topic Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit? in Credit Card Approvals

Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

Divaofsongs — Fri, 22 Jan 2016 23:02:40 GMT

I received an offer and invitation number in the mail to apply for Discover IT for double cash back the first year and 0% interest on purchases and balance transfers for 12 months, so I decided to go for it. I have a BK7 discharged in Aug of 2013 and have really done well re-establishing since then with almost $75K in unsecured credit and FICO scores on all 3 bureaus in the low 700's now.

They approved me online and gave me a starting limit of $5,500, which makes it my second lowest limit now. All my other cards are $8,500 - $15,000, with the exception of my Barclay's Reward Card, which is still the same measly $1,500 they started me with over 2 years ago (I have lost all hope of that card ever getting a CLI, lol).

My debt-to-income ratio is well below 20% and I have less than 4% charged and reporting of the $75,000 available credit. I don't want to seem greedy or ungrateful, but I would like to make a $1,900 purchase and take advantage of their 0% interest offer, but I refuse to ever charge more than 20% of my available credit on ANY card, regardless of the interest rate or introductory specials.

Does anyone have any insight into how hard/easy it is to get Discover to increase an initial starting limit? I would like it to be $10,000.

Also, I don't want to rock the boat, since I do have a discharged BK7 from 2013, so I don't want to call and end up with them possibly lowering my limit or something crazy like that. You just never know, lol.

Any insight or advice?

Also, how is Discover for auto CLI's? How often is normal?

Thanks everyone!

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

Saleen099 — Fri, 22 Jan 2016 23:15:06 GMT

Nice Congrats!!!!!

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

Anonymous — Fri, 22 Jan 2016 23:29:01 GMT

Congrats!!!!!
I didn't do anything but use mine and pay it and I want to say by the second statement they gave me an increase without me asking. When I ask, they tell me no but the system did it automatically. It was weird. Mine only started at $1500 and I had to be a secondary on the account because of my BK. I wish I could be more help. I just thought I would let you know how they are doing me.

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

alextercero — Sat, 23 Jan 2016 02:53:11 GMT

Congrats

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

somotao — Sat, 23 Jan 2016 03:39:44 GMT

Congratulations on your discover approval.

every CLI I ever got with discover I requested myself and now my card is up to 20k

treat the card well and it grows pretty quickly

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

pizza1 — Sat, 23 Jan 2016 14:51:16 GMT

Me personally....I wouldnt rock the boat. You got Discover with your BK, (so did I 1.4yrs post bk), and your SL is great. I get regular cli on my card every 91 days, plus 3 statements. Your lucky you even got approved (me as well). There as several peeps here who had BK as well, and still can't get them and its been several years...some had to wait 4-8 yrs to get in...

You can't have everything all at once, or every lender. Regardless of your income, and if you can support the CL or not. The fact is...you still have a dirty profile, and will until your BK falls off.

Congrats on the approval and SL! There are peeps here without a dirty profile who can't get them...so Id be happy with my approval, and wait the CLI's on the card.

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

Divaofsongs — Sat, 23 Jan 2016 15:43:42 GMT

Thanks Pizza1, you have put it well into perspective. Sometimes I don't realize just how well I have it....there are many people who are recovering from BK that have to wait 4-8 years to get where I was in 1 year. I have over $100k in major credit card available credit and that is a lot for being just 2.5 years past discharge. I will wait and hopefully they will do regular CLI's. I have 2 offers from Cap One for 0% balance transfers for 12 months, I will probably use one of those since my limits are well over $10k now on each card.

The only other card I want is AMEX,do you know how far past discharge, if at all, one has to be in order to be approved for AMEX? My TU FICO is currently 787 but my EXP and EQ FICO scores are only in the low 700's, like 715 and 718.

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

OmarGB9 — Sat, 23 Jan 2016 16:56:10 GMT

^Just wanted to jump in and answer your question, Amex typically likes 5 years after BK before considering you, and that's if you didn't burn them.

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

Creditwiser — Sat, 23 Jan 2016 17:02:00 GMT

OP, did you burn Discover in your BK ? Congrats on getting back in. Thats a huge win ! Gives me hope to get back in myself in the near future.

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

cem13 — Sat, 23 Jan 2016 17:19:05 GMT

Congrats.

I applied 4+ years post BK7, I had Discover IIB for $20K and I was denied with scores ~710. So Discover is good for those BK7'ers who did not IIB Discover.

Thanks for another great data point.

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

Divaofsongs — Sat, 23 Jan 2016 17:35:30 GMT

No, I did not IIB Discover or AMEX, actually, I did a bk due to $1M+ in medical bills and prior to me bk, I only had 2 credit cards in the past, one was Credit One Bank and the other was Cap One and both were closed and paid in full at the time of BK filing. Hopefully that will give me the chance to get in with AMEX in a couple of years. On the other hand, my husband did IIB Discover, Cap One, Barclaybank and a few others and since our bk, he has also been approved for the same cards as are in my signature line, only his have higher credit limits, even though he IIB all the cards he has been able to get again. It is strange, he burned them, I didn't, yet he gets higher credit lines than I do and we both have the same income, lol. Go figure! I will say that he did not receive a Discover offer in the mail.....yet.....but hopefully they will send one to him soon.

I am just amazed at how quickly we have recovered from BK, I was expecting the worse, but because of the info I learned on this forum, I have managed to re-establish very quickly. This past weekend, I bought a new car with 0% interest for 60 months! I actually have better credit after the bk, than I ever did before the BK.

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

Anonymous — Sat, 23 Jan 2016 21:09:37 GMT

Very nice, congrats !

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

Anonymous — Sun, 24 Jan 2016 02:15:18 GMT

congrats

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

pizza1 — Sun, 24 Jan 2016 05:11:11 GMT

Diva...Youve done very well in your rebuild. Im very proud of you! Sometimes we don't realize how good we have things, but Im very thankful for the rebuild. My current lineup is better than what I even had 10 years ago...long before my BK!!..Im still in shock at times about it.

With Amex..its 5 yrs post DC date...IF you didn't burn them, which you didn't . The usual and safest card to apply for first to get back in with them is the Delta Gold. Now...They could change in a few years when we are eligible to apply, but as of now thats the one. You may also have to recon it..

My advice at time of app is 1-5% util, no more than 1-3 INQ for a yr, and they pull EX...score at least 700+ for best results.

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

Divaofsongs — Sun, 24 Jan 2016 05:46:29 GMT

Great advice, pizza1, I will make sure I am on point when I apply for the Delta Gold card. By the way, every time I see your name, I get hungry for pizza....which is not hard to do because it is my all-time favorite food. I could live on pizza the rest of my life and I would not miss the other options. :-)

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

Anonymous — Sun, 24 Jan 2016 05:49:33 GMT

I just want to throw in that I am sorry for whatever you went through that got you $1M in medical debt but it is incredible how far you've come. Congratulations.

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

Anonymous — Sun, 24 Jan 2016 08:25:19 GMT

Congrats on your Discover approval OP! I just got approved for mine, and I was denied in June, citing a paid judgment from 2011 that I'm working on getting to get rid of. But yeah, Discover can be very picky about who they approve. And I have the same SL as you. But my scores aren't where yours are at. Yet anyways lol

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

Divaofsongs — Sun, 24 Jan 2016 09:01:17 GMT

JDT, thank you so much for your concern. I was diagnosed with sudden onset, primary progressive multiple sclerosis and a severe form of neuraliga back in 2009. I did not have insurance at the time and was hospitalized for more than 75 days from 2008 - 2011, forcing me to file bk to protect my home. I could not get insurance at the time due to pre-existing conditions but with the new laws, I now have insurance, so things are much better. Thanks again, that was very nice of you to say.

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

Divaofsongs — Sun, 24 Jan 2016 09:03:46 GMT

Thexian100, congrats to you as well. It is certainly nice to be in the door with them. I think lately I have become a little too big for my own britches, lol. I have such high limits on my other cards that I have developed amnesia to the fact that I just had a bk7 discharged less than 3 years ago and I should be thanking my lucky stars that anyone will give me credit!

Re: Discover IT approval 2.5 years after BK 7 discharge...should I recon for higher starting limit?

cem13 — Sun, 24 Jan 2016 17:19:39 GMT

@pizza1 wrote:

With Amex..its 5 yrs post DC date...IF you didn't burn them, which you didn't . The usual and safest card to apply for first to get back in with them is the Delta Gold. Now...They could change in a few years when we are eligible to apply, but as of now thats the one. You may also have to recon it..

Hi Pizza1,

01FEB16 will be 5 years post BK7 FILING. So I am going to test the theory and apply for the Delta Gold. All 3 of my FICO08 scores are over 700. I did NOT IIB AMEX.

I fly Delta often so this would be a very nice card for me. I have checked the AMEX Pre-Qual site and they have "offers" for me including the Gold and Platinum.