topic Too early to ask Discover for CLI? in Credit Cards

Too early to ask Discover for CLI?

Anonymous — Tue, 05 Sep 2017 02:28:04 GMT

Hello y'all, I'm a new member and let me just say how great it is to be among a community who shares credit cards as a common interest.

Here'sthe situation. About 1.5 months ago I got approved for a Discover It student credit card (I'm 19 and in college) with a $500 credit limit. Next week I was hoping to by a new phone for $760 through Apple and I noticed that Discover had a 5% cash back deal through Apple (this coupled by the fact that Discover doubles my cash back since it's my first year would mean a cool $76 back in my pocket). My question is, given my new history with Discover, should I ask for a credit limit increase to $1,000?

A couple things, on my Discover I use it as my main card-I've probably used it for $1,000+ in purchases (but I always pay it off entirely before my statement close date). My FICO is 702 and Vantage is 715. I have a good credit report, ~1% utilization, no late payments, no negative anything, just a new credit history (6 months average) and 1 hard pull. Also my gross income (including grants/scholarships that Discover allows is $25k.

One more thing!! (Sorry!) How can I get my FICO up? I really want an Amex, is it too early for that?

Re: Too early to ask Discover for CLI?

Anonymous — Tue, 05 Sep 2017 02:34:56 GMT

Hey there and welcome to the forum!

It doesn't hurt to ask, but your limited credit history and time with Discover may hold you back. I'd call up CS and talk to them. They'll see your spend/payment history and explain how you want to make a purchase that your current limit won't cover. It would be a win-win if they were to give you a CLI. Most people start reporting Discover CLIs around the 3rd month, but that's not to say you can't get one sooner.

As far as getting your FICO scores up... Read, Read, Read. I strongly suggest the "Understanding FICO Scoring" section, as you'll learn a ton in there if you spend 15-20 minutes a day reading through threads. You'll get a strong grasp of what impacts the different sectors of the FICO pie and what you can do including a few tricks to maximize your scores.

Re: Too early to ask Discover for CLI?

Anonymous — Tue, 05 Sep 2017 02:38:06 GMT

It won't hurt to try with discover since it is a soft pull CLI. But with only 1.5 months of history you are way more than likely going to get denied. Like the guy above me posted, maybe speaking to a live person and explaining your situation might help. If not, wait another month and a half and then ask for a CLI. Your chances will be a lot higher.