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"They can also decrease it if they found that you had fallen behind on payments or charged too much to the card."
Are you kidding me? If that's true, then Discover is quite contradicting compared to other banks... They LOVE when you spend like crazy on their cards and make them money from those merchant fees. Why would you decrease someones limit if they are continuously making you money? Pfft, if anything I would extend more credit to the cardholder to give them that "buying power" mentality!
@Anonymous wrote:"They can also decrease it if they found that you had fallen behind on payments or charged too much to the card."
Are you kidding me? If that's true, then Discover is quite contradicting compared to other banks... They LOVE when you spend like crazy on their cards and make them money from those merchant fees. Why would you decrease someones limit if they are continuously making you money? Pfft, if anything I would extend more credit to the cardholder to give them that "buying power" mentality!
Cause John Doe Consumer could default and Disocver could be out alot of money if they see risky behavior and a person starting to carry balances and applying for new credit. Not saying what the OP did as this is not what he stated. Discover or any bank for that matter will take AA against a person if they feel their money is at risk. Just goes along witth the game we call credit.
@CreditCuriousity wrote:
@Anonymous wrote:"They can also decrease it if they found that you had fallen behind on payments or charged too much to the card."
Are you kidding me? If that's true, then Discover is quite contradicting compared to other banks... They LOVE when you spend like crazy on their cards and make them money from those merchant fees. Why would you decrease someones limit if they are continuously making you money? Pfft, if anything I would extend more credit to the cardholder to give them that "buying power" mentality!
Cause John Doe Consumer could default and Disocver could be out alot of money if they see risky behavior and a person starting to carry balances and applying for new credit. Not saying what the OP did as this is not what he stated. Discover or any bank for that matter will take AA against a person if they feel their money is at risk. Just goes along witth the game we call credit.
I think more specifically if you charge too much to the card and make minimum payments. If you put $1500 on the card and PIF that's one thing. They do like being the main card in your arsenal (and I have made them the main card since getting it) but they have their limits when it comes to risky behavior. I've already put about $500 on it since getting it, but I will be paying in full.
@Anonymous wrote:
Thanks to Discover IT there will be no Christmas gifts under the tree for my grandkids. Oh wait, that's right Capital One CLI me to 3750.00 last month. Shame on you Discover IT Srooge. Lol Happy Holiday y'all !
Congrats, 1 door closed, another open!
@CreditCuriousity wrote:
@Anonymous wrote:"They can also decrease it if they found that you had fallen behind on payments or charged too much to the card."
Are you kidding me? If that's true, then Discover is quite contradicting compared to other banks... They LOVE when you spend like crazy on their cards and make them money from those merchant fees. Why would you decrease someones limit if they are continuously making you money? Pfft, if anything I would extend more credit to the cardholder to give them that "buying power" mentality!
Cause John Doe Consumer could default and Disocver could be out alot of money if they see risky behavior and a person starting to carry balances and applying for new credit. Not saying what the OP did as this is not what he stated. Discover or any bank for that matter will take AA against a person if they feel their money is at risk. Just goes along witth the game we call credit.
Agreed, CC. By the way, why is your new seedling in your signature so tiny? You have a miniature little one!
There has to be something else besides the inq that spooked Discover, how is the util on your other cards?
@Anonymous wrote:"They can also decrease it if they found that you had fallen behind on payments or charged too much to the card."
Are you kidding me? If that's true, then Discover is quite contradicting compared to other banks... They LOVE when you spend like crazy on their cards and make them money from those merchant fees. Why would you decrease someones limit if they are continuously making you money? Pfft, if anything I would extend more credit to the cardholder to give them that "buying power" mentality!
Key word. All the card agreements have outs to allow the CCC to close / change the accounts in ways that they want to.
CAE, if they ran a HP and gave you that kind of increase, your file is of a different structure than the OP, so it seems unlikely you'd find yourself reduced to $1k, unless something else drastically changes in your profile. No need to extrapolate AA that is happening to another poster to think that automatically applies to your situation.
The companies are watching.
It is 'now clear that credit card companies are doing everything they can to reduce their risk – and it’s not that easy to predict if you’ll be targeted. They are profiling their customers and watching their spending habits very carefully. You could be showing risky behavior without even realizing it! Any little thing can flag you.'
It's the 8 applications that did it. Maybe even what was entered into the applications. Discover knows more about you than you think they do. They; like us, didn't know why this cardholder would ever apply for Victoria Secret card. Do the math. Bad move. And why 8? He must have been denied the first time. And what does he do after? Apply again.
You don't do that.
8 actually is a lot. Other members have said that we all have more inquiries, which is true. But it all depends on the time frame. I have 14 myself. But you can be sure that 8 of THOSE happened all in one night... months ago. While I was desperate for credit. No, I hadn't gotten approved for anything that night. And these inquiries will all fall off at the same time.
Why not make this a rule, "You don't get approved for one card, you don't get approved for any cards."