topic Re: Discover CLI in Credit Cards

Discover CLI

Anonymous — Sat, 27 Dec 2008 03:56:48 GMT

I called Discover tonight to see about doing a balance transfer as I qualified for a 2.99% until June of 2009. I only had a $2000 CL and wanted to BT $950. We already have a balance on the card of about $500. I told the CSR that I didn't want my utilization to be so high and is there anyway I could get a CLI. He asked me what I wanted and I wasn't sure how much to ask for. We have only had the card since 4/2008. I said if we could just get $1500 more, that would be great. It was approved! I was so excited. My overall UTL is about 16% right now and I want to get it back down under 9%. With Christmas shopping, it is over right now, but should be back in a few months.

Re: Discover CLI

score_building — Sat, 27 Dec 2008 04:18:38 GMT

good going, congrats!!

Re: Discover CLI

cabarkeep — Sat, 27 Dec 2008 08:28:05 GMT

congrats! great timing!

Re: Discover CLI

Anonymous — Sat, 27 Dec 2008 13:58:07 GMT

congrats.....i have discover more and i will request cli in about 5 months later.did they do a hard pull on u?

Re: Discover CLI

Anonymous — Sat, 27 Dec 2008 16:34:06 GMT

I'm not sure if they did a hard pull, but I don't think so. I will keep watching to be sure. I know that Discover is pretty good about telling you if they have to do a hard pull. He didn't mention it to me.

Re: Discover CLI

Anonymous — Sat, 27 Dec 2008 18:15:09 GMT

did you call a backdoor number? Or just the number on the back of the card

Re: Discover CLI

Anonymous — Sat, 27 Dec 2008 18:37:25 GMT

Congrats on your CLI that is a nice increase. Good Luck Vicki

Re: Discover CLI

Anonymous — Sat, 27 Dec 2008 22:41:29 GMT

You probably already know this but just in case ya don't..

Your payments will go to the lower rate balance first so the $500 will be trapped beneath the $950 growing and growing. Please consider paying off the $500 before making the transfer from the other card. Unless the $500 is at the 2.9% also.. I looked at my Discover rate and it's like 15.99%, I'd hate to have a balance trapped at that rate.

Congrats on the CLI.

Re: Discover CLI

Anonymous — Sat, 27 Dec 2008 23:31:40 GMT

Thanks for the info. I did think of that after I called in the balance transfer. I hope to have all of this paid off in about 3-4 months, so hopefully, it won't hurt me too bad. I should have the $500 balance that was on my statement paid off this month. I wasn't sure how that worked if it was paid in the grace period, since the BT won't show up until my next statement. Will I be okay or will they still apply my payment to the lower rate first? Thanks!

Re: Discover CLI

Anonymous — Sun, 28 Dec 2008 04:23:28 GMT

I would hurry up and submit payment for as much of the $500 as you can spare, before the balance transfer posts.

Re: Discover CLI

Anonymous — Sun, 28 Dec 2008 12:35:18 GMT

@Anonymous wrote:
Thanks for the info. I did think of that after I called in the balance transfer. I hope to have all of this paid off in about 3-4 months, so hopefully, it won't hurt me too bad. I should have the $500 balance that was on my statement paid off this month. I wasn't sure how that worked if it was paid in the grace period, since the BT won't show up until my next statement. Will I be okay or will they still apply my payment to the lower rate first? Thanks!

Your BT will post at some point before your next statement, and if you check online you'll be able to see exactly when it posts. But as soon as that BT posts any payment you make will go towards the BT, not the $500 balance you already have there. To prevent that from happening you need to pay the $500 before the BT posts, not before your next statement. If there's anyway you can pay the $500 off before then, even if you have to borrow it, do it.

Re: Discover CLI

score_building — Sun, 28 Dec 2008 12:47:39 GMT

otherwise, if you can't repay the 500 b4 the bt posts, you may want to call and see if they'll cancel the bt. then re-request it at a time when you won't be trapping a higher interest loan underneath it (this is one of the things that will be disallowed under new regulation, that is, artificially forcing a consumer's payment to apply to a lower interest loan b4 a higher interest loan. don't delay, gl!

Re: Discover CLI

Anonymous — Sun, 28 Dec 2008 14:30:37 GMT

Thanks everyone for the great advice! I was afraid you would say that. I'm not sure if I can pay it all, but I can put about 1/2 on there now. The CSR at Discover told me that it can take up to 7 days, but many times it's faster, so I will check on it right away. Thanks agian!!!