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Re: 769 Fico - Discover gave me $500 lol


navigatethis12 wrote:

Credit scores are not what determine credit limits; too often on here people seem to think that. I had 776 when Discover approved me for 1000. I had around 750's when Chase appproved for 25000 and arond 700 when they approved for 17000. What's on the report is more important than the score and if you have opened up a bunch of new accounts that is definitely going to give a lender pause to give you a high limit.


+1

Far to often people forget these are the most important factors that determind limits



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Re: 769 Fico - Discover gave me $500 lol


navigatethis12 wrote:

Credit scores are not what determine credit limits; too often on here people seem to think that. I had 776 when Discover approved me for 1000. I had around 750's when Chase appproved for 25000 and arond 700 when they approved for 17000. What's on the report is more important than the score and if you have opened up a bunch of new accounts that is definitely going to give a lender pause to give you a high limit.


+1 Agreed. Discover gave me 5.5k with a 720-ish fico back in April and and they gave me an auto cli of $1k this past month. My current fico score is in the low 700s due to all of my new accounts & inq from April. So clearly, they look at other things besides the score. 


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Re: 769 Fico - Discover gave me $500 lol

Thanks everyone - I appreciate the input :smileywink:, I'm not the kind to go "nuts" when i have money available to me - but i can see that discover don't know that

 

I have around $22k in available credit and only owe $89, to amex - which i'll pay as soon as the transaction hits my amex account

 

Like i said previously, I don't "need" the CLI - but feeling "jipped" at the HP lol

 

Thanks all :smileywink:


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Re: 769 Fico - Discover gave me $500 lol

Just to reinterate Navigate's point.  Credit score is not the same thing as high CLs.  You can have a 850 credit score with 2-3 $500 credit cards.  No one is going to trust you with a $2.5k card, let alone a $10k card just because your score is 850. 

 

The following isn't a perfect analogy but something like it is occuring.  Think of your credit score as a grade in school.  If you have 800 FICO with $1k credit cards, it is like you are an A student in 2nd grade.  Doesn't mean you are ready for college.  It just means you are ready for the next grade.  In the case of credit cards, maybe you are ready for $2k card or maybe you can "skip" a grade and get $3-5K cards.  But as credit reports are not "historical" per say, there is definitely ways to make it look like you have handled high CLs for a long time.  Think backdated AMEX while agressively taking the 3X CLIs.

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Re: 769 Fico - Discover gave me $500 lol


Crashem wrote:

Just to reinterate Navigate's point.  Credit score is not the same thing as high CLs.  You can have a 850 credit score with 2-3 $500 credit cards.  No one is going to trust you with a $2.5k card, let alone a $10k card just because your score is 850. 

 

The following isn't a perfect analogy but something like it is occuring.  Think of your credit score as a grade in school.  If you have 800 FICO with $1k credit cards, it is like you are an A student in 2nd grade.  Doesn't mean you are ready for college.  It just means you are ready for the next grade.  In the case of credit cards, maybe you are ready for $2k card or maybe you can "skip" a grade and get $3-5K cards.  But as credit reports are not "historical" per say, there is definitely ways to make it look like you have handled high CLs for a long time.  Think backdated AMEX while agressively taking the 3X CLIs.


+1

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Re: 769 Fico - Discover gave me $500 lol

thanks for explaining it - i guess i got carried away when my second longest cc would only give me $1750 - yet people who didn't know me from a hole in the ground would offer me 4-5K - 4 instant approvals

 

I'll keep plugging on - sowing seeds n stuff lol :smileywink:


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Re: 769 Fico - Discover gave me $500 lol

[ Edited ]

I honestly think it's more about debt to income and having a history to review, mix of accounts, lack of collections & other bad baddies like CO's, thickness of file when it comes to limits.  Some people are saying lack of already high limits, but my recent app spree suggests otherwise.

 

I say that because my limits were $300, $300, $250, $500, $700 and a store card that was $1,700.00.  I app'd Chase Freedom, Chase Sapphire Preferred, Discover It, and Amex BCP in 1 week, and they were all instantly approved and gave me limits of $5K, $6,200, $8,500 (Discover), and $2,000.  And since I app them all together Discover didn't know I had gotten the other high limits, they only saw my old ones.

 

And my FICO was only in the high 600's, per the details Discover sent me they pulled Equifax and FICO was 694.   I also have 27 lates including a 90.  I think what started me on high limits was good debt to income (75K income with only $130 credit card balances, $600 student loan, $3,000 car loan, $700 rent) and although my file had a lot of late payment baddies, it had no collections, my 90 day was in 2007, and 25 of the 27 lates were 2011 and previous.  Although I did have 2 30 day lates in 2012.  AAoA about 6 years and oldest about 11 yrs.

 

It does seem to sometimes be a mystery how this all works.  My Freedom and CSP apps got me $5K and $6,200.  My GF has better credit then me, and they only gave her $1,500 approval for Freedom, BUT then gave her $10,000 on CSP.  

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Re: 769 Fico - Discover gave me $500 lol

Taking a lot of posts I've read here into account, that seems a little conservative. It's possible the file may be a little thin. I'd give the card time as it will probably grow with use.

 

I briefly considered a Discover card but really hate taking inquiries, LOL!


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Re: 769 Fico - Discover gave me $500 lol

Agree wholeheartedly with the advice you have been given here.  Discover made a thoroiughly justifiable call here.  

 

In the past month, you have more than quadrupled your available credit. In general, most credit analysts would consider that grounds for a flat denial of CLI.  I consider the fact you got any CLI at all a sign of their respect for your history with them.  It may feel otherwise to you, but I think the analyst's thought process was likely "Well, I should say no after he's already acquired some $20,000 of new credit in the last month, but he's been  spending a lot with us and has a good payment history, so let's give him a little something for his trouble."  

 

Ultimately, credit *approvals* are tied strongly (but not entirely) to FICO score, but credit *limits* are tied more to raw income level, debt-to-income ratio, available-credit-limit-to-income ratio, and length of experience with a given level of available credit.

 

Frankly, you got greedy.  I know how it is when you're riding high on a tide of approvals and think no one can say no to you.  But every spree eventually hits a wall.  You're just lucky that in your case the wall was hay bales, not brick.  ;-)

 

Enjoy your new credit lines, and soon you will get some sweet CLIs. Go for the 3x on Amex at 61 days, and expect a likely auto-CLI from Chase in the coming months.  Meanwhile, garden garden GARDEN!  You're doing great, and you've got a great set of new cards to build relationships with.

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