Discover CLI DECLINED due to .... UNREAL REASON

[AverageJoesCredit]

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@Anonymous wrote:

After reading all this I just called Discover again to present my case. My lines are $15,000 and $9,000 which for me ar pretty low. I called and said I would like $25,000 each and since I do have a savings account with Discover with $250,000 in it I think I am a good customer and would like the increase. The guy laughed a little and said I should just move my savings account to another bank and the denial stands. Even Wells Fargo never had that bad of an attitude. WOW what can I say?

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Banks arent going to be impressed with someone because of what they have in  a savings or checking  unless you are part of the elite 1% and even then. Billions trumps millions trumps thousands. Sort of like some who believe opening savings/checkings/loc/ business accounts to sway Navy to give them better credit limits. Not necessary. Usually with time, ones desired limits can be achieved whether through natural spend or time building up history but forcing it usually doesnt  work. 

As to the csr response , not very Discover like in response but perhaps ones tone when making request might influence the csr response. They are just as affected by this pandemic as some of us . Like calling in and demanding a retention offer or  one will close account. Sometimes how one words their request  can go along way in getting better response.

[KatSoDak]

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@Anonymous wrote:

I would burry it in the backyard but Robert, Robert aka Bob BarkerMuffin and Fluffy would probably dig it up and spend it all at chewy.com lol

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Okay now that we've seen Bob Barker we need to see Muffin and Fluffy!

Also LOL on "even WF isn't that bad".  

[Remedios]

On top of my head I can think of at least 5 members who got CLIs from Disco with PL on file (or multiple PLs), and I'm not talking about distant past. 

I got one too, and my loan barely had couple of payments applied at that time.

Disco gave you a reason which may not be the reason, or it's it's not evenly applied accross the board.

If they changed their criteria, than that's just how it is. 

It's not fake, bogus, or unreal. It would fall under *underwriting*. 

With 61 cards, there is a very little incentive for them to increase your limit.

Your loan will be paid off soon, try again after you're done and see if it changes the outcome of your request. 

[GatorGuy]

What's the point of 61 cards? How many do you use month to month? 

I feel like at that level you're at risk of account closures for too much credit exposure regardless of your income. 

[Anonymous]

I use all of my 61 cards every month. I have them on rotation. Once a statement closes, the next day that card is used for no more then 20% of the CL, I never let more then $17,000 report to the credit bureaus and never less then $15,000 at any given time to keep the utilization at a total of 2% as all credit lines are available credit of $813,350 as per Equifax. I make payments prior to cut off dates to be sure I dont go over the 2%. It is a part time job to keep all of this straight.

I did loose 7 accounts to closure a year ago when Synchrony did their mass closings. I consider them a sub prime bank anyway but I do miss my Lowes card. I just shifted my business to Home Depot , that card has a $10,000 credit line which is enough for me anyway for now.. I lost about $85,000 in available credit from the Synchrony closings and at the time I had 55 cards so brought me down to 48 but in the last year my card count is now 61 cards with higher credit limits then before. From what I read on here Synchrony closed alot of accounts from all income brackets, no one was immune. 

I refuse to pay annual fees with the exception of my Luxury Card from Barclays, other then that care all others are free of annuall fees.

Mark

[FalconSteve]

Discover can be weird, they turned down my wife for a second card last fall after a preapproval, then gave her a CLI. They, apparently, do not like thick files (Disco is a jealous mistress). Good luck. My advice would be to wait for LendingClub to report as paid off and apply for a CLI again then. Sadly, Discover doesn't do recon or human decisions and they are very new account sensitive (or whenever, it's a SP)

[Anonymous]

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@Anonymous wrote:

I use all of my 61 cards every month. I have them on rotation. Once a statement closes, the next day that card is used for no more then 20% of the CL, I never let more then $17,000 report to the credit bureaus and never less then $15,000 at any given time to keep the utilization at a total of 2% as all credit lines are available credit of $813,350 as per Equifax. I make payments prior to cut off dates to be sure I dont go over the 2%. It is a part time job to keep all of this straight.

I did loose 7 accounts to closure a year ago when Synchrony did their mass closings. I consider them a sub prime bank anyway but I do miss my Lowes card. I just shifted my business to Home Depot , that card has a $10,000 credit line which is enough for me anyway for now.. I lost about $85,000 in available credit from the Synchrony closings and at the time I had 55 cards so brought me down to 48 but in the last year my card count is now 61 cards with higher credit limits then before. From what I read on here Synchrony closed alot of accounts from all income brackets, no one was immune. 

I refuse to pay annual fees with the exception of my Luxury Card from Barclays, other then that care all others are free of annuall fees.

Mark

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This is some next level micromanagement. Why do you go through all that hassle? Life is so much easier when you just use your cards and pay the bills without worrying about these things. When I stopped micromanaging my cards actually started growing and still keeping my utilization under 30% I didn't suffer any negative effects on my scores. Every 3 months I pull out all the cards I haven't used and hop on Amazon and load $1 gift card reloads on all of them, push the payments from my bank, and back to my day. 

As for Disco, she's fickle. Nobody has ever figured out the secret sauce for success at the temple of Disco although most of us agree that heavy usage and/or large BTs paid in a timely manner tend to help. Disco still isn't known to grow quickly like a bunch of other cards, part of which is likely due to the asset-backed securitization model they use. 

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-why-some-subprime/td-p/5083619

As for the rude response from the rep, I can kind of understand where he's coming from. You're talking to someone who might be making $15 an hour (Indeed says Discover customer service reps make $12-$21 an hour) who has a set of rules to follow and I'm sure he has customers call all the time thinking they deserve special treatment because they have money. Eventually you get tired of hearing it and clap back. The reality is that none of us are special to these companies, we are all just numbers in a computer system, and none of us are entitled to anything from them. 

[FalconSteve]

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@Anonymous wrote:

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This is some next level micromanagement. Why do you go through all that hassle? Life is so much easier when you just use your cards and pay the bills without worrying about these things. When I stopped micromanaging my cards actually started growing and still keeping my utilization under 30% I didn't suffer any negative effects on my scores. Every 3 months I pull out all the cards I haven't used and hop on Amazon and load $1 gift card reloads on all of them, push the payments from my bank, and back to my day. 

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I have $1 billpay on every card, then I can also charge Comcast $1 too if I want a charge. The nice part about billpay is that it is automatic and they have to mail a check which is a second transaction that keeeps the account alive.

Not sure about OP, but I consider the micromanagement part of the sport of it.

[FinStar]

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@GatorGuy wrote:

What's the point of 61 cards? How many do you use month to month? 

I feel like at that level you're at risk of account closures for too much credit exposure regardless of your income. 

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Not quite @GatorGuy - not every profile is weighed the same.  I mean, for those who are high income earners and have good back-up plans or solid strategies are more outliers than anything.  If income and assets can support a profile, it's up to the lender to make sound UW decisions. I have more accounts than the OP + high income, and no mass closures or AA, especially from SYNCB.

Just keep in mind -- anyone, not just those who have a high number of accounts, is a potential risk -- whether the exposure is $25K, $100K, $500K or >$1MM.

[OmarGB9]

It's great you have so much money, but very rarely does that make a difference with lenders. Typically their banking and credit card departments are kept separate and other than seeing you're an existing customer in their system, they don't know or care about the other side.

Discover will be Discover. It's strange though that they mentioned the Lending Club loan by name, and usually people are approved for a card or CLI even with an "unsecured loan" reporting. It's strange to say the least. But in any case, as has been suggested already, pay off the loan and wait for it to update, and then try for a CLI again. It's all you can really do.