Discover Pulled Me In...

[Charmante]

After just posting a couple of weeks ago that I'm completely happy with my profile as it was... I received an email from CreditCards saying I was Pre-Approved for a Discover Card...

I had just did a Pre-Qual about 2 months ago at Discover and wasn't even eligible for SECURED... But thought, why not?

So I went directly to Discover and received instant approval for $8,500!!!

How can I not even be eligible for a SECURED card 60 days ago, now I'm receiving nearly $10k...? Plus 0% Int. for 14 Months on BT's!!!

So I moved everything I owe onto my new Disco!!!

QUESTIONS: I want to baby this and grow it at the OPTIMUM rate and care... Like it's my child! Lol

So how best to do this? I've moved over $2,500 BT's, so I can't afford to PIF yet...

Will $250 or $300 monthly be enough to look good and make me eligible for a CLI at an early time frame? Or would it need to be more like $500 monthly?

What's the earliest Disco MAY allow a CLI? 3 months? Or 6...?

[AllZero]

Congratulations on your approval!

[delaney1]

WTG! Congratulations!

[Vegasr]

Congrats on the Discover approval!!! 
The amount of each payment would definitely help. 

May I ask what was the verification process they had you do?

[Charmante]

@Vegasr 

Two things:

1) Sign an Equifax Tax thing, to check your 2020 tax returns (it's mandatory even if you don't file)

2) If you DON'T file -- OR to expedite it (if you only do option 1, it takes weeks) you can upload 3 bank statements... This finishes the process in less than a week! I uploaded 3 from PenFed and 3 from BancFirst just to sort of over-prove my savings -- since I don't have a real job.

[Vegasr]

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@Charmante wrote:

@Vegasr 

Two things:

1) Sign an Equifax Tax thing, to check your 2020 tax returns (it's mandatory even if you don't file)

2) If you DON'T file -- OR to expedite it (if you only do option 1, it takes weeks) you can upload 3 bank statements... This finishes the process in less than a week! I uploaded 3 from PenFed and 3 from BancFirst just to sort of over-prove my savings -- since I don't have a real job.

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Thanks for sharing. Seems standard nowadays with Discover.  
For myself, when doing a BT I always keep the amount below 29% of the cards CL.  After you're able to pay that off, then just use the card. The more swipes the better, and PIF each month if possible, and or make multiple payments as well.  This has always helped me. 

Congrats again. 

[Charmante]

@Vegasr 

Thanks! I've always wanted to make a payment every 2 weeks, versus Monthly -- especially on my Auto Loan... But was worried it may be conceived as "tacky"... Such as "Hmm... They can't afford a huge payment at once and must break it into segmented payments..."... Is this not how they perceive it...?

[CreditAggie]

Congratulations on your Discover approval!

[dudefromtx]

That's pretty awesome! Congrats!

[CA4Closure]

When I first started with Discover about 5 years ago, I was recovering from a financial disaster. They gave me a starting CL of $2,500. I used it as my daily driver. I paid this bill every two weeks on my pay day. I then asked for CLI every 90 days and got small increases like $500 to $1000. A few years ago they bumped my CL to $15,000. I put about $8,000 a month spend on this card. 

Last year they increased my CL to $45,000. Since this pandemic, they have been declining my CLI requests. Today I use this card only for my boat fuel expenses or whatever 5% cash back they offer. I heavily use my NFCU credit cards due to better rewards. 

As of this month, Chase Freedom Unlimited is my daily driver as I am trying to get this $2,500 CL to $35,000!