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

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Contributor

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

Like all the smart people before me said it takes time and it seems to me that you are off to a good start. Discover can grow immensely and in my opinion they have the best customer service.

Message 11 of 29
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Community Leader
Senior Contributor

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

Your revolving credit is thin and young.... And right now banks are still being a bit tight.... You need to yield and give it a little time.... 

BTW if discover thinks its appropriate, they will give you an auto-cli , usually within 3+ months of opening.... And age of newest account can be a part of the issue... Folks have given you some great advice, and even a possibility or two if youd like another card now... Folks usually dont get high limits right out of the gate with YOUNG credit profiles and low CLs... that discover card might open the door to higher limit cards.... Very few banks and CUs like to be the first... (yes there are exceptions)... to some extent, higher limits beget higher limits... And as an aside, Discover can get new 0% offers on new purchases after time has passed... not immediately after it expires though... but you might be eligible for a perm apr reduction when it expires.... Also be aware that credit seeking behavior can make you look desprate and set off red flags with other creditors... Your impatience is showing .... seriously .... and thats when mistakes can cause setbacks.... Like AA and ARs....   You need to age those accounts.... 

 

Seriously, you need more TIME...  Rome wasn't built in a day, and neither is your credit score.. Credit building feels like it goes at a glacial pace, but it tends to move a little faster once you get over the hurdles and your accounts seasoned... Its low aand slow.. How many HPs do you have right now? .. On young accounts that are more significent than someone whose had some experience and aging...  And DTI......can be a concern right now with your income..this is not your constant income, its an event.... 

Also its not just about FICO scores themselves.. your current score is actually more volitile and weaker than someone with longer experience and higher income... 

BTW I started off at about 2500 with Miss Disco... So at least for me, i know it can grow.. 

-J

 

Message 12 of 29
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Valued Contributor

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

Be more patient, OP.  Banks don't like impatience, and they can sense it in your credit-seeking.

Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom Unlimited
Sock Drawer: PenFed Promise • NFCU cashRewards • Chase Freedom • Chase United MileagePlus • UNFCU Azure
Message 13 of 29
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Valued Contributor

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

Like others here have said, you need time to grow your profile. I might add it seems like your Discover card might be your best card, and you may want to keep using it, and you may get Discover CLIs in the future. That card might be your ticket to better cards in the future. The bucketed cards will have to be closed later down the road, as those could slow your credit line increases you are looking for. You'll want to stick with the big boys when apping for new cards to build a solid profile, but again wait to apply for new cards until your profile is more established, then close down the buckets. Good luck.

Scores, HPs/24 mos. (updated 10/09/20):
    Experian FICO Score 8 = 825, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 815, 1/24
    Equifax = 819, 0/24

Total 2019 rewards, incl. offers/deals = $1,709.07
Avg. rewards rate, incl. offers/deals = 3.92%

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
Message 14 of 29
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Frequent Contributor

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

You put $5000 spend in a month through a card & you make $17,800 a year? I think you need to sit back & realize the current situation we are in, creditors are in, & you need to be realistic with your goals.

Message 15 of 29
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Established Contributor

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

The thing is, putting $5k on your card during one particularly unusual month isn't enough to demonstrate to them that you regularly need that much credit available, especially given your reported income of around $1.5k/month. With that reported income, they would reasonably assume you'll never normally put more than $1k/mo on your cards, and that any more than that could pose a major risk that you won't be able to pay it off. This is why you're having difficulty getting CLI's or approvals for new higher-SL cards.

 

The best way to get CLIs and higher-SL cards is to do these things:

  1. Put as much of your spend as possible on your cards. Anything that allows you to pay with a credit card, pay it with a credit card.
  2. Don't let your balance ever exceed 50% of your current SLs.
  3. Don't "credit cycle", which means, don't let your total monthly spend on any one card exceed its credit limit, even if you're making multiple monthly payments to keep it below its limit. (For example, if you have a $2k limit card, do not put more than $2k spend on it in any one month, even if you're making multiple payments on it to to keep its balance below its limit). "Credit cycling" can raise money laundering flags on your account.
  4. Don't ever carry a balance, pay the full statement balance on each card every month.
  5. Increase your income (it sounds like all your income comes from investments, so consider getting at least a part-time job to help bolster it)
  6. let your accounts get some age, stop applying for new credit for a while.

If you do those things, CLIs and approvals for new higher-SL cards will come.

    Combined Loan Balances: $28k / $70k

    Total SL: $41.2k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase 6/24
Message 16 of 29
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Established Contributor

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

Agree with 1, 4, 5, and 6 above. Skip 2 and 3. Some charges can hit that limit, but just go in and pay that off so they know you're not going to let it linger. Don't understand why 3 is a thing that people keep mentioning. If you're card isn't a sufficient limit, you'll have to use it to the limit and beyond. Just pay it off and make sure the spend is organic. Buying $500 of gift cards repeatedly at the grocery store will trip flags. Buying your groceries, cable, rent, TV, etc is all normal. Especially with holidays coming up, throw gifts in there too.
as of 10/13/20
Current Cards:
Message 17 of 29
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Mega Contributor

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


@coreysw12 wrote:

 

Don't "credit cycle", which means, don't let your total monthly spend on any one card exceed its credit limit, even if you're making multiple monthly payments to keep it below its limit. (For example, if you have a $2k limit card, do not put more than $2k spend on it in any one month, even if you're making multiple payments on it to to keep its balance below its limit). "Credit cycling" can raise money laundering flags on your account.

 


There is some theshold here.   If your CL is too low for your normal spend, then some cycling is to be expected.  A few times a year cycling a low CL (like $2K) isn't go to raise ML flags, it's too inefficient to launder money in such small amounts, even with lots of workers.

 

(Mod cut-not appropriate for this board, thanks)

 

Message 18 of 29
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Established Contributor

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


@longtimelurker wrote:

@coreysw12 wrote:

 

Don't "credit cycle", which means, don't let your total monthly spend on any one card exceed its credit limit, even if you're making multiple monthly payments to keep it below its limit. (For example, if you have a $2k limit card, do not put more than $2k spend on it in any one month, even if you're making multiple payments on it to to keep its balance below its limit). "Credit cycling" can raise money laundering flags on your account.

 


There is some theshold here.   If your CL is too low for your normal spend, then some cycling is to be expected.  A few times a year cycling a low CL (like $2K) isn't go to raise ML flags, it's too inefficient to launder money in such small amounts, even with lots of workers.

 


That's probably true, I'm sure it's less of a concern with lower-limit cards.

    Combined Loan Balances: $28k / $70k

    Total SL: $41.2k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase 6/24
Message 19 of 29
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Community Leader
Super Contributor

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

Cap1 wants cycling to show the limit is insufficient. It's the only time I got increases from them







Message 20 of 29
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