Discover lowered my limit :/

[Anonymous]

My starting limit was 800 and they decreased it to $500. :/ I guess it wouldn't hurt if I leave it open. I feel like I can't make it my main card. It's been the inly card I carry around with me this month and I'm surprised there's still some stores that dont accept it

[B335is]

How long have you had the card?

[Anonymous]

Be patient, pay down your balances, grow your scores, and down the road you can end up with a nice fat limit on the card.

[taxi818]

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@Anonymous wrote:
My starting limit was 800 and they decreased it to $500. :/ I guess it wouldn't hurt if I leave it open. I feel like I can't make it my main card. It's been the inly card I carry around with me this month and I'm surprised there's still some stores that dont accept it

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Damn!! I thought a 5k decrease. The fact it is at $800 tells you they're nervous about your profile. I would not sweat a $300 decrease. Easily made up elsewhere. Good luck. For sure don't close it because of that. 

[pipeguy]

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@Anonymous wrote:
My starting limit was 800 and they decreased it to $500. :/ I guess it wouldn't hurt if I leave it open. I feel like I can't make it my main card. It's been the inly card I carry around with me this month and I'm surprised there's still some stores that dont accept it

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Although I carry a higher limit on Discover ($17k) and typically take advantage of their BT offers, my wife just opened her account last fall (I was carrying her as an AU, but told her to get her own card because it was a good card). DW started with an $800 CL, then 3 months in she missed a payment by one day, just an oversight, Discover dropped her limit to $500 which didn't make her happy. 3 months later it went back up to $800, this month it went to $1200. She doesn't use the card much, but my point is that Discover will watch their risk, but they'll also work with you. 

[Anonymous]

I'm thinking it's some combination of factors and not just utilization. In my experience high utilization does not scare Discover. In fact, I've had both my discover (90+%) and another card maxed out for years with my overall sitting at nearly 50% and they've been increasing my limit. I got an auto CLI fairly recently. It is my oldest card at 10 years. My problem is that I'll pay it down partially and then max it out again. People like me are CASH COWS. Something else in your profile spooked them. Don't dump them, give them a chance, they are pretty great.

[SouthJamaica]

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@CreditCuriousity wrote:

Don't allow your emotions to make bad judgement calls for you.. Discover is just covering their behinds.. I assume from your post you are carrying a balance on discover along with other cards as well.. A bit more specifics would help.. What is your current utilization?  Has it been going up over the past several months?  Are you basically just making mininum payments on multiple carsd, etc?  A bit more detail would help.

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Agreed

[Appleman]

Also, you should consider this a warning shot. Any further worsening of your credit profile will likely result in additional AA (adverse actions).

It is nothing personal (although it feels so personal) just a business decision that was made by a computer program.

I speak from experience, 15+ years ago, had awesome credit, just finished a degree and started a family. I went WILD with credit; trips, cars, furniture, I was living like I earned 3-4 X my income and it did not take long for the credit card companies to catch on. I was balance chased and had the embarassement of having cards declined.

I am sorry to hear about your situation and it helps remind me of previous financial mis-adventures. Work on paying down the balances and getting the utilization down, that plus time and perfect payment histories will boost your scores.

Good luck, the one thing that really helped me was utilizing a budget. It doesn't matter how money you make, if you don't control the money it will control you.

[UncleB]

Lots of good advice so far... I'll just add a 'twist' on how to look at it.

When I got my Amex BCP, they only gave me a $1k credit line, and they have refused multiple CLI requests due to an account that was included in bankruptcy 16 years ago.  (I feel that's relevant to mention here since I can't simply 'work on my profile', etc.)

Rather than get annoyed, I've decided to "make 'em pay" - literally.

I use the heck out of the card, and I milk it for all the cash rewards I can (especially at grocery stores).  While I would love to have a higher credit line, I make it work hard the way it is, and I "make 'em pay" me at least every other month for the privileged of being in my wallet.

If I were you, I would do the same with Discover... closing the account would let them 'off the hook', so to speak.  There's money to be earned via their 5% cash back categories, and their 'Discover Deals'!  If it were me, I would keep the card, use the heck out of it (make it pay!) and in time you'll be back to where you started, if not even more. 

Hang in there! 

[baller4life]

I wouldn't care if Discover cld me to $500 from $17k. I will NEVER close it. They'll have to pry Discover out of my cold,dead hand! That is one card that I will keep for the long haul! PERIOD!