Discover CLI Bootcamp!

[takeshi74]

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@Journeygod wrote:

Does anybody know ANYTHING that can possibly give me a little insight? 

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This entire site has the info you need.  You're focusing a bit too much on creditor and how to request when it's really your credit profile that is what matters -- just as it does with any creditor.  The reason I'm at $32K with Discover isn't because of how often or how I made the requests.  It's because my credit profile supported the CLI's.

It's all the usual stuff: make sure you have 100% positive Payment History with no lates, derogs, etc, keep your Revolving Utilization (Amounts Owed) in check, build your AAoA and the thickness of your credit profile gradually as your profile allows, keep an eye on how many new accounts you have reporting.  Read up as much as you can on how credit is assessed and learn to evaluate your own reports, idenitify issues and work on addressing them.  If you haven't read this then use it as a starting point.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Don't overlook the various subfora, the stickies and existing threads as resources as well.

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@Journeygod wrote:

I've had both of my Discover cards for about 4-6 years and I can't seem to figure out how these people are getting these Godzilla-size increases.

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It's not just about the passage of time.  What does your credit profile look like?  Where are the weaknesses in your profile?  What can you address?

[Journeygod]

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@takeshi74 wrote:

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@Journeygod wrote:

Does anybody know ANYTHING that can possibly give me a little insight? 

---

This entire site has the info you need.  You're focusing a bit too much on creditor and how to request when it's really your credit profile that is what matters -- just as it does with any creditor.  The reason I'm at $32K with Discover isn't because of how often or how I made the requests.  It's because my credit profile supported the CLI's.

It's all the usual stuff: make sure you have 100% positive Payment History with no lates, derogs, etc, keep your Revolving Utilization (Amounts Owed) in check, build your AAoA and the thickness of your credit profile gradually as your profile allows, keep an eye on how many new accounts you have reporting.  Read up as much as you can on how credit is assessed and learn to evaluate your own reports, idenitify issues and work on addressing them.  If you haven't read this then use it as a starting point.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Don't overlook the various subfora, the stickies and existing threads as resources as well.

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@Journeygod wrote:

I've had both of my Discover cards for about 4-6 years and I can't seem to figure out how these people are getting these Godzilla-size increases.

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It's not just about the passage of time.  What does your credit profile look like?  Where are the weaknesses in your profile?  What can you address?

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Zero lates

Zero derogs

Util 3%

EQ 780 EX 770 TU 765 ( Former member of the 800 club but app'd for some cards in December 2015)

*Not sure where the weaknesses are...

Chase British Airways                 $33,000.00

Mileage Plus Explorer                 $30,000.00

Amex Blue Cash Everyday         $30,000.00

BBVA Compass NBA                   $27,500.00

Penfed Visa Signature                $27,500.00

Citi Double Cash                         $26,200.00

NFCU Go Rewards                     $25,000.00

Capital One Venture                    $20,750.00

Dodge Mastercard                       $17,600.00

Discover IT                                    $11,500.00

Discover More                                 $8250.00

Penfed Travel Amex                      $8,000.00

Barclay NFL Rewards                   $8,000.00

Paypal Extras Mastercard            $5,000.00

Barclay Arrival +                             $5,000.00

Citi Expedia Mastercard               $5,000.00

Thanks for the advice though. I really appreciate everybodys input. I'll try to get it going!

[SouthJamaica]

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@Journeygod wrote:

I've been reading posts on here about Discover handing out these monster-size credit limit increases

or people riding the CLI train all the way to $20-34,000.

Can you guys (and gals) give me a little insight into how often I should be hitting up Discover for these increases?

I've had both of my Discover cards for about 4-6 years and I can't seem to figure out how these people are getting these Godzilla-size increases.

Does anybody know ANYTHING that can possibly give me a little insight?

Here's what I'm working with:

Discover More $8250 - Last increase 60 days ago

Discover IT $11,500 - Last increase 30 days ago.

Should I be hitting that LUV button again or something?

Any help is greatly appreciated!

_John

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Best bet is to just apply via luv button every 31 days.

[Journeygod]

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@SouthJamaica wrote:

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@Journeygod wrote:

I've been reading posts on here about Discover handing out these monster-size credit limit increases

or people riding the CLI train all the way to $20-34,000.

Can you guys (and gals) give me a little insight into how often I should be hitting up Discover for these increases?

I've had both of my Discover cards for about 4-6 years and I can't seem to figure out how these people are getting these Godzilla-size increases.

Does anybody know ANYTHING that can possibly give me a little insight?

Here's what I'm working with:

Discover More $8250 - Last increase 60 days ago

Discover IT $11,500 - Last increase 30 days ago.

Should I be hitting that LUV button again or something?

Any help is greatly appreciated!

_John

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Best bet is to just apply via luv button every 31 days.

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So, is that one card every 31 days or both cards every 31 days?

Should I alternate?

[Anonymous]

I hit the credit increase button every month when my statement generates and I schedule a payment. 

My card started at $1400 and is currently up over 21k. The increases have ranged from a few hundred dollars to over six thousand dollars at once. I've also received a few denials. When you get denied, just try again the next month. 

And remember to ask that your APR be decreased every twelve months. I started out at the highest APR Discover offers and am now at 18%. Next year I hope to be at 15%. And in a couple years, I might get it below 10%. You've just got to ask.

[Anonymous]

Here's a data point from someone on the lower end of the spectrum.  Declined first CLI recently, ~5 months into a new account. Much better condition per the bureaus than when I got the account (+30-40 points on all three bureaus, and util down below 10% across the board, mostly zero) but declined anyway.  Called for recon.  According to the CSR, one of the reasons is high balance to available credit ratio.  This tells me, and she confirmed, that Discover did NOT pull hard OR soft when I hit the luv button.  I didn't ask for clarification on that, but that leads me to assume they pull periodically and rely on that info to feed their CLI requests (at least for some profiles?) rather than pulling on demand...

My plan is to follow the guidance reiterated several times above, and try it every month/31 days, in hopes that next time I hit it, they see the lowered util and my profile passes muster for the increase.  I really want this to be my daily driver, at least until the first year cash back matching period ends AND/OR I qualify for a better rewards card.

[Anonymous]

For those of you earlier in this thread that posted the history of your Discover CL and it's progression over time with CLI's, would you mind sharing your general monthly spend on the card (maybe a range?) and also perhaps a range or average utilization that you carried over that period of time as well?  Those variables can sometimes impact CLI's, both in terms of frequency and amount so I'm just curious to see that information along with what you already provided.  Thank you and nice job growing those cards!

[907grown]

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@Anonymous wrote:

Yeah yeah, good idea. Increase my CL so I can spend more and not harm my credit score...PLEASE! 

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Increasing you available credit should in NO way impact the amount you spend on the card..... 

[Anonymous]

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@907grown wrote:

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Increasing you available credit should in NO way impact the amount you spend on the card..... 

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Not necessarily true.  Increasing a credit limit shouldn't impact the total amount that someone spends on card(s)... but it could very well impact the amount one spends on certain cards verses others.  To illustrate my point:  An individual possesses only 2 credit cards, one with a $1000 limit and the other with a $3000 limit.  His monthly spend is roughly $1000 total.  He prefers the $1000 card, but the limit isn't very good.  Rather than max that card out every month, he runs about $500 through each card. 

Now, if the $1000 card were to give him a CLI, chances are since that's his preferred card he'd run more through it and less on the other card since it wouldn't show as high of a utilization amount on the first, preferred card.  Just an example here of course.

[Anonymous]

I would be asking for APR reductions more often than every 12 months. At least every 3-6 months.  Sometimes you might get a 0% for 12 months on purchases. Just make sure you lock in the lower permanent rate first if possible.

SO has had discover for around 3 years.  Didnt really mess with increases until joining myfico last may.  The limit was 4k, then 8k, then 15k in less than 4 months IIRC.  Now it just went from 25 to 30 after a 2 day message.  This card isnt always used for rotating categories, but if not, they are always getting a monthly payment from a balance transfer.

I get nonstop prequalified offers for the 13-16% range.  But I have far too many inquiries and new accounts right now or else I'd totally get one.  I would probably get the IT Miles first, then after the cash back is matched to 3% at 1 year, apply for the categories version....since it appears that as of right now they do not allow PC yet.  Is it possible to move CL between two disco cards?