12-03-2012 05:33 PM
So, last month I passed 6 months mark on my Discover More card. What I've noticed so far after that:
1) Money messenger became available for me.
2) LUV button became active, so when I press it I get "Credit Line Increase Request form" with the following: Enter the amount by which you would like to increase your credit line. Your cash line may be increased proportionally. This request will not affect your credit score. Previosly I've been getting an error message every time playing with the button (which still made Discover to give me 2 small CLIs over those 6 months - I started with $2500 in May, then got +$500 in August and another +$500 before my last statement cut in November).
I sit at $3500 CL now which in essence is enough for me (especially given the fact that my 0%APR is over this month, so I'm planning to PIF it and use the card almost only for 5% categories in future. My current util on this card is less than 10%, my overall util is around this mark as well, but I have one card (BofA Travel) with ~50% util on it and balance carrying over (I have 0% APR on it until Aug 13)).
Should I pull the trigger and ask for CLI? On one hand I don't really need it (strange to say this, but I think I have enough credit now for my current income level and spending patterns), but on the other hand I want to get some Visa Siggy like US bank Cash+ (if they still keep offering it by the time I decide to apply for it) and maybe some other upper-prime cards at some point, so it might be quite handy to have at least a couple of high-limit cards in the wallet to show some experience with high CLs...
If you think I should, then what are the general Discover CLI guidelines & recommendations? I doubt I should ask 3x CLI like with Amex, so what will be the realistic strategy? Should I ask for $5000 (so, +$1500 to my current $3500) as a kind of "Siggy-minimum" limit, or $6000 (+$2500, to match my current highest Amex BCE) or $7000 (2x CLI to beat my current highest)? How do they usually treat CLI requests - do they call a customer to speak about the increase? If the requested amount is too high for them, do they just decline or counter-offer with smaller CLI? Is there a chance to still incur a HP with their CLI (despite what they say on the CLI request form)?
Thanks a lot! Experience is everything and your opinions are much appreciated!
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