Discover Low Limit

[nyancat]

Okay, so I have a question for you guys. I have the following cards, and just app'd for Discover last month and got a limit of $1500. My income is about $25k. Is this normal to get such a low limit from Discover?

American Express Costco TrueEarnings - $15,600

Capital One Cash Rewards Visa - $7,500

Citi Forward - $5,000

Citi Forward - $4,000

[bs6054]

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@nyancat wrote:

Okay, so I have a question for you guys. I have the following cards, and just app'd for Discover last month and got a limit of $1500. My income is about $25k. Is this normal to get such a low limit from Discover?

American Express Costco TrueEarnings - $15,600

Capital One Cash Rewards Visa - $7,500

Citi Forward - $5,000

Citi Forward - $4,000

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It might also just be the order that you got the cards.  The other 4 give you a total CL that exceeds your earnings and while that is OK, it may make the next issuer reluctant to give you a big CL. 

[nyancat]

Good point! I don't plan on getting more cards for quite awhile. Hopefully with more income by then! My main reason for getting the Discover was to have a card that's widely accepted in China (UnionPay network mutual acceptance), as well as a second no f/x fee card.

[FloridaState12]

That's more than I have. I got approved in Feb for only $500...just asked for an increase a few days ago and only got another 500.

[nyancat]

Wow, gotta wonder what the heck is with Discover then...

[FloridaState12]

Especially since Bank of America gave me a $4200 increase and Barclays a $2500 increase. I also got two soft pull CLI's from Citi for $700 and $800...Discover was a hp and only $500! Chase was the exact same way as Discover. Guess they just don't like me lol

[nickn86]

They're pretty stingy in general with limit.  While they'll often start people in the mid-thousands they seem to go above 10k at a lesser rate than other creditors

[youngandcreditwrthy]

I *was* happy with my starting and current limit of $4,000, but now....not so much. My other cards have grown substantially and left this one in the dust! Maybe at six months, I'll get a cli!!!!
Good luck:-)

Discover seems to be moderately conservative

[Rhaeny]

Yea low limit for me too, only $1K.  But they are using an enhanced bankcard fico scoring model, similiar to how the auto enhanced score works.  In my case myFico EQ score is 714 but Discover's scoring model puts me at 668....ouch!

I believe this scoring model dings you heavily on recently opened accounts.  It sucks but I am going to give them a chance for some time in the future to CLI to match my lowest Visa at $5K.  If they don't then they will be SD.

[patternofstars7]

Yes for me it was the same case. I have several other cards with way higher limits ranging from $3500-$7000 but they only started me off with $2000.