Discover Cap Limit

[ArCpa]

Was wondering if anyone recently has tried to get a CLI and was told the limit was capped. I just spoke with a supervisor in the credit dept about getting a CLI. My current limit is 22K with a 3800.00 balance. He checked the numbers and told me that If i fax last yrs tax return, since im self employed they could approve me for 26k. He stated that my limit would never increase above that. He stated that Discover and every creditor has to be in complaince with the gov. Was explaining some law that will go in effect very soon. He also stated that they wasn't planning on doing any CLD, just watching their lending . Has anyone heard of this recently ?

[Skye12329]

I somewhat heard of something like this. I work retail and before something with the government we would approve people for 40k+ now the avg approval is 6k but can get increases. Have you talked to other supervisors?

[ArCpa]

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@Skye12329 wrote:
I somewhat heard of something like this. I work retail and before something with the government we would approve people for 40k+ now the avg approval is 6k but can get increases. Have you talked to other supervisors?

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I spoke to him after speaking to the original credit person. He was nice about it, just said its a new policy . They didint pull my credit, but he said could see last month Fico score from their reports. He told me not to waist a HP, since it wouldn't matter. But what was interesting is that he said that all creditors were required to start doing this. They just want to start doing it asap.

[maceto]

Anyone have a link to this law/more info? The questions I would have are:
1- is it a dollar fixed limit or % of income?
2- is it per creditor or one overall limit (if a fixed dollar amount..)
3- when will the law come into play?