topic Re: Discover it miles - Generous Limits? in Credit Cards

Discover it miles - Generous Limits?

Anonymous — Sun, 16 Jun 2019 01:11:43 GMT

I’m looking into getting a Discover It Miles credit card and wondering what everyone’s initial credit limit was? I heard Discover gives a pretty hefty limit at first! Plus the miles would be nice to go towards vacations.

Right now I have very low limits - Cap one Quicksilverone @ $300 USAA Secured @ $500 and Chase Freedom Unlimited @ $1,000

My Experian FICO score is 706. According to credit karma i have a 677 TransUnion and 687 Equifax. I would appreciate everyone’s feedbZck!

Re: Discover it miles - Generous Limits?

Anonymous — Sun, 16 Jun 2019 01:28:11 GMT

FWIW: when I opened mine in Feb 2016 (my first Discover card) the starting CL was $12,500, My wife got about the same a year later.

This was on the low side of my other cards

Re: Discover it miles - Generous Limits?

Anonymous — Sun, 16 Jun 2019 01:29:42 GMT

If you don’t mind me asking, do you remember what your scores were at that time?

I’d hate to get stuck with another $500 limit card!

Re: Discover it miles - Generous Limits?

Anonymous — Sun, 16 Jun 2019 12:15:51 GMT

Sometimes they do sometimes they don’t.

I have Discover IT cash back that I opened April 2019 with a starting line $9500.

At the time 670-698 scores Fico 8

Negatives: 4 90 day late federal student loans (feb 2015 x 2 and Apr 2018 x 2) and 1 paid collection first delinquent dec 2014.

I was pre approved for all their cards at application time

Re: Discover it miles - Generous Limits?

kdm31091 — Sun, 16 Jun 2019 01:45:53 GMT

I don't know that Discover is really known for generous limits, especially considering your other limits. I certainly would not expect a huge approval. That said, Discover is (for some) flexible with CLI over time.

Re: Discover it miles - Generous Limits?

Anonymous — Sun, 16 Jun 2019 01:46:29 GMT

I appreciate you’re input! I think i might go for it next month, thank you!

Re: Discover it miles - Generous Limits?

HeavenOhio — Sun, 16 Jun 2019 02:10:24 GMT

Welcome, @Anonymous.

One thing about Discover is their unpredictability. myFICO Member A can report one experience with Member B reporting exactly the opposite.

But we know they like files like yours. I woudn't necessarily expect a huge limit right away. Getting your largest limit thus far wouldn't surprise me, though. And I'd be surprised if you weren't well positioned for credit limit increases.

Re: Discover it miles - Generous Limits?

Anonymous — Sun, 16 Jun 2019 02:37:59 GMT

That’s what i read, they give pretty good sized limits to people with low limit cards so they can put themselves as “the daily card”. I think I’m going for it next month though!

Re: Discover it miles - Generous Limits?

Anonymous — Sun, 16 Jun 2019 03:24:00 GMT

Welcome to MyFico!

My first (Discover It) card started at $5500, now $21,500

My second (Discover It Miles) card was $1,000, now $7,000

So, even with lower limits, Discover cards can grow.

Re: Discover it miles - Generous Limits?

wasCB14 — Sun, 16 Jun 2019 05:27:01 GMT

Keep in mind two very different profiles can have similar scores. Also, income can play a big role.

I got mine in 2014 as a joint account with my mother (I had 4 months of history and mostly wanted the free FICO scores). $2k SL even though I think she PIFed a few aged 5-figure cards.

Re: Discover it miles - Generous Limits?

Anonymous — Sun, 16 Jun 2019 15:03:16 GMT

It's all speculation AND profile dependent.

I specifically can say they grow for my profile and for another person here they grew but, not as much.

It's completely possible with persistence to get them up to 50K and beyond. It depends on how much effort and time you want to put into them.

There's an extensive thread on it all over here https://ficoforums.myfico.com/t5/Credit-Card-Applications/Discover-unOfficial-Data-Points/td-p/4802538

Re: Discover it miles - Generous Limits?

pizza1 — Sun, 16 Jun 2019 15:06:36 GMT

IMHO, Discover seems to be a little more generous with CL with folks that have few cards, and a thin file (which you have, so you're a prime candidate).

If those are your only cards, your chances of a decent SL are pretty good. They would definitely beat the Chase $1k.

Re: Discover it miles - Generous Limits?

AverageJoesCredit — Sun, 16 Jun 2019 15:29:04 GMT

As stated, Discover is all over the map. There really is no way to know what kind of limit you will get until you apply. Even though LTL got a lower limit in comparison to his other cards, 12 5k sl with Discover places you in the upper echelon of Discover approvals. Best of luck on your app and no matter the outcome, a great card with much potential

Re: Discover it miles - Generous Limits?

Anonymous — Sun, 16 Jun 2019 15:44:08 GMT

@pizza1 wrote:
IMHO, Discover seems to be a little more generous with CL with folks that have few cards, and a thin file (which you have, so you're a prime candidate).

If those are your only cards, your chances of a decent SL are pretty good. They would definitely beat the Chase $1k.

I agree with this completely. When I applied for my Disco last March, I had three cards totaling $9250 in limits and they gave me a $7500 SL. Disco loves their cards to be your primary.

That said, I have heard they tend to be stingier with limits on the Miles card. I asked about it some months back.

Re: Discover it miles - Generous Limits?

Anonymous — Sun, 16 Jun 2019 16:13:35 GMT

If the Miles card is a little stingy, which discover card would you suggest? The cash back one seems nice too with the rotating categories.

All of you are so helpful, thank you so much!

Re: Discover it miles - Generous Limits?

Anonymous — Sun, 16 Jun 2019 16:18:15 GMT

@Anonymous wrote:
If the Miles card is a little stingy, which discover card would you suggest? The cash back one seems nice too with the rotating categories.

All of you are so helpful, thank you so much!

I don’t really think they’re going to be stingy with either card with your particular profile but the most data points by far exist for the It Cash Back card. It’s really just up to you if you want to get 10% back on certain categories and 2% on everything else for the first year or 3% back on everything for the first year and also if you are going to be more happy with the category card or the Miles card in the long term. Since the category card is still a 5% card for those categories, it’s got long term utility vs the Miles that goes to 1.5%.

Re: Discover it miles - Generous Limits?

Anonymous — Sun, 16 Jun 2019 16:56:21 GMT

@Anonymous wrote:
If the Miles card is a little stingy, which discover card would you suggest? The cash back one seems nice too with the rotating categories.

All of you are so helpful, thank you so much!

The criteria is the same for all 3 flavors of Disco. When I run a pre-qual they all come back with the same terms.

Where things get stingy is based on your profile not the card version.

Re: Discover it miles - Generous Limits?

CreditCuriosity — Sun, 16 Jun 2019 22:09:48 GMT

@pizza1 wrote:
IMHO, Discover seems to be a little more generous with CL with folks that have few cards, and a thin file (which you have, so you're a prime candidate).

If those are your only cards, your chances of a decent SL are pretty good. They would definitely beat the Chase $1k.

Agree completely if you have alot of credit and even with high income and scores you are likely to get a lower limit then someone with little credit and alot lower scores. Income really plays no role in Discover approvals I finally have a discover with a 15k limit after combining cards and some SP CLI's over the last few year, but one card started out at 1k and another at 5k with scores in the 700's and income in the six figures and 1% utilization. They don't really like people with alot of cards as they figure you aren't likely to spend alot with them or carry a balance.

So depending on profile if it is thin or have baddies and little available credit you are most likely going to get a higher limit than someone with excellent credit and alot of available credit regardless of income of either party.

They are one lender that will just drive you crazy trying to figure out and I truely believe they bucket you on initial approval what you future CL's will be like etc, although with years and years you eventually can build a decent limit even with a low sl, just way more painful

Re: Discover it miles - Generous Limits?

FicoGuy2019 — Mon, 17 Jun 2019 01:17:52 GMT

Discover instant approval last week for 15k SL.

Re: Discover it miles - Generous Limits?

AverageJoesCredit — Mon, 17 Jun 2019 01:28:33 GMT

Lol, @FicoGuy2019 was invited to join the Disco Guardians of the Temple