Discover CLD (AU)

[Anonymous]

Yesterday my wife received a letter from Discover that they are decreasing her CL from $6200 to $4200. This account is 9 years old and has never been late.

I am an AU on this card, which helped me to get a mortgage and purchase a house (mortgage in my name only, but house in both names). We have both used this card quite a bit recently due to necessary home improvements, and the balance is currently just over $4000. So there is now less than $200 credit. The reason they gave her for the CLD is "no recent mortgage activity"(???).

The good thing is that we are eligible for the $8k tax credit, which I filed for last week. As soon as I get the check we will PIF and CLOSE THE ACCOUNT! Bye bye Discover!

[CreditDrama85]

i dont blame you. sometimes having peace of mind is better. what are your other cls like? maybe apply for an account to replace this one.

[cobaltnv]

I certainly understand your frustration with Discover, but why close the account. Your protest will not bother them one bit, but may have a negative impact on your credit score (either now or 10 years from now). The Discover has no annual fee and you have 9 years a good payment history. Why not keep it open and buy a pack of gum once every 6 months or so.

Do you have a number of accounts older than this 9 year old discover? 

[creditwherecreditisdue]

How many months did you carry a balance over 50% of CL? What is your other util like?

What is the APR on your Discover account?

If you get your UTIL straightened out they might give you a CLI after six months. Or pick up the phone now and explain what is going on and ask for it back now.