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I have a 1000 limit discoverIT. For the first three months I always PIF. The fourth month I charged $600 to it and let it report and only payed 50 of it or something, I ended up getting a CLI to $1300 a few days afterwards. I've noticed that discover likes balances reporting. Now, since my card as the 0% intro apr, should I keep a high balance for the next 10 months, only paying $50 or so each month? (I have the money to PIF but I dont think I should if I want a CLI). Furthermore, what impact will this have on my FICO score aside from utilization? I know that fico takes into account payment history. Will carrying a balance over from month to month ruin my fico score? I'm really considering keeping my discoverIT at ~1000 for the next several months while paying off a little more than the minimum payment because I think Ill get a CLI that way. I just dont want this to hurt the "payment history" part of my FICO score. Thanks!
I should note that it was an auto CLI from 1000 to 1300, I did not initiate it. Furthermore, I am intending to carry a balance in hopes of another auto CLI.
@KennyRS wrote:
To me, people have a better chance of getting a CLI if they are paying in full. Discover or not.
That has not been my experience.
^ Yup, same here. I always leave a balance with Discover and have gotten 3 CLI's already (albeit some are pretty small lol).
I've never received an auto increase from Discover and I've had it almost the same amount of time as my Chase card. I say if you use the card alot...you'll get a SP increase otherwise any one requested will be a HP.
@BOSScredit wrote:I have a 1000 limit discoverIT. For the first three months I always PIF. The fourth month I charged $600 to it and let it report and only payed 50 of it or something, I ended up getting a CLI to $1300 a few days afterwards. I've noticed that discover likes balances reporting. Now, since my card as the 0% intro apr, should I keep a high balance for the next 10 months, only paying $50 or so each month? (I have the money to PIF but I dont think I should if I want a CLI). Furthermore, what impact will this have on my FICO score aside from utilization? I know that fico takes into account payment history. Will carrying a balance over from month to month ruin my fico score? I'm really considering keeping my discoverIT at ~1000 for the next several months while paying off a little more than the minimum payment because I think Ill get a CLI that way. I just dont want this to hurt the "payment history" part of my FICO score. Thanks!
I've gotten two CLI from Discover since opening my account in October 2013. Unfortunately, both were from HP's. System didn't generate a CLI from a SP. Maybe because I requested to go from $6,500 - $10,000 and from $10,000 - $15,000 (approved to $14,000 instead). Good luck to you. I always PIF on my Discover I might add. I've ran up the balance as high as $5,000, but no SP love for me. I won't complain though because Discover has been good to me in the short time that I have had the card. The only other lender who has been better (in the short term) has been NFCU.
Next month will be my 1 year anniversary for Discover. I've gotten 3 auto CLI's and 1 HP (3,500 to 10,000) all while using the card heavy and leaving a balance. Why not take advantage of the 14 month zero interest??? It's worked for me and all my other cards-guess YMMV.
@firesword wrote:
@KennyRS wrote:
To me, people have a better chance of getting a CLI if they are paying in full. Discover or not.That has not been my experience.
I'm actually surprised to say I'd have to agree with you. I feel just as different creditors use different criteria to gauge you for approval of cards, they use the same system to assign your credit line. I say this because about 2 weeks ago I decided to call discover and cap1 for a CLI. Even though I've had cap1 for 2 years longer, and carried similar if not lower balances on the cap1, with both cards having the same credit lines discover bumped me $1000 and cap 1 declined me. Their reasoning was I didn't use enough of my credit line.
As a data point for you, I'm 4 out of 4 at getting an auto CLI every 3 months on the dot. Also, each time has always been >20% reporting on the card each month. I do pay 3x the minimum payments though per month. Also doing the free soft pull CLI every 3 months as well, with that I've only gotten 2 out of 3 times I tried.