EPIC FAIL Discover iT

[VirusCredit13]

Yeah other things are going to factor in the APR, such as income and perhaps a lot of recent inquires. Limits a CSR can adjust as they see fit, APRs are going to be done by the computer wheter its automatically or a CSR inputing the information. 

Don't know how often Discover will consider APR reduction, but you might as well ask after having the card for a year+ when you've had some history with them. And you will have 0 APR til then.

[webhopper]

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@Creditaddict wrote:

New Card arrived today with 0% for 14 months... The goods of the card end there.

APR after 14 months 18.99% The scale used "based on credit" is 9.99% - 19.99% (I understand doesn't effect us for 14 months but kind of just bugs me to see that knowing the credit report and credit score)

Credit Line is $4500.

EQ Pull From Them = 770

Activation transferred to CSR transferred to Aquisitions transferred to to NOTHING WE CAN DO! Over and over and over again. (STONE WALL) I felt like I was talking to an English speaking GE Rep before you could talk to underwriting!

I know everyone keeps saying $4500 is a good starting limit with Discover and I know we have not seen tons and tons of people getting real high limits, I think actually the $12k or something posted the other day was highest but still witha  770 I just did't imagine it being 1/2 of my lowest limits!  I would have accepted the lower limit WAY better if I could have talked to analyst that says you know you do have really good credit but I will tell you this is what made me feel this way or that way or based on our policies this brought you down a couple points or somtehing... just a no no no we can;t do anything no no no from someone who is not part of underwriting upsets me more.

(Sorry talking as myself and the card is my partners and I'm on it... he doesn't Fico like I do! LOL I post for him )

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The good thing about Discover is that you can call and request a lower APR every 3-6 months.  I've gotten them to reduce my APR 3 times in the last 2 years.   Speaking of which, I think I should call and do that now...

[Settemio]

$6500 on a 789 EQ score

[OwNt]

Discover will grow with you, even if starting with a low limit. Mine is currently at $20,000.

[londonhogfan]

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@webhopper wrote:

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@Creditaddict wrote:

New Card arrived today with 0% for 14 months... The goods of the card end there.

APR after 14 months 18.99% The scale used "based on credit" is 9.99% - 19.99% (I understand doesn't effect us for 14 months but kind of just bugs me to see that knowing the credit report and credit score)

Credit Line is $4500.

EQ Pull From Them = 770

Activation transferred to CSR transferred to Aquisitions transferred to to NOTHING WE CAN DO! Over and over and over again. (STONE WALL) I felt like I was talking to an English speaking GE Rep before you could talk to underwriting!

I know everyone keeps saying $4500 is a good starting limit with Discover and I know we have not seen tons and tons of people getting real high limits, I think actually the $12k or something posted the other day was highest but still witha  770 I just did't imagine it being 1/2 of my lowest limits!  I would have accepted the lower limit WAY better if I could have talked to analyst that says you know you do have really good credit but I will tell you this is what made me feel this way or that way or based on our policies this brought you down a couple points or somtehing... just a no no no we can;t do anything no no no from someone who is not part of underwriting upsets me more.

(Sorry talking as myself and the card is my partners and I'm on it... he doesn't Fico like I do! LOL I post for him )

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The good thing about Discover is that you can call and request a lower APR every 3-6 months.  I've gotten them to reduce my APR 3 times in the last 2 years.   Speaking of which, I think I should call and do that now...

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Does this cost you a HP?

[Bobert22]

@londonhogfan

No, there is no HP when reducing your APR.

[trishdadish]

Based on what I've seen on here, it seems to me that if you don't have a lot of existing credit already (but you do have some), and your scores qualify for approval, Discover likes to load up your credit limit. When I app'd for Discover, they were just the 3rd credit card that I had app'd for in the past 7 years....I had had 2 low-limit Household Bank cards ($1300 total CL) for 7 years, and then had just app'd for Chase Freedom the day before. Even though I only had a 698 score, Discover gave me $7,500 to start with.  It also seems to me that Discover may be somewhat income sensitive. My starting limit was <9% of my annual income, and so I guess that they figured that I should be able to pay my bills.

[Creditaddict]

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@trishdadish wrote:

Based on what I've seen on here, it seems to me that if you don't have a lot of existing credit already (but you do have some), and your scores qualify for approval, Discover likes to load up your credit limit. When I app'd for Discover, they were just the 3rd credit card that I had app'd for in the past 7 years....I had had 2 low-limit Household Bank cards ($1300 total CL) for 7 years, and then had just app'd for Chase Freedom the day before. Even though I only had a 698 score, Discover gave me $7,500 to start with.  It also seems to me that Discover may be somewhat income sensitive. My starting limit was <9% of my annual income, and so I guess that they figured that I should be able to pay my bills.

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I think you hit the nail on the head with this one.

He has tons of credit just sitting but it's credit that really wouldn't be used but to keep open.

[awdsmama]

FYI -- When I was approved, the rep told me that around month 12 or 13 call in and they can see if I qualify for a lower APR at that time and they can change it.