Disappointed with Discover

[gdale6]

Multiple posts have been removed from this thread for cause. Those of you who violated our TOS/FSR rules will be contacted privately. I want to remind everyone that on myFico we respect one another and all posts must be inline with our guidelines. I thank those of you who are doing so.

http://ficoforums.myfico.com/t5/Credit-Cards/Forum-Etiquette/td-p/2905196

[Themanwhocan]

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@Anonymous wrote:

I appreciate the replies, and understand what everyone is saying. I realize I have a new account, but the money has been "officially" taken out of my bank account, it has posted to Discover, and that was now 10 days ago. Since it's the weekend I'm assuming it won't update for a few more days. That's a ridiculously long time! Just saying, Citi seems to have a pretty bad rep around here but i have charged a LOT on my DC card and it always immediately changes my available credit. Definitely improves my perception of Citi.

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Just because the money has been "officially" taken out of your bank account, doesn't mean that the money was actually there in the first place! How do they know that the funds weren't the result of a bad check, or that the money was transferred from a second or third bank where the funds turned out to be fraudulent? There are many scenarios that fraudsters use to defraud banks and bank customers. Heres some reading on that: https://www.thebalance.com/how-long-to-wait-after-depositing-a-check-315006

In other words, the transaction can be reversed at a later date if found to be fraudulent.

So when they give you a revolving credit limit, they expect you to live below that limit each month, assuming you pay in full each month. That is a safely mechanism for them, and when you spend near the limit and 'pay' it off only to spend up to the limit again and again in the same month, how do they know that you aren't pulling a scam, or that someone else isn't pulling a scam on you?

So Discover gave you a $2000 limit, and you should probably have stayed below $1000 or suffer the FICO penalties, etc. Instead you charged lets say $1600 3 times, and paid it off with what Discover hopes is real money. But Discover doesn't have any way to know that for certain, so they have in effect loaned you almost $5000 when their algorithms say you should be trusted with less than $2000. And you want even more this month. So try to look at it from Discover's risk management perspective.

With time, Discover will get to know your spending pattern, and will also trust you with a higher credit limit.

[Anonymous514]

Lol. Large Credit Lines. Bank that doesn't scare too easily. Free TU Fico. I have never in my two years had delays in payments, nor has my Grandma who has had the Discover Card since it first came out in the 1980s.

[Anonymous]

I have had a secured card since April, and have never had this problem.    I use the card a few times every month.   That said, I have never gone over 30 percent of my total available credit.     When I pay in full, the available credit instantly adjusts back to the full amount. 

[Anonymous]

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@Anonymous wrote:

I've had the Discover It card for a couple months and with some use I really don't understand all the "hype" around it. I think it's  totally average, and there are a few features that I find totally unacceptable. The cashback system is average (I find CapOne's to be superior), the categories are average (5% at six flags? puh-leaze) My biggest problem with it is the payment policy. I've run a few thousand dollars through the card and have made several smaller(<$1,000) payments without issue. But i used it for a large purchase and subsequently made a $1,600 payment over a week ago and it STILL has not updated my available credit. My limit is $2k and i wanted to use the card for more purchases on amazon to get 5% cash back but i was unable to because i did not have enough available credit. Absolutely none of my other cards tie up my available credit for over a week! My Citi double cash updates my balance immediately and all other cards do the next business day.  I think it's so ridiculous, it makes this card useless for me for half the month. I don't think I will ever use my Discover card for a large purchase again, really disappointed. I have 6 different cards and there's no reason for me to use my Discover over the rest of them.

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You can have your own opinion(s) and nobody should bash you for that. 

I find Discover to be a great card for quite a few reasons.

First, the 1% or 5% back categories which are doubled at the end of the first year are nice. At the end of the year if I've recieved $300 in rewards, Discover will give me $300 more for doing nothing. This also applies to bonuses used in their internal portal.  

Second, I like how I can choose between 40 something card designs. While I can't upload my own image, it's nice to be able to pick between a bunch of designs. Not only that, but the design you want can be on your door step the next day for free just by asking a customer service rep. 

Third, customer service. 100% U.S based customer service is great. Discover is ranked #1 in customer service by J.D Power. I cannot stand talking to someone who speaks heavily accented English on the phone when resolving an issue. Chat is always avaliable onlnie too, whereas many other issuers I've dealt with frequently have their chat lines "unavaliable" because there are either not enough people, or because their chat hours are limited to typical business hours. Not to mention when I call in I don't have a long wait time... Most of the time I've had a representitive answer the phone within a matter of seconds. 

Fourth, their app is pretty superior. I can pay my Discover bill with Siri. Can't do that with any other bank I've ever dealt with. It seems to be one of the top of the line apps out there. 

I've personally never experienced the problems you do. When I pay the balance is updated the next day. Most cards also don't have a real time rewards program, or immediate credit like Citi does (although I admit I love that feature). Remember that your Citi Double Cash has a rewards redemption starting at $25 and nothing less, and Capital One is Capital One who only offers nothing more than average to weak products compared to other lenders, so they aren't great either. 

[Anonymous]

Give it time. Let them get to know you.

[Wolfeyy]

You can always call and ask for a off-cycle update.

[longtimelurker]

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@Wolfeyy wrote:

You can always call and ask for a off-cycle update.

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Update of what?  OP wants available credit limit restored

[Wolfeyy]

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@longtimelurker wrote:

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@Wolfeyy wrote:

You can always call and ask for a off-cycle update.

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Update of what?  OP wants available credit limit restored

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Yeah, An update to his credit line. Have them manually check and update his information through a call so he can get his stuff cleared up faster. Its been more than long enough he should have been had his stuff restored by now. Maybe there is something wrong in the system that is still holding his credit hostage. The system is prolly just having a little hiccup. 

[JustBPatient]

I experienced a similar thing back when I was a new customer.  Be patient, once they get to know you, you will be happy you stuck it out with them.  Great to deal with IME.