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Discover CLI - Denied :-(

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Discover CLI - Denied :-(

I've had my Discover card since September '18.  I was originally given a $4,900 limit. The third billing cycle just closed.  I figured I'd hit the luv button and see what would happen.  I got the "you will receive a letter in 3-5 days" message :-(

The card is maxed out with a balance transfer.  I was hoping to get an increase to help my utilization ratio.  Oh, well.  I guess I will try again next month.

Message 1 of 11
10 REPLIES 10
Frequent Contributor

Re: Discover CLI - Denied :-(

🤔

06.2019

03.2018

NFCU CLOC: $15,000
Message 2 of 11
Established Contributor

Re: Discover CLI - Denied :-(


@Nayola wrote:

I've had my Discover card since September '18.  I was originally given a $4,900 limit. The third billing cycle just closed.  I figured I'd hit the luv button and see what would happen.  I got the "you will receive a letter in 3-5 days" message :-(

The card is maxed out with a balance transfer.  I was hoping to get an increase to help my utilization ratio.  Oh, well.  I guess I will try again next month.


I think at this point, the best course of action is to wait and pay your balance down. In the future, if you need to do a BT that will max out your current CL, the best thing to do would be to ask the lender before you do the transfer for a CLI. Even for cards that you just received, it may be possible to call and recon for a higher limit if you tell them you need it for a BT and you want to avoid maxing out your card.

 

From a business perspective, asking for a CLI before a BT allows you to preserve leverage in a negotiation. In essence, you are asking the lender for some accommodation to help you seal the deal. When you do it afterwards, the lender has much less incentive to help you.

 

From a more "emotional" perspective, I hate to sound preachy but you may get more sympathetic responses from lenders if you show that you are concerned about the ramifications of your actions on your credit before you take them rather than trying to salvage spilled milk. If you do it afterwards, some lenders might see that as you've maxed out a card, and now want more credit so you can pile on more debt (eg the "escalating debt" or "Egyptian phenomenon" that some lenders are known to frown upon) and make them assume more risk.

Message 3 of 11
New Contributor

Re: Discover CLI - Denied :-(

SBR249, thanks for the explanation.  Makes a lot of sense the way you stated it!  I now know how to handle things in the future.

Message 4 of 11
Community Leader
Senior Contributor

Re: Discover CLI - Denied :-(

Hi OP
Trying next month for a CLI will bring another denial, which IMO, you will continually receive until you reduce your UT to <28.9%.

Now there’s another possibility. If you make a humongous payment—say $2500, you’ll have a chance. IME, Disco loves large payments.

GL2U
GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 5 of 11
New Contributor

Re: Discover CLI - Denied :-(

I just wanted to update this post. Today I gave the LUV button another try, and I was rewarded with a $1,500 CLI.  I then called in to try for the double dip, but they said they couldn't offer me anything else at this time.  Oh, well.  Yipee for the $1,500, which now brings this card's limit to $6,400.

 

What changed since my denial last month is I followed the advice of CreditInspired and made a large payment towards the card.  I feel like things are looking up :-)

Message 6 of 11
Community Leader
Senior Contributor

Re: Discover CLI - Denied :-(

Congratulations @nayola on your CLI. A nice limit indeed. Yes, things are looking up. So happy for you.

And thanks for the shout out.
GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 7 of 11
Community Leader
Senior Contributor

Re: Discover CLI - Denied :-(

Heres the thing.. Discover *isnt* afraid to give you a CLI on a maxxed out card (or nearly maxxed out card)... This is IMHO btw, YCMV etc.... But I do have a few questions (of which one you already answered).... Are they the highest balance or only card maxxed out? and the second question... you were making sizable payments on this balance...(which you answered Yes you did) .. Seems they like to be the only card and do like to see some traction.. Congrats..

 

-J

 

Message 8 of 11
Frequent Contributor

Re: Discover CLI - Denied :-(


@Nayola wrote:

I've had my Discover card since September '18.  I was originally given a $4,900 limit. The third billing cycle just closed.  I figured I'd hit the luv button and see what would happen.  I got the "you will receive a letter in 3-5 days" message :-(

The card is maxed out with a balance transfer.  I was hoping to get an increase to help my utilization ratio.  Oh, well.  I guess I will try again next month.


Hi Nayola,

 

I would probably pay this down a lot more before requesting a CLI.  You're already maxed out, and that probably doesn't look to good to Discover- or most any other creditor.  It would take a significant CLI on this line in order to change your UTI on this line, or significant payments on your part to get this maxed credit line down. 

 


Starting Score: EQ 593, TU 600, EX 612
Current Score: EQ 850, TU 850, EX 843
Goal Score: EQ 750, TU 750, EX 780


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Message 9 of 11
Valued Contributor

Re: Discover CLI - Denied :-(


@joltdude wrote:

Heres the thing.. Discover *isnt* afraid to give you a CLI on a maxxed out card (or nearly maxxed out card)... This is IMHO btw, YCMV etc.... 

 

 


Agreed. Here's a link to my experience (took maxed card from 8K to 12K). The link was from 7/18 -- they've since given me another 5500 in CL.

 

I'd say the "rules of thumb" don't necessarily apply to Disco.

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (9/12/2019): FICO 08 EXP: 737; TU: 741; EQ: 752
2019 Goal Score: 800 across the board


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