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Discover credit increase?

musicalmom
New Contributor

Discover credit increase?

Hello all!

 

I've had this card since Oct 2018. The secured one with a limit of $200. I forget when it became unsecured and they sent my $200 back. I also can't remember if it was then that I got a credit increase to $1000. It's basically May and every month I try for an increase and get the "not enough experience with your card" decline. 

 

Can anyone explain to me what that means and what I'm doing wrong? For a while, I would pay it off monthly. Then I thought they wanted a balance, so I left some on it. I can't figure it out for the life of me. I do not ever max it out. Usually under $500 is what I'll put on it. My DTI is 14% and I'm set to close on my first home at the end of June. I haven't ever called to ask, should I try that? My capital one card has had three credit increases and I think I got both around the same time. I'm just so confused! lol  

Message 1 of 27
26 REPLIES 26
hzynneb
Valued Member

Re: Discover credit increase?

I don't know if Discover is even giving out CLI at this time. I just requested one recently, and it was denied due to low usage. Same for my parents. I don''t think we have ever been deny a CLI by Discover before. 

Message 2 of 27
randomguy1
Valued Contributor

Re: Discover credit increase?

Anecdotal but I'll add my DPs. 

Ever since I've been eligible for a CLI since Oct/Nov I've received a cli just about every month except 2. This month was one of the denials. 

Message 3 of 27
KJinNC
Valued Contributor

Re: Discover credit increase?

I will explain why Discover does or does not approve CLI requests right after I explain the meaning of life and the origin of the universe. All I can say is good luck.


FICO Resilience Index: 66. Cards: 14/24, 0/12, 0/6. Accounts including loans: 17/24, 1/12, 0/6. At first accidentally, later deliberately, I used what I call the "thick-start" build method, which leads to heavy credit-seeking for a while with the goal of coming out of it without needing to build a thin profile for years. There are pros and cons. Thread describing method
Cards (oldest to newest)

Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $104,100, not counting the AU card. The AU card brings the total to $129,100. In March 2019, card CLs totaled $0.
CU and bank memberships: Coastal Credit Union, member since 1987, direct deposit; PenFed, member since 2019; Navy Federal, member since 2020; USAA, member since 2020; Chase Bank, member since 2020.

Closed but still on reports: American Express Delta Gold, $1,000, 09/19-10/20 | American Express Hilton Aspire, $3,100, 09/19-12/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Note: My signature is updated frequently, and updates appear on all instances of my signature including on old posts.
Message 4 of 27
SweetCreditObsession
Established Contributor

Re: Discover credit increase?

Discover admitted they would be more conservative in handing out credit due to losses associated with Covid-19 closures. They're not alone. See the Credit in the News MF forum for details.


(+77) | (+90) | (+114) | TU Fico 9: 704

Goal: Min. 740 w/all CRAs - Met
Next Goal: Chase FU
Subsequent Goal(s): Min. 780 w/all CRAs
Gardening Until: 06/20/2021| Last App: 6/04/2020
Message 5 of 27
musicalmom
New Contributor

Re: Discover credit increase?

LOL Thanks for the laugh. I feel like that's definitely the case. 

Message 6 of 27
Wavester64
Valued Contributor

Re: Discover credit increase?


@hzynneb wrote:

I don't know if Discover is even giving out CLI at this time. I just requested one recently, and it was denied due to low usage. Same for my parents. I don''t think we have ever been deny a CLI by Discover before. 


Was approved for a $500 CLI yesterday.







Potential Future Cards
Message 7 of 27
CreditCuriosity
Moderator

Re: Discover credit increase?

Cap-1 and Discover are taking big losses more-so than Chase, Citi etc  on a percentage basis during this time due to their target audience so Discover is going to be more tight are their losses % compared to other big banks will be higher.  They are getting hit hard.. Heck even my Amex stock I own is getting pounded.  No lender is avoiding huge charge-off accounts and alot more to come, so don't expect any real CLI's during this time.. 

Message 8 of 27
TSlop
Established Contributor

Re: Discover credit increase?

I did my first ever attempt at a CLI with them in February and went from $13k to $15.5k. I've been waiting until at least 3 months (May) to do it again, but I might wait 6 months. I know no one really knows how and why Discover does what it does.

 

I'm tempted to do it tomorrow in May since some people are getting declined due to not enough experience with the credit limit. Groceries is my biggest expense, so I may possibly be granted a CLI with the "high" recent spend from the first quarter (though I say "high," I only managed $68 out of the $75 max cashback). If I wait another 3 months, the spend will be a lot lower due to the virus; I've only put $22 on it the whole month of April since I'm not using any gas. The $22 was a Sheetz food purchase that actually ended up being 1% since I did it online for pickup (it codes as 5% in store).


Message 9 of 27
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Discover credit increase?


@CreditCuriosity wrote:

Cap-1 and Discover are taking big losses more-so than Chase, Citi etc  on a percentage basis during this time due to their target audience so Discover is going to be more tight are their losses % compared to other big banks will be higher.  They are getting hit hard.. Heck even my Amex stock I own is getting pounded.  No lender is avoiding huge charge-off accounts and alot more to come, so don't expect any real CLI's during this time.. 


It's my understanding that they havent had any meaningful increase in delinquencies. Chase and amex are the ones being hit harder.

 

https://www.cnbc.com/2020/04/14/jpmorgan-just-revealed-it-thinks-a-lot-of-people-wont-pay-their-cred...




Message 10 of 27
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