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Harebrained Disco Idea!?!

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Community Leader
Mega Contributor

Re: Harebrained Disco Idea!?!

Lol, touche🧟‍♂️🧟‍♀️☠💀🥀⚰😐
Message 11 of 28
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Moderator

Re: Harebrained Disco Idea!?!

OP, some great advice has been given, but unless you specifically know how your account fits into the thousands of Discover 'tranches' plus any other algorithmic criteria, then there's really no viable method to accelerate growth.

So, you can try the cash over feature for as long as you need to, but it's highly doubtful that will promote the intended or accelerated growth. Especially, if you don't know what type of 'tranche' your account is segmented. There was a time when repeated cash over withdrawals for a prolonged period signaled (internally) a potential risk. Only a few cases were reported where Discover limited the cash over amount or performed a CLD.

Kudos on the effort, but keep your expectations tempered when it comes to Discover.
Message 12 of 28
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Super Contributor

Re: Harebrained Disco Idea!?!

I think this is just a lot of unnecessary effort and hassle. The card will grow. There’s no need to do these tricks to try and increase spend. It’s not like it is guaranteed to help with growth anyway.
Message 13 of 28
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Community Leader
Senior Contributor

Re: Harebrained Disco Idea!?!


@Medic981 wrote:

@HeavenOhio wrote:

I don't think it's feasible to acquire so much cash that depositing it will raise any eyebrows.

 

Depositing the cash to cover the cost of this plan seems like a lot of work, though. How about considering the cash back as your primary means for replenishing your personal supply of cash? Rather than making withdrawls for cash, that money would remain in the checking account to cover your cash back transactions.


Right now, $100 cash will last me for just about a month. As for re-depositing, there is a co-op credit union two blocks down the street from my house so making deposits once or twice a month is not much of an issue. I guess I could just keep the cash and when it seems to excessively exceed my needs I can deposit it.


The thing you want to avoid is being forced to make a deposit in order to afford your credit card payment.

 

Discover is all over the map when it comes to granting CLIs. I wouldn't hold out a lot of hope that doing this will help. But I see no harm in trying as long as you're not pulling out an insane amount of cash.

Message 14 of 28
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Valued Contributor

Re: Harebrained Disco Idea!?!

I've been putting balance transfers on mine (even up to 85% util when my limit was smaller) and paying them off over time, and somehow I think they like that. I probably make minimum payments for 6 months or so and then BT it off to another card or PIF and then request another increase.

 

I just BT'd $4900 to another card, bringing it to $0 and got another $2k CLI today, and am up to $13,500.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne/Apple Card - $132,100 total revolving
5% down Conventional Mortgage @ 3.25%
Message 15 of 28
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Community Leader
Super Contributor

Re: Harebrained Disco Idea!?!


@Medic981 wrote:

When I obtained my Discover IT Chrome card almost two years ago my FICO scores were 100 points lower and I was initially denied a Discover card. I wanted a Discover, so I went the secured route and started with $2000 CL. A few months after my card went unsecured, I received a unicorn auto $1000 CLI. My card sat at $3000 for over a year until recently I obtained two $300 CLI by hitting the luv button in June and then again in August. 

 

My plan in August was to make Discover my daily driver, put some spend on it, and hope that when I make my next CLI in December that I will get a substantial increase.

 

Last week I discovered (pun intended) that I can get $60 cash back at some POS terminals when making a purchase. Today I again had some success with Disco who lower my APR from 24.99% to 20.24%. Tonight, shopping at Krogers, I took $60 cash back at the end of my grocery purchase. 

 

This is where my harebrained idea began. I am thinking of taking $60 cash back at every available opportunity to increase my spend. Every week or two I will deposit this cash back into my checking account, rinse and repeat. 

 

Other than making it look like I have an unreported cash income to my financial institution I do not see any downside to this. 

 

This is where I want to be told what a bad idea this is and why I shouldn't do it. What am I missing here?


Sorry, but IMHO, this is a harebrained idea (using your words). It just doesn't compute. Why take $60 cash if you don't need it? Why increase your spend unnecessarily? 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 16 of 28
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Super Contributor

Re: Harebrained Disco Idea!?!

I certainly wouldn’t be doing something like this when Disco has been sending out 4506-T requests and closing accounts. Best not to bring attention to yourself.



Message 17 of 28
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Senior Contributor

Re: Harebrained Disco Idea!?!

So you can get money at the register and it's NOT considered a cash advance?  Does it show on the statement that you took extra money?  Hmmmmm,  may need to check behind the fur-less babies.  What do I look for?  Dang it....I may have been dupedSmiley Mad




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Current Score: 786
Goal Score: 850


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Message 18 of 28
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Community Leader
Super Contributor

Re: Harebrained Disco Idea!?!


@Saeren wrote:
I certainly wouldn’t be doing something like this when Disco has been sending out 4506-T requests and closing accounts. Best not to bring attention to yourself.

Hmmm, good point. I hadn't thought of that. 


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 19 of 28
Valued Contributor

Re: Harebrained Disco Idea!?!


@CreditInspired wrote:

@Saeren wrote:
I certainly wouldn’t be doing something like this when Disco has been sending out 4506-T requests and closing accounts. Best not to bring attention to yourself.

Hmmm, good point. I hadn't thought of that. 


If I were to receive a 4506-T request, I am righteous with all of my financials so it would be a hassle but not a worry. I thought this was a harebrained it idea to begin with but thought I would bring it to the forum and see what the consensus is. 

At this point, I do not think I will try to "force" a CLI by making unnecessary cash over transactions. I will just enjoy the cash over option when I actually need cash. 

















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Message 20 of 28
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