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I thought Discover was going to be my go to...

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Valued Member

I thought Discover was going to be my go to...

Hello all,

Today I am looking for a new card to build with. My current Discover card is no longer something that I wish to use going forward into 2021. They're refusing CLI's until your card age is 12 months, and by that point, I won't use it much due to no more 0% APR offering. I put roughly $5,000 in spending on this card this month, before knowing I can't grow it at all for sometime is very disappointing. I'm currently in the garden locked with very low limits due to applying for them when my scores were low. My biggest line does not meet my current needs at all.

Scores: EXP 735 | EQ 741 | TU 737

Total Accounts: 5

Youngest Account: 8 Months

Average age of Credit: 11 Months
Oldest: 1yr > 1yr > 10m> 8m > 8m 

Total Credit: $4,950
Biggest Line: Discover @$2,500
Util Profile: 1%
SSL Opened 9/16 $3,800 will report to 7% this month. 1st Loan on my history. Expecting big point boost.
Annual Income: $17,800


Amazon has yet to update my report [8/10]. I have yet to get a CLI with them as well. Also cap1 gave me bucket cards, biggest cli I got was $100 on each cap1 cards....

I feel building to this score has served me nothing as of yet. Is there any card worth going for out there right now with my current profile?
Thanks for reading.

In the Garden since 09/16/2020
Started my Credit Journey 04/2019, 2 Collections with no Credit History
PetalPetalPetalPetalPetalPetal




28 REPLIES 28
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Moderator

Re: I thought Discover was going to be my go to...

I'm sure this absolutely not what you want to hear...but honestly, I would just slow down a bit. Your AAoA is a low, you lack any high limit cards at the moment, and your annual income doesn't really support any crazy high limit cards...especially with the current economic situation.

I would just work with that you've got and let your accounts age a bit. I know being around here always makes one feel as though they're behind because the Approval section is littered with awesome high limit approvals. Just remember that most of those folks there have worked hard to build profiles that support those approvals.

Take some time off from app'ing and let your accounts age a bit. Increases will come with time, usage, and better economic conditions.

Again, I know it's not what you want to hear but it's my honest opinion.

All good things will happen with responsible usage, time, and payment history. Don't get discouraged.
Message 2 of 29
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Community Leader
Super Contributor

Re: I thought Discover was going to be my go to...

That's quite the spend for a single month with that income. If the limit isn't enough based on that type of spend, lenders are going to want to know how you're spending almost a third of your annual income in one month and still need more spending power. I wouldn't be expecting increases, more like financial reviews and tax document requests to find out where that money is coming from.







Message 3 of 29
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Established Contributor

Re: I thought Discover was going to be my go to...

That CL is pretty fair for your income, even if you cycled the whole line each month that'd be like 2x your income after tax.

 

You could probably get something from Amex

 

If you're doing the SSL with Navy, then they'd be choice #1 for big limits


Smiley Embarassed
Message 4 of 29
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Valued Member

Re: I thought Discover was going to be my go to...

@Loquat wrote:
I'm sure this absolutely not what you want to hear...but honestly, I would just slow down a bit. Your AAoA is a low, you lack any high limit cards at the moment, and your annual income doesn't really support any crazy high limit cards...especially with the current economic situation.

I would just work with that you've got and let your accounts age a bit. I know being around here always makes one feel as though they're behind because the Approval section is littered with awesome high limit approvals. Just remember that most of those folks there have worked hard to build profiles that support those approvals.

Take some time off from app'ing and let your accounts age a bit. Increases will come with time, usage, and better economic conditions.

Again, I know it's not what you want to hear but it's my honest opinion.

All good things will happen with responsible usage, time, and payment history. Don't get discouraged.

I've made numerous threads over the last few weeks. And the answer always ends in the same. I ask again because I always make new improvements and just hope something new can come along. Thank you for your answer. 


@Brian_Earl_Spilner wrote:

That's quite the spend for a single month with that income. If the limit isn't enough based on that type of spend, lenders are going to want to know how you're spending almost a third of your annual income in one month and still need more spending power. I wouldn't be expecting increases, more like financial reviews and tax document requests to find out where that money is coming from.


Yes it is quite the unsual spend. It was due to me receiving backpay from assitance back during the lockdown this year. I used the money for many investments- my SSL, several thousand for taxes, and particular collectible items I feel will climb in value in good amounts of time. My projected for this year was going to be around $10,000~$12,000 in net profit, began self employment in 2017, my AI then was barely $5,000. The pandemic had completely halted my growth, but thankfully the cares act helped me stay afloat. Next year, my goal is to bring in around $15,000 on my own, or even more. I know this isn't much to many people in this community. But the money is earned through me and my very own decisions, only. Its very rewarding knowing that... And hopefully business keeps growing more and more. 

Nonetheless, thank you for your reply.

I don't think this SSL point boost will open more doors based off your guys replies. I know January will be my time to shine, as my average credit age should reach 1 year... Or maybe not, since I opened this SSL, so that would mean my primetime would be around september next year.... I hate my garden lol. But I will try to plant a beautiful tree, full of fruit.



In the Garden since 09/16/2020
Started my Credit Journey 04/2019, 2 Collections with no Credit History
PetalPetalPetalPetalPetalPetal




Message 5 of 29
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Valued Member

Re: I thought Discover was going to be my go to...

As others have echoed, time is what you need. I started with limits a lot lower than yours; almost all grew over time. My BofA card started with a $500 limit - 3 years later, it was $41000. My income is a bit higher than yours, though. What you need to remember is that the times we are in are not favorable for growth. Even those with good histories are getting approved for lower limits. Your limited history and income are not going to get you high limits right off the bat; you are going to have to deal with the low end of things until the pandemic economy has recovered, and probably for some time after. But once they are familiar with your spending, and once lending loosens up, you should be fine to grow more. 

Message 6 of 29
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Community Leader
Super Contributor

Re: I thought Discover was going to be my go to...


@TheGameofCredit_ wrote:
@Loquat wrote:
I'm sure this absolutely not what you want to hear...but honestly, I would just slow down a bit. Your AAoA is a low, you lack any high limit cards at the moment, and your annual income doesn't really support any crazy high limit cards...especially with the current economic situation.

I would just work with that you've got and let your accounts age a bit. I know being around here always makes one feel as though they're behind because the Approval section is littered with awesome high limit approvals. Just remember that most of those folks there have worked hard to build profiles that support those approvals.

Take some time off from app'ing and let your accounts age a bit. Increases will come with time, usage, and better economic conditions.

Again, I know it's not what you want to hear but it's my honest opinion.

All good things will happen with responsible usage, time, and payment history. Don't get discouraged.

I've made numerous threads over the last few weeks. And the answer always ends in the same. I ask again because I always make new improvements and just hope something new can come along. Thank you for your answer. 


@Brian_Earl_Spilner wrote:

That's quite the spend for a single month with that income. If the limit isn't enough based on that type of spend, lenders are going to want to know how you're spending almost a third of your annual income in one month and still need more spending power. I wouldn't be expecting increases, more like financial reviews and tax document requests to find out where that money is coming from.


Yes it is quite the unsual spend. It was due to me receiving backpay from assitance back during the lockdown this year. I used the money for many investments- my SSL, several thousand for taxes, and particular collectible items I feel will climb in value in good amounts of time. My projected for this year was going to be around $10,000~$12,000 in net profit, began self employment in 2017, my AI then was barely $5,000. The pandemic had completely halted my growth, but thankfully the cares act helped me stay afloat. Next year, my goal is to bring in around $15,000 on my own, or even more. I know this isn't much to many people in this community. But the money is earned through me and my very own decisions, only. Its very rewarding knowing that... And hopefully business keeps growing more and more. 

Nonetheless, thank you for your reply.

I don't think this SSL point boost will open more doors based off your guys replies. I know January will be my time to shine, as my average credit age should reach 1 year... Or maybe not, since I opened this SSL, so that would mean my primetime would be around september next year.... I hate my garden lol. But I will try to plant a beautiful tree, full of fruit.




Good luck with your endeavors. As long as you can show and prove you need the limits, there are banks out there that will give you the limits you need. You also have the route of business credit for your self-employment.







Message 7 of 29
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Community Leader
Valued Contributor

Re: I thought Discover was going to be my go to...

Time is what you need. Your credit is young. Lenders are looking to see that you are being responsible with limits they extended to you. Doors will open, with patience and humility. Credit is not based on what we want, but what profile and income support. I say this with no malice or disrespect.

Message 8 of 29
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Valued Contributor

Re: I thought Discover was going to be my go to...

As Dumbee said, if that SSL is with Navy, I would get a NFCU card right now and start boosting that internal NFCU score.  That would end up being your largest line if not right off the bat.  




Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = Very Low 400's
1-1-17 -
8-1-18 -
12-24-18 -
Current F08 -
Current F09 -

Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, FuelMan .8K, Citi Tractor Supply Rev .8k, Builder Pro 5.4K, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG | AMEX Biz Gold NPSL
Message 9 of 29
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Established Contributor

Re: I thought Discover was going to be my go to...

Think about whether you actually need a higher CL most of the time or whether it's just for this one off scenario that happened. Just assuming you spend 100% of your income on credit cards annually, that would be under $1500 a month if it got spread out evenly. A $2500 limit gives you more than enough.

Would you be thinking you needed more if you hadn't found these forums? I only had a $3,100 limit on my BoA card after having it for seven years and never had an issue with it in all that time. Then I started looking at stuff here, and since June raised that to about $19k. But that's with at least 9 years of credit history now - this is one area where student loans actually helps lol.

Like is often repeated on here, credit is a marathon, not a sprint.
as of 10/13/20
Current Cards:
Message 10 of 29
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