@AverageJoesCredit wrote:
@BetterMoves wrote:I opened a Discover It Secured card in March 2019, which graduated to unsecured in October 2019. While it was secured, I added funds a couple of times to reach $2500, so the unsecured limit is also $2500. Like many people I have tried to get CLI but was denied each time, first with the reason ‘insufficient experience with current credit limit’ (or something like that). A few weeks ago, I tried again, but the denial reason changed to ‘Status of existing/prior Discover card account’. Okay, that’s different.
Today I called Discover, asked to speak with credit operations, and spoke to a pleasant and straightforward lady who reminded me that I had a (unpaid) chargeoff in 2012. I said “Yes, but, you issued me a new card and I have not had any late payments, overlimits or any issues on this account. What you’re referring to was eight years ago” [I did not ask her why they issued the card in the first place, though]. I asked her if I could speak with a manager, and she assured me she is a senior manager in that department. Asked her how long does Discover “hold that against someone”, and she said there’s no set timeframe, and algorithms and business models shift all the time.
She basically said I could keep trying since it doesn’t affect my credit score, and I let her know that it wasn’t a crisis or anything, I was thinking of taking advantage of their balance transfer offer but didn’t want to max out the card, which may make things worse. Told her maybe I’ll try again in a few months and I thanked her for her candor and information. She said she enjoyed our conversation and said she appreciated that I was polite and not worked up over it.
I am posting this here because maybe when some fellow MFers get denied, there is possibly something you are overlooking in your overall Discover file. I knew I had the chargeoff, but I mistakenly thought the issuance of a new card meant that all was forgiven. Seems only some was forgiven, but I still appreciate the fact that they gave me a second chance and helped me rebuild my credit. Because the CLI isn’t a necessity, I will probably try again in spring.
i think the key thing to remember is one may be forgiven by a lender burned, but most certainly it wont be forgotten.
+1....it's why I won't be getting a new Discover any time soon, as I still owe them about $6k on a CO. And I don't want to settle either, because I'm pretty sure I'd be blacklisted for that, too. So I'm just chipping away at the balance every month.
@nosup4u wrote:Im in the same boat I won't be getting a cli any time soon and the last time I spoke with a CSR they told me get my debt below 30% and you may get an increase so I'm below 30% and im going to hit the prequal next week and I bet 5k I get denied LOL
I kinda hate how Discover's prequal doesn't list the potential credit line of how much you can get up to.
Back when I did the Amex prequal, it told me the credit line (don't remember seeing the APR), but was really a good deciding factor whether or not to apply. When I sign up for DCU, they did the same screen of telling me the potential credit line I could get.
@ZackAttack wrote:
@nosup4u wrote:Im in the same boat I won't be getting a cli any time soon and the last time I spoke with a CSR they told me get my debt below 30% and you may get an increase so I'm below 30% and im going to hit the prequal next week and I bet 5k I get denied LOL
I kinda hate how Discover's prequal doesn't list the potential credit line of how much you can get up to.
Back when I did the Amex prequal, it told me the credit line (don't remember seeing the APR), but was really a good deciding factor whether or not to apply. When I sign up for DCU, they did the same screen of telling me the potential credit line I could get.
I've never seen Amex do that, ever. Nor Discover. The only lender I've heard of that does that is Goldman Sachs for the Apple Card. And maybe some small CUs.
@OmarGB9 wrote:
@ZackAttack wrote:
@nosup4u wrote:Im in the same boat I won't be getting a cli any time soon and the last time I spoke with a CSR they told me get my debt below 30% and you may get an increase so I'm below 30% and im going to hit the prequal next week and I bet 5k I get denied LOL
I kinda hate how Discover's prequal doesn't list the potential credit line of how much you can get up to.
Back when I did the Amex prequal, it told me the credit line (don't remember seeing the APR), but was really a good deciding factor whether or not to apply. When I sign up for DCU, they did the same screen of telling me the potential credit line I could get.
I've never seen Amex do that, ever. Nor Discover. The only lender I've heard of that does that is Goldman Sachs for the Apple Card. And maybe some small CUs.
Amex started doing it for some prequalifications about 2 years ago. Chase does this sometimes as well.
Yep just because a lender is willing to forgive you and offer you a second chance does not mean they will forget what you did to them in the past. In fact most lenders will intentionally be more cautious on how much they are willing to offer those who have burned them. The only reason they are even trying is because the fees from swipes are so lucrative that if done right can make some money. Think about it if I have Paul legally take money from me to pay Peter and never pay me back I would be seriously less inclined to give them more money. With Discover you will want to wait out the period where they are angry. Paying them back in full is also an option as just because the old debt is out of sight does not mean that you should also keep it out of mind.
