Dave Ramsey Comment About Discover Bank

EW800 · ‎04-20-2024

From time to time I see clips of Dave Ramsey's show pop up on YouTube. I saw one of the early today where a lady called in speaking about her horrendous credit card debt. When she mentioned Discover Bank, Dave Ramsey made the comment of "Discover is a horrible bank". Would anyone have any idea why he appears to dislike Discover so much? I feel like they have been good to me, better than average interest rate on savings and an amazing CL on my Discover credit card. Thoughts?

Year 2012: All Scores in the 520 range, during a foreclosure, CC Settlement and high UTIL. Very ugly days...
Jan 2026: EX8: 850; EQ8: 850; TU8: 850 -- Middle Mortgage Score: 827
In My Wallet: Discover $73.7K; Cap1 Venture $51.7K; Amex ED $38K; Amex Optima $2.5K; Amex Delta Gold $18K; Citi Costco $24.5K; Cap1 Plat $8.4K; Barclay $7K; Chase Amazon $6K; BoA Plat $21.6K; Citi TY Pref $22K; US Bank $4K; Care Credit $6.5K. Total Revolving CL: $300K+
My UTIL: Less than 1% - Only allow about $20 a month to report, on one account. .

keekers · ‎04-20-2024

My only thought is that I take Dave Ramsey with a grain of salt.

Gunnerboy · ‎04-20-2024

Dave Ramsey refers to a relationship with Discover as "Discover Bondage" because multiple card payments within a 3-day period may not be reflected until eight business days (thus keeping you in debt). He's stresses paying by cash, but seems okay with debit cards.

"Not everyone who helps you is a friend, and not everyone who challenges you is an enemy."

MarkintheHV · ‎04-21-2024

I think they are horrible too. Proabably because they would only give me a $3k CL. I gave up on them. Probably will get worse when Cap 1 takes them over.

In My Wallet: MS AmEx Platinum | NFCU Flagship Visa 80k | AmEx Delta Reserve 73.8k | Atmos Visa 41.5k

citymunky · ‎04-21-2024

@MarkintheHV wrote:
I think they are horrible too. Proabably because they would only give me a $3k CL. I gave up on them. Probably will get worse when Cap 1 takes them over.

A little off topic, but I found personal that Discover will not grant a CLI unless you let 30% or more of your credit line (in your case $900+) report on statement for a least 3 months.

Back to the topic at hand, I think Discover is a good bank, with some of the best consumer service around. However the one thing I don't like it the lack of opinion to do a product change.

Rebuilding since 2021

Closed CCs
USAA (Jul 2019| Settled CO), Jasper $1K CL (Jul21-Jul22), Sable $250CL{Secured} (Jan22-Jun23), CreditOne Platinum $750CL (Jul21-Aug23), Prosper $1.9K CL (Jan22-Apr24), Self $625 CL {$350 Secured } (Aug21-Jul24)

Starting FICO 8 Scores:

Current FICO 8 Scores:

Horseshoez · ‎04-21-2024

@EW800 wrote:
From time to time I see clips of Dave Ramsey's show pop up on YouTube. I saw one of the early today where a lady called in speaking about her horrendous credit card debt. When she mentioned Discover Bank, Dave Ramsey made the comment of "Discover is a horrible bank". Would anyone have any idea why he appears to dislike Discover so much? I feel like they have been good to me, better than average interest rate on savings and an amazing CL on my Discover credit card. Thoughts?

Dave Ramsey is the charlatan of credit advice; yeah, he gets some things right, but much of what he argues can be downright detrimental to one's personal finances; I agree with the other posters, ignore that idiot.

Chapter 13:

Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
Filed: 26-Feb-2015
MoC: 01-Mar-2015
1st Payment (posted): 23-Mar-2015
Last Payment (posted): 07-Feb-2020
Discharged: 04-Mar-2020
Closed: 23-Jun-2020

I categorically refuse to do AZEO!

In the proverbial sock drawer:

NoMoreDebt · ‎04-21-2024

Ole, Dave is kind of a tool. He thinks every bank is bad and you should never have or use a credit card. Advice only for the worst and dumbest of simpletons.

AMEX CHARLES SCHWAB PLATINUM NPSL / AMEX GREEN NPSL/ AMEX BLUE BUSINESS PLUS $20000 CL/ FIDELITY REWARDS VISA $23,500 SL

SOCKDRAWER/ NFCU FLAGSHIP $40,000 CL/ NFCU MORE REWARDS $40,000/ WELLS FARGO AUTOGRAPH $8200/APPLE CARD $6500/DISCOVER IT $3000 SL/CITI COSTCO ANYWHERE VISA $6000 SL

Thomas_Thumb · ‎04-21-2024

@citymunky wrote:
@MarkintheHV wrote:
I think they are horrible too. Proabably because they would only give me a $3k CL. I gave up on them. Probably will get worse when Cap 1 takes them over.
A little off topic, but I found personal that Discover will not grant a CLI unless you let 30% or more of your credit line (in your case $900+) report on statement for a least 3 months.

That's not my experience. Discover increased my CL from $10k to $31k over a 2 year timeframe. Monthly spend $1k to $2k. Never over 20% UT.

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950

CorpCrMgr1 · ‎04-21-2024

This time around my Discover card is great!

GZG · ‎04-21-2024

@EW800 wrote:
From time to time I see clips of Dave Ramsey's show pop up on YouTube. I saw one of the early today where a lady called in speaking about her horrendous credit card debt. When she mentioned Discover Bank, Dave Ramsey made the comment of "Discover is a horrible bank". Would anyone have any idea why he appears to dislike Discover so much? I feel like they have been good to me, better than average interest rate on savings and an amazing CL on my Discover credit card. Thoughts?

his experience is probably skewed towards helping a bunch of lower income people who were granted higher than average CLs from Discover get out of debt

Starting FICO 8:

Current FICO 8: