I got a $300 QS1 From CapitalOne almost 2 years ago when my Fico scores were in the 500s. I went up to $500 a few months later but it's stayed there. I increased my fico to 650 and applied for a Gold Delta Amex about 10 months ago and got SL of $1000. I've been very happy with these cards because at last I have brands I'm not ashamed of. Plus the rewards! I've already gotten over $800 in savings on Delta in 10 months. The limits are so low though. When I just had the Capital One I was paying it off at least 3 times in a month. It was fine though, Amex would credit my account the minute I made a payment, unlike my Credit One cards that would take a week to post, and wouldn't even let me make more than 2 payments a month. I was happy with what I had.
Then Capital One emailed me. They told me I should make sure my income was up to date for Credit Limit Increases. I updated. Nothing happened. (I may have only waited 3 days). I started googling to see if there was a timeline I should expect. I came across myFico Forums. Started reading like crazy. I realized I would probably be bucketed in Capital One, since i got it with that 500-something score. But I read about 3x CLI on Amex. I went ahead and clicked the button in Amex and asked for 3k limit. Got the 7-10 day. I clicked the the button in Capital One. 2-3 day. Sigh. Before I got my denials I realized what I had done wrong. My credit score has gone from 650 to 691 in the past few months. I didn't wait long enough for Capital One and Amex to get my new scores. Sure enough, when I got the rejection letters, they listed my 650 scores. I might have also been denied at 691 but I think the odds might have been better.
But I had a bug now. I needed more credit! I heard about how much everyone loved Disco. After I figured out Disco meant Discover I did their pre-approval form. I told I was pre-approved for a specific interest rate on the 5% rotating cash back card. I felt good about that meaning I would get approved and decided to pull the trigger. I hoped for a $500 limit...maybe $1000. I got $5000! What! That's my highest limit of any account!
Less than a year ago I was perpetually at 99% credit utilization, I've gotten down to 58% and with this card I'll be down to 45%. I'm working hard to pay down my actual debt, but the extra help to my utilization makes that goal seem so much more obtainable. Thank you for all the information everyone!
hit up Disco every 3-6 months since it's a SP CLI anyway like Cap1 / Amex.
Wait a couple of months for those 2 to catch up w/ a refreshed score and you should be able to squeeze them for a little more. Maybe shift your primary spend to Disco to get your #'s in line for UTIL and just put small sutff on the other 2 for the time being.
Welcome to the boards! Congrats on the new approval! You'll learn a lot about credit here
Welcome to the myFico boards and Congratulations on the new Disco! Awesome SL!
Congrats! Welcome to the Disco and MyFico family! Nice SL!
CONGRATS @penduck on your Discover approval, Thanks for the DPs, and Welcome to the Disco family!!!