topic Re: Discover(More) initial credit limit? in Credit Cards

UPDATED!! APPROVED!! Discover(More) initial credit limit?

SwiftTone — Wed, 11 Apr 2012 03:52:06 GMT

I am thinking of applying for the Discover More card. But I'd like to get an idea of what type of starting/initial CL they start people at. Please share your credit profile at the time of approval and the date roughly. Mine are:

TU FICO:704 (02/28/12)

EQ FICO: 729 (04/09/12)

AAoA: 4 years exactly

Utilization: <2%

Inquiries(past 12 months): EX: 3, EQ: 0 TU: 0

Most recent baddies: string of 9 30 and 60 day lates in 2009. None since. No BK, CO etc.

Income: $30k + $18k in stuff that's not claimed on tax. Not sure which to put yet.

Cards: Capital One $1000, Capital One $1250, Chase Slate $750

I've keep getting pre-approved letters for their Discover More card. I usually get 1-2 per week but last week I got 3. I've been holding out for a bit because I'm really trying to get a card with an initial CL of around $5000. I don't want to waste an inquiry, especially on my EX. Anyone know what CRA do they usually pull, especially in MA? Should I freeze my EX?

Anyways, if you guys can share your experience it would be great! Thanks/

11:50PM Edit: Instant approval of $3500!! Sure beats having Cap 1 for for crappy CL and Slate with a $750!

I'll still recon for a larger CL though in the morning! I can do this before getting the card? They can't reverse their decision and give me less than $3500 right??

Re: Discover(More) initial credit limit?

sterlinggirl — Tue, 10 Apr 2012 18:33:06 GMT

They pulled Transunion with me and my husband. His TU 677 and mine was 664 (I think). I got a $3000 intitial and he got a $4000. He got a pre-approval and I did not. After you apply just call them.

Re: Discover(More) initial credit limit?

Walt_K — Tue, 10 Apr 2012 18:38:10 GMT

I've heard that Discover is conservative with CLs. Your scores are good, but your other cards have relatively low limits. Given that and your income, I doubt Discover will be the first to jump out and give you an initial $5K limit. But they will grow with you.

Re: Discover(More) initial credit limit?

webhopper — Tue, 10 Apr 2012 18:44:30 GMT

SwiftTone wrote:
I am thinking of applying for the Discover More card. But I'd like to get an idea of what type of starting/initial they start people at. Please share your credit profile. Mine are:

TU FICO:704 (02/28/12)
EQ FICO: 729 (04/09/12)
AAoA: 4 years exactly
Utilization: <2%
Inquiries(past 12 months): EX: 3, EQ: 0 TU: 0
Most recent baddies: string of 9 30 and 60 day lates in 2009. None since. No BK, CO etc.
Income: $30k + $18k in stuff that's not claimed on tax. Not sure which to put yet.
Cards: Capital One $1000, Capital One $1250, Chase Slate $750

I've keep getting pre-approved letters for their Discover More card. I usually get 1-2 per week but last week I got 3. I've been holding out for a bit because I'm really trying to get a card with an initial CL of around $5000. I don't want to waste an inquiry, especially on my EX. Anyone know what CRA do they usually pull, especially in MA? Should I freeze my EX?

Anyways, if you guys can share your experience it would be great! Thanks/

in 1999 my intitial limit was 1200, which was increased to 1500 in 2007, then 2600 in 2009 then 3500 in May 2011, then 4200 in Dec 2011... I've never asked for a CLI, they just evaluated my credit line and usage, and adjusted accordingly.

Re: Discover(More) initial credit limit?

JollehRoger — Tue, 10 Apr 2012 18:55:36 GMT

I was approved instantly online for a 3000 dollar credit limit. They pulled TransUnion for me which according to the letter they sent me my FICO was 726.

Re: Discover(More) initial credit limit?

SwiftTone — Tue, 10 Apr 2012 18:56:21 GMT

JollehRoger wrote:
TU FICO: Check signature
EQ FICO: Unknown
AAoA: 10 months
Utilization: ~20%
Inquiries (past 12 months): EX: several, EQ: several TU: 4
Most recent baddies: None
Income: None (Student)
Cards: Check signature

I was approved instantly online for a 3000 dollar credit limit.

What are your FICOs, its not in your signature.

Also, please post your credit profile at the time you were approved.

Keep them coming boys and girls, thanks!

Re: Discover(More) initial credit limit?

FrugalRican — Tue, 10 Apr 2012 19:05:03 GMT

EQ FICO: 760

AAoA: 6 years

Utilization: 28%

Inquiries: None

No baddies, no collections

Cards: MBNA 15.9K, Chase Freedom 1.4K

Requested for a 4.6K Balance Transfer upon application, based on previous postings of people getting higher limits because of BT's.

Approved with 6K CL.

Re: Discover(More) initial credit limit?

Jimmy9224 — Tue, 10 Apr 2012 19:51:32 GMT

You're gonna get a really nice limit..

my score was 714 Fico Tu which they pulled

my utili was at 18% and my income was 18k and they started me out with 3k :)

my AAoA was only 9 months..

Good Luck! go for it! it's an amazing card!

Re: Discover(More) initial credit limit?

SwiftTone — Tue, 10 Apr 2012 20:12:26 GMT

sterlinggirl wrote:
They pulled Transunion with me and my husband. His TU 677 and mine was 664 (I think). I got a $3000 intitial and he got a $4000. He got a pre-approval and I did not. After you apply just call them.

Could you please share more about your credit profile? thanks

Re: Discover(More) initial credit limit?

SwiftTone — Tue, 10 Apr 2012 20:15:11 GMT

FrugalRican wrote:
EQ FICO: 760
AAoA: 6 years
Utilization: 28%
Inquiries: None
No baddies, no collections
Cards: MBNA 15.9K, Chase Freedom 1.4K

Requested for a 4.6K Balance Transfer upon application, based on previous postings of people getting higher limits because of BT's.

Approved with 6K CL.

Hmmm, interesting observation. What if you tell them you plan on swiping the card for certain amount of money in the next few months for home improvement. Would it have the same effect?

I really don't have the ability to do BT. All I can think of is my student loans, which is not much and it's not even reporting yet

Re: Discover(More) initial credit limit?

FrugalRican — Tue, 10 Apr 2012 20:22:30 GMT

I applied online. If you want to do it that way, you'd definitely have to do that over the phone, but Discover is also conservative, so depending on who you get, it might either entice them to help you out or scare them away.

I think my AAOA of 6+ years really helped them to see that I was responsible with my payments even if I had charged a bunch in the past.

Re: Discover(More) initial credit limit?

boomhower — Tue, 10 Apr 2012 20:33:18 GMT

They surprised me with the limit I got. Approved a couple months ago. ~700 FICO, very low UT at the time, income not much higher than yours, highest reported CC CL $2k. Also two collections from 06. They gave me $5k. But I will say this is after calling and talking to an actual person explaining everything, I believe he set the limit and not the computer.

Re: Discover(More) initial credit limit?

teenastie — Tue, 10 Apr 2012 20:37:43 GMT

Let me preface by saying YMMV but,

I was approved last month for a Discover more card. I applied for the card that does not offer any sign up bonuses, but offered 15 months 0% purchases and BTs. I received the 7-10 day notice. I Called the next business day and told them I wanted to use the card for a balance transfer and purchases at Sams Club. I do have 2 American Express charge cards with high balances over 3k. I was approved for 6.5k. I was given an EQ Fico score from Discover to the tune of 686. I also advised them of 80k income I don't believe they specified individual income vs HHI.

Re: Discover(More) initial credit limit?

SwiftTone — Wed, 11 Apr 2012 01:53:25 GMT

I'm itching right now. I might apply...

I find that my pre-approval on their site vs their letter is way better in terms of sign on bonus. My odds would be the same right?

Re: Discover(More) initial credit limit?

teenastie — Wed, 11 Apr 2012 02:08:51 GMT

That's hard to determine. I have had great success and I did not receive a pre approval letter nor was I qualified via the web.

Re: Discover(More) initial credit limit?

Vesey — Wed, 11 Apr 2012 02:17:26 GMT

I had 822 EQ FICO at time of instant approval and $18K income and got $2K limit, with my oldest credit card still reporting as open with $7700 and 0 INQ. I will ask for 4-5K in July. My wife with 676 EQ FICO, 4 INQ, and $33K income got approved for $1000 and 22.99% APR. She had to call in and talk about her credit report.

Re: Discover(More) initial credit limit?

RyVision — Wed, 11 Apr 2012 02:26:15 GMT

SwiftTone wrote:
I'm itching right now. I might apply...

I find that my pre-approval on their site vs their letter is way better in terms of sign on bonus. My odds would be the same right?

I would think so, they'll decide from the same report(s). They checked EQ for me (my worst one at the time). Their letter stated I had a FICO EQ of 630 at the time. I think I had 2 inq's, AAoA around 4+ years, 9 or 10 TL's, AMEX dating back 22+ years, no lates or "baddies" on any reports, income low 60s, high util (zero percent carry, which I told them about when I called, even though they said I was approved online for the 6.5k. They said I got the wait message due to a glitch). I think they wanted to compete with my AMEX and AU Chase Freedom.

I don't see you having much trouble being approved. Being your other cards are lower limits however, you may not get the 5k CL you'd like at first (I have seen many started much lower, down to the 500 level). You might want to check out "whogavemecredit" dot com for "discover" and "more" and see other peoples results that are posted there (mine is not).

[EDIT]: I should add, I was not pre-qualified for anything on their website before I applied on a bit of a whim. I appled through an offer from a partner site after being denied AMEX BCE and thinking "what the heck" since I had fairly low inq's.

Re: Discover(More) initial credit limit?

Jimmy9224 — Wed, 11 Apr 2012 03:37:22 GMT

I have a question, do cc base the credti limit on your income or your actual fico?

Re: Discover(More) initial credit limit?

teenastie — Wed, 11 Apr 2012 03:38:51 GMT

Jimmy9224 wrote:
I have a question, do cc base the credti limit on your income or your actual fico?

Yes and Yes :smileyvery-happy:. Actually a combination of both you won't have one without the other.

Re: Discover(More) initial credit limit?

SwiftTone — Wed, 11 Apr 2012 03:48:18 GMT

Approved!

$3500. I will try to recon this CL!