When to ask Discover for CLI?

[mab463]

Hi! I know this has been posted somewhere but I couldn't find the thread. I got approved for a $750 CL with Discover about a month ago. I'm happy with it, but I just began a new job, and 750 is having me pay down twice a month to have any room on the card. Has anyone had any luck requesting a CLI after 3 months, and if so how? Would 6 months be better?

FYI My Discover TU FICO was 743. I'm still an AU on high utilization cards, but my utilization is low (or non-existent depending on when they report) and so my AAoA with my parents is 18 years but mine is only around 4 months.

Thanks for all of the help everyone

[Creditaddict]

every 3 months you can ask for a sp cli... I would wait for at least 6 months before you do a hp cli if no sp cli go through.

[PlasticOrPlastic]

My experience for information only:  Got the card in January $800 limit.  2 months later called and asked about CLI, couldnt do SP cause it was to soon, took HP instead, went up to $2000.  Called 2 weeks later to ask again and of course couldnt get SP but took another HP and went to $3000.  Normally I wouldnt take the HPs especially so close together but I felt it was worth it for my situation.  Only regret is asking for such low amounts instead of going for a counter. 

[mab463]

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@PlasticOrPlastic wrote:

My experience for information only:  Got the card in January $800 limit.  2 months later called and asked about CLI, couldnt do SP cause it was to soon, took HP instead, went up to $2000.  Called 2 weeks later to ask again and of course couldnt get SP but took another HP and went to $3000.  Normally I wouldnt take the HPs especially so close together but I felt it was worth it for my situation.  Only regret is asking for such low amounts instead of going for a counter. 

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Ah! Your experience makes me so tempted for the HP, but I already have a few mixed around from getting the 2 cards and from getting an apartment and new job. I wonder why they wouldn't have just given you a better limit at first if the HPs showed likely very little difference from month to month.

[PlasticOrPlastic]

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@mab463 wrote:

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@PlasticOrPlastic wrote:

My experience for information only:  Got the card in January $800 limit.  2 months later called and asked about CLI, couldnt do SP cause it was to soon, took HP instead, went up to $2000.  Called 2 weeks later to ask again and of course couldnt get SP but took another HP and went to $3000.  Normally I wouldnt take the HPs especially so close together but I felt it was worth it for my situation.  Only regret is asking for such low amounts instead of going for a counter. 

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Ah! Your experience makes me so tempted for the HP, but I already have a few mixed around from getting the 2 cards and from getting an apartment and new job. I wonder why they wouldn't have just given you a better limit at first if the HPs showed likely very little difference from month to month.

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Honestly I was pretty happy with the approval and $800 I had a BK in 2011, and wasn't getting approved for anything.  I had probably about 12-15 INQs on my CR when I called so that didnt affect them at all.  Like I said I wouldnt have done the HP's but they offered me 0% on BT for 12 months, and I also wanted to buy a new grill from Home Depot with the 10% stacked CB that quarter.  Like you paying multiple times per month was kind of annoying...now I just send 700-800 once per month and I'm happy. 

[Creditaddict]

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@mab463 wrote:

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@PlasticOrPlastic wrote:

My experience for information only:  Got the card in January $800 limit.  2 months later called and asked about CLI, couldnt do SP cause it was to soon, took HP instead, went up to $2000.  Called 2 weeks later to ask again and of course couldnt get SP but took another HP and went to $3000.  Normally I wouldnt take the HPs especially so close together but I felt it was worth it for my situation.  Only regret is asking for such low amounts instead of going for a counter. 

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Ah! Your experience makes me so tempted for the HP, but I already have a few mixed around from getting the 2 cards and from getting an apartment and new job. I wonder why they wouldn't have just given you a better limit at first if the HPs showed likely very little difference from month to month.

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actually I take back my answer since you only have 2 cards... Discover will probably favor you more and the INQ's will not be a big deal... I'd take them if they can't do the sp CLI but like other poster stated... ask for much more and get counter.

and in 6 months or sooner if you get pre-approvals Id get Amex and Chase cards!

[mab463]

I've had Cap One since February and in September I'm getting the 750 from credit steps, and they agreed to review a CLI for more when I submit my first pay stub (I start working next week but don't get paid until mid August). Is it smarter to wait until Capital One increases me or to just go for it? I would love to not be stuck paying down this card every couple weeks, but I only got my first statement a week or so ago.

[bigblue7722]

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@Creditaddict wrote:

every 3 months you can ask for a sp cli... I would wait for at least 6 months before you do a hp cli if no sp cli go through.

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would it be best to do this over the phone. When i go online now and click on the CLI button it says this:

Requesting an increase to your credit line is easy. Tell us the amount you would like your credit line to increase by and provide some of your employment and financial information to help us with our decision.  This request may also require us to pull a credit bureau report, which may affect your credit score.  Most decisions are immediate, however it may take up to two business days.

[Ghoshida]

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@bigblue7722 wrote:

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@Creditaddict wrote:

every 3 months you can ask for a sp cli... I would wait for at least 6 months before you do a hp cli if no sp cli go through.

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would it be best to do this over the phone. When i go online now and click on the CLI button it says this:

Requesting an increase to your credit line is easy. Tell us the amount you would like your credit line to increase by and provide some of your employment and financial information to help us with our decision.  This request may also require us to pull a credit bureau report, which may affect your credit score.  Most decisions are immediate, however it may take up to two business days.

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When you first ask for the CLI, the system determines whether you need a SP or a HP; if a SP is enough, it will give you the CLI; else, you'll be prompted to go for a HP or talk to a rep over the phone. 

Talking to a rep is generally a HP, but I've seen a few posts here and there saying there are SP CLIs through reps as well. 

[JosephS112]

From my personal experience with Discover: They are not easy to get a customer-initated credit increase with especially if you have a relatively new account. HOWEVER, I was given about 5 marginal credit increases automatically within the first year of having a Discover credit card. That being said, I was always given a credit increase after I used the card to make a large purchase and/or used it as my main credit card for a little while. So I would say that you are more likely to get automatic increases (or be approved for soft pull increases) if they see that you are using the account a fair amount. As far as customer-initiated soft pull increases, I would say that it would be quite hard to get one within 6 months of opening the account. Although it doesn't hurt to ask (online/over the phone) after you are assured that it will not be a hard pull.