topic Re: Asked Discover for cli got a DECREASE!! in Credit Cards

Asked Discover for cli got a DECREASE!!

Anonymous — Mon, 14 Oct 2019 16:58:39 GMT

Had discover card 2 years... its been up to ots limit for about 6 months... 2700 credit line... just paid to zero 8 days ago... i refinanced my truck amd got cash out tp pay off 13k in credit card at 6 percent interest... Has anyone else had this happen ??? My TU right now os 649 and going up... Overall cc debt was 22k with 29k limits.. so itilazation was high overall... shpuld i call ??? This will tank my score at least 20 points when it posts... 610 EX 639 EQ 649 TU... WHAT HAPPENED??? Started woth 800 limit..increase to 1500 then 2700...

Re: Asked Discover for cli got a DECREASE!!

Anonymous — Mon, 14 Oct 2019 17:01:22 GMT

High utilization for extended periods of time and overall high utilization for extended periods of time result in this behavior depending on the lender. It's not really a surprise that there was a CLD when you brought attention to yourself by asking for an increase.

Your score isn't going to "TANK" as you put it. It will probably stay about the same until you bring the balances down.

Re: Asked Discover for cli got a DECREASE!!

Anonymous — Mon, 14 Oct 2019 17:02:19 GMT

s a result of a recent review, we have reduced the credit line on your Discover it® card account. Your account remains OPEN and you can charge up to your available credit line. As your situation changes, future account reviews may allow us to reconsider your credit line on this account. We've taken this action for the following reason(s): Number of recent inquiries as reported by agency Bureau reports too many rev accts w/high bal to credit line ratio Bureau reports average age of bank revolving trades too short As a result: Your NEW credit line is $500 of which $70 is available as cash. Should you have any questions regarding the actions taken on your account, our service specialists are available to assist

Re: Asked Discover for cli got a DECREASE!!

Anonymous — Mon, 14 Oct 2019 17:03:40 GMT

True..bringing attention to myself... do you think the loan was a red flag? Would calling do any good ???

Re: Asked Discover for cli got a DECREASE!!

Anonymous — Mon, 14 Oct 2019 17:06:05 GMT

Unfortunately this is the risk with carrying a large balance. You will just have to accept the loss of the limit and move on because they won't reconsider when they take AA.

Re: Asked Discover for cli got a DECREASE!!

Anonymous — Mon, 14 Oct 2019 17:07:13 GMT

By having high uti and asking for CLI you triggered an alarm.
Most lenders will not give you any more credit until uti is down to under 30%.
It’s like your friend who owes money but comes asking to borrow more without paying first.

Re: Asked Discover for cli got a DECREASE!!

Creditplz — Mon, 14 Oct 2019 17:08:56 GMT

I very highly doubt the loan did it.. it’s just your utilization, if you’re using 76% of your total CL, they want to minimize their risk on you.

Wouldn’t be surprised if they balance chase you to $0. Also it’s probably better that the limit went down so you can focus on paying off other debt

Re: Asked Discover for cli got a DECREASE!!

Anonymous — Mon, 14 Oct 2019 17:09:08 GMT

No, it's all based on the high balances.

The loan if it brings down the balances could result in being able to get the limit restored once things update.

Calling now won't do much, calling later might do something.

Re: Asked Discover for cli got a DECREASE!!

SoCalifornia — Mon, 14 Oct 2019 17:11:34 GMT

I wouldn't call, if I were you. You already brought them to the table. I doubt the loan was the issue, as OE explained, it appears to be your high utilization. And to be fair, they are a lender. If they see high utilization what would make them want to increase your limit? Personally, I would take my penance and move onto working on getting those utilz paid down. It would pay off better for you not to seek any increases for a while.

Re: Asked Discover for cli got a DECREASE!!

M_Smart007 — Mon, 14 Oct 2019 17:20:48 GMT

@Anonymous wrote:
Had discover card 2 years... its been up to ots limit for about 6 months... 2700 credit line... just paid to zero 8 days ago... i refinanced my truck amd got cash out tp pay off 13k in credit card at 6 percent interest... Has anyone else had this happen ??? My TU right now os 649 and going up... Overall cc debt was 22k with 29k limits.. so itilazation was high overall... shpuld i call ??? This will tank my score at least 20 points when it posts... 610 EX 639 EQ 649 TU... WHAT HAPPENED??? Started woth 800 limit..increase to 1500 then 2700...

Sorry OP They call it "Balance Chasing" ..

pay it down and use it wisely, they will grace you with a CLI after a while.

Re: Asked Discover for cli got a DECREASE!!

Anonymous — Mon, 14 Oct 2019 17:28:46 GMT

I guess my master plan did not work after all ! Ugh... i am on a 9 month olan to pay everything left (10k) to zero ... i guess in my haze i was trying to keep my score going up withboverall utilization by asking for an increase... i am at zero balance with discover now... doing the refi on my truck at 6 percent freed up 1200 month in oayments which i was splitting between credit card payments and extra payments on truck.... im on a patch to be debt free in 18 months from credits cards and car payments along with hospital bill EXCEPT for the new truck payment..

Re: Asked Discover for cli got a DECREASE!!

Anonymous — Mon, 14 Oct 2019 17:30:08 GMT

My actual intention of asking for an increase was tobstart closing 3 sub prime i have.... freaking 1st premier and milestone i want gone !

Re: Asked Discover for cli got a DECREASE!!

SoCalifornia — Mon, 14 Oct 2019 17:34:10 GMT

@Anonymous wrote:
My actual intention of asking for an increase was tobstart closing 3 sub prime i have.... freaking 1st premier and milestone i want gone !

So pay them off and close them 🤷🏽‍♂️

Re: Asked Discover for cli got a DECREASE!!

M_Smart007 — Mon, 14 Oct 2019 17:40:06 GMT

@SoCalifornia wrote:
@Anonymous wrote:
My actual intention of asking for an increase was tobstart closing 3 sub prime i have.... freaking 1st premier and milestone i want gone !
So pay them off and close them 🤷🏽‍♂️

OP possibly may need them? for Utilization padding? ..for a short period of time.

Re: Asked Discover for cli got a DECREASE!!

Anonymous — Mon, 14 Oct 2019 17:50:48 GMT

They are paid off... But if close now it will drop my limits by another 1700 and disco just dropped me 2200... so not going 2 do that now for my overall...

Re: Asked Discover for cli got a DECREASE!!

SoCalifornia — Mon, 14 Oct 2019 17:53:56 GMT

@M_Smart007 wrote:
@SoCalifornia wrote:
@Anonymous wrote:
My actual intention of asking for an increase was tobstart closing 3 sub prime i have.... freaking 1st premier and milestone i want gone !
So pay them off and close them 🤷🏽‍♂️
OP possibly may need them? for Utilization padding? ..for a short period of time.

Possibly, agent 007. But OP claims almost 30k in overall credit, of which the debt to the tune of 22k needs to be paid off. $700 in utilz padding doesn't seem like a breaker, so long as OP isn't just skimming the interest. I would eliminate those two options maybe?

Re: Asked Discover for cli got a DECREASE!!

SoCalifornia — Mon, 14 Oct 2019 17:52:53 GMT

@Anonymous wrote:
They are paid off... But if close now it will drop my limits by another 1700 and disco just dropped me 2200... so not going 2 do that now for my overall...

I misread the combined limits of the two accounts. So sure, if they are paid off, no harm then.

Re: Asked Discover for cli got a DECREASE!!

HeavenOhio — Mon, 14 Oct 2019 17:53:01 GMT

Once the OP has paid down his debt, his score will land in about the same spot no matter what his limits are. I'd go ahead and close the awful cards. They only add up to $700 in total limits.

Re: Asked Discover for cli got a DECREASE!!

M_Smart007 — Mon, 14 Oct 2019 17:54:40 GMT

@SoCalifornia wrote:
@M_Smart007 wrote:
@SoCalifornia wrote:
@Anonymous wrote:
My actual intention of asking for an increase was tobstart closing 3 sub prime i have.... freaking 1st premier and milestone i want gone !
So pay them off and close them 🤷🏽‍♂️
OP possibly may need them? for Utilization padding? ..for a short period of time.

Possibly, agent 007. But OP claims almost 30k in overall credit, of which the debt to the time of 22k needs to be paid off. $700 in utilz padding doesn't seem like a breaker, so long as OP isn't just skimming the interest. I would eliminate those two options maybe?

@SoCalifornia

https://ficoforums.myfico.com/t5/Credit-Cards/Asked-Discover-for-cli-got-a-DECREASE/m-p/5774612#M1673956

Probably best to keep open for now..

Re: Asked Discover for cli got a DECREASE!!

M_Smart007 — Mon, 14 Oct 2019 17:56:55 GMT

@HeavenOhio wrote:
Once the OP has paid down his debt, his score will land in about the same spot no matter what his limits are. I'd go ahead and close the awful cards. They only add up to $700 in total limits.

Heaven Help Us