Credit Card Forum
+ Reply to Thread
Page 1 of 4 1 2 3 ... LastLast
 
  1. #1
    Centurion Member
    Join Date
    Jun 2011
    Location
    Down South
    Posts
    1,581

    Default Credit limits on Discover vs. other issuers

    I have found that Discover is extremely stingy with their credit lines vs other banks and even credit unions. What is the highest initial credit limit that you have received or heard about on a discover card?
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  2. #2
    Centurion Member bisbicos's Avatar
    Join Date
    Jul 2011
    Location
    Newton, MA
    Posts
    281

    Default

    im sure mines extreamly low but I was just approved for a 1250 Cl with my discover more card
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  3. #3
    Platinum Member
    Join Date
    Oct 2010
    Location
    Chicago
    Posts
    99

    Default Discover cred lines a real mixed bag but lower than competitors usually

    As a general observation, Discover is not competitive with its credit lines when compared with the better capitalized and larger bank card issuers.

    On an individualized basis they seem to be all over the map. I know of a person with great credit, good income,great history and multiple years with them with only a $1500 line, and someone else in a similar situation with a $14000 line. I know of a person just out of college who had a Discover in college with a $2500 line that was raised soon after graduation this year to $5500. Discover seems much less consistent, or reliable than other issuers in credit/spending limit. I had an experience a year ago when they cut my limit due to an internal to Discover operating problem of their own making when an ontime payment was posted incorrectly to someone else's account. Even after the posting was fixed it took them forever to do anything about the line, even though the account was never delinquent, their was reasonable usage and a solid credit history with no blemishes. That earned Discover "back of the wallet" status.

    Someone said in one of the threads that if you use the card they will raise your limits. Now I find that perverse competitively (if its true). First if qualified there is little reason not to give the person what makes sense. Second is rewarding their intially stingeyness when in most cases there is a better card limit in the wallet from an issuer who took the time effort and risk to give you what made sense to begin with.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  4. Centurion Member
    Join Date
    Aug 2011
    Location
    Phoenix
    Posts
    901

    Default

    Quote Originally Posted by Iroquois View Post
    Someone said in one of the threads that if you use the card they will raise your limits. Now I find that perverse competitively (if its true). First if qualified there is little reason not to give the person what makes sense. Second is rewarding their intially stingeyness when in most cases there is a better card limit in the wallet from an issuer who took the time effort and risk to give you what made sense to begin with.
    That was me; and it appears to be true. I stopped using my Discover Card back in late 2004 when I PC'ed my Citibank Platinum Select to the Dividend (better cash back). Discover gave me an auto CLI around 7/05 and I have not had one since. I only use my Discover Card during the 5% gas and grocery bonus period or when I want $20 by getting cash over at the grocery store instead of going to the bank. Prior to this, they gave me $1K increase every 6 months from 2/02-8/03 like clockwork. I am sure if I returned to using Discover as my primary card I would be up to $10K + within months.

    Now, my sister had a Discover from 2004 that she never used. She filed bankruptcy in 2005 and did not include them and they did not shut her account down. After ber bky was discharged she started using the account again like it was going out of style and they gave her an auto CLI. This was just three months after her bky was discharged so it would be my guess that usage and payments are even more important than scores.

    Therefore; it is my observation that Discover likes to see usage before giving out large credit lines. There are other banks and credit unions that do this as well and it does make sense. Why hand out $10K limits right off the bat not knowing how the customer is going to handle the account?

    Overall, this past decade (2000-2010) elevated Americans' greed and excess to a new level. American's feel entitled and they want everything right away. Back when credit cards first came on the scene and through the early 1990s cards had relatively low limits, high APRs and typically they had an annual fee. The 2000's spoiled everybody into thinking that we deserve huge credit lines etc (and look what happened). I do believe that someone who has proven their worth with excellent management of their credit should be given perks like better rewards, higher limits and lower APRs. In all honesty, I never come (came) anywhere near my $8000 limit so why do I need more?

    In a past career, I reviewed credit reports and I agree, the Discover limits are generally not as high as Chase, Citi, BofA etc. I also noticed some original Discover Card customers from 1986-1989 had some pretty small credit lines. But I also saw a few $15K-$20K limits as well. I will also say that Amex is generally terrible with initial credit lines-moreso than Discover. It is not uncommon for people with excellent credit to be approved for an Amex card with a $2K limit. Amex is better at raising them; however.

    Discover is conservative, which is one of the reasons they avoided the meltdown of other banks during the Great Recession. They also don't have a lot of deposits to fall back on like the banks and they also were not able to do securitization to further hand out higher limits. Remember that the issuer has to have the money to loan out in the first place.

    Of course, if you want a CLI, you can always ask for one. They also have a new CLI button on their website.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  5. #5
    Centurion Member
    Join Date
    Jun 2011
    Location
    New York state
    Posts
    1,381

    Default

    I have $5,500 credit limit but then again I've had the card since 1998. I pay my bills in full, I don't go anywhere near my credit limit. I think the most I ever spent on the card was a little over 1 thousand when me and my cousin went on a cruise.

    if celebrities and athletes have Discover what do you people think their credit limit is? for example if Bill Gates, Derek Jeter, Mark Messier, Brad Pitt, Oprah Winfrey, Jennifer Lopez, Alex Rodriguez, Tom Brady. if any of these stars have Discover what kind of credit limit do you think they have?

    now comparing my Discover card vs my capital1 card, my capital1 is $5,000 but then again I've only had the card since august 2010. before that I had chase platinum card but I don't remember what my limit was.

    now comparing my capital1 card vs my Discover, I've had my Discover a lot longer, but you can also say my Discover isn't as widely accepted as my capital1 visa card.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  6. #6
    Centurion Member
    Join Date
    Jun 2011
    Location
    Down South
    Posts
    1,581

    Default

    I use my card alot but I only pay the statement balance. I'm going to start keeping my balance at zero and then I should be better off.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  7. #7
    Centurion Member
    Join Date
    Nov 2011
    Location
    Massachusetts
    Posts
    110

    Default

    I am a 20yr old college student and was recently approved for the amex hhonors with a 4.8k line... i have excellent credit and started with boa and barclaycard when i turned 18... also have a zync card in my collection. if you have great credit amex will reward you with a nice cl
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  8. Green Member
    Join Date
    Oct 2011
    Location
    Michigan, USA
    Posts
    17

    Default

    My Discover experience has been similar to many others. I was approved back in June 2010 with a measly line of $500. Even after having the card 1+ years, never being late with a payment, and always paying my balance in full they will not seem to give me a credit line increase unless I allow them to do a hard credit pull. This is useless because they are pretty much my only credit history.

    Thankfully though near the end of September I was approved for a Chase Freedom with a credit line of $2000! My Discover doesn't really get much use anymore.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  9. #9
    Centurion Member DavidNY's Avatar
    Join Date
    Jul 2011
    Location
    New York
    Posts
    1,341

    Default

    DC is pretty useless with their tiered rewards. I got my card for the 4-5% (tiered) rebate on gas, but those days are long gone. The CL is lousy too.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

  10. #10
    Centurion Member jumbo's Avatar
    Join Date
    Sep 2011
    Location
    IA
    Posts
    267

    Default

    discover is kinda generous to me,.. I'm a college student and got discover last year with a CL for $500 initially,,, and since then there is a auto CLI every 3 months for $250 ... so in a year my CL has reached up to $1500 in discover more. btw, I always pay statement balance full before the due date.
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!
    Reply With Quote Reply With Quote

+ Reply to Thread
Page 1 of 4 1 2 3 ... LastLast
Advertising Disclosure: CreditCardForum is an independent, advertising-supported comparison service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are authorís alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult a card's issuing bank for terms & conditions.