topic Re: When to ask Discover for CLI? in Credit Cards

When to ask Discover for CLI?

Anonymous — Tue, 08 Jul 2014 16:59:09 GMT

Hi! I know this has been posted somewhere but I couldn't find the thread. I got approved for a $750 CL with Discover about a month ago. I'm happy with it, but I just began a new job, and 750 is having me pay down twice a month to have any room on the card. Has anyone had any luck requesting a CLI after 3 months, and if so how? Would 6 months be better?

FYI My Discover TU FICO was 743. I'm still an AU on high utilization cards, but my utilization is low (or non-existent depending on when they report) and so my AAoA with my parents is 18 years but mine is only around 4 months.

Thanks for all of the help everyone

Re: When to ask Discover for CLI?

Creditaddict — Tue, 08 Jul 2014 17:01:33 GMT

every 3 months you can ask for a sp cli... I would wait for at least 6 months before you do a hp cli if no sp cli go through.

Re: When to ask Discover for CLI?

PlasticOrPlastic — Tue, 08 Jul 2014 17:20:20 GMT

My experience for information only: Got the card in January $800 limit. 2 months later called and asked about CLI, couldnt do SP cause it was to soon, took HP instead, went up to $2000. Called 2 weeks later to ask again and of course couldnt get SP but took another HP and went to $3000. Normally I wouldnt take the HPs especially so close together but I felt it was worth it for my situation. Only regret is asking for such low amounts instead of going for a counter.

Re: When to ask Discover for CLI?

Anonymous — Tue, 08 Jul 2014 17:29:30 GMT

@PlasticOrPlastic wrote:
My experience for information only: Got the card in January $800 limit. 2 months later called and asked about CLI, couldnt do SP cause it was to soon, took HP instead, went up to $2000. Called 2 weeks later to ask again and of course couldnt get SP but took another HP and went to $3000. Normally I wouldnt take the HPs especially so close together but I felt it was worth it for my situation. Only regret is asking for such low amounts instead of going for a counter.

Ah! Your experience makes me so tempted for the HP, but I already have a few mixed around from getting the 2 cards and from getting an apartment and new job. I wonder why they wouldn't have just given you a better limit at first if the HPs showed likely very little difference from month to month.

Re: When to ask Discover for CLI?

PlasticOrPlastic — Tue, 08 Jul 2014 17:36:39 GMT

@Anonymous wrote:
@PlasticOrPlastic wrote:
My experience for information only: Got the card in January $800 limit. 2 months later called and asked about CLI, couldnt do SP cause it was to soon, took HP instead, went up to $2000. Called 2 weeks later to ask again and of course couldnt get SP but took another HP and went to $3000. Normally I wouldnt take the HPs especially so close together but I felt it was worth it for my situation. Only regret is asking for such low amounts instead of going for a counter.
Ah! Your experience makes me so tempted for the HP, but I already have a few mixed around from getting the 2 cards and from getting an apartment and new job. I wonder why they wouldn't have just given you a better limit at first if the HPs showed likely very little difference from month to month.

Honestly I was pretty happy with the approval and $800 I had a BK in 2011, and wasn't getting approved for anything. I had probably about 12-15 INQs on my CR when I called so that didnt affect them at all. Like I said I wouldnt have done the HP's but they offered me 0% on BT for 12 months, and I also wanted to buy a new grill from Home Depot with the 10% stacked CB that quarter. Like you paying multiple times per month was kind of annoying...now I just send 700-800 once per month and I'm happy.

Re: When to ask Discover for CLI?

Creditaddict — Tue, 08 Jul 2014 17:42:21 GMT

@Anonymous wrote:
@PlasticOrPlastic wrote:
My experience for information only: Got the card in January $800 limit. 2 months later called and asked about CLI, couldnt do SP cause it was to soon, took HP instead, went up to $2000. Called 2 weeks later to ask again and of course couldnt get SP but took another HP and went to $3000. Normally I wouldnt take the HPs especially so close together but I felt it was worth it for my situation. Only regret is asking for such low amounts instead of going for a counter.
Ah! Your experience makes me so tempted for the HP, but I already have a few mixed around from getting the 2 cards and from getting an apartment and new job. I wonder why they wouldn't have just given you a better limit at first if the HPs showed likely very little difference from month to month.

actually I take back my answer since you only have 2 cards... Discover will probably favor you more and the INQ's will not be a big deal... I'd take them if they can't do the sp CLI but like other poster stated... ask for much more and get counter.

and in 6 months or sooner if you get pre-approvals Id get Amex and Chase cards!

Re: When to ask Discover for CLI?

Anonymous — Tue, 08 Jul 2014 17:49:49 GMT

I've had Cap One since February and in September I'm getting the 750 from credit steps, and they agreed to review a CLI for more when I submit my first pay stub (I start working next week but don't get paid until mid August). Is it smarter to wait until Capital One increases me or to just go for it? I would love to not be stuck paying down this card every couple weeks, but I only got my first statement a week or so ago.

Re: When to ask Discover for CLI?

bigblue7722 — Tue, 08 Jul 2014 17:56:05 GMT

@Creditaddict wrote:
every 3 months you can ask for a sp cli... I would wait for at least 6 months before you do a hp cli if no sp cli go through.

would it be best to do this over the phone. When i go online now and click on the CLI button it says this:

Requesting an increase to your credit line is easy. Tell us the amount you would like your credit line to increase by and provide some of your employment and financial information to help us with our decision. This request may also require us to pull a credit bureau report, which may affect your credit score. Most decisions are immediate, however it may take up to two business days.

Re: When to ask Discover for CLI?

Ghoshida — Tue, 08 Jul 2014 18:40:18 GMT

@bigblue7722 wrote:
@Creditaddict wrote:
every 3 months you can ask for a sp cli... I would wait for at least 6 months before you do a hp cli if no sp cli go through.
would it be best to do this over the phone. When i go online now and click on the CLI button it says this:

Requesting an increase to your credit line is easy. Tell us the amount you would like your credit line to increase by and provide some of your employment and financial information to help us with our decision. This request may also require us to pull a credit bureau report, which may affect your credit score. Most decisions are immediate, however it may take up to two business days.

When you first ask for the CLI, the system determines whether you need a SP or a HP; if a SP is enough, it will give you the CLI; else, you'll be prompted to go for a HP or talk to a rep over the phone.

Talking to a rep is generally a HP, but I've seen a few posts here and there saying there are SP CLIs through reps as well.

Re: When to ask Discover for CLI?

Anonymous — Tue, 08 Jul 2014 19:12:28 GMT

From my personal experience with Discover: They are not easy to get a customer-initated credit increase with especially if you have a relatively new account. HOWEVER, I was given about 5 marginal credit increases automatically within the first year of having a Discover credit card. That being said, I was always given a credit increase after I used the card to make a large purchase and/or used it as my main credit card for a little while. So I would say that you are more likely to get automatic increases (or be approved for soft pull increases) if they see that you are using the account a fair amount. As far as customer-initiated soft pull increases, I would say that it would be quite hard to get one within 6 months of opening the account. Although it doesn't hurt to ask (online/over the phone) after you are assured that it will not be a hard pull.

Re: When to ask Discover for CLI?

virgo — Tue, 08 Jul 2014 19:25:00 GMT

The rep told me that a day after 3rd statement cuts you can ask.

Question: Why do they pull Experian and Equifax for credit but supply a TU score? Just curious. Thanks.

Re: When to ask Discover for CLI?

09Lexie — Tue, 08 Jul 2014 19:30:21 GMT

@virgo wrote:
The rep told me that a day after 3rd statement cuts you can ask.

Question: Why do they pull Experian and Equifax for credit but supply a TU score? Just curious. Thanks.

They pull TU for credit as well - they did for me. I believe it's the cost, TU is supposedly cheaper than the EX and EQ

Dont forget, they use TU for CLI's

Re: When to ask Discover for CLI?

BarryNTexas — Tue, 08 Jul 2014 19:46:15 GMT

Do you push the luv button or call in? I tried to use the button but said not available at this time. Gave number to call.

Re: When to ask Discover for CLI?

PlasticOrPlastic — Tue, 08 Jul 2014 20:01:10 GMT

@BarryNTexas wrote:
Do you push the luv button or call in? I tried to use the button but said not available at this time. Gave number to call.

Mine said the same, I actually did it all through the online chat. Simple and had a CLI in less than 5 min.

Re: When to ask Discover for CLI?

virgo — Tue, 08 Jul 2014 20:16:25 GMT

09Lexie, another reason to hate Experian. lol

My TU is pristine. No inq's no bads. Heavy use on Discover and PIF before statement cuts. But I still get the 'you must call in' line. OMG, maybe they got a whiff of my morning breath! hehe

Re: When to ask Discover for CLI?

Anonymous — Tue, 08 Jul 2014 20:31:28 GMT

Now I'm so conflicted!!!! What do I do?!

You'd think a TU score of 743 would be good, but I don't know

Re: When to ask Discover for CLI?

PlasticOrPlastic — Tue, 08 Jul 2014 20:37:31 GMT

@Anonymous wrote:
Now I'm so conflicted!!!! What do I do?!

You'd think a TU score of 743 would be good, but I don't know

Have you called or chatted? They will tell you if its going to be HP or SP, then you decide if the HP is worth it. I personally say go for it.

Re: When to ask Discover for CLI?

Anonymous — Tue, 08 Jul 2014 20:42:25 GMT

@PlasticOrPlastic wrote:
@Anonymous wrote:
Now I'm so conflicted!!!! What do I do?!

You'd think a TU score of 743 would be good, but I don't know
Have you called or chatted? They will tell you if its going to be HP or SP, then you decide if the HP is worth it. I personally say go for it.

I'll do that now. I imagine a HP since my account is not even a month old. It would just be so great to even have $1,000 haha.

Re: When to ask Discover for CLI?

PlasticOrPlastic — Tue, 08 Jul 2014 20:45:20 GMT

@Anonymous wrote:
@PlasticOrPlastic wrote:
@Anonymous wrote:
Now I'm so conflicted!!!! What do I do?!

You'd think a TU score of 743 would be good, but I don't know
Have you called or chatted? They will tell you if its going to be HP or SP, then you decide if the HP is worth it. I personally say go for it.
I'll do that now. I imagine a HP since my account is not even a month old. It would just be so great to even have $1,000 haha.

Of course YMMV but Discover was very easy going with me, and complimented me for being a good customer. I'm guessing it'll be a HP but again its well worth it for what you've described.

Re: When to ask Discover for CLI?

Anonymous — Tue, 08 Jul 2014 20:48:27 GMT

I got this response:

"I understand our interest in increasing your credit limit, I am showing you have been with us less than three months. Discover Card periodically evaluates credit lines for a possible increase; however, we do not generally increase the credit line on accounts that have been open for less than three months. If you are still interested in a credit line increase after three months please contact us again and we would be happy to submit your request at that time."