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Discover credit increase?

Lookin4credit2020
New Visitor

Re: Discover credit increase?

When got their card, I was approved for $3000.00, but it took 6 months to get my next increase, so to make a long story short. Pay on time, each month and pay your balance off if possible, and after 6 months your credit should be higher, then give it a try, one other thing, make sure the information you are entering matches your original approval...good luck.

Message 11 of 27
KJinNC
Valued Contributor

Re: Discover credit increase?

It's not so much that it's difficult to get a CLI from Discover (well ... that too), as that there is no identifiable pattern to who does or does not get one, so it's hard to advise anyone on how to improve their odds, what their odds are, or how long to wait. Other than boilerplate advice like keep your balance under control, use the card, PIF.

 

I'm sure it's based on criteria coded in software, but the effect that customers see appears random.


FICO Resilience Index: 66. Cards: 13/24, 2/12, 2/6. Accounts including loans: 14/24, 3/12, 2/6. 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 $144,100, not counting the AU card. The AU card brings the total to $170,600. 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 12 of 27
CreditCuriosity
Moderator

Re: Discover credit increase?


@Brian_Earl_Spilner wrote:

@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...


Yes saw that article and many others as well many banks are up'inig their reserves for charge off's/losses.  My personal opinion is Cap-1 and Discover will get hit harder as more of a sub-prime card although not always the case..  So people are likely to default on these cards imo, but time will tell how much pain each bank is going to take.  On the opposite side of the arguement with disover people tend to carry more balances than with chase so maybe they will offset some of their possible losses wiith interest people will pay vs. amex is more-so a PIF type of crowd/lender.  As mentioned Amex is taking a beating and could show you my Amex portfolio to prove it, but prefer not to look at my investments currently or makes me shed a tear. Smiley Happy..  Although better than what it was 3 weeks ago!

Message 13 of 27
KJinNC
Valued Contributor

Re: Discover credit increase?

I don't think of Discover as sub-prime, though maybe it is. In my mind, it is the quintessential middle-class American card. I have not done research on it. I am not sure it's easier to get a Discover Card than to get, say, Amex Delta Blue or Citi Double Cash.

 

Cap One does have the Platinum and Platinum Secured, which is territory that Amex and Chase ignore, and Citi and Discover dabble in.


FICO Resilience Index: 66. Cards: 13/24, 2/12, 2/6. Accounts including loans: 14/24, 3/12, 2/6. 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 $144,100, not counting the AU card. The AU card brings the total to $170,600. 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 14 of 27
CreditCuriosity
Moderator

Re: Discover credit increase?


@KJinNC wrote:

I don't think of Discover as sub-prime, though maybe it is. In my mind, it is the quintessential middle-class American card. I have not done research on it. I am not sure it's easier to get a Discover Card than to get, say, Amex Delta Blue or Citi Double Cash.

 

Cap One does have the Platinum and Platinum Secured, which is territory that Amex and Chase ignore, and Citi and Discover dabble in.


Discover caters to both sub and prime markets hence the comment where-as citi legacy, chase, amex, etc.. not so much.  Discover is a decent card as long as one doesnt care what their limit might start out at and if they will ever get a CLI, etc..  It works for alot of people.  I can say I havent used mine in about 6 months, but have way to many other cards.  Time to do a 1 dollar reload on amazon to let them know i am still alive Smiley Happy.  Discover double cash back is really nice as well for the first year.  I am not slamming on it as works for some certainly, but other cards have way more of my heart than discover.  Anways getting abit off subject myself for that i am sorry 

Message 15 of 27
Remedios
Moderator

Re: Discover credit increase?

I havent asked Disco in a while, and I wont, because my limit on it is hard to justify during rosey economy times, and card hasn't been used since June 

 

I got another 0% promo from them, I paid some medical bills, fully expecting at least a fraud alert or something , but they went through just fine. 🤷‍♀️

Message 16 of 27
CS1974
Valued Contributor

Re: Discover credit increase?


I get what you're saying.... I don't see Discover as a subprime lender  either  but they do have various cards for people depending on where they're in their credit journey. Whether  you're a student (student card), someone with little to no credit history, poor history (secured card) or someone who has successfully gone through a rebuild or has great scores but fewer cards (IT cash back, chrome, Miles).

The latter was me.... Discover IT Cash back was my first Prime card with a high starting limit right out of the gate. Because of this, other lenders followed suit.
@KJinNC wrote:

I don't think of Discover as sub-prime, though maybe it is. In my mind, it is the quintessential middle-class American card. I have not done research on it. I am not sure it's easier to get a Discover Card than to get, say, Amex Delta Blue or Citi Double Cash.

 

Cap One does have the Platinum and Platinum Secured, which is territory that Amex and Chase ignore, and Citi and Discover dabble in.


 

July 2020
Experian Fico 8. 707
Transunion Fico 8. 705
Equifax Fico 8. 724

Capital one QS1. $2450
Discover IT Cashback. $12,000
PNC cash rewards signature Visa. $17,500
Chase SW rapid rewards signature visa $6900
Amex Green Card NPSL POT $11,000

Amex Hilton Honors $1000
Citi Rewards $3900
Message 17 of 27
CS1974
Valued Contributor

Re: Discover credit increase?

As for the credit line increases.... it's so hit or miss with them. Some speculate that the COVID  19 has them limiting the increases.

 

It took me a solid 6 months to get my 1st increase with them and my most recent was in March of this year. Nothing since.

July 2020
Experian Fico 8. 707
Transunion Fico 8. 705
Equifax Fico 8. 724

Capital one QS1. $2450
Discover IT Cashback. $12,000
PNC cash rewards signature Visa. $17,500
Chase SW rapid rewards signature visa $6900
Amex Green Card NPSL POT $11,000

Amex Hilton Honors $1000
Citi Rewards $3900
Message 18 of 27
Gladius
Frequent Contributor

Re: Discover credit increase?

I just recently received an automatic CLI from Discover last month from $4000 to $7300.  My balance is around $2500.  I have just been paying the minimum for the past year and haven't used the card at all in a year.

Message 19 of 27
IckyVicky
Valued Member

Re: Discover credit increase?

Discover is giving out a few CLIs. I requested one in early April and they gave me a $1500 increase. 

I didn't even use that card for four months but I did make a $3k charge around that time and paid it off slowly. I was just paying off my remaining $130 balance, hit CLI and Disco gave me a little CLI love. 

|Trans: 792 |Equ: 794 |Exp: 781|
|Amex BCE: $30k |Discover: $26.5k |Citi DC: $13.7k|
|Chase FU: $6k |Cap1 Venture: $4.4k |Cap1 Secure: $1k|
Message 20 of 27
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