07-02-2009 11:30 AM
07-02-2009 11:37 AM
Discover opened my account at $8.1K last July, and if they will increase it to $10K+ that is fine. What would not be fine is a ratejack or a CLD. The lowest rate now offered for a new Discover Card is 10.99%. My account was opened at 11.99% and now is at 9.99%. That makes me happy.
As far as rewards are concerned if you take advantage of the rotating, capped 5% categories when you can and the outstanding on-line merchant program (5% minimum, uncapped) you will get a very nice benefit. The dollars you accumulate in your rewards account can even be redeemed at better than 1:1. A Discover Card combined with a nice cash back card (like PenFed's PCR Visa) is a very strong combination. Gotta use the right tool for the right job.
07-02-2009 11:44 AM
I wanted to know the Max CL offered and was told that 16K was it. They mentioned that they wouldn't be allowed to do a HARD INQUIRY. I wasn't going to take one any way. I just wanted to know. There were no immediate plans to lower the 16K which has been on the account since Oct 08
That was then. $12K is now. What exactly are you disagreeing with? It was never stated that anyone's CL was going to be rolled back to $12K. The discussion regarded increases.
07-02-2009 11:45 AM
athensguy wrote:Because of FICO. If I want to let $5K report on my reports, I need $50K+ in lines to offset that. I don't have to worry as much about it because I use Signature cards, but if I was trying to allow that much to report monthly on one card, I would want that one card to be $50K...
I am a little confused here. Other than a "prestige" issue, why would someone need multiple CC's with limits in excess of 10K? Having such a credit file one shouldnt have too much of an issue with establishing a financial relationship with a local bank/CU to have a low interest line of credit/signature loans for purchases in excess of 5K ( assuming large purchases with the intent to keep untilization down is the reason ). Yes there are rewards programs, but is walking around with 100K+ in credit card lines really necessary?
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO