Discover unOfficial Data Points

[Anonymous]

That's crazy. I'm not complaining and hopefully I'll get there on my card... but to give someone 70-80% of their income in a credit card is nuts. Lol

[Anonymous]

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@Anonymous wrote:
That's crazy. I'm not complaining and hopefully I'll get there on my card... but to give someone 70-80% of their income in a credit card is nuts. Lol

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Absolutely, which is why I laugh at the statement "if your income supports it."  There are people on this forum with combined credit limits that are 3X-6X their annual income.  Certainly under no definition can one say that their income "supports" credit limits of 3X-6X that income.  

I think income in and of itself is sort of pointless.  The converse of income would be expenses.  My income is about 3X that of my girlfriend, but her expenses are about 8X less than mine.  When all the dust settles and the smoke clears she has the ability to spend far more than me on BS purchases since her expenses are so low.  It's like the old Mike Tyson question... "how does someone go broke when they made $300 million?" Answer:  Spend $301 million.

Obviously creditors don't have the ability to take any of this into consideration.  The most I've ever seen them inquire about is your "monthly rent or mortgage payment" which is only one expense.  If they are going to ask that, why not make the question "TOTAL monthly expenses?"  With this question, my answer is $1400 but my girlfriend who doesn't pay that mortgage would answer $0, seemingly a far more attractive answer to creditors.

[Kenny]

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@Anonymous wrote:

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@Anonymous wrote:
That's crazy. I'm not complaining and hopefully I'll get there on my card... but to give someone 70-80% of their income in a credit card is nuts. Lol

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Absolutely, which is why I laugh at the statement "if your income supports it."  There are people on this forum with combined credit limits that are 3X-6X their annual income.  Certainly under no definition can one say that their income "supports" credit limits of 3X-6X that income.  

I think income in and of itself is sort of pointless.  The converse of income would be expenses.  My income is about 3X that of my girlfriend, but her expenses are about 8X less than mine.  When all the dust settles and the smoke clears she has the ability to spend far more than me on BS purchases since her expenses are so low.  It's like the old Mike Tyson question... "how does someone go broke when they made $300 million?" Answer:  Spend $301 million.

Obviously creditors don't have the ability to take any of this into consideration.  The most I've ever seen them inquire about is your "monthly rent or mortgage payment" which is only one expense.  If they are going to ask that, why not make the question "TOTAL monthly expenses?"  With this question, my answer is $1400 but my girlfriend who doesn't pay that mortgage would answer $0, seemingly a far more attractive answer to creditors.

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I'm sure you can increase that 6x for some people .. lol I'd go way north if they have excellent credit.

[CreditMagic7]

Not a Data Point as such but another confirmation of the 6 month cycle for APR Reduction (if that is a schedule).

Called Discover today since it's been 6 months when it was last lowered to 15% and they approved the new one at 12.74%.

I wonder how far down the APR ladder Discover can go?

Also with the federal reserve bank surely to release more and more rate hikes it's probably a good idea for everyone to push their Prime Bank lenders provided that they do them like Discover, BofA, and some others do.

Rock On Discover!

[Anonymous]

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@Kenny wrote:

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I'm sure you can increase that 6x for some people .. lol I'd go way north if they have excellent credit.

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Absolutely, I was just giving a typical common range that I see from people posting on here.  No doubt there are outliers that exceed that range.

[Anonymous]

I apologize in advance if this was mentioned but i've been reading and can't find it anywhere.

Bill is due 1/02. I had no minimum payment due because i had made a payment already. I now have a balance of 161 and am paying it tomorrow. When does the statement cut after due date and what gets reported, balance as of payment due date or balance as of statement cut date? Thanks!

[Anonymous]

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@CreditMagic7 wrote:

Not a Data Point as such but another confirmation of the 6 month cycle for APR Reduction (if that is a schedule).

Called Discover today since it's been 6 months when it was last lowered to 15% and they approved the new one at 12.74%.

I wonder how far down the APR ladder Discover can go?

Also with the federal reserve bank surely to release more and more rate hikes it's probably a good idea for everyone to push their Prime Bank lenders provided that they do them like Discover, BofA, and some others do.

Rock On Discover!

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excellent advice, couldnt have said it better myself.  but good luck with AMEX though! lol

[austinguy907]

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@Anonymous wrote:

I apologize in advance if this was mentioned but i've been reading and can't find it anywhere.

Bill is due 1/02. I had no minimum payment due because i had made a payment already. I now have a balance of 161 and am paying it tomorrow. When does the statement cut after due date and what gets reported, balance as of payment due date or balance as of statement cut date? Thanks!

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Login, click on recent activity, and upper left you should the previous statment dates.  

What reports is the amount that has posted to your account as of that date you see in the upper left.

[Anonymous]

I haven't gotten my first statement yet, that is why I was asking :-)

[austinguy907]

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@Anonymous wrote:
I haven't gotten my first statement yet, that is why I was asking :-)

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If you haven't changed your due date then usually your due date/payment date is 5 days before your statement date.