App'd for IT

All about Discover & Diners Club - talk about their credit card deals such as the More, Miles, Escape, and others.
31 posts
HookEmHorns
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Location: Dallas/Austin

Postby HookEmHorns » Tue Feb 04, 2014 7:15 am

Lol, it will be closed in 3 months.
AMEX PRG~1/14--backdated to 2012
AMEX BCE~6/13--backdated to 2012
Chase Freedom~5/13
Discover IT ~12/12

:cool:


samhradh
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Postby samhradh » Tue Feb 04, 2014 7:39 am

paparoach429 wrote:If my memory serves me right, didn't you apply for this card about a year ago and then cancel it because the limit wasn't high enough? lol


Hahahah...classic.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

MemberSince99
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Postby MemberSince99 » Tue Feb 04, 2014 8:23 am

HookEmHorns wrote:Lol, it will be closed in 3 months.



You even made me laugh that was great!

thom02099
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Location: Colorado, USA

Postby thom02099 » Tue Feb 04, 2014 2:23 pm

MemberSince99 wrote:You even made me laugh that was great!


What a difference a year makes !
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

thom02099
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Postby thom02099 » Tue Feb 04, 2014 2:24 pm

HookEmHorns wrote:Lol, it will be closed in 3 months.


Naw...Member won't be getting rid of this one. He's mellowing in his older age.... :-)
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

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otter
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Postby otter » Tue Feb 04, 2014 3:28 pm

TheLethargicAge wrote:I predict you got 750 CL, Member.


Probably... seems like Discover has weird criteria. On FICO I always laughed when someone had a signature like this:

[color="navy"]First Premier $300|Credit One $300|Target $100|Victoria's Secret $200|Discover $15,000| Fico score:600[/color]

I don't know what makes Discover give crappy limits to people with great credit and great limits to people wit crappy credit, but there must be some method in that madness.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

MemberSince99
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Postby MemberSince99 » Tue Feb 04, 2014 4:18 pm

otter wrote:Probably... seems like Discover has weird criteria. On FICO I always laughed when someone had a signature like this:

[color="navy"]First Premier $300|Credit One $300|Target $100|Victoria's Secret $200|Discover $15,000| Fico score:600[/color]

I don't know what makes Discover give crappy limits to people with great credit and great limits to people wit crappy credit, but there must be some method in that madness.




I've given more thought to that question than I should since it totally baffled me. The logical reason I come up with is - profitability. They must feel they will make more money by giving a big limit to someone who carries a balance and has a bunch of low limit crappy cards than they will by trying to match someone who has substantial limits with prime banks already - after all to a prime customer they are just another card in the wallet, but if they give 8k to someone with a 670 score and a 3k high limit otherwise, which card is that person likely to pull? My guess would be Discover.


It's not how most lenders do it if this is part of it as my theory goes. But I think we can all agree they do things differently whether my idea is right or wrong.

Drudai
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Postby Drudai » Tue Feb 04, 2014 8:38 pm

^ I'm a prime example of that, I suppose. Low limits all around and Discover granted me with instant approval and a larger CL than I've seen most of you high rollers (waggles eyebrows) around here with. And it works, Discover is definitely my go to for larger purchases, if it doesn't fall into the rotating 5% at the time.

If I had to choose, I'd drop my Chase for Discover. Shh.
[size=60]
Chase Freedom: $800
Chase Slate: $500
Discover It: $2000
Sears: $2000
US Bank: $500
AMEX BCE: $2000
[/size]

flan
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Postby flan » Tue Feb 04, 2014 10:13 pm

MemberSince99 wrote:I've given more thought to that question than I should since it totally baffled me. The logical reason I come up with is - profitability. They must feel they will make more money by giving a big limit to someone who carries a balance


Don't forget, Discover issue two versions of the card. There's a prime version, and near-prime version. (And, actually, I have reason to believe they have some more subtle variations beyond that.) The 'near-prime' version has worse interest rate spread (still over a big range, though, with a low end lower than what I have on my solidly-prime account, not that I ever pay credit card interest, and a high end approaching 30%.); the near-prime card has a higher minimum interest charge, and higher minimum payements. There may be some other differences, but I'm not going to go through the sample t&c to find them.

I expect that a lot of the high limit low score people have a decent income, and so will put a fair bit of spend on the card. And they're likely to pay interest, which is very profitable for he card issuer. I don't doubt the "we're giving them more credit than they have anywhere else" is part of Discover's calculation, and I don't doubt they're adverse to a quick adverse action, it they think they need it.

MemberSince99
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Postby MemberSince99 » Wed Feb 05, 2014 6:39 am

Ok I got to thinking about it, and I worried that the card might have a tiny limit and also might hurt my chances for a mortgage so even though I have no idea what the limit is and haven't received it I called to cancel it.




JUST KIDDING! I bet I got a few of you.



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