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Discover lowered credit limit

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CreditCuriosity
Moderator Emeritus

Re: Discover lowered credit limit


@longtimelurker wrote:

@Anonymous wrote:

@Anonymous wrote:

Discover just screwed me over, too. $2285 balance with $3300 CL. No payments missed. double or triple payments made each month.

 

credit limit decreased to $2400, basically maxing out my card and further lowering my score.

 

It doesn't pay to make extra payments each month. In hindsight I should have just paid the min eahc month. I will NEVER give those mothereffers at Discover any extra money ever again! They will get min payments each month for the next few years just out of spite.


I understand that you're angry right now but if you retaliate by looking riskier, they may just balance chase you and keep you maxed. Computers make these decisions, they're rarely reviewed by a human. You would just be hurting yourself. 


Yes, and in any case you are not hurting them by paying interest.   It's best for you to pay if off as soon as you can (taking care of higher rate interest first)


+10000 you are only harming yourself paying interest and hurting your score at the same time...   Just pay it off ASAP if possible as you are being balance chased

Message 21 of 24
longtimelurker
Epic Contributor

Re: Discover lowered credit limit


@Anonymous wrote:

 

 

It seems that so mannay people are genuinely surprised/upset at CLD's or closures over being maxed out for a long time and only paying the minimums. I'm honestly surprised their surprised. How is it a shocker? 

Would you continue to loan your friend Money while never being repaid, or very small amounts whenever it suited them?


I think it is due to natural  misunderstanding.    When an issuer gives you an CL of $X,  you might well take that to mean "You can spend up to $X under the agreed terms (i.e. paying interest if you carry a balance), just make sure you don't go over $X".   And also it's viewed as static (unless it goes up!), basically I'm good for $X as long as I want.

 

In reality, it's best to view $X as  a peak, there for a very short term need if necessary.   The issuers are constantly evaluating risk, and too much held for too long, even if it well below the agreed CL, can cause AA, especially if there is a similar story on other cards.

 

The friend analogy isn't really convincing, as this is a revolving line of credit

Message 22 of 24
Anonymous
Not applicable

Re: Discover lowered credit limit


@longtimelurker wrote:

@Anonymous wrote:

 

 

It seems that so mannay people are genuinely surprised/upset at CLD's or closures over being maxed out for a long time and only paying the minimums. I'm honestly surprised their surprised. How is it a shocker? 

Would you continue to loan your friend Money while never being repaid, or very small amounts whenever it suited them?


I think it is due to natural  misunderstanding.    When an issuer gives you an CL of $X,  you might well take that to mean "You can spend up to $X under the agreed terms (i.e. paying interest if you carry a balance), just make sure you don't go over $X".   And also it's viewed as static (unless it goes up!), basically I'm good for $X as long as I want.

 

In reality, it's best to view $X as  a peak, there for a very short term need if necessary.   The issuers are constantly evaluating risk, and too much held for too long, even if it well below the agreed CL, can cause AA, especially if there is a similar story on other cards.

 

The friend analogy isn't really convincing, as this is a revolving line of credit


The longer your stellar credit history, the more likely you can get away with long-term large balances. 

Message 23 of 24
AverageJoesCredit
Legendary Contributor

Re: Discover lowered credit limit


@Anonymous wrote:

Discover just screwed me over, too. $2285 balance with $3300 CL. No payments missed. double or triple payments made each month.

 

credit limit decreased to $2400, basically maxing out my card and further lowering my score.

 

It doesn't pay to make extra payments each month. In hindsight I should have just paid the min eahc month. I will NEVER give those mothereffers at Discover any extra money ever again! They will get min payments each month for the next few years just out of spite.


No where in this post does it say how long were you carrying this high balance, what your other credit cards look like, their utilization, etc. Paying double or triple minimums could be like $70 or $100 snd thats not going to bring down your balsnce fast especislly if Disco sees a pattern not only with your Disco card but amongst your others as well. Its fine to rant and rave but sometimes, especially in the credit world, sharing vital data points on ones current credit profile could help tremendously understand ones point of view. Just a thought.

Message 24 of 24
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