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Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
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Discover stingy with CL...says economy is the reason

Discover® Card Date Submitted: 7/8/2009

Congratulations! You have been approved for a Discover® Card with a credit line of $2,500.00. You will receive your card in approximately 5 to 7 business days at the address provided on your application. Once you receive your card, be sure to visit Discovercard.com to manage your account online.

Your application was decisioned on
7/9/2009.

 

I was expecting atleast an $8k CL.  

Frequent Contributor
74king
Posts: 403
Registered: ‎04-08-2009
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Re: Discover stingy with CL...says economy is the reason

Discover is kinda stingy like that. $2,500 is a tad bit paltry but at least you were approved most people don't get anything. They are a very frugal lender and very tight on all credit issued at least more so since the credit crisis hit.

Be patient and work it and your credit increases will come in due course.

 

King:smileywink:

Equifax 787, TransUnion 793, Experian ? FAKO--> Who Cares
Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
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Re: Discover stingy with CL...says economy is the reason

Citi on the other hand approved my for $4000.   I had to apply for new cards to replace BOA.  I closed the $5k CL account because they have the worse customer service.  I needed an upgrade to a better company.  Fortunately, BOA wasn't my oldest card.
Frequent Contributor
74king
Posts: 403
Registered: ‎04-08-2009
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Re: Discover stingy with CL...says economy is the reason

[ Edited ]

DI wrote:
Citi on the other hand approved my for $4000.   I had to apply for new cards to replace BOA.  I closed the $5k CL account because they have the worse customer service.  I needed an upgrade to a better company.  Fortunately, BOA wasn't my oldest card.

That's sounds good but I don't own any Citi products at all, as I don't care for them. They CLD people for no apparent reason and own too much of the market share. They issue cards for everyone (i.e. Dept stores other Banks etc.) which is dangerous when I hear and see things such as these it turns me off too banks like Citi.  But I wish you all the best:smileywink:

 

King

Message Edited by 74king on 07-09-2009 03:28 PM
Equifax 787, TransUnion 793, Experian ? FAKO--> Who Cares
Established Contributor
VEEnVEGAS
Posts: 645
Registered: ‎10-24-2007
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Re: Discover stingy with CL...says economy is the reason

[ Edited ]

Hi Di...Congratulations on two really good cards! 

 

I did the same thing as you a few months back when Chase took over Wamu. Their CSRs seemed to me to know almost nothing, definitely subpar.  I left my Chase cards open, but was so freaked out by this company controlling so much of my cc TLs that I immediately apped for 3 new cards. My scores were a little lower than yours at that time (mid 700s) and I apped Discover $5K, Citi $4K, and USBank $8K.

 

I don't have any BofA accounts, but years ago had a checking account with them and swore NEVER to do any kind of business with them again. I'd take a "stingy" Discover and a Citi card over them any day!

Message Edited by VEEnVEGAS on 07-09-2009 10:21 AM
Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
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Re: Discover stingy with CL...says economy is the reason

Thanks! I closed my chase card too.  Chase wanted to do a hard pull just to give me a CL. They never did an auto CL increase.  I only used the card once.  Its an Amazon card.  I made a total of $50 off the card.  I received a $30 credit for opening it, and couple months later I received a $25 check to enroll in some type of program that I later cancelled. 
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: Discover stingy with CL...says economy is the reason

You will be very happy with Discover and Citi. They are both very good. Learn to work the rewards on your Discover Card - it is a great card if you shop thru their on-line shopping portal! I try to put nothing on my Discover Card that I do not get 5% back on. I have other cards that pay far more than the 0.5% you otherwise get.

 

Which Citi card did you get? I have a Diamond Preferred I like it pretty much. I do not use it a lot, but there are some nice features. (It is a non-reward, low APR card, which is exactly what I wanted.) The advance access to event tickets is a very nice feature of that card.

 

Regarding your opening CL from Discover: $2,500 is not low. It is typical. I am convinced that Discover has a two pronged approach when you app them: 1) they look at your CBR's and scores to decide whether they are going to give you a card or not - 2) if you clear the bar on 1) they look at your HH income and your other trade lines to determine what CL they will give you. They won't go first, but they will give you a larger opening CL if you already have other high CL's. Be happy, use the card wisely and you will be very happy with Discover. They are a very stable company and do not have a history of doing strange things.

Regular Contributor
JimB
Posts: 179
Registered: ‎10-21-2008
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Re: Discover stingy with CL...says economy is the reason

Discover has always been tight with credit. I've had their card since 1986 - it was introduced in '85 - & have always paid in full & on time - yet my CL is just $14,500 after 23 years of use. By contrast, I applied for a WaMu MasterCard last year, just before the Chase takeover, & was approved for $26,000 right off the bat.
Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
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Re: Discover stingy with CL...says economy is the reason


creditwherecreditisdue wrote:

 

 

Which Citi card did you get? I have a Diamond Preferred I like it pretty much. I do not use it a lot, but there are some nice features. (It is a non-reward, low APR card, which is exactly what I wanted.) The advance access to event tickets is a very nice feature of that card.

 

Citi® Platinum Select®

 

Senior Contributor
MattH
Posts: 3,245
Registered: ‎04-03-2008
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Re: Discover stingy with CL...says economy is the reason


JimB wrote:
Discover has always been tight with credit. I've had their card since 1986 - it was introduced in '85 - & have always paid in full & on time - yet my CL is just $14,500 after 23 years of use. By contrast, I applied for a WaMu MasterCard last year, just before the Chase takeover, & was approved for $26,000 right off the bat.

I've had my Discover card since 1994 with an excellent history and my limit is a little over $10K, versus a little over $20K on my Citi and $25K on my Chase.  These limits are the result of automatic increases over the years, as I've never requested an increase from anybody.  Back when I had Sears and JC Penney cards, one of them, I don't recall whether it was Sears or JCP, had very peculiar limits -- where usually I've had limits like $10,500 or $23,000 one of them had limits like $1293.67 or some such.

 

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