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Discover - keep it or cut it?

Contributor

Re: Discover - keep it or cut it?

I like Discover I loved Oct-Dec 2014 5% on Online shopping and department store
good rotating categories

Chase Freedom $30k (10.24%) : Wells Fargo Reward $25k (19.10%) : GM Buypower $25k (15.90%) :
Citi Forward $28k (9.99%) : Barclay Rewards $24k (7.24%) : Discover More $29k (12.24%) : BoA Travel Rewards $20k (11.99%) :
PenFed Platinum Rewards $20k (9.99%) : Chase Ink Cash $17k (13.49%) : Barclay Arrival $14k (12.99%) :
Capital One Quicksilver $10k (9.90%)
Message 11 of 35
Established Contributor

Re: Discover - keep it or cut it?

I can't use discover for everyday, as nobody in Seattle accepts it. But for online I use it for retailers, I've gotten 75 bucks back on cash back shop discover the few months I've had it. My CL is only 1.5k. So I can't get into too much trouble Smiley Very Happy

EQ 772 | TU 769 | EX 7??


AMEX EDP 23k | AMEX BCP 7.5k | CSP 13.5k | FRDM 11.5k | DIT 20k | Citi DC 12k | Pendfed Promise 5k | Pendfed PLOC 5k | BoA 2.5k | Alliant 5yr Secured Loan $500 | 100k in available credit
Message 12 of 35
Super Contributor

Re: Discover - keep it or cut it?


disdreamin wrote:

I called and spoke to a representative about my Discover account - after have community members here recommend the It card and doing some reading up, it seemed like a good card to use for my everyday spending.  However, the credit limit I have with them is quite low and has never gone up in the ~5 years I've had the account open.  I am disinclined to begin using that card as - given the way revolvers work - it is quite possible for me to exceed my credit limit if I were to run too many expenses through the card and schedule my payment close to the due date (which is my typical MO).  

 

I inquired about a SP CLI to 2x my current CL and was offered a fraction (~30%) of what I asked for.  I declined the offer.  At this point, I am quite tempted to just drop Discover entirely.  I don't want to have a card in my wallet that I have to be overly careful with, and I'm not sure I have the patience to use the card lightly while waiting for Discover to decide I'm 'worthy' (in the trustworthy sense) of a higher CL.

 

FWIW, I tend to be a one-card-at-a-time person (okay, I have two I use right now, but one is mostly for auto-pays and seldom gets used otherwise) and I don't particularly want to juggle different cards for different spending categories.  Discover is my lowest CL by far (except for Target...that's lower, but given that I only use it at Target that one is real easy to keep in bounds for CL) - my next lowest CL is approximately 4x and the other few I have are higher still .  AAoA is showing as 20+ years, good FICO scores, no baddies, no new credit cards in the past ~3 years, one new auto loan last month, and a mortgage refi ~2 years ago.  

 

Am I being unreasonable to think that CLI was too conservative?  What would you suggest doing?

 

 


Keep.

EX FICO  16 INQ  791
EQ FICO  10 INQ  786
TU FICO  12 INQ  790
Total CL$477,00038 TL
Message 13 of 35
Frequent Contributor

Re: Discover - keep it or cut it?

Try to product change it to the It card. You might get your CLI. But keep keep the card either way. The Discover Deals are good and there's no AF. Helps your AAOA.
Message 14 of 35
Community Leader
Super Contributor

Re: Discover - keep it or cut it?

Keep it. Discover can be useful and it will eventually grow......eventually Smiley Wink
Message 15 of 35
Senior Contributor

Re: Discover - keep it or cut it?

I would recommend to keep the card and when you get the next CLI no matter how small it is - TAKE IT.  My Discover limit did not move for 15 months and 6 months later at 18months had  4 x the starting limit. Once it start moving it can go fast Smiley Happy ..just be patient !

Move the mouse over the cards for detailed view!
....Last HP 01 NOV 2016...............
Message 16 of 35
Super Contributor

Re: Discover - keep it or cut it?

I know you guys read that op,has had his card for 5 years already right. Still no movement. 


Message 17 of 35
Super Contributor

Re: Discover - keep it or cut it?

PC it to the It, see if they can give you an increase that will actually get your account to match your higher limits and if not, either SD the card or dump it. Your choice if you wanna put up with that kind of thing, which it seems like you've already have for over 5 years now. I just SDed mine. 

Total CL: Around $168,750 not counting hidden TLs. FICOs in the 700-730 range.

Main cards: Macy's Amex: $24k, Lowe's, $17k, Chase Sapphire Preferred: $7k, Chase AARP: $5.2k, Chase Freedom: $5k, Chase British Airways: $5k, Discover It: $1.5k, Barclays Arrival: $2.5k, Sam's Club MC: $8.5k, Stash: $8k, Sam's Club: $10k, Wells Fargo Propel: $8k, Paypal Smart Connect: $4.9k, Amazon Store Card: $6k, Cabelas Club Visa: $5k, Nordstrom: $5k, CapOne Quicksilver: $2k
Message 18 of 35
Super Contributor

Re: Discover - keep it or cut it?

5 years and no CLI is crazy. I'd call Discover and politely ask why. There must be some reason they are unwilling to extend you more credit. I love Discover, but if they aren't being good to you after that long for whatever reason, I wouldn't bother keeping it anymore. Move on.

Message 19 of 35
Senior Contributor

Re: Discover - keep it or cut it?


taxi818 wrote:

I know you guys read that op,has had his card for 5 years already right. Still no movement. 


Could be because it is still the Discover More?? PC to the IT and keep using the card and try every 3 months to CLI. But OP declined a CLI because it was only 30% of what he requested... bad move.. accept any amount and go from there 3 months later.

Move the mouse over the cards for detailed view!
....Last HP 01 NOV 2016...............
Message 20 of 35