Reply
Community Leader
Senior Contributor
Posts: 26,723
Registered: ‎02-07-2013
0

Re: Discover Love ya baby!!!


linux007969 wrote:

myjourney wrote:

linux007969 wrote:

Posted this earlier but here it is again:

 

My total combined available credit is $11,250 now not counting my AMEX Green. It makes me wonder if i will still be able to get increases on other cards in the future as any increase on any card going forward will then be exceeding my income of $12,900?

 

Also with that being said will having more credit than income hurt my chances of getting a car loan within 2 or 3 years from now?


Won't hurt as long as when you apply for car loan balances on CC's are low


thanks. I was just wondering cuz they could see that i have more credit than income and wonder how i'm going to pay it back, but then again i'm surprised the credit card companies are giving me all these increases when i'm not making alot.  :smileysurprised: :smileysad:

 

The credit card companies must either really trust me and want me to use their cards more so they can get swipe fees or they want me to use the cards to the max and dig myself into a hole so they can collect interest, or maybe even both perhaps? LOL 


What you will be building is history which will tell lenders that you can and do manage credit wisely :smileywink: That's really all they care about will you make the payments in a timely manner...

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/2013
Established Contributor
Posts: 671
Registered: ‎04-20-2012
0

Re: Discover Love ya baby!!!


myjourney wrote:

linux007969 wrote:

myjourney wrote:

linux007969 wrote:

Posted this earlier but here it is again:

 

My total combined available credit is $11,250 now not counting my AMEX Green. It makes me wonder if i will still be able to get increases on other cards in the future as any increase on any card going forward will then be exceeding my income of $12,900?

 

Also with that being said will having more credit than income hurt my chances of getting a car loan within 2 or 3 years from now?


Won't hurt as long as when you apply for car loan balances on CC's are low


thanks. I was just wondering cuz they could see that i have more credit than income and wonder how i'm going to pay it back, but then again i'm surprised the credit card companies are giving me all these increases when i'm not making alot.  :smileysurprised: :smileysad:

 

The credit card companies must either really trust me and want me to use their cards more so they can get swipe fees or they want me to use the cards to the max and dig myself into a hole so they can collect interest, or maybe even both perhaps? LOL 


What you will be building is history which will tell lenders that you can and do manage credit wisely :smileywink: That's really all they care about will you make the payments in a timely manner...


So if i keep making only $12,900 each year i could still end up with possibly a $10,000 limit on one card as long as i keep building possitive history? That would be insane if that happened though.

Discover IT TU Score: 739 as of 4/20/14 | TU Score as of 1/5/14 - 710 | EQ Score as of 1/5/14 - 748 | Ex Score as of 1/5/14 - 728

Capital One QuickSilver MC $4.5K | Amazon $1.8K (CLOSED) | Walmart $5K | Paypal SC w/Debit card $5K (CLOSED) | BOA 123 Cash Rewards Sig $5K | BOA BBR $1K | Discover IT $10K | AMEX Sr Green Charge (NPSL) | PNC CashBuilder $1.5K | Paypal Extras MC $6k | PNC Auto Loan $20,038.75 | AMEX SimplyCash Biz CC $3k | BOA Cash Rewards Biz CC $3.5K | Chase Freedom $4.5K | CapOne Spark BIZ Cash Select Visa Sig $5k |
Community Leader
Senior Contributor
Posts: 26,723
Registered: ‎02-07-2013
0

Re: Discover Love ya baby!!!


linux007969 wrote:

myjourney wrote:

linux007969 wrote:

myjourney wrote:

linux007969 wrote:

Posted this earlier but here it is again:

 

My total combined available credit is $11,250 now not counting my AMEX Green. It makes me wonder if i will still be able to get increases on other cards in the future as any increase on any card going forward will then be exceeding my income of $12,900?

 

Also with that being said will having more credit than income hurt my chances of getting a car loan within 2 or 3 years from now?


Won't hurt as long as when you apply for car loan balances on CC's are low


thanks. I was just wondering cuz they could see that i have more credit than income and wonder how i'm going to pay it back, but then again i'm surprised the credit card companies are giving me all these increases when i'm not making alot.  :smileysurprised: :smileysad:

 

The credit card companies must either really trust me and want me to use their cards more so they can get swipe fees or they want me to use the cards to the max and dig myself into a hole so they can collect interest, or maybe even both perhaps? LOL 


What you will be building is history which will tell lenders that you can and do manage credit wisely :smileywink: That's really all they care about will you make the payments in a timely manner...


So if i keep making only $12,900 each year i could still end up with possibly a $10,000 limit on one card as long as i keep building possitive history? That would be insane if that happened though.


Could happen its happen before.....people have CC's  3-4 times their income

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/2013
Established Contributor
Posts: 671
Registered: ‎04-20-2012
0

Re: Discover Love ya baby!!!


myjourney wrote:

linux007969 wrote:

myjourney wrote:

linux007969 wrote:

myjourney wrote:

linux007969 wrote:

Posted this earlier but here it is again:

 

My total combined available credit is $11,250 now not counting my AMEX Green. It makes me wonder if i will still be able to get increases on other cards in the future as any increase on any card going forward will then be exceeding my income of $12,900?

 

Also with that being said will having more credit than income hurt my chances of getting a car loan within 2 or 3 years from now?


Won't hurt as long as when you apply for car loan balances on CC's are low


thanks. I was just wondering cuz they could see that i have more credit than income and wonder how i'm going to pay it back, but then again i'm surprised the credit card companies are giving me all these increases when i'm not making alot.  :smileysurprised: :smileysad:

 

The credit card companies must either really trust me and want me to use their cards more so they can get swipe fees or they want me to use the cards to the max and dig myself into a hole so they can collect interest, or maybe even both perhaps? LOL 


What you will be building is history which will tell lenders that you can and do manage credit wisely :smileywink: That's really all they care about will you make the payments in a timely manner...


So if i keep making only $12,900 each year i could still end up with possibly a $10,000 limit on one card as long as i keep building possitive history? That would be insane if that happened though.


Could happen its happen before.....people have CC's  3-4 times their income


If this still happens then I would suspect some of the card act isn't doing its job and we could have another 2008 credit meltdown all over again.

 

Since they want income for verification in apping or credit limit increases then how does their risk management teams and underwriting staff not be able to see that having credit lines higher than your income is very bad even if the account holder has years of excellent history, it could take a turn for the worst in a few seconds like if someone steals the cards or if there is job loss or another unforescene issue?

 

I'm not saying i never want any more increases its just that why isnt the risk management teams and underwriting staff for credit card companies and banks seeing having more credit than income is a high risk and part of the card act was post to cut down on this kind of risk to protect comsumers?

 

I myself have worked so hard with my credit in a very short amount of time using every trick the da book with the help of all of you here at myfico, and I hope to never ever ruin my credit by making bad choices, but it could even happen to me anyway so i got to keep being careful and alert with my credit and finances cuz one wrong move and it could all be over and all come crashing down.

Discover IT TU Score: 739 as of 4/20/14 | TU Score as of 1/5/14 - 710 | EQ Score as of 1/5/14 - 748 | Ex Score as of 1/5/14 - 728

Capital One QuickSilver MC $4.5K | Amazon $1.8K (CLOSED) | Walmart $5K | Paypal SC w/Debit card $5K (CLOSED) | BOA 123 Cash Rewards Sig $5K | BOA BBR $1K | Discover IT $10K | AMEX Sr Green Charge (NPSL) | PNC CashBuilder $1.5K | Paypal Extras MC $6k | PNC Auto Loan $20,038.75 | AMEX SimplyCash Biz CC $3k | BOA Cash Rewards Biz CC $3.5K | Chase Freedom $4.5K | CapOne Spark BIZ Cash Select Visa Sig $5k |
Valued Contributor
Posts: 1,540
Registered: ‎11-10-2012
0

Re: Discover Love ya baby!!!


linux007969 wrote:

So i was coming up on my 6 months with Discover so I gave them a call and i first went through the automated options and to see if a credit increase was on of the options and it was and so i actually hung up and called again and talked to a rep and they processed my request to go from $1,000 to $3,000. They asked me why i wanted the increase and i said " I  really like you guys and want to continue my relationship with you and I like earning cash back" then after i gave them my income he asked if it was ok to pull a credit file and i asked for a soft inquary and he said that at this time they can not soft pull me and i can either go through with a hard pull or check back at a later time with and see if a soft pull is an option. I took a few seconds and was like ok sure lets go ahead and he submitted my request and said it needed more processing and he was going to connect me to the credit deaprtment, so he placed me on hold..... then i was connected to a very nice guy who was a Senior Analyst, he asked me a few questions including again why i wanted an increase and he went over my credit file and also check my history with Discover and said that everything is good and that he is able to approve me for $3,000.

 

I said thank you and we talked for a bit about how i like earning cash back and i thanked them for switching me to the IT Card so i could earn more cash back and i told him how i like using the ShopDiscover too and he said "well it looks like your taking all the advantages of earning the cash back" and i said yup. and we very nicely ended the call.

 

So I will have another hard pull but the way i see it i am getting my hard pulls out of the way, they must have pulled EQ or something cuz i have less inquaries on there.

 

It is also nice to know that credit analyst for Discover work weekends. It was also nice to be transfered to a Senior Analyst without having to ask for one.

 

I love Discover! :smileyvery-happy:

 

Thanks everyone on here for giving me courage and strength :smileyvery-happy:


Nice going!

 photo Logo - Credit Card Collection - Data Inclusive_zpssvrljexn.jpg
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.