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.
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Striker_9
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Got a huge credit line on my first account

Postby Striker_9 » Mon Jun 24, 2013 7:55 pm

I just applied for my first credit card, Discover IT.
Last I checked my credit score was 689 Equifax.

The card hasn't arrived yet but I just checked online and it's reporting that my credit line is $16,300.

That can't possibly be right, can it?

My mom thinks I should have it lowered because it could hurt my score or make it harder to get loans in the future.
What's going on?


credit_card_fonz
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Postby credit_card_fonz » Tue Jun 25, 2013 2:42 pm

Never heard of that high of a starting limit from Discover, but don't have it lowered. It will help your utilization because if you normally spend $1,600 per month, that's only 10%. That makes you look much better than if you have a $2,000 limit and spend $1,500 which is 75% utilization.

In the short term it could make it more difficult to get more credit because you just got a lot of credit, but in a couple years, you will look better because you've just shown that you can be responsible with a large credit limit. What really makes lenders nervous is when you apply for 6 credit cards just before applying for a home loan or something but just one card with a high limit won't hurt.

TheLethargicAge
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Postby TheLethargicAge » Tue Jun 25, 2013 2:59 pm

MemberSince99 will have a heart attack when he sees this.
Blue Cash Preferred ($24K), Costco TrueEarnings ($8K), Better Balance Rewards ($6K), CashForward ($15K), Sallie Mae Rewards ($10K), Quicksilver ($17K), AARP Rewards ($15K), Freedom ($15K), Double Cash ($16.5K), It ($28.5K), Fidelity Investment Rewards ($18K), Cash+ ($11K)

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djrez4
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Postby djrez4 » Tue Jun 25, 2013 3:23 pm

TheLethargicAge wrote:MemberSince99 will have a heart attack when he sees this.


He'll have an aneurysm when he finds out that I got a $16,000 limit with a 660 EQ score.

Discover is a strange animal.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

MemberSince99
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Postby MemberSince99 » Tue Jun 25, 2013 5:46 pm

I don't know why, but I HAD to read this. Might as well laugh, I mean what can you say?

They are all strange animals, Amex is probably stranger than Discover, you know.

I'd have been THRILLED with a limit one third of what he got, is all I can add. But more power to him if he can get it. Congrats!

dickey1331
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Postby dickey1331 » Tue Jun 25, 2013 6:28 pm

Thats a crazy credit line. Congrats!
Platinum Delta Skymiles $12,900
Marriott Rewards Premier $12,000
Discover IT $12,000
USAA Cash Rewards $11,000
American Express Blue Cash Preferred $10,000
Chase Sapphire Preferred $6,500
Best Buy $6,000
Chase Freedom $4,500
Zales $4,000
Amazon Prime $4,000

Striker_9
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Postby Striker_9 » Tue Jun 25, 2013 8:47 pm

MemberSince99 wrote:I don't know why, but I HAD to read this. Might as well laugh, I mean what can you say?

They are all strange animals, Amex is probably stranger than Discover, you know.

I'd have been THRILLED with a limit one third of what he got, is all I can add. But more power to him if he can get it. Congrats!


Read your thread after I made this post and figured you'd reply.

After reading through lots of different forums I still have no idea why they would give me such a high CL, especially for my first card and a very limited history.

MemberSince99
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Postby MemberSince99 » Tue Jun 25, 2013 9:26 pm

Your mom is wrong by the way.

Congratulations to you, they probably have a customer for life. That is a huge limit from them for anyone even people with an 800 score don't often see a limit like that from Discover. Just enjoy they are worth having in your wallet if they give you a non-toy limit, and they for sure gave you a non-toy limit.

Sevenfeet
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Postby Sevenfeet » Tue Jun 25, 2013 10:24 pm

Unfreakin' believable.

Congrats!
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)

MemberSince99
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Postby MemberSince99 » Wed Jun 26, 2013 5:53 am

I knew Seven would chime in!

It's kind of nice to imagine what getting a REAL limit from Discover is like, isn't it Seven?



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