topic Re: Discover It Card in Credit Cards

Discover It Card

Uncle_Money — Sat, 06 May 2017 02:44:40 GMT

Hey guys,

So the time is approaching where I'm getting the itch to come out of the garden and app! Last app was for the Barclay World Elite card nearly 1 year ago. I have a $15K limit on that one.

Discover has been sending me weekly invitations to apply for Discover It. I'm guessing I must be pre approved because I never received anything from Discover ever. It's also the one card I was never able to get approved for years ago. Of course, I'm now Uncle Money and my credit profile has drastically changed so I'm guessing I can now get that approval.

My question is what kind of SL does Discover hand out? I read here they're super generous with increases but what about SL? Anything less than $20K - $25K would not interest me. I'm waiting for balances on my CITI and Barclay cards to report so my utilization drops and my profile is ideal. I'm around 750 FICO right now and once these report with $0 balances my scores should get a bump to 770 or above, according to the simulator.

I'll let the Discover experts weight in.

Thanks,

Uncle Money

Re: Discover It Card

austinguy907 — Sat, 06 May 2017 07:11:30 GMT

Weekly letters for applying is a good sign. I too went years of checking them out and then finally when things were more ideal for them to say yes they sent them after checking the pre-qual page a couple of times for the rates.

When they send them frequently they really want you to pull the trigger and get the approval. However, to your question on SL out of the gate.... They're not going to likely hand you 20-25K right out of the gate. Disco is conservative to say the least when it comes to approvals and most of us got denied 3-5 times before being welcomed in the door. This denial also goes for even the Secured version.

Disco isn't going to assign you a CL based solely on scores etiher. Like other lenders they'll take a deep dive into your history and evaluate from there.

The SL's lately have been around $5K on average. Some have been lower, some have been higher, and the highest I've seen has been about $22K. While the SL isn't impressive the double cash back for 12 months can really add up. Some have been able to hit close to $1K in cashback from swipes. If you hold onto it long enough and want another stab at double cashback you can add another card after about a year and do the doubling again for another 12 months. The double dip happens when you get apporved for say IT and then a year later go after Miles. The Miles also is 1.5% so essentially you get 3% for the first year.

Re: Discover It Card

Uncle_Money — Sat, 06 May 2017 16:00:26 GMT

@austinguy907 wrote:
Weekly letters for applying is a good sign. I too went years of checking them out and then finally when things were more ideal for them to say yes they sent them after checking the pre-qual page a couple of times for the rates.

When they send them frequently they really want you to pull the trigger and get the approval. However, to your question on SL out of the gate.... They're not going to likely hand you 20-25K right out of the gate. Disco is conservative to say the least when it comes to approvals and most of us got denied 3-5 times before being welcomed in the door. This denial also goes for even the Secured version.

Disco isn't going to assign you a CL based solely on scores etiher. Like other lenders they'll take a deep dive into your history and evaluate from there.

The SL's lately have been around $5K on average. Some have been lower, some have been higher, and the highest I've seen has been about $22K. While the SL isn't impressive the double cash back for 12 months can really add up. Some have been able to hit close to $1K in cashback from swipes. If you hold onto it long enough and want another stab at double cashback you can add another card after about a year and do the doubling again for another 12 months. The double dip happens when you get apporved for say IT and then a year later go after Miles. The Miles also is 1.5% so essentially you get 3% for the first year.

This is great insight and thank you for the very informative post!

Do you know what bureau they usually pull?

Thanks,

Re: Discover It Card

Anonymous — Sat, 06 May 2017 16:12:35 GMT

I love my Discover it card.

I got the mailers weekly before I applied.

But I held off till the mailers and the prequel site both had a apr spread of 3 points. As I read on the forums that is better to wait for. A larger spread I was understanding was not as good of a chance of approval.

My starting line was 3000.00. I have had it 5 months and hit the CLI yesterday and was bumped to 6000.00.

I am in NY and they pulled my EX.

I hope that helps

Re: Discover It Card

Anonymous — Sat, 06 May 2017 16:16:37 GMT

Honestly the chances of getting a limit of $20-25K are very slim.I received $12.5K and most of my cards are in the $20-40K range and scores are at 800 or so and a pretty good income. They just don't tend to give out large starting limits. CLIs used to be plentiful but they have slowed that up considerably as reports of them having higher than normal credit card defaults have been reported.

Re: Discover It Card

Anonymous — Sat, 06 May 2017 20:22:09 GMT

Not my experience. I got 24k from them less than a year ago with a 740'ish. But perhaps I got lucky?

@Anonymous wrote:
Honestly the chances of getting a limit of $20-25K are very slim.I received $12.5K and most of my cards are in the $20-40K range and scores are at 800 or so and a pretty good income. They just don't tend to give out large starting limits. CLIs used to be plentiful but they have slowed that up considerably as reports of them having higher than normal credit card defaults have been reported.

Re: Discover It Card

Anonymous — Sat, 06 May 2017 22:04:39 GMT

@austinguy907 wrote:
Weekly letters for applying is a good sign. I too went years of checking them out and then finally when things were more ideal for them to say yes they sent them after checking the pre-qual page a couple of times for the rates.

When they send them frequently they really want you to pull the trigger and get the approval. However, to your question on SL out of the gate.... They're not going to likely hand you 20-25K right out of the gate. Disco is conservative to say the least when it comes to approvals and most of us got denied 3-5 times before being welcomed in the door. This denial also goes for even the Secured version.

Disco isn't going to assign you a CL based solely on scores etiher. Like other lenders they'll take a deep dive into your history and evaluate from there.

The SL's lately have been around $5K on average. Some have been lower, some have been higher, and the highest I've seen has been about $22K. While the SL isn't impressive the double cash back for 12 months can really add up. Some have been able to hit close to $1K in cashback from swipes. If you hold onto it long enough and want another stab at double cashback you can add another card after about a year and do the doubling again for another 12 months. The double dip happens when you get apporved for say IT and then a year later go after Miles. The Miles also is 1.5% so essentially you get 3% for the first year.

I've actually begun to cogitate on whether I should try for a 2nd Discover (possibly a Miles, or maybe apply through Amazon to get the statement credit?) in good time, since I'm still getting mailers every so often (not as often as before I pulled the trigger in March, of course! ) and the last time I tried the Discover prequal site I got a single-figure APR offer, which is, as I and others have remarked, pretty much the best offer they can give and indicates your chances are about as good as they're going to get. So yeah - I think I'll revisit the question next spring when the 12-month mark comes up and see if it's still worth doing then.

Considering that Discover is so conservative, I consider myself quite fortunate that they wanted me to have an account with them that much - they must have seen something in my credit reports that makes them think I have real potential that maybe I haven't been seeing myself. My SL is $2500, so since this is pretty much the best card I have at this time, I've been babying it as much as I can. I'm thinking about trying a CLI at the 90-day mark from account approval/activation in late June, but if I do I'm going to play that conservatively and take whatever they give me without demur. I seem to remember they'll give you an automatic increase after 3 or 6 months, but maybe I'm misremembering?

Re: Discover It Card

empiror22 — Sat, 06 May 2017 22:51:02 GMT

I got a discover card on April 8th, they pulled my Equifax I was at 805 ish. I had to call in to verify myself, my SL was up to 35k, but I only took 30k as I didn't really need 35k.

So discover can have very large SL , but it seems I'm kind of an exception.

Jason

Re: Discover It Card

grillandwinemaster — Sun, 07 May 2017 04:09:51 GMT

I'm in California and Discover pulled my Equifax.

Hope that helps.

Best credit wishes to you OP.

Re: Discover It Card

UncleB — Sun, 07 May 2017 12:59:33 GMT

@Uncle_Money, from one uncle to another I would say it's really a toss-up on if you'll be able to get the initial credit limit you want with Discover.

If you look around here you will find people who got approved with $20k+ credit lines but they seem to be the exception rather than the rule... but of course perhaps you would be an exception as well. What I can say is that while Discover is no NFCU when it comes to starting credit lines, Discover is known to grow quite well (and quickly) if your overall profile supports it.

In my case I was approved (with a dirty credit file) for $5500, but once my files were clean and with some regular spending it easily increased to $21k over 18 months. I haven't tried to get any higher than that since for my profile/needs $21k is more than sufficient.

If you decide to give Discover a try, you might be one of the fortunate ones and start off with a really great credit line, but if not don't get discouraged... it will grow fast!

Just my 2¢.

Re: Discover It Card

Uncle_Money — Sun, 07 May 2017 17:17:11 GMT

This is all great advice guys so thank you to everyone who weighed in here.

A lot of mixed responses so I guess there's no way of knowing until I pull the app trigger, if I do.

But I have to tell you another card I'm considering is the new U.S. Bank Altitude Reserve Visa Infinite® Card. My truck is leased through U.S. Bank so I would qualify to apply and from what I've been reading they're handing out some sweet SLs.

So what do you guys think? Discover vs. U.S. Bank Altitude?

Re: Discover It Card

austinguy907 — Sun, 07 May 2017 17:40:01 GMT

Apples V Oranges

Re: Discover It Card

rmduhon — Sun, 07 May 2017 18:33:59 GMT

Discover pulled EQ for hubby and my mom, EX for me, all 3 in Texas. SL was 2k for hubby (91 day CLI pattern, 500 a pop), 2,500 for mom, 1k for me. Just goes to show that you never know with them.

Re: Discover It Card

pip3man — Sun, 07 May 2017 19:50:57 GMT

My best friend got approved for the IT card with an 18k SL and FICO score listed in the Welcome letter was 686. His highest individual limit was a 1yr old $2500 Citicard which was maxed out at the time of application and an AU on my Venture One card with a $7500 limit.... had a bunch of student loans and paid off auto loans. There was also an unpaid medical collection on file for $155. Go figure.... granted he's been getting the Discover preapproval letters in the mail for a while.

Re: Discover It Card

AverageJoesCredit — Sun, 07 May 2017 22:07:18 GMT

AG, sliced vs peeled?

Re: Discover It Card

Anonymous — Sun, 30 Jul 2017 04:06:26 GMT

I was approved today for $9,500. My scores range from 695-701 per myfico. I am not sure who they pulled yet.

Re: Discover It Card

Anonymous — Sun, 30 Jul 2017 06:44:16 GMT

@Uncle_Money wrote:
Hey guys,

So the time is approaching where I'm getting the itch to come out of the garden and app! Last app was for the Barclay World Elite card nearly 1 year ago. I have a $15K limit on that one.

Discover has been sending me weekly invitations to apply for Discover It. I'm guessing I must be pre approved because I never received anything from Discover ever. It's also the one card I was never able to get approved for years ago. Of course, I'm now Uncle Money and my credit profile has drastically changed so I'm guessing I can now get that approval.

My question is what kind of SL does Discover hand out? I read here they're super generous with increases but what about SL? Anything less than $20K - $25K would not interest me. I'm waiting for balances on my CITI and Barclay cards to report so my utilization drops and my profile is ideal. I'm around 750 FICO right now and once these report with $0 balances my scores should get a bump to 770 or above, according to the simulator.

I'll let the Discover experts weight in.

Thanks,

Uncle Money

I got Discover two weeks ago... 1250 CL. The same day, I got Cap1 15k and AmEx 10k. Just keep thinking what to do with it........

Re: Discover It Card

red259 — Sun, 30 Jul 2017 07:50:02 GMT

I get a letter a week from discover. Its frickin annoying. I can't even imagine how much money they have wasted sending me all the mail that they have. I don't have anything against discover and I would like to have a card with them but the card isn't worth wasting an app when there are soo many cards with good signups.