Discover it cash back

Anonymous · ‎08-01-2018

Exp fico 740. Pre approved for a multitude of cards but thinking of getting the discover it cash back card as well as the citi double cash card. What were your credit limits when getting these cards with over 700 scores ?

Anonymous · ‎08-01-2018

Discover It SL was $11K

Citi DC SL was/is $7.3K

Physh1 · ‎08-01-2018

Your credit score is only 1 small variable when considering an approval. AAoA, history, depth on your report, & all the other things we don't know for sure. I had a thin profile & was rebuilding when I applied with a score of 722...I was approved for $1000. It's been 2 years now & I'm at $18,900. If you'd like the card, get it, be patient, get a good history going with them & the card will grow.

Anonymous · ‎08-01-2018

@AnonymousExp fico 740. Pre approved for a multitude of cards but thinking of getting the discover it cash back card as well as the citi double cash card. What were your credit limits when getting these cards with over 700 scores ?

Getting Discover and Citi DC at the same time is sort of counterproductive. Discover for the first year is essentially a 2% CB on everything card. If you get the Citi DC, you more or less take that away from the Discover card and now the Discover simply becomes a 10% rotating category card for the first year. That's fine and all, but I would suggest adding the Citi DC at the end of the Discover first year promo period.

Anonymous · ‎08-01-2018

The three big things a CC issuer or lender use in deciding whether to approve and (if they do) the size of credit limit or size of loan, are these:

Score

Income

Existing Debt

They are largely independent. A person can have an 850 score and zero income. A person can have score in the 800s and owe hundreds of thousands of dollars in loans (with a low income).

The informal survey you are trying to take doesn't ask people about all three.

And as the other contributor mentions, there are also sub-factors within a score that can be weighted very heavily by certain CC issuers or lenders. Although income is not a FICO scoring factor, some CC issuers will not issue you a card if you have opened 5 cards in the last 24 months, even if your score is in the 830s, you have almost no debt, and you have an income greater than $200,000. That's just one example.

Anonymous · ‎08-01-2018

CGID, I think the 3 factors you mentioned above are solid. The one slight modification is that I'd change "Score" to "Profile/Score" as it isn't just score that matters. You sort of touched on this toward the end of your post in mentioning 5/24. There are other things like age of accounts, thick/thin files, inquiries, derogs/delinquencies, prior [possibly negative] lender relationship, utilization percentages etc. All of those things certainly contribute to score/profile. Since two different people can have dramatically different profiles yet possess the same score, it's important for everyone to understand that actual profile data can impact lender decisions.

Anonymous · ‎08-02-2018

To reinforce what BBS said:

Up above, Physh1 mentioned an approval for a $1000 spending limit with a 722 FICO. I was approved a little under two weeks ago with a FICO around 625, and my SL was $2800. That’s how differing profiles can affect an SL independent of FICO score.

Anonymous · ‎08-02-2018

My own two Discover IT approvals are also instructive. I got the older one in March 2017 with a fairly thin portfolio (only 3 cards, a student loan and an auto loan) and a TU FICO score somewhere in the high 620's, with a $2500 SL. I got the new one this March with 7 cards and an installment loan added to the foregoing and EX FICO close to 700, with $5000 SL.

Anonymous · ‎08-02-2018

I think one of the biggest factors above would be your prior history with Discover leading up to the second app. Many (most actually) lenders are more conservative if you have no prior history with them (or negative history) where if you possess only positive history with them your approvals are usually more favorable going forward.

Anonymous · ‎08-02-2018

Depends on the other stats. When I applied for Discover It I only had 1 card and no real experience but a 700 score and got $1,000

With 2 cards and two years AAOA I got $2,300. It depends on your stats like income, score, AAOA, and others.