topic Re: Can I ask for a Discover CLI tomorrow and get it? in Credit Cards

Can I ask for a Discover CLI tomorrow and get it?

Anonymous — Fri, 18 Mar 2016 03:43:37 GMT

1. I am a 19 year old college student
2. First card I applied to was Best buy- denied - big mistake! (Credit Karma said I had 690 and a friend of mine had it so I thought I would get it)
3. 2nd Attempt was at my local credit union I've banked with for years and my parents banked with before I was even thought about lol - denied
4. Finally was approved for Discover IT Student Card for $500 (Accumulated 2 months of credit history so far)
5. Discover is saying my FICO is 730 for Transunion as of March but HERES where I am going to start my questions
6. I applied for Capital One Journey (Wanted more buyng power to enhance low utilization) - Denied b/c low income
7. Applied for Citi Thank You Preferred - APPROVED $700 limit
8. Recently Approved for Chase Freedom $1500 limit.

My question is when is the best time to ask Discover for a CLI to raise up that $500 to lower utilization? (My 3 month mark is tomorrow)

Re: Can I ask for a Discover CLI tomorrow and get it?

Nova5041 — Fri, 18 Mar 2016 03:48:18 GMT

91 days is the earliest to ask for a cli!

Re: Can I ask for a Discover CLI tomorrow and get it?

ojefferyo — Fri, 18 Mar 2016 03:57:41 GMT

After 90 day you will qualify for a CLI request, whether you get it or not will be a whole different thing. Good luck and keep us posted.

Re: Can I ask for a Discover CLI tomorrow and get it?

Anonymous — Fri, 18 Mar 2016 04:11:54 GMT

I know its 90 days and everything but I wanted to ask you guys if you will think I will get the CLI tomorrow based on the background I described :-)

Re: Can I ask for a Discover CLI tomorrow and get it?

Anonymous — Fri, 18 Mar 2016 08:21:14 GMT

You can certainly try to do so. A number of others on the board who have the student version of the Discover card have reported that it grows very slowly or not at all, so I would not be too disappointed if you don't get the hoped-for CLI. Discover traditionally has a reputation as a very conservative lender.

Keep in mind as well that your credit history is very recent and new overall, so that does not give any lender much basis for reviewing a history to grant CLI. You may have a more successful result with CLI requests overall when you have accumulated a year of credit history with major cards. Good luck.

Re: Can I ask for a Discover CLI tomorrow and get it?

lg8302ch — Fri, 18 Mar 2016 08:27:46 GMT

@Anonymous wrote:
I know its 90 days and everything but I wanted to ask you guys if you will think I will get the CLI tomorrow based on the background I described :-)

There is no harm in trying tomorrow. Looking at your file with quite some inquiries and new accounts I would guess it is more likely a denial but try it and if it does not work this time keep trying as long as it is a SP. You can try after every statement. Do not take a HP for it as to me it looks the results are not any better than with a SP. Good luck! ...and do not get frustrated with Discover sometimes it takes patience to succeed. It took my account full 18 months until my first CLI request was approved

Re: Can I ask for a Discover CLI tomorrow and get it?

score_building — Fri, 18 Mar 2016 09:05:49 GMT

Their student product is unlikely to grow much or at all in general...in connection with low income, lots of new INQs, and handful of new accounts...a CLI request, at least in the near future, seems most likely to be modest or declined. If it prompts for HP when you go for it, I'd decline to have the request processed, otherwise, at least there's nothing to lose in trying after 91 days.

In any case, a practice to manage UTI by PIF as a tried and true habit helps us limit overreliance on a gaming approach (e.g. increasing available vs paying down balances) which can be a slippery slope even for more advanced and/or reliably disciplined card holders.

Re: Can I ask for a Discover CLI tomorrow and get it?

lg8302ch — Fri, 18 Mar 2016 11:06:57 GMT

@score_building wrote:
Their student product is unlikely to grow much or at all in general...in connection with low income, lots of new INQs, and handful of new accounts...a CLI request, at least in the near future, seems most likely to be modest or declined. If it prompts for HP when you go for it, I'd decline to have the request processed, otherwise, at least there's nothing to lose in trying after 91 days.

In any case, a practice to manage UTI by PIF as a tried and true habit helps us limit overreliance on a gaming approach (e.g. increasing available vs paying down balances) which can be a slippery slope even for more advanced and/or reliably disciplined card holders.

..sooo true !

Re: Can I ask for a Discover CLI tomorrow and get it?

takeshi74 — Fri, 18 Mar 2016 13:57:04 GMT

@Anonymous wrote:
My question is when is the best time to ask Discover for a CLI to raise up that $500 to lower utilization? (My 3 month mark is tomorrow)

When your credit profile and income support a CLI. It is not just a matter of time.

You can always lower reported revolving utilization by paying prior to report date. A CLI is not the only option.

@Anonymous wrote:
Credit Karma said I had 690 and a friend of mine had it so I thought I would get it

CK provides 2 scores. Those scores are only relevant to creditors that actually use a TU or EQ VantageScore 3.0 in their decisions. I'm not aware of what is used for the Best Buy card but alwyas consider the specific scoring model & CRA when referencing scores and consider the relevance of a given model/CRA combo to a given creditor/product. Do not use a score generated by one model to determine a score generated by another model.

@Anonymous wrote:
Discover is saying my FICO is 730 for Transunion as of March

It's never just about score. 730 is a good score but your entire credit profile matters.

@Anonymous wrote:
I know its 90 days and everything but I wanted to ask you guys if you will think I will get the CLI tomorrow based on the background I described :-)

Is the Discover card the only one reporting? Have the TY Preferred and/or the Freedom reported yet? I don't think you're likely to see one either way. You seem to have a thin file with very new accounts and quite a number of new accounts for your profile. If Discover is the oldest credit account on your report then you only have a couple months of total credit history and when the other accounts report you'll have a lower AAoA. You're just starting off and building credit is a long, slow process so calm down and get your expectations adjusted realistically.

That said, it doesn't hurt to ask as long as it's an SP.

Re: Can I ask for a Discover CLI tomorrow and get it?

dragontears — Fri, 18 Mar 2016 14:24:42 GMT

You can always try but keep in mind 3 months is a short amount of time and you have a very thin file. For me Discover did not give me the option of a SP until I had the card for 9 months. so YMMV Good Luck

Re: Can I ask for a Discover CLI tomorrow and get it?

Anonymous — Fri, 18 Mar 2016 14:53:05 GMT

@score_building wrote:
Their student product is unlikely to grow much or at all in general...in connection with low income, lots of new INQs, and handful of new accounts...a CLI request, at least in the near future, seems most likely to be modest or declined. If it prompts for HP when you go for it, I'd decline to have the request processed, otherwise, at least there's nothing to lose in trying after 91 days.

Re: Can I ask for a Discover CLI tomorrow and get it?

Anonymous — Fri, 18 Mar 2016 15:06:36 GMT

Might as well. The worst thing they can do is say no. Make sure you're going by exactly 90 days though, and not just by when your third statement cuts. From my conversations with CSRs, they won't approve before 3 months, but usually 6 months is your best bet. My card still hasn't grown yet- it'll take time, as will yours.

Re: Can I ask for a Discover CLI tomorrow and get it?

Anonymous — Fri, 18 Mar 2016 19:42:59 GMT

@Anonymous wrote:
1. I am a 19 year old college student
2. First card I applied to was Best buy- denied - big mistake! (Credit Karma said I had 690 and a friend of mine had it so I thought I would get it)
3. 2nd Attempt was at my local credit union I've banked with for years and my parents banked with before I was even thought about lol - denied
4. Finally was approved for Discover IT Student Card for $500 (Accumulated 2 months of credit history so far)
5. Discover is saying my FICO is 730 for Transunion as of March but HERES where I am going to start my questions
6. I applied for Capital One Journey (Wanted more buyng power to enhance low utilization) - Denied b/c low income
7. Applied for Citi Thank You Preferred - APPROVED $700 limit
8. Recently Approved for Chase Freedom $1500 limit.
My question is when is the best time to ask Discover for a CLI to raise up that $500 to lower utilization? (My 3 month mark is tomorrow)

Let's be realistic here...

Your 1st ...3 months of credit life EVER and under 21 AIN'T 'ever' gonna be = to a more mature borrower even those getting BACK

on the horse, period.

You got the Disco as your 1st card 3 months ago with your 3rd HP and no other RISK factors

since then you've added 3 more HP's

AND $2200 worth of CL's and 2 MORE accounts

that nobody knows how you're gonna manage

Your RISK factor is HUGELY different, from an UW POV than it was when a modest $500 was grant just a moment ago...like it or not

and nothing 'personal' but as an UW a 19 y.o. kid whose gone from 0 to almost $3k in CL's w/o a payment history is NOT the best of risk

but hey if it's SP why not....but I'd save my HP's if I were you.

You've got a great start

Disco

Citi

Chase

You've got plenty of room to keep your util under 30% ($800) and have use of credit...there shouldn't be any reason to blast up those balances

and over the next year or two...by the time your 'real' life starts you'll be GOLDEN as crap...just don't play the part of 40 y.o. when you're a 19 y.o. college studfent as you said and you''l be freaking awesome by the time you can legally buy a drink