Can someone chime in with a bit of wisdom to help me understand this, or is this just complete BS and they just want to give me a reason to say no?
32 total inquiries 6 in last year (will be 4 next month), none in last 6mo on TU.
I've NEVER gotten a cash advance on anything, ever, like never.
5 new acc in last year, 1 was auto loan and paid off and closed already, 1 is a motorcycle loan, 3cc (2 are store cards) and all accs are 11 mo already (this wasn't one of the denial reasons on the last letter I got last month)
Last month they said: too many inquiries, balances too high (everything was paid off) and recent usage on accounts was too high or something like that.
I'm starting to think they're just strict on CLIs rn, DW can't get one on her it either with a near 800 score 1250SL and her apple got an auto to 4800 from 2k and her ulta went from 1250-1750 as well. Same for me, everyone but disco gave me a CLI... going to try next month when my recent Inq and new accounts drops down and see what they can come up with next time...
Score pulled 726 at time of request.
I'm not sure if Disco is strict on CLIs right now but I received a "similiar" denial. My TU score is 799 and I was denied a CLI on 5/6/2021 . . . I may try again 6/6/2021 since it's a SP. My total credit line on 5/6/2021 was $47k, my utilization was 4.4% and AmEx granted me a 3x CLI on 5/22/2021 to bring my total AmEx CL to $15k. Disco said I have too many accounts with balances (I had 4); account opening was too short (I had 2 new accounts); number of inquiries on credit bureau (I had only 1 on TU, had only 1 on EQ and only 1 on EX ~ so is Disco counting 3 inquiries?) . . . It's ok -and- I'm not upset at all . . . I just don't understand Disco's reasoning!!!
@babygirl1256 wrote:I'm not sure if Disco is strict on CLIs right now but I received a "similiar" denial. My TU score is 799 and I was denied a CLI on 5/6/2021 . . . I may try again 6/6/2021 since it's a SP. My total credit line on 5/6/2021 was $47k, my utilization was 4.4% and AmEx granted me a 3x CLI on 5/22/2021 to bring my total AmEx CL to $15k. Disco said I have too many accounts with balances (I had 4); account opening was too short (I had 2 new accounts); number of inquiries on credit bureau (I had only 1 on TU, had only 1 on EQ and only 1 on EX ~ so is Disco counting 3 inquiries?) . . . It's ok -and- I'm not upset at all . . . I just don't understand Disco's reasoning!!!
Check the other side of the letter for the reason, those reasons are what they think is "affecting" your credit score from being 850. The other side of the letter will have the reason for the denial. But if it says the same thing on the other side I guess they're still strict because of covid (heard they closed a lot of accounts and decreased SL a lot...)
Discover has been way more strict on cli for most since Pandemic. Unless you are either heavy spending or doing a big bt and then paying it off, chances are low at getting a cli. Even in best of times Discover has no rhyme or reason. I just keep smashing, eventually they gotta say yes
@micvite wrote:I've NEVER gotten a cash advance on anything, ever, like never.
I'd call Disco about the Cash Advance excuse.....something seems amiss.
@babygirl1256 wrote:It says, "INSUFFICIENT EXPERIENCE WITH CURRENT DISCOVER CARD CREDIT LIMIT" . . . Here's my Disco history: Credit limit increased to $3,500.00 effective 8/14/2020, credit score increased to 808. Credit limit increased to $4,600.00 effective 12/29/2020, credit score increased to 818. Credit limit increased to $5,600.00 on 3/7/2021, credit score increased to 827. I have read several posts where forum members were granted Disco CLIs every 30 days . . . but maybe it's more like every 90 days . . . I'm not sure.
Some years maybe but getting cli from Disco has always been a challenge since ive been here going back to 2016. One year there was a brief gravy train but thats long gone
@GApeachy wrote:
@micvite wrote:I've NEVER gotten a cash advance on anything, ever, like never.
I'd call Disco about the Cash Advance excuse.....something seems amiss.
Yeah... but then again even before they were quoting high usage on revolving accounts, and another usage related thing I can't remember the words exactly, but basically too many accounts with balances...last December I paid everything off, have had 1-2 accounts with balances of 100-400$ (doing azeo with my citi DC, accidentally had my amex gold report because statement cut a day earlier than normal) but that's like 1% total util (17k total SL with AU cards or 15k on my own and I have 21 accs total, or 19 on my own)
@GApeachy wrote:
@micvite wrote:I've NEVER gotten a cash advance on anything, ever, like never.
I'd call Disco about the Cash Advance excuse.....something seems amiss.
Cash advance could also be considered buying certain products/services that code as such, it doesn't have to be a straight up cash withdrawal at an ATM. Things such as betting websites, casinos, purchasing lottery tickets, rent payment services, currency exchanges, purchasing crypto, funding bank accounts, Venmo, some gift card funding, and money orders are just a few of a ton of stuff that COULD be considered a cash advance. The way that stuff codes is a YMMV situation. Most FIs seem to dislike such activity, even though they not only provide you with that option, but they even give you a separate limit to use for cash advance. While it is an option, I would definitely consider it one to be avoided if at all possible.
