Discover lowered my limit :/

[someg33k]

Just forget that you even considered closing it. They will grow with you when your scores and utilization improve.

I would give up my Chase cards before my 1 Discover card, and it has a lower limit.

[Discover2016]

---

@UncleB wrote:

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! 

---

I am in a similar position. I have a BCE at 1k and Amex has refused all CLI attempts, in fact I don't even bother trying for CLI at the moment. Yet, I love my BCE and I use it a lot!

[Anonymous]

I say keep it! Disover was the first bank to take a huge chance on me. I have had it now for my first year or so I had gone from 7K to 17,500. I love Discover but at the moment I'm in love with Chase and I plan to grow my CSP and Freedom card! 

[Anonymous]

One thing I would suggest is changing your method of prioritizing your bank cards by paying just the minimums on your store cards. Of course, you should continue to never miss any payments on your bank cards--you can still prioritize them in that sense, but if any accounts are getting just the minumum payments it should be whichever ones have the lowest interest rates, and those are likely to be the bank cards. Store cards typically have the highest interest rates of any types of cards, so I'd say pay as much as possible on those until they are fully paid off. You'll save yourself a considerable amount in interest that you can then use to pay off the lower interest debts. Minimizing interest payments should always be the top priority when you have to carry a balance. Of course, if your bank cards have especially high rates, it may all just be a wash.

G

[Kutuzov]

I normally carry anywhere from 20-40% on my cc some with 0 some with 50% depends on the month, I have had my Discover maxed out, and never got an AA. The only difference is that I almost always PIF, and have seen my Discover grow from 800 to 2k. I'll say keep them on the road and it'll be just fine, their CS is worth it. All American based not only creates local jobs but you can even understand them (not the case with some Indian cs, I have had to talk to ...) I have not had the opportunity to see the cc grow other than the cl but time will tell. Keep it.

[Anonymous]

---

@Anonymous wrote:
Signed in to pay my bill and noticed that my limit went down. Called them and asked why. They said they did a random review on my account and felt like it was necessary to decrease my credit line due to my other accounts' balance going up. Aren't they even screwing up my credit by lowering my limit? I'm debating if I should close it out. I'm definitely going to pay it all off right now. Should I close it or just not use it? I was excited to get in with discover too! But if they would do random reviews and decrease my limit Im not sure if I wanna be with them

---

This exact situation happened with a friend of mine and chase.  I explained to him what others have explained to you here and now.  I told him to call and if he didn't get satisfaction with a regular rep to call the executive office.  He'd never even known EO's existed.  I told him before he calls to have at least 3 legitimate reasons why the reduction should be reversed.  He ended up having to call the EO but he explained that he's been using tools like creditkarma to track his credit and has been systematically reducing his utilization (he was around 80% before I started educating him) and paying far above the minimum payment.  His knowledge of how credit works and his explanation of what he's trying to do to improve it impressed the rep he was working with.  That rep then went to bat for him with internal teams and got his CL reduction reversed.  To this day he still thanks me for that.

So what should you do?  Wait till you're not pissed any more, figure out your business justification for why you're not a risk that warrants a reduction, and call.  Do not get an attitude with the rep (not saying you would, but just don't), ask and not demand, and lay out your case.  Read your rep, if they're disinterested, no energy, just going through the motions, hang up and get another rep.  This is your account, your credit, your life, don't waste time with **bleep**ty reps.  Discover generally has great reps, but it's been known to happen.

Good Luck!

[Anonymous]

Thank you all so much.. Now that I PIF my Discover, should I still keep using it or maybe just leave it at hom? Okay... I think Im calmer now..lol Atleast Discover approved me cause Ive been trying with AMEX and I still cant get in!

[Kutuzov]

They like when you PIF, so I'll say use it if you're paying the whole thing.

[pipeguy]

---

@baller4life wrote:
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!

---

Heh, I don't like it that much, I'd close it in a second if they cut me to a $500 CL from my current $17k. Too many other choices, I don't need a lender that doesn't want my business.

Edit/Add - aka Capital One and Bank of America, closed both, no regrets.

[steelers1]

---

@UncleB wrote:

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! 

---

I love the way you think UncleB