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Discover is officially my lowest limit on major cards

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Established Contributor

Re: Discover is officially my lowest limit on major cards


@PapasChileHuevos wrote:

@Creditplz wrote:
Congrats! I'm with you on Discover being my lowest limit card... it's useless to me with a 1k limit Smiley Sad! Hope yours grows!

I'm still pretty new to credit cards, so I'm used to dealing with low limits, but how is a 1K limit "useless"? I get that higher would be better, but it certainly seems plenty usable. I've only got a $1200 limit in my Citi card (my 2nd highest limit), but I've already put $2300 on it this cycle with 10 days remaining (and it's currently showing a $0 balance).


@I kind of share @PapasChileHuevos opinion on the useless part. Well not really useless, See I try my best to follow the credit rule on not going over the 30% utilization on every card. Which means out of the 1K my rule would only let me use $300 to be below my 30% utilization.

 

Also APR is not an issue for me as I really try to PIF every month.

________________________________________________________________________________________
Goal: FICO Scores 800+. Started at 588 last yr.
Current FICO 8 Scores as of 05/03/18: TU: 724 - EQ: 735 - EX: 711

Cards: Amex BCE, Amex EDP, Chase Frdm, Jetblue Plus, Discover IT, PenFed Plat Rwrds, Amazon Prime Visa, BofA Asiana, Amex Delta Gold, Amex Delta Plat, PayPal Mstrcrd, Amex Plat, Amex SPG, Chase CSR.
Message 11 of 24
Established Contributor

Re: Discover is officially my lowest limit on major cards


@Ysettle4 wrote:

@PapasChileHuevos wrote:

@Creditplz wrote:
Congrats! I'm with you on Discover being my lowest limit card... it's useless to me with a 1k limit Smiley Sad! Hope yours grows!

I'm still pretty new to credit cards, so I'm used to dealing with low limits, but how is a 1K limit "useless"? I get that higher would be better, but it certainly seems plenty usable. I've only got a $1200 limit in my Citi card (my 2nd highest limit), but I've already put $2300 on it this cycle with 10 days remaining (and it's currently showing a $0 balance).


Prevents the ability to make a big purchase or finance a large repair invoice. But again, $1K can be plenty for others. It would depend on your lifestyle or your wants/needs.


 Just goes to show that everybody's needs are different.  I'm sure there are members reading this that would kill for a $1,000 unsecured credit card.  There are also people reading that think anything below 5 figures is useless.

 

 To me, having a "good" amount of credit means having a card that I can put a major emergency repair on without maxing it out, and 2016 is the year that happened... If I had to, I could replace my roof on credit.  (NOT that I want to, in case any Gremlins are reading this!)

Venture: $21K | Amex ED: $18K | Amex BCE: $15K | NFCU CR: $18K | IT #1: $15K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $6.8K | MLife: $6.5K | Sportsman's Guide: $8.7K | NRA: $5.5K | Elan Plat: $2.3K | Cap1 PS: 2K | TRV: $2.8K | Cabela's: $1K


 


Current FICO 8 Scores: EQ: 735 | TU: 741 | EX: 733


Message 12 of 24
Regular Contributor

Re: Discover is officially my lowest limit on major cards

Congrats on the card unsecuring! Discover is just the best!

I would be ever so happy with a 1k limit.

I'm hoping my card will unsecure next month, it will be my 7th statement.

Are you going to click the button on day 31?

 

I can't wait to see how this card grows for you!

FICO Scores: EX-665 TU-690 EQ-670 (10-23-2017)
Amazon Store Card - CL $5000/AMEX BCE - CL $2000/ AMEX Everyday - $500/ Barclay Rewards Card - CL $1500/ Capital One secure card $500/ Capital One QS $1600/ Discover IT $10500/ Walmart Card - CL $5000/ Old Navy Card - CL $6000/ U.S. Bank Cash+ Visa Signature Card - CL $500
Message 13 of 24
Mega Contributor

Re: Discover is officially my lowest limit on major cards


@Dalmus wrote:

 To me, having a "good" amount of credit means having a card that I can put a major emergency repair on without maxing it out, and 2016 is the year that happened... If I had to, I could replace my roof on credit.  (NOT that I want to, in case any Gremlins are reading this!)


Yes, being able to charge enough to cover emergencies (up to a point where you could still pay if off over time) is a reasonable goal.   What happens here though is once someone gets a "good" amount on one of their cards, they then want all of their cards to grow to similar figures.  And there isn't a whole lot  of justification for that!

Message 14 of 24
Established Contributor

Re: Discover is officially my lowest limit on major cards


@longtimelurker wrote:

@Dalmus wrote:

 To me, having a "good" amount of credit means having a card that I can put a major emergency repair on without maxing it out, and 2016 is the year that happened... If I had to, I could replace my roof on credit.  (NOT that I want to, in case any Gremlins are reading this!)


Yes, being able to charge enough to cover emergencies (up to a point where you could still pay if off over time) is a reasonable goal.   What happens here though is once someone gets a "good" amount on one of their cards, they then want all of their cards to grow to similar figures.  And there isn't a whole lot  of justification for that!


A good example. I am planning to take my family on vacation next summer to the Philippines. Plane tix for all of us would cost me 5K. I have the cash to pay for it, but why use my cash if I can use my CC and earn points for that purchase. Only issue is on my highest CL card 11K that would be going over my 30% Utilization.

 

It is really good to have extra wiggle room to spend and not worry about hurting your credit score.

________________________________________________________________________________________
Goal: FICO Scores 800+. Started at 588 last yr.
Current FICO 8 Scores as of 05/03/18: TU: 724 - EQ: 735 - EX: 711

Cards: Amex BCE, Amex EDP, Chase Frdm, Jetblue Plus, Discover IT, PenFed Plat Rwrds, Amazon Prime Visa, BofA Asiana, Amex Delta Gold, Amex Delta Plat, PayPal Mstrcrd, Amex Plat, Amex SPG, Chase CSR.
Message 15 of 24
Mega Contributor

Re: Discover is officially my lowest limit on major cards


@erick_mac1003 wrote:

@longtimelurker wrote:

@Dalmus wrote:

 To me, having a "good" amount of credit means having a card that I can put a major emergency repair on without maxing it out, and 2016 is the year that happened... If I had to, I could replace my roof on credit.  (NOT that I want to, in case any Gremlins are reading this!)


Yes, being able to charge enough to cover emergencies (up to a point where you could still pay if off over time) is a reasonable goal.   What happens here though is once someone gets a "good" amount on one of their cards, they then want all of their cards to grow to similar figures.  And there isn't a whole lot  of justification for that!


A good example. I am planning to take my family on vacation next summer to the Philippines. Plane tix for all of us would cost me 5K. I have the cash to pay for it, but why use my cash if I can use my CC and earn points for that purchase. Only issue is on my highest CL card 11K that would be going over my 30% Utilization.

 

It is really good to have extra wiggle room to spend and not worry about hurting your credit score.


Yes, but if you PIF after statement cut, utilization-based hits only last for that particular month, so unless you are apping, it hardly matters.    So I still think you need at least one high CL so you can actually do the charge (in this case $5k) but the limit doesn't have to be whole lot more

Message 16 of 24
Regular Contributor

Re: Discover is officially my lowest limit on major cards

I'm honestly ok we discover waiting to make sure I'm good with credit lines. I just got a $2700 CLI on amazon today and last we merrick did a CLI of $700 plus I opened up an nfcu card that started at $1600 and a loc that was $5k

I have $28,500 available not counting my $4,900 hidden loc. I know discover will grow in due time. After all my credit was pretty trashed before I got a secured card with them. My scores range from 649 - 658 and I have no where left to go but up. According to the simulator I should be about 665 across the board in about 4 months and 690 ny this time next year I should be able to get plenty of credit line increases.

Once they come I'm giving the ax to overstock, Wayfair, big lots and merrick. Which would put me at 5 major cards and 3 store cards. Currently I have 6 of each
Current Scores: 11/27/17: [EQ-643] [TU-651] [EX-655]


Goal 08 Scores: 11/7/19: [EQ-742] [TU-686] [EX-739]
Message 17 of 24
Moderator

Re: Discover is officially my lowest limit on major cards


@Ysettle4 wrote:

@PapasChileHuevos wrote:

@Creditplz wrote:
Congrats! I'm with you on Discover being my lowest limit card... it's useless to me with a 1k limit Smiley Sad! Hope yours grows!

I'm still pretty new to credit cards, so I'm used to dealing with low limits, but how is a 1K limit "useless"? I get that higher would be better, but it certainly seems plenty usable. I've only got a $1200 limit in my Citi card (my 2nd highest limit), but I've already put $2300 on it this cycle with 10 days remaining (and it's currently showing a $0 balance).


Prevents the ability to make a big purchase or finance a large repair invoice. But again, $1K can be plenty for others. It would depend on your lifestyle or your wants/needs.


+1

 

My BCP was the 'runt' of the bunch at $1k, and I still used it hard... since I PIF it wasn't a big deal, but I admit I always desired a higher CL and I tried numerous times to get a CLI, which was always denied due to history from long ago.  After a year and a half they gave me an auto-CLI to $3k, so while it's still a bit smaller than the rest it's finally showing some growth (and I don't have to be overly concerned with making an early payment anymore). 

 

"Useless" is quite subjective... it really does depend on the person, their lifestyle, and their spending habits.

 

@Back to the thread's topic... congrats to @Davidasmithlpn for the recently unsecured Discover card... if history is an accurate indicator, you can expect it to grow quickly from here on out!  Smiley Very Happy

Message 18 of 24
Community Leader
Senior Contributor

Re: Discover is officially my lowest limit on major cards

@uncle B.....what about your Delta Amex....did you receive regular increases for that one? 

AMEX Platinum, Gold, Reserve & SPG | PenFed PR VS | NFCU FS VS | Discover IT | Citibank DC WEMC l Capital One Venture VS | Nordstrom VS l Banana Republic LUXE V I Lowes I Macys I Wayfair I
Message 19 of 24
Moderator

Re: Discover is officially my lowest limit on major cards


@Justagirl73 wrote:

@Uncle B.....what about your Delta Amex....did you receive regular increases for that one? 


Great question!  Smiley Very Happy

 

I got the Delta back in May, also with a $1k credit line.  After the auto-CLI on the BCP I thought they might have forgiven me for my past history (I included an Amex card in BK7 16 years ago), so I gave it a try (since it's been said that auto-CLIs don't reset the six month clock).  I got the 7-10 day message, which in the past has always been a denial.

 

I don't know if they denied it due to the recent auto-CLI on the BCP (which from what I've read shouldn't be the case) or if they are still holding the past against me on this card specifically, which seems odd.  In any case I won't know for sure until I get the letter.

 

FWIW, I actually opened the Delta as a desperate attempt to get another card (with a hopefully higher CL) to eventually use as a 'donor' for the BCP, but obviously when it was approved with a $1k SL that kind of put the brakes on that plan.  All wasn't lost, though... I did get 30k SkyMiles for opening the account, and I've saved enough with Amex Offers on the Delta to justify the AF (at least once). 

 

All this being said, Amex can be really (really...) slow to come around if you ever burn them... but I'm proof that it is possible.  Smiley Wink

Message 20 of 24
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