Discover lowered my limit :/

[Anonymous]

A CL decrease isn't the end of the world and in some situations should be appreciated.  I wish my credit union gave me a CL decrease, instead they closed my card.  I had a $10k limit card for 15 years with them that I was swiping 10-15 times per month the whole time, never missed a payment and I had automatic $400/mo payments set up on the card.  While I did PIP sometimes, I typically carried a $1k balance or so and a few times let it get to $2-3k.  Out of the blue they closed the account one day when doing a manual review like you experienced.  No phone call, letter, email, heads up, offer to drop my CL.  Account closed.  THAT really pissed me off.

What what I hear of Discover they are cool with CLI's every 91 days at most, so worst case scenario is you PIF for 3 months and you're likely right back get a CLI right back to where you were.  Paying only minimum payments though isn't really a good look; you don't really get anywhere doing that with respect to utilization and it gives the impression that the minimum is all you can afford which I'm sure can raise some red flags.  If you can't PIF I'd suggest at least making payments that are 2-3x what the minimum is to show your ability to pay down your balances.  If one isn't able to do this, there really isn't a reason for lenders to offer them CLI's as it only forces them to incur more risk.

[msbia]

OP please be encouraged. There are some great posts in this thread, but let me share my recent experience. In the fall (October) I did a couple of BTs with BOA/Fidelity, and shortly after got a Mint alert that my BOA limit was decreased from $5k to $1800 and Fidelity from $10k to $2400. For using BT offers they BOMBARDED me with lol. My initial reaction was to close both cards, but the wonderful member named NRB talked sense into me, and a rep at BOA convinced me to combine the limits into one card - the Fidelity, after I PIF both cards and closed the BOA. In February this year I requested a CLI on my Fidelity to $10k and got instant approval, and just a few weeks ago applied for a business Mastercard through BOA and was approved for $10k. So my payoff for not overracting was MORE credit than I had prior to the adverse action. Be patient...Discover is a lender worth waiting for...once your profile strengthens they will be right back in your corner. 

Have a wonderful day! 

[12njoy]

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@msbia wrote:

OP please be encouraged. There are some great posts in this thread, but let me share my recent experience. In the fall (October) I did a couple of BTs with BOA/Fidelity, and shortly after got a Mint alert that my BOA limit was decreased from $5k to $1800 and Fidelity from $10k to $2400. For using BT offers they BOMBARDED me with lol. My initial reaction was to close both cards, but the wonderful member named NRB talked sense into me, and a rep at BOA convinced me to combine the limits into one card - the Fidelity, after I PIF both cards and closed the BOA. In February this year I requested a CLI on my Fidelity to $10k and got instant approval, and just a few weeks ago applied for a business Mastercard through BOA and was approved for $10k. So my payoff for not overracting was MORE credit than I had prior to the adverse action. Be patient...Discover is a lender worth waiting for...once your profile strengthens they will be right back in your corner. 

Have a wonderful day! 

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That's exactly how I feel about chase.  They'll be right back in my corner real soon. 

[Anonymous]

I can certainly understand the feeling. As my credit improves and I'm now starting to get into Prime land, Primarily with 5 Chase cards, I can see how crazy things can be. But as I learn more and more - what I don't understand is... WHY people have 10+ CC's and MUST charge on ALL of them, keeping a balance - every month? I can see if the CL is low, but people with over $5k-$10k CL's on each card? Why not use 2-3 per month and $0 those out and then rotate? What is the big hoopla about?
Who cares if you have the income to support that habit, why not be smart about it? I sure would not want me entire paycheck going back into every CC. This creates huge debt and before you know if. BK!

I can't even get Discover to increase my $1500 CL. I'm at $0 with them and plan on just keeping it that way with the new cards I now have. I see more value by using my Chase since there are higher CLs than with these other lower limit cards.

nd just to make sure I don't use Disocver, one of their BEST features is this:

Your account is now frozen. You can unfreeze whenever you like

I wish other providers had a feature like this!