Can I ask for a Discover CLI tomorrow and get it?

Anonymous · ‎03-17-2016

1. I am a 19 year old college student
2. First card I applied to was Best buy- denied - big mistake! (Credit Karma said I had 690 and a friend of mine had it so I thought I would get it)
3. 2nd Attempt was at my local credit union I've banked with for years and my parents banked with before I was even thought about lol - denied
4. Finally was approved for Discover IT Student Card for $500 (Accumulated 2 months of credit history so far)
5. Discover is saying my FICO is 730 for Transunion as of March but HERES where I am going to start my questions
6. I applied for Capital One Journey (Wanted more buyng power to enhance low utilization) - Denied b/c low income
7. Applied for Citi Thank You Preferred - APPROVED $700 limit
8. Recently Approved for Chase Freedom $1500 limit.

My question is when is the best time to ask Discover for a CLI to raise up that $500 to lower utilization? (My 3 month mark is tomorrow)

Nova5041 · ‎03-17-2016

91 days is the earliest to ask for a cli!

BK 7 Discharged: 5/30/2018
Fico Scores after Discharge: Experian-552 TransUnion- 490 Equifax- 571

ojefferyo · ‎03-17-2016

After 90 day you will qualify for a CLI request, whether you get it or not will be a whole different thing. Good luck and keep us posted.

Amex Platinum, Amex Hilton HHonors Surpass, Chase Southwest Premier, Chase Marriott Rewards Premier, Discover IT, Sony Visa, Barclay Arrival+ MC, Cabela Visa, Walmart SC, Amazon SC, Kohls, Diners Club Premier, PayPal Credit, PenFed Platinum Reward Visa, PenFed PLOC, Chase Ritz Carlton, Citi TY Premier, Amex BCP, Discover Miles, Care Credit, Blue Nile SC, iComfort SC, Cap1 Venture, Chase Hyatt, Lowes, US Bank Cash+, Citi Costco Visa

Anonymous · ‎03-17-2016

I know its 90 days and everything but I wanted to ask you guys if you will think I will get the CLI tomorrow based on the background I described :-)

Anonymous · ‎03-18-2016

You can certainly try to do so. A number of others on the board who have the student version of the Discover card have reported that it grows very slowly or not at all, so I would not be too disappointed if you don't get the hoped-for CLI. Discover traditionally has a reputation as a very conservative lender.

Keep in mind as well that your credit history is very recent and new overall, so that does not give any lender much basis for reviewing a history to grant CLI. You may have a more successful result with CLI requests overall when you have accumulated a year of credit history with major cards. Good luck.

lg8302ch · ‎03-18-2016

@Anonymous wrote:
I know its 90 days and everything but I wanted to ask you guys if you will think I will get the CLI tomorrow based on the background I described :-)

There is no harm in trying tomorrow. Looking at your file with quite some inquiries and new accounts I would guess it is more likely a denial but try it and if it does not work this time keep trying as long as it is a SP. You can try after every statement. Do not take a HP for it as to me it looks the results are not any better than with a SP. Good luck! ...and do not get frustrated with Discover sometimes it takes patience to succeed. It took my account full 18 months until my first CLI request was approved

score_building · ‎03-18-2016

Their student product is unlikely to grow much or at all in general...in connection with low income, lots of new INQs, and handful of new accounts...a CLI request, at least in the near future, seems most likely to be modest or declined. If it prompts for HP when you go for it, I'd decline to have the request processed, otherwise, at least there's nothing to lose in trying after 91 days.

In any case, a practice to manage UTI by PIF as a tried and true habit helps us limit overreliance on a gaming approach (e.g. increasing available vs paying down balances) which can be a slippery slope even for more advanced and/or reliably disciplined card holders.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover

lg8302ch · ‎03-18-2016

@score_building wrote:
Their student product is unlikely to grow much or at all in general...in connection with low income, lots of new INQs, and handful of new accounts...a CLI request, at least in the near future, seems most likely to be modest or declined. If it prompts for HP when you go for it, I'd decline to have the request processed, otherwise, at least there's nothing to lose in trying after 91 days.

In any case, a practice to manage UTI by PIF as a tried and true habit helps us limit overreliance on a gaming approach (e.g. increasing available vs paying down balances) which can be a slippery slope even for more advanced and/or reliably disciplined card holders.

..sooo true !

takeshi74 · ‎03-18-2016

@Anonymous wrote:
My question is when is the best time to ask Discover for a CLI to raise up that $500 to lower utilization? (My 3 month mark is tomorrow)

When your credit profile and income support a CLI. It is not just a matter of time.

You can always lower reported revolving utilization by paying prior to report date. A CLI is not the only option.

@Anonymous wrote:
Credit Karma said I had 690 and a friend of mine had it so I thought I would get it

CK provides 2 scores. Those scores are only relevant to creditors that actually use a TU or EQ VantageScore 3.0 in their decisions. I'm not aware of what is used for the Best Buy card but alwyas consider the specific scoring model & CRA when referencing scores and consider the relevance of a given model/CRA combo to a given creditor/product. Do not use a score generated by one model to determine a score generated by another model.

@Anonymous wrote:
Discover is saying my FICO is 730 for Transunion as of March

It's never just about score. 730 is a good score but your entire credit profile matters.

@Anonymous wrote:
I know its 90 days and everything but I wanted to ask you guys if you will think I will get the CLI tomorrow based on the background I described :-)

Is the Discover card the only one reporting? Have the TY Preferred and/or the Freedom reported yet? I don't think you're likely to see one either way. You seem to have a thin file with very new accounts and quite a number of new accounts for your profile. If Discover is the oldest credit account on your report then you only have a couple months of total credit history and when the other accounts report you'll have a lower AAoA. You're just starting off and building credit is a long, slow process so calm down and get your expectations adjusted realistically.

That said, it doesn't hurt to ask as long as it's an SP.

dragontears · ‎03-18-2016

You can always try but keep in mind 3 months is a short amount of time and you have a very thin file. For me Discover did not give me the option of a SP until I had the card for 9 months. so YMMV Good Luck