topic Re: Discover IT Student CLI - How much? in Credit Cards

Discover IT Student CLI - How much?

Anonymous — Sat, 15 Sep 2018 20:18:57 GMT

Hi all,

I opened a Discover IT Student Account in early June with a $2k credit limit, and my 3rd statement is about to cut. I am planning on asking for a CLI about 1 week later, and would like some advice on what new limit I should ask for.

I have PIF every month, and make payments about once a week to keep util under 10%. I want a CLI to make it less of a pain to keep utilization low.

June-July: $3500 spent, reporting ~$550 at statement cut, PIF

July-August: ~$2500 spend, reporting $120 at statement cut, PIF

August - September: ~$1000 spent so far, account should report around $100 at statement cut, maybe $330 if the transaction doesn't go through in time

This is my only reporting account other than an AU on my parents 16 year old BoA card, so my FAKO scores are around 770-780. Discover FICO says 744.

$40k income including scholarships. My assets will increase from about $8k during the application to $15k now. Rent also decreased from $450 to $400.

How much can I ask for, or should I wait until 6 months? Thanks

Re: Discover IT Student CLI - How much?

FinStar — Sat, 15 Sep 2018 20:22:31 GMT

The system will determine what the account is eligible for, amount-wise. At minimum, you can request the CLI ~90 days from account opening.

Re: Discover IT Student CLI - How much?

Anonymous — Sat, 15 Sep 2018 20:29:17 GMT

You can only ask for an increase in general. You can't ask for a specific amount.

Re: Discover IT Student CLI - How much?

Anonymous — Sat, 15 Sep 2018 20:32:19 GMT

Ah ok that makes it easy. I haven't actually hit the button since I don't know what they track. I've heard of Amex putting people (like AskSebby) under account review for playing with the calculators, so I was afraid to do it until I was ready.

I'll just submit ageneral request then.

Thanks for the help guys!

Re: Discover IT Student CLI - How much?

Anonymous — Sat, 15 Sep 2018 21:00:10 GMT

@Anonymous wrote:
Hi all,

I opened a Discover IT Student Account in early June with a $2k credit limit, and my 3rd statement is about to cut. I am planning on asking for a CLI about 1 week later, and would like some advice on what new limit I should ask for.

I have PIF every month, and make payments about once a week to keep util under 10%. I want a CLI to make it less of a pain to keep utilization low.

June-July: $3500 spent, reporting ~$550 at statement cut, PIF
July-August: ~$2500 spend, reporting $120 at statement cut, PIF
August - September: ~$1000 spent so far, account should report around $100 at statement cut, maybe $330 if the transaction doesn't go through in time

This is my only reporting account other than an AU on my parents 16 year old BoA card, so my FAKO scores are around 770-780. Discover FICO says 744.

$40k income including scholarships. My assets will increase from about $8k during the application to $15k now. Rent also decreased from $450 to $400.

How much can I ask for, or should I wait until 6 months? Thanks

You can ask for a maximum of 3 times your current credit limit and you're usually eligible for your first credit line increase 61 days after your account was approved. So enter your new credit limit as $6,000 in the CLI request box. If Amex doesn't think you can have that amount they will either give you a counter-offer or an outright denial. If you are denied, then you have to wait 90 days before re-applying.

Re: Discover IT Student CLI - How much?

Anonymous — Sat, 15 Sep 2018 21:04:49 GMT

@Anonymous wrote:
@Anonymous wrote:
Hi all,

I opened a Discover IT Student Account in early June with a $2k credit limit, and my 3rd statement is about to cut. I am planning on asking for a CLI about 1 week later, and would like some advice on what new limit I should ask for.

I have PIF every month, and make payments about once a week to keep util under 10%. I want a CLI to make it less of a pain to keep utilization low.

June-July: $3500 spent, reporting ~$550 at statement cut, PIF
July-August: ~$2500 spend, reporting $120 at statement cut, PIF
August - September: ~$1000 spent so far, account should report around $100 at statement cut, maybe $330 if the transaction doesn't go through in time

This is my only reporting account other than an AU on my parents 16 year old BoA card, so my FAKO scores are around 770-780. Discover FICO says 744.

$40k income including scholarships. My assets will increase from about $8k during the application to $15k now. Rent also decreased from $450 to $400.

How much can I ask for, or should I wait until 6 months? Thanks

You can ask for a maximum of 3 times your current credit limit and you're usually eligible for your first credit line increase 61 days after your account was approved. So enter your new credit limit as $6,000 in the CLI request box. If Amex doesn't think you can have that amount they will either give you a counter-offer or an outright denial. If you are denied, then you have to wait 90 days before re-applying.

Umm...what? The OP doesn't have an Amex.

Re: Discover IT Student CLI - How much?

FinStar — Sat, 15 Sep 2018 21:06:28 GMT

@Anonymous wrote:
@Anonymous wrote:
Hi all,

I opened a Discover IT Student Account in early June with a $2k credit limit, and my 3rd statement is about to cut. I am planning on asking for a CLI about 1 week later, and would like some advice on what new limit I should ask for.

I have PIF every month, and make payments about once a week to keep util under 10%. I want a CLI to make it less of a pain to keep utilization low.

June-July: $3500 spent, reporting ~$550 at statement cut, PIF
July-August: ~$2500 spend, reporting $120 at statement cut, PIF
August - September: ~$1000 spent so far, account should report around $100 at statement cut, maybe $330 if the transaction doesn't go through in time

This is my only reporting account other than an AU on my parents 16 year old BoA card, so my FAKO scores are around 770-780. Discover FICO says 744.

$40k income including scholarships. My assets will increase from about $8k during the application to $15k now. Rent also decreased from $450 to $400.

How much can I ask for, or should I wait until 6 months? Thanks

You can ask for a maximum of 3 times your current credit limit and you're usually eligible for your first credit line increase 61 days after your account was approved. So enter your new credit limit as $6,000 in the CLI request box. If Amex doesn't think you can have that amount they will either give you a counter-offer or an outright denial. If you are denied, then you have to wait 90 days before re-applying.

For AmEx, yes. I believe the OP was asking about their Discover Student CC, though 😉

Re: Discover IT Student CLI - How much?

Anonymous — Sat, 15 Sep 2018 21:19:29 GMT

LOL...for some reason I read it as American Express.

OP, ignore my comment.

Re: Discover IT Student CLI - How much?

Anonymous — Sat, 15 Sep 2018 22:04:38 GMT

That's what happens when you try to watch the Michigan game and post at the same time.

Re: Discover IT Student CLI - How much?

Anonymous — Sat, 15 Sep 2018 22:06:23 GMT

@Anonymous wrote:
That's what happens when you try to watch the Michigan game and post at the same time.

Heh...you know it.