No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I have two Discover It cards, and one of them is still in it's cashback bonus year. I recently had to hire a roofer and I put the charges on the Discover card so that I'd get 2% back on it. However, that nearly maxed out that card, so I wanted to re-allocate credit limit from my other Discover card so that I could bring down the utilization on the maxed out card. The newer card is $8000, and the older card is $11,500 and currently doesn't have any balance on it because I've been using the newer card with the cashback bonus still active.
I have read on this forum before that this is possible, but I couldn't find the original thread that I read it in. I remembered that in order to make this happen, you have to have a CLI available on one of the accounts. Today I checked the website for a CLI and saw that I was approved for a $3000 increase on the newer card. I hit cancel and did not accept the CLI because I believe that would have screwed up the re-allocation.
I called 1-800-Discover and explained that I wanted to shift $5000 of available credit from my old card to my new card and to take the CLI on the new card. They said that this wasn't possible, but did offer me the $3000 CLI again. I asked if they could check with a CLI specialist (I'm not sure if that's even a term!) and they put me on hold for a bit, and came back and said that they would transfer me to another department and that it did look like it was possible afterall.
I was transferred to another department, explained the situation again (it's helpful to have your card numbers handy as we kept referring back and forth between the cards by using the last 4 digits). This time I was placed on hold again, and they came back and verified what my credit limits would be on each card after completing the re-allocation. I agreed, and it was finalized!
So now instead of $7600/$8000 on that card, it's $7600/$16000 and I'm just under one of the scoring thresholds of 48.9%. The old card went down to a limit of $6500, but I haven't been using it anyway. Once the cashback match year is up, I may put the limit back on the older card and close the newer card. But in the meantime, I've got like 8 months left of 0% interest to pay down my new roof and hopefully the re-allocation of credit line helps lessen the blow to my credit score.
I wish I would have done that instead of received a $500 cli.
Good job!
Did you check for CLI after?
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@Shooting-For-800 wrote:
Did you check for CLI after?
Good thinking, I forgot to try the double dip! But I just checked, and there was no CLI available now.
However, I'm still happy with changing from 95% utilization to 47.5% on that card just by shuffling around limits and getting a CLI.
@dlister70 wrote:I have two Discover It cards, and one of them is still in it's cashback bonus year. I recently had to hire a roofer and I put the charges on the Discover card so that I'd get 2% back on it. However, that nearly maxed out that card, so I wanted to re-allocate credit limit from my other Discover card so that I could bring down the utilization on the maxed out card. The newer card is $8000, and the older card is $11,500 and currently doesn't have any balance on it because I've been using the newer card with the cashback bonus still active.
I have read on this forum before that this is possible, but I couldn't find the original thread that I read it in. I remembered that in order to make this happen, you have to have a CLI available on one of the accounts. Today I checked the website for a CLI and saw that I was approved for a $3000 increase on the newer card. I hit cancel and did not accept the CLI because I believe that would have screwed up the re-allocation.
I called 1-800-Discover and explained that I wanted to shift $5000 of available credit from my old card to my new card and to take the CLI on the new card. They said that this wasn't possible, but did offer me the $3000 CLI again. I asked if they could check with a CLI specialist (I'm not sure if that's even a term!) and they put me on hold for a bit, and came back and said that they would transfer me to another department and that it did look like it was possible afterall.
I was transferred to another department, explained the situation again (it's helpful to have your card numbers handy as we kept referring back and forth between the cards by using the last 4 digits). This time I was placed on hold again, and they came back and verified what my credit limits would be on each card after completing the re-allocation. I agreed, and it was finalized!
So now instead of $7600/$8000 on that card, it's $7600/$16000 and I'm just under one of the scoring thresholds of 48.9%. The old card went down to a limit of $6500, but I haven't been using it anyway. Once the cashback match year is up, I may put the limit back on the older card and close the newer card. But in the meantime, I've got like 8 months left of 0% interest to pay down my new roof and hopefully the re-allocation of credit line helps lessen the blow to my credit score.
Superbly executed. Kudos to you!
Nice work and Congratualtions!
@AverageJoesCredit wrote:
Most impressive of this story is you getting offered a Joltdude Special. I wonder what it feels like to get 3k Discover cli😏
It feels better than applying for a NFCU credit card...
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
Well done!