Well, I went to the Manage Account section and clicked the Credit Line Increase link. To my surprise, I wasn't routed to the "please call...". So I entered the requested info for the SP increase and ... $500. Yep, $500. Sooo, I guess I will battle with my temptation to close it for some months to come.
Thanks for the tips y'all provided. I will do another APR reduction request in 6 months and try for another SP increase at the same time.
@CreditMagic7 wrote:
@hardworkrebuilding wrote:Not really sure what to do with my Discover card. Here's the basics:
- account has been open since April 2012.
- started with a $1400 CL, now has a $7500 CL
- interest rate 20.24%
- last CLI was December of 2014 from 6K to current 7.5K (hard pull drops of end of this year)
@I have 6 other cards, limits are 34k, 30k, 24.5k, 22.9k, 20k, 20k. The interest rates on those range from 11.24-15.99 with one outlier (Synchrony) @ 24.24%. Current utilization across all cards is about 12%.
I really don''t want to request another CLI, as I expect this particular account is somewhat limited. When I opened this account my score was in the mid to upper 600's and I had a bad account with Discover 10 yrs. prior.
For the last 3+ years I have been in the 700's on all 3 CR's. For 2015 and 2016 I haven't dipped below 750 on any and from time to time find myself in the low 800's.
I am continually tempted to just close it. But then again, it doesn't cost me a thing to keep it open. I don't use it much because $750 dollars and I'm over 10% real fast.
Do y'all think this card is internally limited? If I closed it and applied though Discover again would I get a better rate and CL?
Any thoughts are welcome?
I've often wondered this same thing before.
Some of your card details along with the lack of expected results with them so mirror my own Discover Card with a couple of exceptions.
Mine was obtained at the same EXACT start limit but in August 2013 and your FICO stats are far above mine.
Unfortunately i had to wait an entire 18 months for a first ever SP CLI on it because while buiding up my profile i needed to reserve HP's. Then only just last summer they let me on the train baller4life
started and that $1400 SL suddenly turned into an instant $2400 followed up 17 days later with another $1K CLI to $3400 and it kept right on going until at it's end some weeks later the line leveled off at $6400.
Then it went into $500 every 91+ days and that's how it remains so far with a current line sitting at $7900.
You have some history on that card but like you say it's not advancing as expected but if it was me i surely wouldn't close it and start over from scratch again unless there was some bonified hard evidence that a new Discover card would achieve much better results for you then the current one.
Just my opinion and nothing else.
I have to agree.
@Anonymous wrote:Excellent! I do think some creditors "bucket" us if we have a troubled past with them. That is the case with me and Citi. I am finally making progress with them, but very slowly.
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Musiclover,
You are absolutely correct. When I started rebuilding my revolving credit in 2012 (strarted repairing in 2009, bought first house in 2010), all I had was a Chase Slate which I was an AU on. They switched to a joint (with my dad). After that I started applying in April 2012. There were 3 banks (Discover, Chase, and Cap One) which I had defaulted on account back in 2003. Cap One wouldn't even process my application (no loss there). Discover gave me the account we've been discussing. But Chase, they started me off on a card with a 5k limit. I now have 2 cards with them for a total of 44.5k. Plus the joint account of 22.9k (I'm the only one who ever used this acct). So a total $67.k available credit through Chase. So, some clearly brand you, others apparently don't.
Edited for break between quote and comment.
@Anonymous wrote:I'm only using my Discover for the new member bonus (point match at end of card anniversary).
After that, I'll only use it for the 5% categories and that's it.
Yes, thats all i've ever used it for. Well, plus the occasional Discover Deals. Though I do buy a lot of stuff through Amazon every month, so I can spend $1500 reloading my Amazon gift card in the 3rd and 4th quarters when its in Discover's 5% categories. When I did that, my monthly CLI's started getting quite significant, like $6000, $6000, $5000, then nothing for 2 months, then $5000. But even when they were only occasionally giving me $1000 I kept requesting and accepting them every month (or every half month when the gravy train was running). SO I've moved from $2000 to now $36500 limit. Thats over 3.5 years, and during the first year I accepted HP's for a small CLI.
Don't expect SP CLI' for at least the first year, but certainly try for them. And just keep pluging along, when you can do 12 SP CLI chances per year, you can rather quickly advance. Its much better than some credit card companies that require HP's and 6 month waits between requests.
