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  1. #1
    Centurion Member MemberSince99's Avatar
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    Default Discover and limits

    I know these guys are conservative, that's a given, but it's started to burn me just a little bit. Why? When they approved me in April I got a 5500 starting limit. Last month when I got the More again (more? haha) they gave me 4500. And as you know they won't raise the limit for 6 months, probably for me never.

    I just read on FICO someone on there has a judgement from 6 years ago and got 5k to start. I see where people with scores 50 to 80 points lower than my score get twice my limit.

    And to be honest, it kinda burns me. I still want to develop a credit relatonship with Discover, but I'm going to concentrate on US Bank which gave me my favorite card with the highest limit. They are simply going to get the bulk of the money run through. Those that look afte rme get the business, those that are lukewarm see a lukewarm amount of $$$, that's how the game works.

    I had been pumping money through the Discover hoping to get a CLI but after seeing how they do things, it's really clear they really like some folks, are lukewarm to others (me in that category) and others they really don't care for. I'm glad not to be in the last group, but I gotta concentrate the most on the ones that do the best by me, and that's US Bank. Just my 2 cents.
    FICOS
    TU: 785 January 2014
    EQ: 772 January 2014
    EX: 773 January 2014
    TU08 (Barclay's) 794 January 2014

    Cards:
    Associated Bank Accelerated Rewards Signature Visa 21.5k (05/12)
    Chase Sapphire Preferred Signature Visa 5k (5/13)
    Amex Gold NPSL (5/13 - backdated to 5/99)
    Barclay's Arrival World MasterCard 10k (11/13)
    Citi Dividend Visa 6.3k (12/13)
    Chase Freedom Signature Visa 7k (1/14)
    Bank of America Travel Rewards Signature Visa 10k (2/14)
    Discover IT 4.5k (2/14)
    Amex Everyday Preferred 2k (3/14 - backdated to 3/99)

    Garden: Card carrying Garden Club member. Gardening until 2014!
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  2. #2
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    So, wait...you were unhappy with your current Discover Card limit from April, so you opened a second Discover Card? So between the two, you have $10K from Discover.

    With the CARD Act, they will only be able to give you an auto CLI in the first 12 months; after that, they will only "pre-approve" you for a CLI once you have provided income info or you will have to initiate the CLI on your own. You seem to have opened quite a few cards recently, that could be one of the reasons for your lower CL.

    They are very conservative with their limits and frankly, the Cashback Bonus isn't what it used to be. I would concentrate on your Cash + now while you can before US Bank goes and changes it.

    My only suggestion would be to call them up at some point and see if they will combine the two cards. I am not sure if they do that, but it doesn't hurt to ask.

    My Discover is 13 years old and I only recently got the limit up to $9K. I was at $7,800 for 7 years before that....I hardly use it though.
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  3. #3
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    I was recently told by an account manager that people who carry a balance (I guess a large balance), pay more than the minimum payment, and use the card religiously are usually the ones who get the most CLIs. I guess you have to give them money through finance charges for them to give you CLI increases.

    As CC Deville pointed out, you have two Discover cards with a total CL of $10,000. Sounds pretty darn good to me!
    Cards and Credit lines Acquired:

    Escape by Discover, Barclay Holland America Visa, Macy's store card, Bloomingdale's store card, Citi Custom Credit Line, PayPal Smart Connect credit line, Chase Sapphire Visa, Chase United MileagePlus Visa, Amazon store card, and Lord & Taylor.

    Closed: Dell Financial Services credit line. They cut my limit, so I cut the cord. Capital One. If they won't work with me, my other cards will!
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  4. Centurion Member MemberSince99's Avatar
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    Default

    I only have one. I closed the other card (5.5k card). I have a total of 4.5k with Discover. Sorry for not being more clear.

    If US Bank does nerf that card, I'll just go to my Associated non rewards card and to hell with it. They obviously want me to use that since it has no rewards, and let's face it these companies aren't going to do that forever. I haven't paid them a penny in interest and I NEVER plan to. I'm not that stupid - I may be dumb, but not THAT dumb. So I guess I'm not a high profit guy for them. I was seriously thinking, maybe I should just use that card, no reason for them to ever nerf it there is nothing to nerf. It's all the limit I ever need.

    I don't know CC.

    Yes I have opened a few cards recently. The reason for that is, eventually my student loans will be paid off. They are my oldest accounts at over 10 years old. If I could I'd drag them out for another 10 just for AAoA as the interest rate is low and it's not much money (I could pay them off now if I wanted to but I don't want to). So I know my score will drop when I pay them off, and I wanted other accounts to have aged by then to build up my AAoA. That's the sole reason for looking for new cards, as well as wanting to diversify which doesn't hurt. I'd ideally like cards to keep for many years. But maybe I should just forget the rewards cards they won't last. Amex nerfed theirs I keep hearing of the impending nerf of Cash +, if you think about it, if you don't pay them interest, they are basically giving you their swipe fees and no one can stay in business doing that. so I've known for some time this won't last and it won't.

    Food for thought.
    FICOS
    TU: 785 January 2014
    EQ: 772 January 2014
    EX: 773 January 2014
    TU08 (Barclay's) 794 January 2014

    Cards:
    Associated Bank Accelerated Rewards Signature Visa 21.5k (05/12)
    Chase Sapphire Preferred Signature Visa 5k (5/13)
    Amex Gold NPSL (5/13 - backdated to 5/99)
    Barclay's Arrival World MasterCard 10k (11/13)
    Citi Dividend Visa 6.3k (12/13)
    Chase Freedom Signature Visa 7k (1/14)
    Bank of America Travel Rewards Signature Visa 10k (2/14)
    Discover IT 4.5k (2/14)
    Amex Everyday Preferred 2k (3/14 - backdated to 3/99)

    Garden: Card carrying Garden Club member. Gardening until 2014!
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  5. #5
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    Quote Originally Posted by MemberSince99 View Post
    I only have one. I closed the other card (5.5k card). I have a total of 4.5k with Discover. Sorry for not being more clear.

    If US Bank does nerf that card, I'll just go to my Associated non rewards card and to hell with it. They obviously want me to use that since it has no rewards, and let's face it these companies aren't going to do that forever. I haven't paid them a penny in interest and I NEVER plan to. I'm not that stupid - I may be dumb, but not THAT dumb. So I guess I'm not a high profit guy for them. I was seriously thinking, maybe I should just use that card, no reason for them to ever nerf it there is nothing to nerf. It's all the limit I ever need.

    I don't know CC.

    Yes I have opened a few cards recently. The reason for that is, eventually my student loans will be paid off. They are my oldest accounts at over 10 years old. If I could I'd drag them out for another 10 just for AAoA as the interest rate is low and it's not much money (I could pay them off now if I wanted to but I don't want to). So I know my score will drop when I pay them off, and I wanted other accounts to have aged by then to build up my AAoA. That's the sole reason for looking for new cards, as well as wanting to diversify which doesn't hurt. I'd ideally like cards to keep for many years. But maybe I should just forget the rewards cards they won't last. Amex nerfed theirs I keep hearing of the impending nerf of Cash +, if you think about it, if you don't pay them interest, they are basically giving you their swipe fees and no one can stay in business doing that. so I've known for some time this won't last and it won't.

    Food for thought.
    Oh, sorry about that. It makes sense as you only have the one Discover listed in your signature. I am not judging you by your recent approvals...I went quite crazy in my early 20s with opening accounts. Now, in my early 30s they have all aged quite nicely. If I recall, you also opened a few Amex's that you recently closed. But those will stay on for 10 years so that will also help your AAoA. I think it is good to have a few cards to help beef up your score and as you said, they eventually will be old and thus helping your AAoA.

    Didn't mean to put you off to the Cash + card. It has been my experience with Discover, Citibank Dividend and Chase Freedom that they all start out great, and then over the years the rewards are not what they once were. This is relatively unchartered waters with US Bank and I think they have been surprised by how popular their Cash + card has been. I have no personal experience with US Bank but I have only heard good things about them. Reward cards are here to stay; it is actually difficult to find a basic card these days. You just have to change with the changing programs. Discover initially was the only cash back card and it was pretty decent...over the years it has become, at least for me, quite sad. In 2004 I converted my lowly Platinum Select Citibank MasterCard to the Dividend MasterCard and it was awesome. 5% cash back on groceries, gasoline and drug stores-places that I frequented quite often. Then it went to 2% but they added utilities...then they went to 1% with the quarterly 5% bonuses which this year did not include gas or groceries at all. I only keep it because I managed to get the EMV chip on it. So, now I use BofA BankAmericard Cash Rewards for the 3-2-1 rewards. But I still use my Discover and Freedom for their 5% bonuses. So obviously, the banks are going to do what they need to do to remain profitable (i.e. changing reward structures), but they are unlikely to completely discontiue a reward program.

    Back to your original posting...give it a few more months to see if they auto CLI you. I have been reading on other forums that Discover is much like Chase in that they usually do give an auto CLI within the first year. This year, after 7 years of no auto CLI (which I didn't expect as I rarely use mine anymore) a button appeared next to my credit line on the online account management screen entitled, "Request a credit line increase." I pressed it, entered my income and I was approved. No hard pull. So my advice would be to give it a little time but I would for sure keep it open. As another poster stated, Discover really likes to see usage more than other banks. Discover is a great company overall.
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  6. #6
    Centurion Member
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    I second the auto-CLI gesture. I believe during my first year, they auto'd me from $2000 up to I believe $2800. Considering my next highest limit at the time couldn't have been more than $1500, it's safe to say they kept me happy with that one. A couple years of drowning in maxed out cards and ridiculous interest charges later, I called them up to ask for another CLI but the guy told me it would be a hard pull so I told him not to worry about it. Two days later I logged into my account and saw that the limit had been bumped up to $3400, and at that point in time it was still my highest limit card by a comparatively sizable margin. You know the story with what happened after that. Got my debt moved around so my utilization dropped drastically, called them up telling them I wanted to make a $7000 balance transfer, and bam -- instant approval after ID verification. They've been holding down the position of highest limit card for me ever since I opened the account 3 years ago. I have a feeling though that after my income starts to climb I'll find that I've all but maxed out my Discover account's CL potential.
    Amex Green - NPSL - 05/12
    Amex Zync - NPSL - 06/12
    Discover it - $7750 - 11/12
    Chase Sapphire Preferred Visa Signature - $5000 - 11/12
    SECU Platinum Visa - $5000 - 08/08
    Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
    Citi Diamond Preferred Mastercard - $3000 - 05/12
    GECRB Old Navy Visa - $2500 - 11/12
    Chase Amazon Visa - $2000 - 11/12
    Chase Freedom Visa - $2000 - 07/12
    Citi Thank You Visa - $1000 - 06/12
    Amex Blue Cash Everyday - $1000 - 01/13
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  7. #7
    Centurion Member MemberSince99's Avatar
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    They are a wonderful bank. Best customer service I've dealt with easily. I won't be closing it. I honestly regret closing my Chase Freedom card. The Amexs, I'm going to be 100% honest, I don't regret closing. Amex is just too weird for me. The Amex of 10 years ago, I would regret, but not what they've become. But I do regret Chase. Water over the dam now.

    So I hear you guys. I will give it time. I know they like use, but honestly I want to work on US Bank more than Discover right now. Discover will get use and I'll keep it, but it just won't be the heavy hitter right now. US Bank has been very generous and I need to keep that in mind.

    But you guys are a wealth of knowledge, I'm glad we have this board to share our experiences on!
    FICOS
    TU: 785 January 2014
    EQ: 772 January 2014
    EX: 773 January 2014
    TU08 (Barclay's) 794 January 2014

    Cards:
    Associated Bank Accelerated Rewards Signature Visa 21.5k (05/12)
    Chase Sapphire Preferred Signature Visa 5k (5/13)
    Amex Gold NPSL (5/13 - backdated to 5/99)
    Barclay's Arrival World MasterCard 10k (11/13)
    Citi Dividend Visa 6.3k (12/13)
    Chase Freedom Signature Visa 7k (1/14)
    Bank of America Travel Rewards Signature Visa 10k (2/14)
    Discover IT 4.5k (2/14)
    Amex Everyday Preferred 2k (3/14 - backdated to 3/99)

    Garden: Card carrying Garden Club member. Gardening until 2014!
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  8. Gold Member
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    I'm a recent college graduate, I applied for the DiscoverMore card with no credit history and got approved for a $750 credit limit. I recently applied for an AmEx Green and got approved with NPSL.

    A buddy I graduated with went the opposite way, he got his AmEx Green immediately after starting work. At about the same time I got my AmEx i sent him the refer a friend for the Discover. He got approved for a 5500 line of credit. I don't get it, we make similar income levels, the only difference is that he started with the AmEx NPSL.

    Anyway, on January 3 when I hit my 6 months, I'll ask for a CLI to $3000 and see what they counter with.
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  9. #9
    Centurion Member MemberSince99's Avatar
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    Seems from what I've seen and read, that every lender has different criteria they use to set a credit limit upon approval. Some of it has to be income based obviously, but also obviously that's far from the full story.

    I'm taking a wild guess that your limit is because you had no history. Discover does tend to be a conservative bank (and they admit it if you ask, or at least the CSR I spoke with did) anyway. But I would guess you not having a history is what caused that, where your friend had a history for them to see.

    And after 6 months, yeah, I'm with good and responsible use you can probably get a CLI.
    FICOS
    TU: 785 January 2014
    EQ: 772 January 2014
    EX: 773 January 2014
    TU08 (Barclay's) 794 January 2014

    Cards:
    Associated Bank Accelerated Rewards Signature Visa 21.5k (05/12)
    Chase Sapphire Preferred Signature Visa 5k (5/13)
    Amex Gold NPSL (5/13 - backdated to 5/99)
    Barclay's Arrival World MasterCard 10k (11/13)
    Citi Dividend Visa 6.3k (12/13)
    Chase Freedom Signature Visa 7k (1/14)
    Bank of America Travel Rewards Signature Visa 10k (2/14)
    Discover IT 4.5k (2/14)
    Amex Everyday Preferred 2k (3/14 - backdated to 3/99)

    Garden: Card carrying Garden Club member. Gardening until 2014!
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  10. #10
    Centurion Member
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    Quote Originally Posted by plc44 View Post
    I'm a recent college graduate, I applied for the DiscoverMore card with no credit history and got approved for a $750 credit limit. I recently applied for an AmEx Green and got approved with NPSL.

    A buddy I graduated with went the opposite way, he got his AmEx Green immediately after starting work. At about the same time I got my AmEx i sent him the refer a friend for the Discover. He got approved for a 5500 line of credit. I don't get it, we make similar income levels, the only difference is that he started with the AmEx NPSL.

    Anyway, on January 3 when I hit my 6 months, I'll ask for a CLI to $3000 and see what they counter with.
    I would strongly encourage you to continue heavily utilizing your Discover and let them give you an auto CLI instead of asking for one. It has been my experience that the auto credit line increases from them will outweigh any that you ask for. This should happen within the first year of cardmembership as it would follow the CARD Act regulations. If, after a year you do not get an auto CLI, then you may want to request one.

    Regardless of your choice, please let us know what happens.
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