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What a MESS with Discover!

New Contributor

Re: What a MESS with Discover!

I find it funny how some people have trouble with one bank and others don't. My experience with Discover when I applied was great. They gave me a $6.5k SL and also gave me a a good APR 13.24 ( I think). When my account was 60 days old they gave me an automatic CLI to $8.5k. I just recieved another icrease taking me to $12.5k. 

 

American Express on the other hand only gave me a $2k SL and when I called to ask why they just said I don't know, but you can ask for an increase in 60 days. My APR is decent though at 13.24% after the 0% period. I don't care as much about the APR because i PIF all my cards. I guess I'll just have to wait and see how Am EX treats me over the next year, but right now Discover is my favorite card.


FICO 8 Eq-839, EX- 833, TU- 824
USAA World Mastercard $16k, BOA Cash Rwd $28.5K, Chase Slate $16k, CAP 1 QS $19K, Discover It $16.5K, AmEX BCP $6K
In the garden until 2017.
Message 21 of 36
Established Contributor

Re: What a MESS with Discover!

I'm basically in the same boat when my account was established and had a  high APR. But the 12 month 0 interest sort of balanced it out.

Message 22 of 36
Super Contributor

Re: What a MESS with Discover!


longtimelurker wrote:

2011XTERROR wrote:
do APRs really matter to those who PIF? no. but does a high APR still piss you off? usually. why not go lower if you can. it's not like people ask to get a higher APR.

Except in general all interactions are noted, and can play in to "Is this a profitable customer?"   I would rather save interactions for things that I really need, rather than lowering a figure that has no impact to me.


+1

 

Unless I'm planning to carry a balance, I couldn't care less if the APR is 5% or 100%.  Even if I miss a payment, every Issuer has always waived any potential penalty and/or late fee.  Even if a Lender offers me a lower APR, unless it's 0, I won't even bother signing up. 

 

Message 23 of 36
Moderator

Re: What a MESS with Discover!


Vandy3 wrote:

Geez this is not how I expected my Friday to go dealing with credit cards.

 

So I decided to apply last night for the Discover It card and was approved for 2K.  Wasn't sure what my APR was but wanted to call today and find out.  I thought the SL was a little low but it was fine as I knew it would grow over time. Well I spoke with a manager who told me the APR was 23.24 and I was like WHAT???  I told her that I had gotten invitations in the mail at my old address 2-3 times a week and the invitations say my APR would be 13.24-16.24.   Last night when I applied, I didn't used the invitation because I was afraid it was gonna be tied to my old address and didn't wanna cause an issue with anything.

 

The manager tells me that since she couldn't change the APR on my current "approved" card that she could withdraw the application and it wouldn't show up at all on my credit report because it had not went all the way through their system yet.  She said I should apply using the invitiation because my APR should fall between the numbers quoted but that I would prolly get another HP from it.

 

Well I told her that I didn't mind the HP since it would be getting me a better APR that I could work with and thanked her and hung up.   Well I do the application using the invitation and low and behold it's NOT approved!  740 EQ and 748 EX with ZERO negatives or collections on my reports.  I was like "what is going on right now"

 

Called back and spoke to another manager that told me that it was probably declined because of the other application still technically in the system but she wasnt sure.

 

So basically at the end of all of this, she told me that could reinstate the first application and send out the card with the high APR.   After the 12 month 0% APR, she said that I could call and see if they can lower it.

 

I know that the limits grow nicely on the card as long as you treat them right so I wasn't worried about the 2K SL.   I just can't believe the APR on this card now.  It's like the APR's I used to get when I started out my credit journey.

 

Sorry for the rant but the thought of a possible 2 HP's each on EQ and EX for a 23.24 APR card makes my head hurt!

 

Guess I shoulda picked Amex and left Discover for my 2017 goals.


It's so incredibly easy to decrease APRs with Discover. If this is your worry, then it's not a worry.. so long as your credit continues to be good, then you will have no trouble getting this lowered to 10.99% eventually.

Message 24 of 36
Regular Contributor

Re: What a MESS with Discover!

Yea i understand.  The process was just whacky and felt like I was end up with 10 applications and 47 hp's before it was all said and done.

 

I'll treat the card well and do what I supposed to do and just see how everything goes from there.

Message 25 of 36
Community Leader
Super Contributor

Re: What a MESS with Discover!


2011XTERROR wrote:
when you said the new app got declined i knew it was because of previous approval. TBH if you wait out the 0% period they will lower your APR after a year. granted i know it sucks knowing you have "starter credit" APR but, the way i see it, you have two options:
1) either fight with them and (likely) get your way and a 16.24% after some time
2) stick to your original approval and get an APR reduction probably to 20% or something because it'll be forgotten about

Winner.  Your score will grow with less apps and utilization at 4%.  Mine did.  When you get over 780, even cap one reduces apr Smiley Wink.

Starting score EQ SW 563 April 2014, Fico 8 EQ 801, EX 794, TU 805 (April 2016)
Message 26 of 36
Community Leader
Super Contributor

Re: What a MESS with Discover!


longtimelurker wrote:

2011XTERROR wrote:
do APRs really matter to those who PIF? no. but does a high APR still piss you off? usually. why not go lower if you can. it's not like people ask to get a higher APR.

Except in general all interactions are noted, and can play in to "Is this a profitable customer?"   I would rather save interactions for things that I really need, rather than lowering a figure that has no impact to me.


But, I love lowering amex apr, it is so easy.  Smiley Tongue

Starting score EQ SW 563 April 2014, Fico 8 EQ 801, EX 794, TU 805 (April 2016)
Message 27 of 36
Established Contributor

Re: What a MESS with Discover!

Why would the APR matter? Unless you are planning to carry a balance?
Message 28 of 36
Community Leader
Super Contributor

Re: What a MESS with Discover!


darwin_wins wrote:
Why would the APR matter? Unless you are planning to carry a balance?

Because, an unexpected emergency could come up.  I am apping for mortgage, but if one of cats have emergency, or moi, it's nice to have short term interest at below 10.5%. JMHO.

Starting score EQ SW 563 April 2014, Fico 8 EQ 801, EX 794, TU 805 (April 2016)
Message 29 of 36
Super Contributor

Re: What a MESS with Discover!


Mimosa wrote:

 

 

American Express on the other hand only gave me a $2k SL and when I called to ask why they just said I don't know, but you can ask for an increase in 60 days. My APR is decent though at 13.24% after the 0% period. I don't care as much about the APR because i PIF all my cards. I guess I'll just have to wait and see how Am EX treats me over the next year, but right now Discover is my favorite card.


AMEX routinely starts folks out with low limits. $2k is rather good. But an AMEX CLI is, without a doubt, the easiest for the cardholder to grow. Search here for and read up on the AMEX 3X CLI thread. It's a definite timeframe and set of steps to get that $2k limit to significantly more.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727 FICO Simulator 2014: $20k balances = 812 FICO.
March 2017 $20k on $300k 6% util EQ 824 TU 824 EX 815

5 / 24 counting down to 1 Nov 2017... wait I guess it's 18 Dec 2017 to get 4/24
Message 30 of 36