am guessing Southwest does not service the northwest all that much. But two of my friends have the Southwest Plus cards and they seem to be able to pay for 3-4 plane trips a year.
Wells Fargo w/ Points - 6.2k
Discover More - 10k
Citi Forward - 3.7k
Citi Thank You Preferred - 18.5k
AMEX Blue - 16.4k
AMEX PRG- NPSL
Barclay Juniper card/Apple - 9k
GE Capital Amazon Store Card 5k

score
722(7/13) 732(8/13) 734(9/13) 743(2/14) 763(07/14) 798(3/15) 749(4/16)


MemberSince99
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Location: WI

Postby MemberSince99 » Thu Jun 27, 2013 8:16 pm

Userofcards wrote:You keep talking about discover being 'tight with limits" when it isn't even true in your case. You opened a Discover More in 2012 with a 5.5k limit. That's higher than your AMEX BCP, closed Chase Freedom, current Chase Sapphire Preferred, a Barclaycard account you closed, and probably others. True, Discover didn't give you the high limits of FNBO or Associated, but it seems odd to single Discover out for "tightness" when Discover actually did better, limit wise, than around half your cards.

Its true your limit went from 5.5 k on Discover to 3k on your last. But within a bit over 1 year you opened and closed Discover 3 times! You never kept an account open long enough to get a substantial CLI (auto, soft pull or otherwise). The decreased limits are probably caused by that.

Anyway, perhaps Discover may be less likely to give large limits than other lenders. But these repeated insinuations that Discover gives only "toy limits" are simply false.


Look at the limits in people's signatures here. And on MyFICO. Rarely do they give as much as 5k. And anything over 10k is 1 in 100 at best. On the other hand you see LOTS of Chase, BofA, and Amex cards with limits over 5k and even 10k.

I realize you don't like that, but it's just a fact. I don't like it anymore than you do but it's just the truth.

Also I did keep two of the cards open long enough to qualify for auto clis, it's rare and always YMMV but I've read of people getting them at 4 months, and once in a great while, at 2.
I've also read stories of people who had the same limit for years, kind of like Cap One.

All in all their record with limits is just not good. I don't know why you want to pretend I'm lying or making this up, but it's the truth.

If it makes you feel any better, because I assume as much as you dislike me bringing this up you must work for Discover, I'd still like to have one of their cards someday probably years down the road. Maybe by then they will have loosened up a bit. I don't hate them, I just don't like the tiny limits that don't grow nearly as well as most other prime banks.

Userofcards
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Location: USA

Postby Userofcards » Thu Jun 27, 2013 9:06 pm

MemberSince99 wrote:Look at the limits in people's signatures here. And on MyFICO. Rarely do they give as much as 5k. And anything over 10k is 1 in 100 at best. On the other hand you see LOTS of Chase, BofA, and Amex cards with limits over 5k and even 10k.

I realize you don't like that, but it's just a fact. I don't like it anymore than you do but it's just the truth.


I'm not so sure what you say is the full truth. You say "look at myfico." Ok. But what if you look at creditkarma? Their data suggests that the average credit limit for the Freedom (the obvious competitor for Discover) for customers with a credit score greater than 750 is about $7,400. For Discover customers with the same credit score, its lower, but still $6,400. For the Citi Dividend (also an obvious Discover competitor) the average Credit Line for such customers is 6,700. Yes, Discover clearly is a bit of a laggard, but it seems in the same general ballpark.

But I do agree there is a lot of truth to what you say that Discover is less likely to give out limits of 10k or better. Again, on CreditKarma, the average limit for the Sapphire for people with scores over 750 is 12,000. Clearly much better than Discover (or Freedom or Dividend). The fact is, Discover is not aimed at the highest end of the market. No doubt about it. I do think many wealthier people and upper middle class people will outgrow Discover.

Where I disagree is with your assertions/insinuations that Discover "doesn't grow" or that it gives out only "toy limits" and similar. That probably isn't true as a whole, and it certainly wasn't true in your case. Discover again gave you better limits than many companies you don't make similar complaints about. Basically, I think you are on to some truth but that you overstate the case.



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