Discover Credit Line - How High?

[Anonymous]

I helped my Dad apply for a Discover It card in December 2014. He had no credit cards at the time and hadn't had any for years.

He was approved for $12,500. A month later in January his credit limit was increased to $15,000. 6 months later in July 2015 he got another increase to $21,000. 

Fast forward only two months later and to my surprise his credit limit is now $27,000.

He has had this card less than 10 months and has over doubled his limit, These have all been soft pull CLIs, either automatic or requested online. I have seen where limits of over $25k on cards can raise suspicions to lenders and I don't want to put him through any type of income verification or AA.

Does anyone know the likelihood of Discover doing such a thing? This is his only credit card and I'd like to ensure it stays in good standing for him.

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[Anonymous]

27.5k here approved 8k 4/2014 all soft pull increases.  I'd say you're fine.  Also only having one card is a terrible idea for many reasons.  Get him another card asap

[myjourney]

http://ficoforums.myfico.com/t5/Credit-Cards/Discover-IT-high-credit-limits/td-p/2424333

Full thread of Discover limit data 

[Anonymous]

Thanks for the info! If he gets to $30k, I think I will recommend that we no longer ask for CLIs.

I'm not sure I could convince him of another card. He's only ever had two previous credit cards - both with Sears. 

One opened in 1990 and closed in 2005 with a limit of $15k, and one opened in 1993 and closed in 2007 with a limit of $5.3k. Both closed at consumer's request.

12% Utilization, 100% payment history, 6 years AAoA, 2 inquiries, and only 11 total accounts (5 open/6 closed). I'm afraid that opening anything new for him would tank his AAoA severely.

His CK FAKO  is usually 815, and his Discover FICO is typically 825 on his statements.

[taxi818]

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@Anonymous wrote:

27.5k here approved 8k 4/2014 all soft pull increases.  I'd say you're fine.  Also only having one card is a terrible idea for many reasons.  Get him another card asap

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+1 God forbids Disco shuts him down and leaving him high and dry. get another card asap. thats why we like diversity here. shut me down i still have options.

[Anonymous]

Don't put all your eggs in one basket. 

[Anonymous]

Mine was recently raised to $19,500 from $15,500. Single $4,000 increase after doing a minibonus for $200 bonus CB to the tune of $6,000 over 4 months.

[SouthJamaica]

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@Anonymous wrote:

Thanks for the info! If he gets to $30k, I think I will recommend that we no longer ask for CLIs.

I'm not sure I could convince him of another card. He's only ever had two previous credit cards - both with Sears. 

One opened in 1990 and closed in 2005 with a limit of $15k, and one opened in 1993 and closed in 2007 with a limit of $5.3k. Both closed at consumer's request.

12% Utilization, 100% payment history, 6 years AAoA, 2 inquiries, and only 11 total accounts (5 open/6 closed). I'm afraid that opening anything new for him would tank his AAoA severely.

His CK FAKO  is usually 815, and his Discover FICO is typically 825 on his statements.

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If he's conservative financially, not interested in rewards etc, I would suggest that he apply for the Barclays Ring card... very low fees and interest rates.

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

Thanks for the info! If he gets to $30k, I think I will recommend that we no longer ask for CLIs.

I'm not sure I could convince him of another card. He's only ever had two previous credit cards - both with Sears. 

One opened in 1990 and closed in 2005 with a limit of $15k, and one opened in 1993 and closed in 2007 with a limit of $5.3k. Both closed at consumer's request.

12% Utilization, 100% payment history, 6 years AAoA, 2 inquiries, and only 11 total accounts (5 open/6 closed). I'm afraid that opening anything new for him would tank his AAoA severely.

His CK FAKO  is usually 815, and his Discover FICO is typically 825 on his statements.

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If he's conservative financially, not interested in rewards etc, I would suggest that he apply for the Barclays Ring card... very low fees and interest rates.

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And if he is conservative with inquiries he could 100% benefit from using that barclays inquiry and also snag a SallieMae card to get 5% cash back every month on $250 in groceres and gas, plus 5% on 750/month at amazon and book stores.

Or grab something else with a bonus like Arrival plus, frontier, hawaiian, upromise, etc!!!

With the frequency of discover handing out great offers for balance transfers..... one can really work up some magic with the Ring/Discover combo.  Say later down the road you guys have a balance on the discover. "Debt Shuffle" it to the ring, then pay the ring off with a bt offer from disco. It is a big money saver!

[taxi818]

Even if he opens 4 more cards it will not tank his AAoA. at 6 years and with accounts that old. nothing will tank it.