12-07-2012 08:15 PM
Ok- so I have quite a few cards and I have 3 new cards since July. BUT.... I have a 6 year perfect payment history, I have pushed over 4k through my Disco More in 4 months and I have paid over 3.2k on it (so I had a balance of ~$800 of my 2500 initial limit). Call me crazy- I thought I might be up for an INCREASE in spring... Anyhow. I notice on mint that it said I had $150 available on my Disco. I thought it was an error. I had a balance of $1500 on the card last month and 3 weeks ago I had paid that down to $800. ( I made a big fat payment on it for Pete sake!). I logged into my Disco to check out the remaining balance because I plan on paying off all my cards before Jan 1 and wanted to tally it in with the other TWO cards that still have a balance (I have about 13 cards, all at $0 ALL THE TIME, I use & pay off every month...) Anyhow. I had ~$42k in total credit and $3400 on a 5k (yeah I know, a bit high) and 1300 on another 5k, and my 800 on my Disco @ 2.5k....... They cut me down to $1,000 total as of Monday. Due to an "soft credit review". **bleep**. No lates, yeah I have a high balance on ONE freaking card, I have paid them over 3k in 4 months and I have NEVER, EVER been late on a single thing. I have a mortgage, one paid off car loan, one car loan that's active, a student loan and credit cards. All paid on time.
I paid my Disco in FULL. F them. I am not letting that sucker report at 90%!!!
I am beyond pissed. What a slap in the face. I have an 8k Amex BCE, had it for 15 months it's at $0. Geez.... I had to vent. I can't believe they didn't even courtesy call me. I feel like if they were the caliber of company they claim to be they could have called to let me know and talk about it. B of A calls me for crying out loud just to check in and see if I am enjoying my card/savings. B of A!!! Who knew they could skunk Discover in service?
Anyhow. Now my little 1k limit will be utilized $0.... I am calling Monday to ask them to restore my limit. Not sure if they will. If they don't I am sock drawering this card until the shoot me at least a 5k. As of January I will have $0 credit card debt and I imagine every company will be falling all over me, except Discover. Makes me wish I hadn't talked my boyfriend in to signing up with them. They don't have DIDDLEY on Amex.
That's my vent. Thanks for reading! I feel slightly better now.
12-07-2012 08:28 PM
Wow. Sorry to hear that - hopefully they'll be receptive to increasing your CL back to where it started, or at least can give you a valid reason why they did it.
I do think they're probably sensitive to new accounts (not Barclay's sensitive, but...). I got my More card with them in 5/12, with a $3000 CL. At month three, they auto-CLI me to $3500, and then at month five they auto-CLI me to $3750. I was all excited thinking I could get a nice increase after 6 months, but was declined for "too many new accounts." In fairness to them, I had opened 4-5 new cards in Aug/Sept, but my overal utilization and scores were MUCH better than when I was originally approved.
Oh well, live and learn. I have close to 3 months of gardening under my belt, and I'm not asking for anything from them until next summer after these accounts age. And if they choose to CLD me, no big deal - I've got better cards.
12-07-2012 08:34 PM
Just calm down. Maybe a system error. Simply call would solve the problem .
Wish u best.
12-07-2012 08:36 PM
I had ~$42k in total credit and $3400 on a 5k (yeah I know, a bit high) and 1300 on another 5k, and my 800 on my Disco @ 2.5k....... They cut me down to $1,000 total as of Monday. Due to an "soft credit review". **bleep**. No lates, yeah I have a high balance on ONE freaking card, I have paid them over 3k in 4 months and I have NEVER, EVER been late on a single thing. I have a mortgage, one paid off car loan, one car loan that's active, a student loan and credit cards.
im going to guess that DFS has calculated and determined that with the amount that you spend and the amount of total debt that you currently have, in addition to the rate at which you are now paying off your debt, that they have calculated that you may be more of a risk than you may actually be. looking at you numbers, I can understand DFS's motivation in decreasing your limit.
12-07-2012 08:39 PM
You should call them and get someone higher up to take a peek at your account. I dunno about the whole new account thing either. Ive had 6-7 cards opened since i opened my More just 13 months ago. They seem to love balance transfers in, and keeping a balance hasnt been an issue and i havent heard of them being picky about these things on here
12-07-2012 08:40 PM
i dont think its your new accounts that caused the CLD. my discover card was my 4th or 5th card i opened on my 15 cards app spree and it still open with the same cl. i think its those 2 other cards reporting balances that caused it
12-07-2012 08:44 PM
Yeah that's what I thought too but the CSR said it was noted as being "too many new account" I guess that 3 in 5 months is a lot. One was a Lowes card (because I shop there all the time and the 5% is nice, I just pay it off immediately) and one was a gas card. The other is actually a credit card that my bank gave me when I got my car PRE discover, it just didn't report until the end of July (bought my car june 28). Oh poo. It doesn't bother me so as much that they slashed my limit, I mean it does bother me, but what really annoys me is they didn't call. I just expected more from them. Jokes on me.
12-08-2012 12:52 AM
12-08-2012 08:21 PM
Discover is one of the most conservative at handling out high CL's. It has by far the lowest CL out of all of my cards.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.