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Examples of credit being "too good" for something?

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Anonymous
Not applicable

Re: Examples of credit being "too good" for something?

Sounds like a good plan and if it's been working no need to change a thing.
Message 31 of 61
joltdude
Senior Contributor

Re: Examples of credit being "too good" for something?


@sarge12 wrote:

BBS...I guess it depends on how you use Discover...they seem to not be very generous if their card is not one of your go to cards. They are a jealous lender in my book, and at least for me, the stingiest of all my cards. Current CL is 6200 with them, and last time they approved CLI, the increase was only 400 dollars, I think. Definately my stingiest creditor by far, so I almost never use their card as a result, so it does work both ways. Discover IT...the IT stands for the credit limit....It's Tiny.




Sarge.

Discover is a jealous lender but it doesn't take much to appease them... Put a reoccuring bill or charge on it (aka Netflix and/or a utility bill) and PIF after statement cuts...  Very likely to get some traction... 

 

They *do* tend to treat folks who use them as a daily driver/go to card rather nicely.. but  completely SD it will likely stop any movement whatsoever...

 

Message 32 of 61
Anonymous
Not applicable

Re: Examples of credit being "too good" for something?

Again, I've heard mixed results on light verses heavy usage with Discover.  Some people have reported super heavy usage of thousands of dollars per cycle and not ever be grainted SP CLIs... then when they show Discover some "tough love" and move their spend to other cards bringing Discover down to a swipe or two a month viola, they get a CLI.  Conversely, other have reported extremely light use and an inability to get CLIs and once they kick their usage up to high by making Discover their daily driver for a cycle or two they see some CLI love from Discover.  As always, it comes down to profile and that Discover is consistently inconsistent.

Message 33 of 61
sarge12
Senior Contributor

Re: Examples of credit being "too good" for something?


@Anonymous wrote:

Again, I've heard mixed results on light verses heavy usage with Discover.  Some people have reported super heavy usage of thousands of dollars per cycle and not ever be grainted SP CLIs... then when they show Discover some "tough love" and move their spend to other cards bringing Discover down to a swipe or two a month viola, they get a CLI.  Conversely, other have reported extremely light use and an inability to get CLIs and once they kick their usage up to high by making Discover their daily driver for a cycle or two they see some CLI love from Discover.  As always, it comes down to profile and that Discover is consistently inconsistent.


I have 15 other cards, most with better rewards except the bonus catagories, so I'll not spend any real time or effort to figure out the combination needed to recieve some discover luv, it will just remain an occasional use card until they start calling me to ask why I do not treat their card better. I have too many other suitors for them to play hard to get.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 34 of 61
Anonymous
Not applicable

Re: Examples of credit being "too good" for something?


@sarge12 wrote:


I have 15 other cards, most with better rewards except the bonus catagories, so I'll not spend any real time or effort to figure out the combination needed to recieve some discover luv, it will just remain an occasional use card until they start calling me to ask why I do not treat their card better. I have too many other suitors for them to play hard to get.


I can certainly understand that perspective.  Discover soon for me will be just a 5% category card, as in 6 weeks I hit my 1 year with them and the cash back match period is over.  My spend with them will drop significantly and most of my general spend will probably head to Blispay or Citi DC, unless I'm trying to meet a spend on another card for some reason.

Message 35 of 61
Anonymous
Not applicable

Re: Examples of credit being "too good" for something?


@Anonymous wrote:

Hey Sarge, hey Octopus.  Just to clarify, you guys don't have all of your cards reporting $0, right?  You let at least one card report a positive balance?


My cards report a positive balance by chance. For example, if I don't get to pay off a balance that just went from pending to posted when the statement cuts, that card will report a balance. I have roughly a dozen cards, there will usually be at least 1 card reporting a small balance monthly. I'm also an AU on one of my dad's cards. He doesn't make multiple monthly payments but does autopay his balance in full each month so that balance gets reported monthly on my reports as well...it can range anywhere from $1-2k. 

Message 36 of 61
Anonymous
Not applicable

Re: Examples of credit being "too good" for something?

Are there any tips to getting CL increases on Chase, BoFa, CAP1 or Citi without a hard pull?

 

My CAP1 card is my oldest (almost 22 yrs). I opened that account as a secured card with a $300 limit when my credit was shot, they eventually unsecured it and moved it up in increments to $7.5k where it's been stuck since 2001. I converted it to a Quicksilver a couple years ago but they didn't offer to increase my limit then either. It was SD'd for years, however it's a go-to card for the past several months. 

Message 37 of 61
Anonymous
Not applicable

Re: Examples of credit being "too good" for something?

If your Cap1 card was opened when your credit was shot, that account is doomed to be at a low credit limit forever.  I'm actually surprised you were able to get it to $7500.  Very often these types of accounts never see above $2k-$4k.  Your only option for a higher credit limit with Cap1 is to open a new account.  The PC to the QS doesn't matter; it's basically just a different paint job on the same account and that account is still looked at unfavorably as it was when you first opened it.

 

With other creditors like Chase etc. it's generally just recommended that you put a heavy spend on your card and either PIF or allow balances to report that are at 20% or less.

Message 38 of 61
Anonymous
Not applicable

Re: Examples of credit being "too good" for something?

Thanks for the info, Brutal. It's been so long but now that I think of it, it got to 7.5k by combining two CL's. That was back when you could do that, not sure if they still allow it. I don't want to open any new credit at this point as it'll drop my score. Would CAP1 possibly raise the CL on a manual request? It'll cost an inquiry but it's better than opening a new trade line which will drop the AAOC's and most certainly drop my score for at least a year or more. When I took out a new car loan in early 2016, it took me 15-16 months to get back to 850. At one point I had dipped to the low 800's because of it. 

Message 39 of 61
bettercreditguy1
Established Contributor

Re: Examples of credit being "too good" for something?

I agree. I do not worry if my utilization hits very high levels for a month or two, (an example would be a home remodel project). A month or two after it is paid, the score returns back to normal. What I have found to be beneficial to me is that I use three to five credit cards monthly (covering lifestyle event categories travel, entertainment, retail, etc.) and letting the other cards rest. This rotation keeps them all open and shows lots of zeros or currently paid accounts just in case I need an inquiry for something. Recently I was updating and took a HP to get a lower interest rate on a cc. Since I pif, it wasn't really important however, it always best to line up your ducks when everything is good. Good luck to each of you in your financial journey.

 

Updated scores 3/7/21 TU 849, EQ 829, Ex 818 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 40 of 61
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