TL;DR: Disco almost doubles my Discover IT limit from $800 (starting limit) to $1500 (three months after opening account). I didn't press the LUV button; it was a complete surprise.
I read a comment from one of you fellow MyFico-ers that said Disco loves "thin and needy" files and that fits my credit profile to a T!
I opened a Discover IT Cash Back card in early Feb 2019 with a credit limit of $800. (Amazingly good for someone like me.) My third statement just finished a few days ago. I log in tonight and it's increased by $700, to $1500!!!!
DATA POINTS:
- Ex FICO 636 when approved for CC (Feb 2019), now 655, three months later.
- Util is high; was about 85% when approved, is now 79%. (My debt-to-income ratio is okay because I have low-interest payments on some closed CCs.)
- I am constantly swiping the card, constantly paying. Never let the util get too high before sending in a payment. Every expense goes through the Disco card; I typically spend far more than the $800 each month.
- My income is low (approx 20K right now) but expenses are low, so a $1500 limit is just fine for me right now. (I was pathetically grateful for the $800 starting limit, who am I kidding?)
- My baddies: 90-day late from almost a year ago (depending on which credit bureau you ask) and a debt settlement for less than full amount from about 6 months ago. Both stemming from the same credit card.
- Long credit history. AAoA is between 7 and 10 years. Oldest account is 17+ years. No other baddies.
I am over the moon over this CLI, because it's going to automatically help lower my pathetic high util and also give me more "breathing room" with spending/paying on the Disco card. I was always trying to keep the util on Disco under 20% or so but sometimes this was diffcult with a $800 limit. It's going to be a lot easier with $1500.
It feels pretty great but also weird because here I am with a (to me) fantastic CC with a nice limit (considering my income) but elsewhere all the offers and preapprovals I get are for Indigo and Credit One and so forth. Even Cap1 won't preapprove me for anything. I hope to get more credit cards in a while, but right now I LOVE LOVE my Disco card and they have a fan in me for life!
