topic Re: Discover Slashed Limit in Credit Cards

Discover Slashed Limit

Anonymous — Sat, 08 Dec 2012 04:15:30 GMT

Ok- so I have quite a few cards and I have 3 new cards since July. BUT.... I have a 6 year perfect payment history, I have pushed over 4k through my Disco More in 4 months and I have paid over 3.2k on it (so I had a balance of ~$800 of my 2500 initial limit). Call me crazy- I thought I might be up for an INCREASE in spring... Anyhow. I notice on mint that it said I had $150 available on my Disco. I thought it was an error. I had a balance of $1500 on the card last month and 3 weeks ago I had paid that down to $800. ( I made a big fat payment on it for Pete sake!). I logged into my Disco to check out the remaining balance because I plan on paying off all my cards before Jan 1 and wanted to tally it in with the other TWO cards that still have a balance (I have about 13 cards, all at $0 ALL THE TIME, I use & pay off every month...) Anyhow. I had ~$42k in total credit and $3400 on a 5k (yeah I know, a bit high) and 1300 on another 5k, and my 800 on my Disco @ 2.5k....... They cut me down to $1,000 total as of Monday. Due to an "soft credit review". **bleep**. No lates, yeah I have a high balance on ONE freaking card, I have paid them over 3k in 4 months and I have NEVER, EVER been late on a single thing. I have a mortgage, one paid off car loan, one car loan that's active, a student loan and credit cards. All paid on time.

I paid my Disco in FULL. F them. I am not letting that sucker report at 90%!!!

I am beyond pissed. What a slap in the face. I have an 8k Amex BCE, had it for 15 months it's at $0. Geez.... I had to vent. I can't believe they didn't even courtesy call me. I feel like if they were the caliber of company they claim to be they could have called to let me know and talk about it. B of A calls me for crying out loud just to check in and see if I am enjoying my card/savings. B of A!!! Who knew they could skunk Discover in service?

Anyhow. Now my little 1k limit will be utilized $0.... I am calling Monday to ask them to restore my limit. Not sure if they will. If they don't I am sock drawering this card until the shoot me at least a 5k. As of January I will have $0 credit card debt and I imagine every company will be falling all over me, except Discover. Makes me wish I hadn't talked my boyfriend in to signing up with them. They don't have DIDDLEY on Amex.

That's my vent. Thanks for reading! I feel slightly better now.

Re: Discover Slashed Limit

TNTransplant — Sat, 08 Dec 2012 04:28:17 GMT

Wow. Sorry to hear that - hopefully they'll be receptive to increasing your CL back to where it started, or at least can give you a valid reason why they did it.

I do think they're probably sensitive to new accounts (not Barclay's sensitive, but...). I got my More card with them in 5/12, with a $3000 CL. At month three, they auto-CLI me to $3500, and then at month five they auto-CLI me to $3750. I was all excited thinking I could get a nice increase after 6 months, but was declined for "too many new accounts." In fairness to them, I had opened 4-5 new cards in Aug/Sept, but my overal utilization and scores were MUCH better than when I was originally approved.

Oh well, live and learn. I have close to 3 months of gardening under my belt, and I'm not asking for anything from them until next summer after these accounts age. And if they choose to CLD me, no big deal - I've got better cards.

Re: Discover Slashed Limit

nicholasyud — Sat, 08 Dec 2012 04:34:41 GMT

Just calm down. Maybe a system error. Simply call would solve the problem .

Wish u best.

Re: Discover Slashed Limit

scottwagnon — Sat, 08 Dec 2012 04:36:55 GMT

I had ~$42k in total credit and $3400 on a 5k (yeah I know, a bit high) and 1300 on another 5k, and my 800 on my Disco @ 2.5k....... They cut me down to $1,000 total as of Monday. Due to an "soft credit review". **bleep**. No lates, yeah I have a high balance on ONE freaking card, I have paid them over 3k in 4 months and I have NEVER, EVER been late on a single thing. I have a mortgage, one paid off car loan, one car loan that's active, a student loan and credit cards.

im going to guess that DFS has calculated and determined that with the amount that you spend and the amount of total debt that you currently have, in addition to the rate at which you are now paying off your debt, that they have calculated that you may be more of a risk than you may actually be. looking at you numbers, I can understand DFS's motivation in decreasing your limit.

Re: Discover Slashed Limit

AF_23 — Sat, 08 Dec 2012 04:39:08 GMT

You should call them and get someone higher up to take a peek at your account. I dunno about the whole new account thing either. Ive had 6-7 cards opened since i opened my More just 13 months ago. They seem to love balance transfers in, and keeping a balance hasnt been an issue and i havent heard of them being picky about these things on here

Re: Discover Slashed Limit

jsickz32 — Sat, 08 Dec 2012 04:40:53 GMT

i dont think its your new accounts that caused the CLD. my discover card was my 4th or 5th card i opened on my 15 cards app spree and it still open with the same cl. i think its those 2 other cards reporting balances that caused it

Re: Discover Slashed Limit

Anonymous — Sat, 08 Dec 2012 04:44:57 GMT

Yeah that's what I thought too but the CSR said it was noted as being "too many new account" I guess that 3 in 5 months is a lot. One was a Lowes card (because I shop there all the time and the 5% is nice, I just pay it off immediately) and one was a gas card. The other is actually a credit card that my bank gave me when I got my car PRE discover, it just didn't report until the end of July (bought my car june 28). Oh poo. It doesn't bother me so as much that they slashed my limit, I mean it does bother me, but what really annoys me is they didn't call. I just expected more from them. Jokes on me.

Re: Discover Slashed Limit

webhopper — Sat, 08 Dec 2012 08:52:15 GMT

I would call them. They didn't give me any adverse action from lines I opened in Feb.

Re: Discover Slashed Limit

Epcot — Sun, 09 Dec 2012 03:51:17 GMT

Wow, sorry to hear.

Re: Discover Slashed Limit

SportBike4Life — Sun, 09 Dec 2012 04:21:23 GMT

Discover is one of the most conservative at handling out high CL's. It has by far the lowest CL out of all of my cards.

Re: Discover Slashed Limit

koalablue — Sun, 09 Dec 2012 06:07:27 GMT

They are conservative. I have a 22000 limit on one of my cards and decent limit on others, and my Discover is stuck at 1700 after a year. To heck with them in my opinion. They are very nice when you call them but I don't like the low limit. i have opened a decent number of new cards in the past year so it's not really a surprise.

Re: Discover Slashed Limit

RonDawg — Sun, 09 Dec 2012 07:02:23 GMT

@SportBike4Life wrote:
Discover is one of the most conservative at handling out high CL's. It has by far the lowest CL out of all of my cards.

I agree with you on that.

Re: Discover Slashed Limit

Anonymous — Sun, 09 Dec 2012 07:26:52 GMT

Carrying a balance on any credit card can be seen as risky behavior. It would not surprise me to learn that is the reason for OP's CLD.

As far as low credt limits with Discover, they do seem to be more conservative than some of the other major banks. My limit with them is about $16,000, so YMMV. My lowest limit by far is PenFed.

Re: Discover Slashed Limit

kevinjjc — Sun, 09 Dec 2012 13:58:15 GMT

@Anonymous wrote:
Carrying a balance on any credit card can be seen as risky behavior. It would not surprise me to learn that is the reason for OP's CLD.

As far as low credt limits with Discover, they do seem to be more conservative than some of the other major banks. My limit with them is about $16,000, so YMMV. My lowest limit by far is PenFed.

What was your initial credit limit with Discover? They started me off with 10k, so I'm wondering what kind of CLI I will get after I request it.

Re: Discover Slashed Limit

scottwagnon — Sun, 09 Dec 2012 22:59:37 GMT

@Anonymous wrote:
Carrying a balance on any credit card can be seen as risky behavior. It would not surprise me to learn that is the reason for OP's CLD.

As far as low credt limits with Discover, they do seem to be more conservative than some of the other major banks. My limit with them is about $16,000, so YMMV. My lowest limit by far is PenFed.

16k is a bit on the high end for most of us. i am guessing by your info that your average limits are around 25 to 30k which is astronomically high in comparison to most.

Re: Discover Slashed Limit

Anonymous — Tue, 11 Dec 2012 02:26:02 GMT

Called them today. Agent reviewed my account, asked the standard questions; income, mortgage payment, time on the job. He said my payment history looks great worth all my creditors and it is exceptional with discover. Apologized and reinstated my limit in full. Whew!

Re: Discover Slashed Limit

RyVision — Tue, 11 Dec 2012 02:41:07 GMT

@Anonymous wrote:
Called them today. Agent reviewed my account, asked the standard questions; income, mortgage payment, time on the job. He said my payment history looks great worth all my creditors and it is exceptional with discover. Apologized and reinstated my limit in full. Whew!

Very glad to hear they were reasonable about it. Then again they are Discover and they tend to do their best to please good card holders. I was actually expecting you to post something along that line considering the info you posted.

Re: Discover Slashed Limit

Anonymous — Tue, 11 Dec 2012 09:19:02 GMT

@Anonymous wrote:
Carrying a balance on any credit card can be seen as risky behavior. It would not surprise me to learn that is the reason for OP's CLD.

As far as low credt limits with Discover, they do seem to be more conservative than some of the other major banks. My limit with them is about $16,000, so YMMV. My lowest limit by far is PenFed.

oddly enough, penfed is actually my highest credit limit at 20,000. fidelity amex at 15,000. citi diamond at 10,900. but my discover is still at 1500. no auto cli either