topic Re: Discover is officially my lowest limit on major cards in Credit Cards

Discover is officially my lowest limit on major cards

Anonymous — Mon, 12 Dec 2016 22:45:54 GMT

Can't wait for my discover card to start growing. As of today it is officially my lowest limit major card. (It just unsecured last month). It will be exciting to watch it grow. I have to give all the props with rebuilding my credit to this site. Less than 2 years ago I could only get a secured card and now I have over $25k of available unsecured credit.

Re: Discover is officially my lowest limit on major cards

EW800 — Tue, 13 Dec 2016 02:28:20 GMT

Congrats on getting your Discover card unsecured! My experience has been that if you treat it well, it will grow very nicely for you!

Congrats!

Re: Discover is officially my lowest limit on major cards

Anonymous — Tue, 13 Dec 2016 02:33:11 GMT

Congrats on your growth! People tend to get caught up in CL's on this site.

Re: Discover is officially my lowest limit on major cards

Creditplz — Tue, 13 Dec 2016 02:34:20 GMT

Congrats! I'm with you on Discover being my lowest limit card... it's useless to me with a 1k limit ! Hope yours grows!

Re: Discover is officially my lowest limit on major cards

CYBERSAM — Tue, 13 Dec 2016 02:58:39 GMT

Congrats on your success 👍 Looking at your cards line up, I'll bet this time next year Discover would be your highest limit 💰😎

Re: Discover is officially my lowest limit on major cards

Anonymous — Tue, 13 Dec 2016 03:09:25 GMT

@CYBERSAM wrote:
Congrats on your success 👍 Looking at your cards line up, I'll bet this time next year Discover would be your highest limit 💰😎

Congrats OP..

I wish for that too.. :-)

Read so many Discover IT owners on how fast this card grows and only hit you with SL with CLI's.

Re: Discover is officially my lowest limit on major cards

Anonymous — Tue, 13 Dec 2016 05:43:48 GMT

Congrats OP on your Discover unsecuring! Now, watch your limit grow. So many data points show that Discover can grow with you!

Re: Discover is officially my lowest limit on major cards

Discover2016 — Tue, 13 Dec 2016 06:39:40 GMT

Awesome, I love Discover, they grow very nicely!

Re: Discover is officially my lowest limit on major cards

Anonymous — Tue, 13 Dec 2016 11:23:15 GMT

@Creditplz wrote:
Congrats! I'm with you on Discover being my lowest limit card... it's useless to me with a 1k limit ! Hope yours grows!

I'm still pretty new to credit cards, so I'm used to dealing with low limits, but how is a 1K limit "useless"? I get that higher would be better, but it certainly seems plenty usable. I've only got a $1200 limit in my Citi card (my 2nd highest limit), but I've already put $2300 on it this cycle with 10 days remaining (and it's currently showing a $0 balance).

Re: Discover is officially my lowest limit on major cards

Ysettle4 — Tue, 13 Dec 2016 13:28:01 GMT

@Anonymous wrote:
@Creditplz wrote:
Congrats! I'm with you on Discover being my lowest limit card... it's useless to me with a 1k limit ! Hope yours grows!
I'm still pretty new to credit cards, so I'm used to dealing with low limits, but how is a 1K limit "useless"? I get that higher would be better, but it certainly seems plenty usable. I've only got a $1200 limit in my Citi card (my 2nd highest limit), but I've already put $2300 on it this cycle with 10 days remaining (and it's currently showing a $0 balance).

Prevents the ability to make a big purchase or finance a large repair invoice. But again, $1K can be plenty for others. It would depend on your lifestyle or your wants/needs.

Re: Discover is officially my lowest limit on major cards

Anonymous — Tue, 13 Dec 2016 14:46:17 GMT

@Anonymous wrote:
@Creditplz wrote:
Congrats! I'm with you on Discover being my lowest limit card... it's useless to me with a 1k limit ! Hope yours grows!
I'm still pretty new to credit cards, so I'm used to dealing with low limits, but how is a 1K limit "useless"? I get that higher would be better, but it certainly seems plenty usable. I've only got a $1200 limit in my Citi card (my 2nd highest limit), but I've already put $2300 on it this cycle with 10 days remaining (and it's currently showing a $0 balance).

@I kind of share @Anonymous opinion on the useless part. Well not really useless, See I try my best to follow the credit rule on not going over the 30% utilization on every card. Which means out of the 1K my rule would only let me use $300 to be below my 30% utilization.

Also APR is not an issue for me as I really try to PIF every month.

Re: Discover is officially my lowest limit on major cards

Dalmus — Tue, 13 Dec 2016 14:49:11 GMT

@Ysettle4 wrote:
@Anonymous wrote:
@Creditplz wrote:
Congrats! I'm with you on Discover being my lowest limit card... it's useless to me with a 1k limit ! Hope yours grows!
I'm still pretty new to credit cards, so I'm used to dealing with low limits, but how is a 1K limit "useless"? I get that higher would be better, but it certainly seems plenty usable. I've only got a $1200 limit in my Citi card (my 2nd highest limit), but I've already put $2300 on it this cycle with 10 days remaining (and it's currently showing a $0 balance).
Prevents the ability to make a big purchase or finance a large repair invoice. But again, $1K can be plenty for others. It would depend on your lifestyle or your wants/needs.

Just goes to show that everybody's needs are different. I'm sure there are members reading this that would kill for a $1,000 unsecured credit card. There are also people reading that think anything below 5 figures is useless.

To me, having a "good" amount of credit means having a card that I can put a major emergency repair on without maxing it out, and 2016 is the year that happened... If I had to, I could replace my roof on credit. (NOT that I want to, in case any Gremlins are reading this!)

Re: Discover is officially my lowest limit on major cards

Anonymous — Tue, 13 Dec 2016 14:51:42 GMT

Congrats on the card unsecuring! Discover is just the best!

I would be ever so happy with a 1k limit.

I'm hoping my card will unsecure next month, it will be my 7th statement.

Are you going to click the button on day 31?

I can't wait to see how this card grows for you!

Re: Discover is officially my lowest limit on major cards

Anonymous — Tue, 13 Dec 2016 16:12:25 GMT

@Dalmus wrote:
To me, having a "good" amount of credit means having a card that I can put a major emergency repair on without maxing it out, and 2016 is the year that happened... If I had to, I could replace my roof on credit. (NOT that I want to, in case any Gremlins are reading this!)

Yes, being able to charge enough to cover emergencies (up to a point where you could still pay if off over time) is a reasonable goal. What happens here though is once someone gets a "good" amount on one of their cards, they then want all of their cards to grow to similar figures. And there isn't a whole lot of justification for that!

Re: Discover is officially my lowest limit on major cards

Anonymous — Tue, 13 Dec 2016 16:23:23 GMT

@Anonymous wrote:
@Dalmus wrote:
To me, having a "good" amount of credit means having a card that I can put a major emergency repair on without maxing it out, and 2016 is the year that happened... If I had to, I could replace my roof on credit. (NOT that I want to, in case any Gremlins are reading this!)
Yes, being able to charge enough to cover emergencies (up to a point where you could still pay if off over time) is a reasonable goal. What happens here though is once someone gets a "good" amount on one of their cards, they then want all of their cards to grow to similar figures. And there isn't a whole lot of justification for that!

A good example. I am planning to take my family on vacation next summer to the Philippines. Plane tix for all of us would cost me 5K. I have the cash to pay for it, but why use my cash if I can use my CC and earn points for that purchase. Only issue is on my highest CL card 11K that would be going over my 30% Utilization.

It is really good to have extra wiggle room to spend and not worry about hurting your credit score.

Re: Discover is officially my lowest limit on major cards

Anonymous — Tue, 13 Dec 2016 16:30:40 GMT

@Anonymous wrote:
@Anonymous wrote:
@Dalmus wrote:
To me, having a "good" amount of credit means having a card that I can put a major emergency repair on without maxing it out, and 2016 is the year that happened... If I had to, I could replace my roof on credit. (NOT that I want to, in case any Gremlins are reading this!)
Yes, being able to charge enough to cover emergencies (up to a point where you could still pay if off over time) is a reasonable goal. What happens here though is once someone gets a "good" amount on one of their cards, they then want all of their cards to grow to similar figures. And there isn't a whole lot of justification for that!
A good example. I am planning to take my family on vacation next summer to the Philippines. Plane tix for all of us would cost me 5K. I have the cash to pay for it, but why use my cash if I can use my CC and earn points for that purchase. Only issue is on my highest CL card 11K that would be going over my 30% Utilization.

It is really good to have extra wiggle room to spend and not worry about hurting your credit score.

Yes, but if you PIF after statement cut, utilization-based hits only last for that particular month, so unless you are apping, it hardly matters. So I still think you need at least one high CL so you can actually do the charge (in this case $5k) but the limit doesn't have to be whole lot more

Re: Discover is officially my lowest limit on major cards

Anonymous — Fri, 16 Dec 2016 22:45:59 GMT

I'm honestly ok we discover waiting to make sure I'm good with credit lines. I just got a $2700 CLI on amazon today and last we merrick did a CLI of $700 plus I opened up an nfcu card that started at $1600 and a loc that was $5k

I have $28,500 available not counting my $4,900 hidden loc. I know discover will grow in due time. After all my credit was pretty trashed before I got a secured card with them. My scores range from 649 - 658 and I have no where left to go but up. According to the simulator I should be about 665 across the board in about 4 months and 690 ny this time next year I should be able to get plenty of credit line increases.

Once they come I'm giving the ax to overstock, Wayfair, big lots and merrick. Which would put me at 5 major cards and 3 store cards. Currently I have 6 of each

Re: Discover is officially my lowest limit on major cards

UncleB — Sat, 17 Dec 2016 03:25:43 GMT

@Ysettle4 wrote:
@Anonymous wrote:
@Creditplz wrote:
Congrats! I'm with you on Discover being my lowest limit card... it's useless to me with a 1k limit ! Hope yours grows!
I'm still pretty new to credit cards, so I'm used to dealing with low limits, but how is a 1K limit "useless"? I get that higher would be better, but it certainly seems plenty usable. I've only got a $1200 limit in my Citi card (my 2nd highest limit), but I've already put $2300 on it this cycle with 10 days remaining (and it's currently showing a $0 balance).
Prevents the ability to make a big purchase or finance a large repair invoice. But again, $1K can be plenty for others. It would depend on your lifestyle or your wants/needs.

My BCP was the 'runt' of the bunch at $1k, and I still used it hard... since I PIF it wasn't a big deal, but I admit I always desired a higher CL and I tried numerous times to get a CLI, which was always denied due to history from long ago. After a year and a half they gave me an auto-CLI to $3k, so while it's still a bit smaller than the rest it's finally showing some growth (and I don't have to be overly concerned with making an early payment anymore).

"Useless" is quite subjective... it really does depend on the person, their lifestyle, and their spending habits.

@Back to the thread's topic... congrats to @Davidasmithlpn for the recently unsecured Discover card... if history is an accurate indicator, you can expect it to grow quickly from here on out!

Re: Discover is officially my lowest limit on major cards

Anonymous — Sat, 17 Dec 2016 03:33:25 GMT

@uncle B.....what about your Delta Amex....did you receive regular increases for that one?

Re: Discover is officially my lowest limit on major cards

UncleB — Sat, 17 Dec 2016 04:51:25 GMT

@Justagirl73 wrote:
@Anonymous B.....what about your Delta Amex....did you receive regular increases for that one?

Great question!

I got the Delta back in May, also with a $1k credit line. After the auto-CLI on the BCP I thought they might have forgiven me for my past history (I included an Amex card in BK7 16 years ago), so I gave it a try (since it's been said that auto-CLIs don't reset the six month clock). I got the 7-10 day message, which in the past has always been a denial.

I don't know if they denied it due to the recent auto-CLI on the BCP (which from what I've read shouldn't be the case) or if they are still holding the past against me on this card specifically, which seems odd. In any case I won't know for sure until I get the letter.

FWIW, I actually opened the Delta as a desperate attempt to get another card (with a hopefully higher CL) to eventually use as a 'donor' for the BCP, but obviously when it was approved with a $1k SL that kind of put the brakes on that plan. All wasn't lost, though... I did get 30k SkyMiles for opening the account, and I've saved enough with Amex Offers on the Delta to justify the AF (at least once).

All this being said, Amex can be really (really...) slow to come around if you ever burn them... but I'm proof that it is possible.