topic Re: Discover it CLI advice in Credit Cards

Discover it CLI advice

Anonymous — Sat, 17 Oct 2015 02:45:07 GMT

I was hoping to get a decent CLI on my Discover for more balance transfers now that I've passed my 90 day mark and so many are having great luck with them. When I tried last week, I was only offered a $500 CLI but I cancelled instead. Any advice on getting a better offer? Should I wait to try again once my next statement cuts next week? I don't know if my 3rd statement cutting will better my chances.

A quick summary of card activity:

-approved for $7500 in early July

-did 2 balance transfers ($2000 & $4000)

-made $1000 payment before first statement cut

-made $500 payment before next statement cut

-made $100 purchase, paid off immediately

-made $1600 purchase, paid off within the week

-made $500 payment before next week's statement cut

Was it unwise to cancel the CLI request once I saw it was only a $500 increase? I just felt that I might get a better offer if I waited a little bit instead of being stuck with only a $500 increase for the next 30-90 days. I really hope to do another couple of balance transfers on some accounts whose 0% interest promotional offers will expire soon. I can do it now but then I'll be getting very close to my limit again and would rather have some cusion. Don't want my score to drop too much by almost maxing out one card again.

Any advice is appreciated. Thanks!

Re: Discover it CLI advice

Bone35 — Sat, 17 Oct 2015 02:59:23 GMT

@Anonymous wrote:
I was hoping to get a decent CLI on my Discover for more balance transfers now that I've passed my 90 day mark and so many are having great luck with them. When I tried last week, I was only offered a $500 CLI but I cancelled instead. Any advice on getting a better offer? Should I wait to try again once my next statement cuts next week? I don't know if my 3rd statement cutting will better my chances.

A quick summary of card activity:
-approved for $7500 in early July
-did 2 balance transfers ($2000 & $4000)
-made $1000 payment before first statement cut
-made $500 payment before next statement cut
-made $100 purchase, paid off immediately
-made $1600 purchase, paid off within the week
-made $500 payment before next week's statement cut

Was it unwise to cancel the CLI request once I saw it was only a $500 increase? I just felt that I might get a better offer if I waited a little bit instead of being stuck with only a $500 increase for the next 30-90 days. I really hope to do another couple of balance transfers on some accounts whose 0% interest promotional offers will expire soon. I can do it now but then I'll be getting very close to my limit again and would rather have some cusion. Don't want my score to drop too much by almost maxing out one card again.

Any advice is appreciated. Thanks!

Seems like thats what Discover likes to do at first.

DW and I both just recently got the Discover it abouth 6 months ago.

At 3 months DW and I hit the LUV button on our accounts and recieved a $500 increase each.

When 6 months rolled around for me just this month I hit the LUV button and got the 2 day message..Logged in after the weekend to see whats up.....BAM 4k increase

I will be doing the same for wifey later this month when she hits her 6 month mark.

I dont think you will get any more than the $500 anytime soon via online LUV, BUT if you call and speak to an UW and ask for the increase, see what they offer and if you need more just ask Discover is AMAZING to deal with and their customer service is top notch IMHO.

Re: Discover it CLI advice

Bone35 — Sat, 17 Oct 2015 03:00:52 GMT

@Anonymous wrote:
I was hoping to get a decent CLI on my Discover for more balance transfers now that I've passed my 90 day mark and so many are having great luck with them. When I tried last week, I was only offered a $500 CLI but I cancelled instead. Any advice on getting a better offer? Should I wait to try again once my next statement cuts next week? I don't know if my 3rd statement cutting will better my chances.

A quick summary of card activity:
-approved for $7500 in early July
-did 2 balance transfers ($2000 & $4000)
-made $1000 payment before first statement cut
-made $500 payment before next statement cut
-made $100 purchase, paid off immediately
-made $1600 purchase, paid off within the week
-made $500 payment before next week's statement cut

Was it unwise to cancel the CLI request once I saw it was only a $500 increase? I just felt that I might get a better offer if I waited a little bit instead of being stuck with only a $500 increase for the next 30-90 days. I really hope to do another couple of balance transfers on some accounts whose 0% interest promotional offers will expire soon. I can do it now but then I'll be getting very close to my limit again and would rather have some cusion. Don't want my score to drop too much by almost maxing out one card again.

Any advice is appreciated. Thanks!

Seems like thats what Discover likes to do at first.

DW and I both just recently got the Discover it abouth 6 months ago.

At 3 months DW and I hit the LUV button on our accounts and recieved a $500 increase each.

When 6 months rolled around for me just this month I hit the LUV button and got the 2 day message..Logged in after the weekend to see whats up.....BAM 4k increase

I will be doing the same for wifey later this month when she hits her 6 month mark.

I dont think you will get any more than the $500 anytime soon via online LUV, BUT if you call and speak to an UW and ask for the increase, see what they offer and if you need more just ask Discover is AMAZING to deal with and their customer service is top notch IMHO.

Re: Discover it CLI advice

Anonymous — Sat, 17 Oct 2015 07:00:49 GMT

Thanks. Maybe I'll call or just accept the $500 to get it out of the way.

Re: Discover it CLI advice

SouthJamaica — Sat, 17 Oct 2015 15:35:17 GMT

@Anonymous wrote:
I was hoping to get a decent CLI on my Discover for more balance transfers now that I've passed my 90 day mark and so many are having great luck with them. When I tried last week, I was only offered a $500 CLI but I cancelled instead. Any advice on getting a better offer? Should I wait to try again once my next statement cuts next week? I don't know if my 3rd statement cutting will better my chances.

A quick summary of card activity:
-approved for $7500 in early July
-did 2 balance transfers ($2000 & $4000)
-made $1000 payment before first statement cut
-made $500 payment before next statement cut
-made $100 purchase, paid off immediately
-made $1600 purchase, paid off within the week
-made $500 payment before next week's statement cut

Was it unwise to cancel the CLI request once I saw it was only a $500 increase? I just felt that I might get a better offer if I waited a little bit instead of being stuck with only a $500 increase for the next 30-90 days. I really hope to do another couple of balance transfers on some accounts whose 0% interest promotional offers will expire soon. I can do it now but then I'll be getting very close to my limit again and would rather have some cusion. Don't want my score to drop too much by almost maxing out one card again.

Any advice is appreciated. Thanks!

The CLI practices of Discover are no longer predictable.

I do not think your turning down the small increase hurt you or helped you.

The only patterns I can detect are the following:

1. People with FICO scores 725+ are more likely to get a decent sized increase

2. Receiving a "1-2 day review" notice is a sign that you are likely to get a decent sized increase

3. If the luv button link appears under "credit details" and/or "profile", your chances of getting a good CLI are enhanced

4. If you wait 91 days from your last CLI your chances of getting some kind of CLI are enhanced

5. Some people report getting them after 31 days, but those people seem to have 725+ FICO scores

6. People who charge a lot through the card seem to fare no better than people who charge a modest amount through the card

Re: Discover it CLI advice

redbeard — Sat, 17 Oct 2015 15:44:58 GMT

Just an observation.....

Mixing 0% balance transfers and purchases on your Discover probably isn't a good idea. If I understand correctly, when you make a payment, the payment applies to the 0% balance transfer, not to the purchase. Basically, you will end up paying interest on the purchase until you pay off the balance transfer and then pay off the purchase.

That said, if you call Discover and tell them you want to do some additional balance transfers, they might be more inclined to give you the room to do it. Just when you call them, be ready to setup the transfers with them. I'm basing this on the fact when I applied for my Discover card (and finally got approved), in the app I set up a couple of balance transfers. They gave me a large starting line so it would cover the transfers PLUS the amount I was hoping I would get as a starting credit line.

I guess in their eyes, when you do a transfer, you are not extending yourself anymore since you already owe the debt and they make the 3% transfer fee.

Dan

Re: Discover it CLI advice

LadyJEsq — Sun, 18 Oct 2015 23:02:39 GMT

@redbeard wrote:
Just an observation.....

Mixing 0% balance transfers and purchases on your Discover probably isn't a good idea. If I understand correctly, when you make a payment, the payment applies to the 0% balance transfer, not to the purchase. Basically, you will end up paying interest on the purchase until you pay off the balance transfer and then pay off the purchase.

That said, if you call Discover and tell them you want to do some additional balance transfers, they might be more inclined to give you the room to do it. Just when you call them, be ready to setup the transfers with them. I'm basing this on the fact when I applied for my Discover card (and finally got approved), in the app I set up a couple of balance transfers. They gave me a large starting line so it would cover the transfers PLUS the amount I was hoping I would get as a starting credit line.

I guess in their eyes, when you do a transfer, you are not extending yourself anymore since you already owe the debt and they make the 3% transfer fee.

Dan

I'm not sure that's correct. IIRC, D terms speficially state that the payment is posted to the highest APR first. I read D terms along with Cap1, so I may be getting them mixed up, but I do recall reading that and I'm almost positive that it was for D.

As to the OP, from what I"ve read, turning down the small CLI, has lead many to larger CLIs soon thereafter. I would try again in like 2 wks and see what you get. I've been trying to get a CLI from D for what seems like forever (even though my 1st statement just cut it seems that way because I have to keep making payments otherwise my Util for this card would be like 90% all the time - I totally understand their position, but it doesn't make me any less impaitent for a CLI ) and have been reading post after post on how/when to get/go for a CLI and that's what I've learned thusfar. As always YMMV. Good luck OP and please keep us posted!

Re: Discover it CLI advice

DantGwyrdd — Mon, 19 Oct 2015 08:40:27 GMT

Discover generally applies the minimum payment due to the lowest APR balances and any remainder to the highest. So if your minimum payment is $35 and you pay just the minimum, most if not all of that will go to the balance with the lowest APR. If you make a $100 payment, the minimum portion ($35) will again be applied to the balance with the lowest APR and the remainder ($65) to the balance with the highest APR.

Re: Discover it CLI advice

takeshi74 — Mon, 19 Oct 2015 13:18:39 GMT

@Anonymous wrote:
I was hoping to get a decent CLI on my Discover for more balance transfers now that I've passed my 90 day mark and so many are having great luck with them. When I tried last week, I was only offered a $500 CLI but I cancelled instead. Any advice on getting a better offer? Should I wait to try again once my next statement cuts next week? I don't know if my 3rd statement cutting will better my chances.

The CLI you qualify for all depends on your credit and income. If you're looking for a CLI for a BT then what's your revolving utilization like? That's probably where your problem lies. Though if you have any derogs they will be a problem as well. CLI's are not just exchanged for time and all this applies to any creditor -- not just Discover.

@Anonymous wrote:
Don't want my score to drop too much by almost maxing out one card again.

Scores and risk assessment are affected well before you max a card. That's why the "don't exceed 30% advice" exists.

@Bone35 wrote:
Seems like thats what Discover likes to do at first.

DW and I both just recently got the Discover it abouth 6 months ago.

At 3 months DW and I hit the LUV button on our accounts and recieved a $500 increase each.

Be very careful relying on your anecdotal evidence to determine broad trends. My Discover CL was doubled at 3 months at my request -- CLI was about 10x what you stated. Again, it's all a matter of what one's credit and income qualify for. Everyone's are not the same. A given creditor's underwriting criteria do play a role but they're just half of the equation.

If a creditor is only willing to extend $500 more credit then that creditor has concerns regarding the individual's credit profile and the creditor thinks that the individual is close to the limit of what that creditor is willing to extend for that credit profile.

@redbeard wrote:

That said, if you call Discover and tell them you want to do some additional balance transfers, they might be more inclined to give you the room to do it. Just when you call them, be ready to setup the transfers with them. I'm basing this on the fact when I applied for my Discover card (and finally got approved), in the app I set up a couple of balance transfers. They gave me a large starting line so it would cover the transfers PLUS the amount I was hoping I would get as a starting credit line.

This is incorrectly assumed causality. A BT request at time of app will not change the limit that one qualifies for.

Re: Discover it CLI advice

Anonymous — Wed, 21 Oct 2015 06:52:49 GMT

Thanks for the input, everyone.

@takeshi74 wrote:
@Anonymous wrote:
I was hoping to get a decent CLI on my Discover for more balance transfers now that I've passed my 90 day mark and so many are having great luck with them. When I tried last week, I was only offered a $500 CLI but I cancelled instead. Any advice on getting a better offer? Should I wait to try again once my next statement cuts next week? I don't know if my 3rd statement cutting will better my chances.
The CLI you qualify for all depends on your credit and income. If you're looking for a CLI for a BT then what's your revolving utilization like? That's probably where your problem lies. Though if you have any derogs they will be a problem as well. CLI's are not just exchanged for time and all this applies to any creditor -- not just Discover.

Utilization is around 17% and TU is the only one with a derog from over 6 years ago.

Re: Discover it CLI advice

Anonymous — Wed, 21 Oct 2015 07:38:28 GMT

Statement has cut so I just went ahead and tried again for the CLI. I'll start a new thread about that in Approvals but I just want to say that waiting those 2 weeks or so from my 90 days until after my 3rd statement seems to have really paid off. Don't know for sure if the third statement was the factor that helped but it seems very possible. Nothing else had really changed in the last 2 weeks.

Re: Discover it CLI advice

Anonymous — Wed, 21 Oct 2015 07:43:04 GMT

@Anonymous wrote:
Statement has cut so I just went ahead and tried again for the CLI. I'll start a new thread about that in Approvals but I just want to say that waiting those 2 weeks or so from my 90 days until after my 3rd statement seems to have really paid off. Don't know for sure if the third statement was the factor that helped but it seems very possible. Nothing else had really changed in the last 2 weeks.

What was the result (link)? It seems like to me that people get better results after a statement cut (?).

Re: Discover it CLI advice

Anonymous — Wed, 21 Oct 2015 14:26:31 GMT

Sorry, here's the link...

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/Discover-CLI/td-p/4288741

Re: Discover it CLI advice

Anonymous — Wed, 21 Oct 2015 23:51:57 GMT

Well I started off with $1500 from Discover about 7 months ago. Waited a little over 90 days and did SP CLI and was given $800. I was waiting on my statement to cut here this month so I could SP again as I was at 90 days. I forgot yesterday after my statement cut and late last night I got a message that I had an auto CLI of $500. This morning I tried a CLI myself on the site and they offered me another $1400. Now at $4200 total which is not bad from a $1500 start just 7 months ago I guess.

I have three cards with 5k limits but none over that, Hoping Discover will be the first but have to wait 90 more days to try again!