Discover CLI Denial Questions

[chwebb1]

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@longtime_lurker wrote:

I think your FICO (and clearly their internal scoring scale) is knocking your score down for not having one (10% types of credit for FICO). I don't know about DCU, but MSUFCU gives low interest rates on personal "signature loans", plus you prepay whatever you want and they just bump your due date by how ever many payments you put ahead...I know someone who took out 1,500 and the next day paid 1499 and left $1 to keep it open...but MSUFCU is SP happy, and will use previous HP's within 180 days so it was worth it for him.

IMO, I would see if DCU has

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@chwebb1 wrote:

So you guys wouldn't look at getting an installment loan to try to make them happier?

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prepayment penalties.

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Another stupid question. Does a store card count differently in FICO scoring than a credit card from a major bank (Amex, Discover, Barclays, Citi etc)? I've not been able to find a definitive answer for that. I've never had a store card, and I have considered getting a Target RedCard. But I'm not sure if it is necessary. If it wouldn't help my FICO, I probably won't do it.

[daybreakgonesXe]

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@chwebb1 wrote:

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@longtime_lurker wrote:

I think your FICO (and clearly their internal scoring scale) is knocking your score down for not having one (10% types of credit for FICO). I don't know about DCU, but MSUFCU gives low interest rates on personal "signature loans", plus you prepay whatever you want and they just bump your due date by how ever many payments you put ahead...I know someone who took out 1,500 and the next day paid 1499 and left $1 to keep it open...but MSUFCU is SP happy, and will use previous HP's within 180 days so it was worth it for him.

IMO, I would see if DCU has

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@chwebb1 wrote:

So you guys wouldn't look at getting an installment loan to try to make them happier?

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prepayment penalties.

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Another stupid question. Does a store card count differently in FICO scoring than a credit card from a major bank (Amex, Discover, Barclays, Citi etc)? I've not been able to find a definitive answer for that. I've never had a store card, and I have considered getting a Target RedCard. But I'm not sure if it is necessary. If it wouldn't help my FICO, I probably won't do it.

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Supposedly, it does help, but many have reported not that big of a score jump because of it. It may give you an extra 1-3 points to have a "store card" as opposed to "revolving" account, but nothing major. That part of the FICO scoring does not count much toward your score, compared to some other categories.

[longtime_lurker]

I believe it does, although I'm not sure. 

This being said, all of my revolving accounts are in my siggy, and with an AAoA of 11 mo, 5 INQs (2 counting for score at time), and 2% util, Amex pulled a 762 EX FICO on me, so if it does, I don't think it hurts much. I don't see a lot of value in store cards - in fact I feel that if I opened one, I would become reckless and spend more than I was originally going to. I will add, however, that I have a student loan in deferrment (an installment loan), and then 3 personal loans paid as well.

I also don't think opening an account that you won't use for the sole purpose of helping your FICO is the best move - my friend and I'm sure many others have, but I see little point in having a credit line that served no purpose. Just my .02

[Anonymous]

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@chwebb1 wrote:

So you guys wouldn't look at getting an installment loan to try to make them happier?

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I absolutely would NOT add more debt to my finances just to get a CLI!  You are currently gardening for nearly another year -  That is good time for you to figure out what  helps your CCs grow for you.   Some people get auto CLs from Discover pretty regularly - the rest of us have to plead and take HPs and such.  I fall in the latter category with my increases coming only when I told them I wanted to make large BTs.  I have decided that CLI are not worth HPs -  especially as they are a matter of want more so than need.    Like a lot of others -  I am learning to favor the cards I get the most reward out of  - whether that means an auto CLI or some cashback or  points - etc.

As for Barclay -  Of all of the banks I have been with that I have asked to consider CLIs - (Cap 1, HSBC, Discover, Barclay) Barclay has been THE BEST!  In fact, other than asking for a couple before I even got my first Barclay card nearly 2 years ago, I do not bother even asking; they have come automatically at about every 6 months.  Discover and Barclay are the only two banks on that list that I deal with now -  the others being new accounts - Citi - Chase - and a CU, and once again - I am not bothering to ask for CLIs, I will just make greater use of any card that serves my needs in given situations.  Also, as frustrating as it can be to wait on auto CLI's or soft pull CLI's, I think doing so is the best way to see for yourself what it takes to get them on each account.

I think some of the replies in this thread speak to what I am saying - You just have to find out for yourself - I do not think there is one surfire formula to securing CLIs from a bank  - http://ficoforums.myfico.com/t5/Credit-Cards/Discover-CLI-always-a-HP/td-p/2667353

[chwebb1]

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@Anonymous wrote:

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@chwebb1 wrote:

So you guys wouldn't look at getting an installment loan to try to make them happier?

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I absolutely would NOT add more debt to my finances just to get a CLI!  You are currently gardening for nearly another year -  That is good time for you to figure out what  helps your CCs grow for you.   Some people get auto CLs from Discover pretty regularly - the rest of us have to plead and take HPs and such.  I fall in the latter category with my increases coming only when I told them I wanted to make large BTs.  I have decided that CLI are not worth HPs -  especially as they are a matter of want more so than need.    Like a lot of others -  I am learning to favor the cards I get the most reward out of  - whether that means an auto CLI or some cashback or  points - etc.

As for Barclay -  Of all of the banks I have been with that I have asked to consider CLIs - (Cap 1, HSBC, Discover, Barclay) Barclay has been THE BEST!  In fact, other than asking for a couple before I even got my first Barclay card nearly 2 years ago, I do not bother even asking; they have come automatically at about every 6 months.  Discover and Barclay are the only two banks on that list that I deal with now -  the others being new accounts - Citi - Chase - and a CU, and once again - I am not bothering to ask for CLIs, I will just make greater use of any card that serves my needs in given situations.  Also, as frustrating as it can be to wait on auto CLI's or soft pull CLI's, I think doing so is the best way to see for yourself what it takes to get them on each account.

I think some of the replies in this thread speak to what I am saying - You just have to find out for yourself - I do not think there is one surfire formula to securing CLIs from a bank  - http://ficoforums.myfico.com/t5/Credit-Cards/Discover-CLI-always-a-HP/td-p/2667353

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You're right. It's dumb to pay interest to make Discover happy. I just wish I could use their card more. I like the rewards and customer service. Paying it multiple times per month is rather obnoxious, so I just use my Amex and Citi since they gave me reasonable CLs for my purposes. If I could get the CL up to at least $3000, I'd definitely use it a lot more. Their loss, I guess. I currently just use it for the bonus categories.