topic Re: Highest Discover Credit Limit in SmorgasBoard

Highest Discover Credit Limit

Anonymous — Sun, 07 Aug 2016 17:20:30 GMT

deleted

Re: Highest Discover Credit Limit

Creditplz — Fri, 17 Jun 2016 02:45:50 GMT

Highest I've seen on the forums is 62,000.00, I'm not sure of his income but it must be super high...

Re: Highest Discover Credit Limit

gingerflower — Fri, 17 Jun 2016 02:54:01 GMT

Wow...

Re: Highest Discover Credit Limit

Anonymous — Fri, 17 Jun 2016 03:02:40 GMT

I have a very difficult time believing your friend, on two fronts. Number one, I've never heard of an initial CL that high with an issuer, regardless of issuer or income. My partner makes about $290k a year and was approved for a new $40k Amex BCE to match his existing Costco card and it's his highest limit card, highest initial limit to date is $28k with an 800+ score. Secondly, I had a very difficult time getting the dealership to let me put a $10k down payment for my Mercedes on my AMEX Platimum card; I can't imagine there would be many dealerships willing to put a brand new BMW full price on a card with the transaction fees. And we're talking about Discover; not exactly a card company that targets and tries to keep high spenders.

All that said, maybe he's a millionaire with a credit score that puts us all to shame, but I'm skeptical.

Re: Highest Discover Credit Limit

Creditplz — Fri, 17 Jun 2016 03:41:25 GMT

^^ agreed, I tired putting $15k down on a BMW last week with a credit card and they said no, 5,000 max.. I not only tried one dealership, I tried contacting 11 dealers and they all said no.

Re: Highest Discover Credit Limit

Anonymous — Fri, 17 Jun 2016 04:11:52 GMT

Dealership is not going to eat the fees on a credit card transaction of that magnitude. Nope nope nope. I'm sure many of us here have tried. I was shot down last month.

Re: Highest Discover Credit Limit

Credit_hawk — Fri, 17 Jun 2016 04:41:02 GMT

I don't want to call your friend a liar but that's a really far fetched limit.

@Anonymous wrote:
I was talking to my friend earlier today, and I asked him if he had fixed his credit card problem yet. Long story short, my friend had purchased a business that had a Capital One business credit card, but it was attached to the old owner. My friend used the account and paid it in full every month, but the old owner closed it one day without telling him. I had only heard about this because he knew I work for a bank and he wanted my advice.

My friend told me that he applied for a new Capital One business card, but he was upset because his limit was "only $40,000" so he won't use it.

Then he told me that he applied for a personal Discover card, and they gave him a credit limit of $130,000. The first thing he bought was a brand new BMW for his girlfriend. With the double cash back promo, he probably earned over $1,000 cash back on his first purchase.

Has anybody else heard of such high limits on a Discover card? He assured me this was not a business account.

Re: Highest Discover Credit Limit

Anonymous — Fri, 17 Jun 2016 05:27:05 GMT

Yup never seen a dealership allow putting whole car on a credit card as some has claimed. Max I've seen is 5000. Only time is maybe if ur paying MSRP plus dealer markup plus the 3% transaction fee they might let u

Re: Highest Discover Credit Limit

Anonymous — Fri, 17 Jun 2016 05:28:32 GMT

@Anonymous wrote:
@Anonymous wrote:
I have a very difficult time believing your friend, on two fronts. Number one, I've never heard of an initial CL that high with an issuer, regardless of issuer or income. My partner makes about $290k a year and was approved for a new $40k Amex BCE to match his existing Costco card and it's his highest limit card, highest initial limit to date is $28k with an 800+ score. Secondly, I had a very difficult time getting the dealership to let me put a $10k down payment for my Mercedes on my AMEX Platimum card; I can't imagine there would be many dealerships willing to put a brand new BMW full price on a card with the transaction fees. And we're talking about Discover; not exactly a card company that targets and tries to keep high spenders.

All that said, maybe he's a millionaire with a credit score that puts us all to shame, but I'm skeptical.
I'll be honest, I had a hard time believing it myself, which is why I wanted to ask here.

He is rich and owns other businesses besides the one I mentioned. We've done business together before, and I see no reason for him to lie about a credit card, but I obviously have no proof of what he said. I know he bought the BMW, but that's the only fact I can verify.

I don't want to start a debate on whether my friend was telling the truth, but I am curious if anybody here has seen a similar situation.

Ask him to see his discover online statement to see how much cash back he got

Re: Highest Discover Credit Limit

Anonymous — Fri, 17 Jun 2016 05:48:22 GMT

on 130k at 2%, should be 2600 cash back. Just ask to see the credit limit

Re: Highest Discover Credit Limit

Anonymous — Fri, 17 Jun 2016 06:03:36 GMT

maybe his portfolio supports it. All his spend on his cards are 100ks or 50k and paid in full. Displaying highest balance and well maintained. I can see a limit given if it was like that. After 50k SL/CL, I heard utilization is not factored into score on credit report for that card. Does it still show up as a tradeline?

Re: Highest Discover Credit Limit

Anonymous — Fri, 17 Jun 2016 05:57:17 GMT

You know why, the fees are outrageous! I know. We have the Rooms To Go acct here in FL. When you have to change out a a/c or chiller, the price is at least 40-60k. Could even be more. They always pay with a cc. You would think that they would send you a check, eh? The fees are a lot. We have to actually add the fees into the bill some where. So I can just imagine a dealership saying no go for all of that unless of course, you have one of those millionaire cards.

Re: Highest Discover Credit Limit

B335is — Fri, 17 Jun 2016 06:45:55 GMT

@Creditplz wrote:
^^ agreed, I tired putting $15k down on a BMW last week with a credit card and they said no, 5,000 max.. I not only tried one dealership, I tried contacting 11 dealers and they all said no.

Interesting. It must really depend on the dealer. I put $6k down and they seemed almost happy when I asked if Amex would be ok. Last year it was a Mercedes with $10k down on Diners but I ended up returning it and fortunately getting my money back.

Re: Highest Discover Credit Limit

Creditplz — Fri, 17 Jun 2016 06:59:53 GMT

Porsche let me and my DW put $10,000 down on a Panamera with Amex but only with the GM approval they wouldn't take a dime more. But I really do think it varies on dealer, don't think any would eat the fee on the full amount though

Re: Highest Discover Credit Limit

Anonymous — Fri, 17 Jun 2016 12:12:32 GMT

The bottom line is the bottom line though, right? I mean if the dealership figures the fees associated with how much one plans to put on the card and inflates the price of the car by that amount, the end result is the same.

Usually when talking to a salesman at a dealership during foreplay when he's taking your around shooting the breeze and feeling you out one of the questions he tries to get the answer to is how you're going to be paying... financing? cash? how much down? etc. If someone is a high roller that carries a CC with a limit in excess of the price of the car and suggests wanting to use it, what prevents the dealership from just inflating whatever price(s) they give by 5% or whatever?

Re: Highest Discover Credit Limit

drboxing — Fri, 17 Jun 2016 12:17:47 GMT

The highest discover card limit I've seen was on these boards, it was $45k. I can't imagine having a limit that high lol.

Re: Highest Discover Credit Limit

MyLoFICO — Fri, 17 Jun 2016 12:23:17 GMT

My Discover limit is $200 so you can use that as your starting data point.

Re: Highest Discover Credit Limit

drboxing — Fri, 17 Jun 2016 12:50:39 GMT

Well my Discover Card limit is only $1500

Re: Highest Discover Credit Limit

baller4life — Fri, 17 Jun 2016 13:09:36 GMT

Highest Discover limit I have seen is $62k. And that was grown over time. Not a starting limit. I will never believe in a million years that Discover gave someone $130k out the gate! I was born at night. But, it wasn't LAST night!

Re: Highest Discover Credit Limit

Ghoshida — Fri, 17 Jun 2016 13:53:33 GMT

While it does sound out-of-this-world, I won't dismiss it absolutely. Starting limit? Maybe, but then again, lot of things about credit is uncertain.

Right now I have a $40k limit with Discover, which has grown from $750 starting limit in 3 years. And I don't even earn 6 figures.

PS. With that limit, I can put a car on the card. BTW, some dealers, especially of the online variety (beepi.com is one example) allow you to pay the full amount on card. But then again, they're mostly non-hagglers.