Discover approval - shocked at $11K SL!

[Anonymous]

There are two cards I've wanted since starting my credit rebuild about 2 years ago.  One of those is the Discover It.  With some recently resolved student loan badness now updated with the repoting agencies, I thought I'd app the Discover It again.  I was denied for this same card about 6 months ago, but now with a freshly improved score clocking in at ~700 I was approved, which isn't terribly surprising, but I was totally floored at the $11,000 SL!  Up till now, my highest CL was a CapOne QS1 at $1,500.

Still high off this impressive approval, I thought I'd give my other top want a shot.  I only had two other cards up to this point, so adding two more doesn't seem that outrageous.  App two for the day was for an AmEx BCE.  Another approval, but this time a disappointingly low SL of $500.  I actually declined it for now, knowing I have 30 days to reconsider if I like.  From $11,000 to $500.  Quite a spread!

A couple questions about the new Discover account:

1) I haven't received any follow up emails or anything other than the thin-on-details, one paragraph approval page.  Is this normal?  The approval was yesterday.

2) Has anyone heard of such a high SL for a new Discover customer with a score barely reaching 700?  I was at 500 less than 2 years ago, so this is huge for me!

3) APR rate?  The application said there was a promotional 0% for 14 months, but no APR was mentioned on the approval page. With Dsiscover, if approved, does that mean at that promotional rate, or do I need to wait for the card to arrive before I know for sure?

What a way to be welcomed to the Discover family!

-Father 'O

[Anonymous]

Congrats on the Disco card. That is a great limit.  I have seen apr vary all over the place.   I would take the Amex for 500 then at 60 days apply for 3X   

[credit_is_crack]

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Congrats on the Approval! That's a great starting limit. My IT started at $4,500 and Miles started at $4,000 so $11k is epic from my perspective! 

A couple questions about the new Discover account:

1) I haven't received any follow up emails or anything other than the thin-on-details, one paragraph approval page.  Is this normal?  Yes. They are like little intro emails and when you actually activate the card it sends you the full 'welcome' email

2) Has anyone heard of such a high SL for a new Discover customer with a score barely reaching 700?  I was at 500 less than 2 years ago, so this is huge for me! -- I've heard of Disco cards growing up to $10k, $15k, $20k and well beyond, but I dont see too many starting above $10k, but they do exist. When I applied i was mid 600s and I think because many apply when their scores are in that range $4-$5k SL's is not uncommon

3) APR rate?  The application said there was a promotional 0% for 14 months, but no APR was mentioned on the approval page. With Dsiscover, if approved, does that mean at that promotional rate, or do I need to wait for the card to arrive before I know for sure? -- your true confirmation will be when the card arrives, but you can always call up and ask. Discover isn't really known for having people apply for a specific card and then change up the terms after approval. I think you'll be good there

Hope this helps, of course as always YMMV. Congrats Again!

[CreditMagic7]

[JoeLuvsHisCredit]

WOW Congratulations! WOW

[12njoy]

When I first got my Discover a few years ago, I called them to inquire about some things.  One of the things was the SL.  Discover seems to give people with less credit and decent to good scores more than they give people with large credit lines.  I don't know your situation.  This was something that I discussed with Discover and other myFICO users years ago.  My SL back then was $6,500.  At the time, there were users with credit scores well into the late 700's who got less than I did.

[Anonymous]

Congrats on the Discover approval! I got mine around 2006 with scores in the 695-705 range, $14.9k starting CL. They increased by $500 twice in 10 years to $15.9k until I recently requested a CL and it was upped to over $22k. 

[AverageJoesCredit]

Great job!

Thats an amazing sl, most people dont get sl like that with Disco but one thing ill add, you cant compare your Discover to your Amex al in that its like comparing apples to oranges. Discover marches to their own beat. Like mentioned earlier, Discover likes to give big sl to thin files or people right out of bk or not alot of credit to their name. Usually those with more established credit do not get what matches with their profile.

Amex will grow with usage and time. There are people who started st $500 and have gotten it well over 20k. Getting a 14 month 0% apr promo is sweet. You can give them a calll to find out your original apr. Enjoy

[Anonymous]

I appreciate the detailed inline responses, credit_is_crack - thanks!

I took your suggestion and decided to give them a call.  I think part of me was hesitant to call initally almost expecting a response like "Ummm... sorry, but our comma inserting mechanism has been on the fritz and your starting limit is actually $1,100.".  Needless to say, that didn't occur.  They did confirm my starting limit at 11K, but couldn't elaborate on my APR.  Suggested I wait for the welcome packet to arrive in a few days, and "if you have any concern with the details in the welcome packet, please call back and we'l be happy to discuss it then".

The CS rep was incredibly friendly, and the wait (which they preemptively appoligized for) was all of 30 seconds.  Night and day compared to my call to AmEx.  Not only hard to decipher the broken English, but the attitude was much like I was wasting their time and how dare I call and ask questions before accepting their offer!

Lots of fast and helpful responsed to my first post on the forum!  Thanks all!

[Anonymous]

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@Anonymous wrote:

Congrats on the Disco card. That is a great limit.  I have seen apr vary all over the place.   I would take the Amex for 500 then at 60 days apply for 3X   

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Thanks, and I'm considering your suggestion to accept the AmEx and work up from the $500 SL.  I've been reading up on the 60 day 3X success many people have.  Initially my thought was I'd be better off waiting a few months for my credit to improve even more, then reapply with the hope of a higher SL.  Now I'm not so sure.  Thanks for pointing that out.