discover card increase

Anonymous · ‎03-28-2017

hi yall new here !s o i have a discover card limit of 500 and a balnce of 115 now and asked for nan increase , and was denied and spoke to the lady on the phone to know the facotrs that led to why i was denied and blah blah , also have a capital one with 100 balance of a 300 limit now thats like 200 out of 800 and still got denied ? i lowered my ratio last statement from 90 out of 800 and she told me its the present balance that mattered should i pay it all off a retry ? and how much do u thinkthey can gi e me if my yearly income is 12k ive only had credit for three months so fairly new here but i heard their lenient with increases some ppl get ridiculously high amounts and started off with low amount thanks

Anonymous · ‎03-28-2017

If you have only had credit for three months, you are likely jumping the gun by expecting to get credit limits increases (CLIs) so soon. You likely don't even have a FICO score yet. (FICO requires that you have an account that is at least six months old.)

Better would be to do the following:

(1) Work on paying off all of your CC debt completely. Both cards to $0.

(2) Then continue to use your Discover each month for something small. Allow the statement to print with a positive balance ($5 - $70). Then, a few days after the statement prints, pay it in full. Keep doing that every month until your Discover card is at least 7 months old.

Then you might consider asking for a CLI, but carefully research it before hand to make sure that the CLI request won't result in a hard pull.

Is there a particular reason why you want a CLI on your Discover card? Are you under the impression that a bigger credit limit will give you a better score?

Anonymous · ‎03-28-2017

ill try to wait a bit longer but the lady said itll just be a soft pull and yeah i want it to give me a better score because i usually reach 200 which is almost half of my limit but i know it takes time

Anonymous · ‎03-28-2017

Bigger credit limits do not in themselves help your score at all. They just make it easier to have a low CC utilization. But you still can spend a lot of money on your Discover and have it report a small balance each time to the credit bureaus, by using the method of multiple payments.

The idea is this. Once a week, make an electronic payment to your Discover card. Each time, pay the balance on the card down to $0. Except, the week before your statement prints, pay it down to $5 (rather than $0). Your statement will print with some positive balance ($5 - $60, probably). That's the amount that Discover will report to the credit bureaus. Then start back again making your weekly payments.

Actually, a person with a $500 credit limit could easily spend $1000 per month on that card and still have his card report $20 each month.

Anonymous · ‎03-30-2017

@Anonymous wrote:
Bigger credit limits do not in themselves help your score at all. They just make it easier to have a low CC utilization. But you still can spend a lot of money on your Discover and have it report a small balance each time to the credit bureaus, by using the method of multiple payments.

The idea is this. Once a week, make an electronic payment to your Discover card. Each time, pay the balance on the card down to $0. Except, the week before your statement prints, pay it down to $5 (rather than $0). Your statement will print with some positive balance ($5 - $60, probably). That's the amount that Discover will report to the credit bureaus. Then start back again making your weekly payments.

Actually, a person with a $500 credit limit could easily spend $1000 per month on that card and still have his card report $20 each month.

Just to expand on that, CL's don't affect a FICO score. They do affect FAKO (VS3.0) scores, but more importantly they affect SL's and CLI's.

+100 on reporting 1% and PIF.