Not really sure what to do with my Discover card. Here's the basics:
- account has been open since April 2012.
- started with a $1400 CL, now has a $7500 CL
- interest rate 20.24%
- last CLI was December of 2014 from 6K to current 7.5K (hard pull drops of end of this year)
I have 6 other cards, limits are 34k, 30k, 24.5k, 22.9k, 20k, 20k. The interest rates on those range from 11.24-15.99 with one outlier (Synchrony) @ 24.24%. Current utilization across all cards is about 12%.
I really don''t want to request another CLI, as I expect this particular account is somewhat limited. When I opened this account my score was in the mid to upper 600's and I had a bad account with Discover 10 yrs. prior.
For the last 3+ years I have been in the 700's on all 3 CR's. For 2015 and 2016 I haven't dipped below 750 on any and from time to time find myself in the low 800's.
I am continually tempted to just close it. But then again, it doesn't cost me a thing to keep it open. I don't use it much because $750 dollars and I'm over 10% real fast.
Do y'all think this card is internally limited? If I closed it and applied though Discover again would I get a better rate and CL?
Any thoughs are welcome?
Personally I have had cards post 50% util but overall util is still 1% and my scores still rise so I wouldn't worry about 10% on the card. I have around $1,500 parked on my Discover atm with a 0% APR for a BT I just did and my scores imrpoved.
@Closingracer99 wrote:Personally I have had cards post 50% util but overall util is still 1% and my scores still rise so I wouldn't worry about 10% on the card. I have around $1,500 parked on my Discover atm with a 0% APR for a BT I just did and my scores imrpoved.
Thanks, Closingracer99. But I'll be honest, the $7500 CL bother's me because of the deficit between it and the other cards. Also, the rate bugs me. The Synchrony rate bugs me too, but I put up with it because of the 20k limit.
@hardworkrebuilding wrote:Not really sure what to do with my Discover card. Here's the basics:
- account has been open since April 2012.
- started with a $1400 CL, now has a $7500 CL
- interest rate 20.24%
- last CLI was December of 2014 from 6K to current 7.5K (hard pull drops of end of this year)
@I have 6 other cards, limits are 34k, 30k, 24.5k, 22.9k, 20k, 20k. The interest rates on those range from 11.24-15.99 with one outlier (Synchrony) @ 24.24%. Current utilization across all cards is about 12%.
I really don''t want to request another CLI, as I expect this particular account is somewhat limited. When I opened this account my score was in the mid to upper 600's and I had a bad account with Discover 10 yrs. prior.
For the last 3+ years I have been in the 700's on all 3 CR's. For 2015 and 2016 I haven't dipped below 750 on any and from time to time find myself in the low 800's.
I am continually tempted to just close it. But then again, it doesn't cost me a thing to keep it open. I don't use it much because $750 dollars and I'm over 10% real fast.
Do y'all think this card is internally limited? If I closed it and applied though Discover again would I get a better rate and CL?
Any thoughts are welcome?
I've often wondered this same thing before.
Some of your card details along with the lack of expected results with them so mirror my own Discover Card with a couple of exceptions.
Mine was obtained at the same EXACT start limit but in August 2013 and your FICO stats are far above mine.
Unfortunately i had to wait an entire 18 months for a first ever SP CLI on it because while buiding up my profile i needed to reserve HP's. Then only just last summer they let me on the train baller4life 
started and that $1400 SL suddenly turned into an instant $2400 followed up 17 days later with another $1K CLI to $3400 and it kept right on going until at it's end some weeks later the line leveled off at $6400.
Then it went into $500 every 91+ days and that's how it remains so far with a current line sitting at $7900.
You have some history on that card but like you say it's not advancing as expected but if it was me i surely wouldn't close it and start over from scratch again unless there was some bonified hard evidence that a new Discover card would achieve much better results for you then the current one.
Just my opinion and nothing else.
@CreditMagic7 wrote:I've often wondered this same thing before.
Some of your card details along with the lack of expected results with them so mirror my own Discover Card with a couple of exceptions.
Mine was obtained at the same EXACT start limit but in August 2013 and your FICO stats are far above mine.
Unfortunately i had to wait an entire 18 months for a first ever SP CLI on it because while buiding up my profile i needed to reserve HP's. Then only just last summer they let me on the train baller4life
Then it went into $500 every 91+ days and that's how it remains so far with a current line sitting at $7900.
You have some history on that card but like you say it's not advancing as expected but if it was me i surely wouldn't close it and start over from scratch again unless there was some bonified hard evidence that a new Discover card would achieve much better results for you then the current one.
Just my opinion and nothing else.
Thanks, CreditMagic7. It's nice to here a similar story, but with some pronounced differences.
I've never had a soft pull CLI with Discover. The road to 7500 from 1400 was paved by 3 hard pulls after account opening. The last being December 2014 as I stated above. The very first bump may have been an auto-increase, but I don't remember to be sure. If its was, it was very small. I have never had the Luv button appear when I sign into my account. If I seek it out, the response is that I must call in to request one.
To make it more aggravating, My wife has had 3 CLI's from Discover this year. One auto-increase from 11.5k to 13.5k. Then the Luv botton appeared and they bumped her to 16.5k. It appeared again, and they bumped her to 20k. That's 3 SP CLI's from Discover in less than 5 months.
You can imagine my humiliation... I was like "what about this guy?"
You can ask if an APR reduction is available on your Discover card every 6 months. So keep track of the date you ask, and do a live chat to ask for a reduction bi-annually. The rate will come down, IF you ask.
Similarly, request a CLI every 31+ days using the online link. Keep track of the dates so you know when to ask. You do need to be using the card. My increases were MUCH higher in quarters where I spent $1500 on the card versis just spending small amounts. Once again, they aren't going to give you increases unless you ask, and you can't expect to get an increase every month. Once you start getting the increases, it is possible to receive them in several consecutive months if you keep asking.
@hardworkrebuilding wrote:
@CreditMagic7 wrote:I've often wondered this same thing before.
Some of your card details along with the lack of expected results with them so mirror my own Discover Card with a couple of exceptions.
Mine was obtained at the same EXACT start limit but in August 2013 and your FICO stats are far above mine.
Unfortunately i had to wait an entire 18 months for a first ever SP CLI on it because while buiding up my profile i needed to reserve HP's. Then only just last summer they let me on the train baller4life
Then it went into $500 every 91+ days and that's how it remains so far with a current line sitting at $7900.
You have some history on that card but like you say it's not advancing as expected but if it was me i surely wouldn't close it and start over from scratch again unless there was some bonified hard evidence that a new Discover card would achieve much better results for you then the current one.
Just my opinion and nothing else.
Thanks, CreditMagic7. It's nice to here a similar story, but with some pronounced differences.
I've never had a soft pull CLI with Discover. The road to 7500 from 1400 was paved by 3 hard pulls after account opening. The last being December 2014 as I stated above. The very first bump may have been an auto-increase, but I don't remember to be sure. If its was, it was very small. I have never had the Luv button appear when I sign into my account. If I seek it out, the response is that I must call in to request one.
To make it more aggravating, My wife has had 3 CLI's from Discover this year. One auto-increase from 11.5k to 13.5k. Then the Luv botton appeared and they bumped her to 16.5k. It appeared again, and they bumped her to 20k. That's 3 SP CLI's from Discover in less than 5 months.
You can imagine my humiliation... I was like "what about this guy?"
Exactly.
You definitely have had your card longer so to me it's quite unusual why they haven't turned on the SP CLI page to your account yet.
Mine didn't show up either for nearly 2 years (18+ months to be exact) until that Discover mania last summer.
In fact i had opened a similar topic shortly after Christmas in January last year echoing the same reservations and putting Discover on my list of cards to close out along with a bunch of Comenity catalog cards.
It barely survived only because it was my 2nd longest open card account at the time and i wanted to see if that much talked about 18 month wait period would actually produce something before i finally close it in which it did!
@Themanwhocan wrote:You can ask if an APR reduction is available on your Discover card every 6 months. So keep track of the date you ask, and do a live chat to ask for a reduction bi-annually. The rate will come down, IF you ask.
Similarly, request a CLI every 31+ days using the online link. Keep track of the dates so you know when to ask. You do need to be using the card. My increases were MUCH higher in quarters where I spent $1500 on the card versis just spending small amounts. Once again, they aren't going to give you increases unless you ask, and you can't expect to get an increase every month. Once you start getting the increases, it is possible to receive them in several consecutive months if you keep asking.
Thanks, Themanwhocan. I just did the online chat. The rate was reduced from 20.24 to 17.49%. I saved the chat as a reminder and will try again in 6 months.
@CreditMagic7 wrote:Exactly.
You definitely have had your card longer so to me it's quite unusual why they haven't turned on the SP CLI page to your account yet.
Mine didn't show up either for nearly 2 years (18+ months to be exact) until that Discover mania last summer.
In fact i had opened a similar topic shortly after Christmas in January last year echoing the same reservations and putting Discover on my list of cards to close out along with a bunch of Comenity catalog cards.
It barely survived only because it was my 2nd longest open card account at the time and i wanted to see if that much talked about 18 month wait period would actually produce something before i finally close it in which it did!
CreditMagic7,
I just used the online chat for a rate reduction at Themanwhocan's recommendation. It worked. While in there, I probed the CLI possibilities. I got the you can call... line. I'm not real hopeful. I asked about the line under manage account and the rep was like, "sure you can try that". Didn't leave me with a whole lotta confidence. I'll try later and give y'all the results. I refuse to go the hard pull route again.
If they would just give me a limit commensurate of my other cards I would be happy to keep and use the account. That's much better than taking an AAOA hit applying for another Discover card (without any assurance it would accomplish my goal).