Requesting credit increase for Discover Card

[RED_Knives]

Currently my credit limit for this particular card is 1250, I have not asked for a credit limit increase yet and I have been with the card for 8 months. My understanding is you can ask for a credit limit increase once you met the minimal 6 month wait time and if you provide valid reasons to do so. 

I don't want to make the mistake of asking for too little of an increase and I don't wan to ask for two much of an increase because it will flag my account. What is a good rule of thumb to increase a credit limit account? 25-45% increae? 

would it be unrealistic to ask for an increase of $750 for a total of 2000? or should I try %500?

should I call or do this through the website, which do you think has a higher successrate?

I'm aware the reason for this increase is just as important. I will tell them 

  "I will need this new increase to fund business purchases."

1. since its past my 6month period I will need to increase my credit limit.

2. I have paid on time every single month.

3. I have shown I can pay in full everymonth and don't wait tell the last miniute to pay.

4. I can make multiple payments which means I have more leway.

5. carefully watch my credit utilization ratio and have stayed under 30% utilzation rate(15% as of today),

I have never maxed out a credit card which shows I have restraint. 

6. Set up multiple payment sources, which shows I always carry a dependable backup payment source.

7. Automatic payments have been setup to ensure punctual on time payments.

I believe this article cover all the things we should worry about when asking for an increase?

http://www.wikihow.com/Get-a-Credit-Limit-Increase-on-a-Credit-Card

[Bobby1146]

I have Discover (Not the "It" card) & up until now they have been notifying me about credit limit increases (twice). But your limit increase will all come down to your Income & Credit Score & Report. When they notified me by mail it already had what the increase was going to be, so I can't comment on how much you should ask for. But always keep in mind the 3 factors above. Good Luck. You can call also & ask them for advice. But you should get your answer through this forum.

[RED_Knives]

Yeah so far im impressed with this fourms ability to provide good answers, I have been on the SBDC(SBA small business administration) fourm and they suck! 

At this point its my income level that needs to increase and just the shear time of my account only(8months)

what is your income bobby1146, trying to understand how on earth you got such big credit limits! also how long have you had credit for?

[takeshi74]

While income and AAoA matter it's not just those two factors.  My income is 6 digits.  I don't recall what my AAoA is but Discover granted me a $4,500 limit (only 15% of my limit with PenFed).  There's no quick and easy secret trick to high limits and my own path took a bit longer due to BK.  It takes time to build one's credit.

---

@RED_Knives wrote:

I don't want to make the mistake of asking for too little of an increase and I don't wan to ask for two much of an increase because it will flag my account. 

---

What makes you say that?  I haven't dug into Discover CLI's myself but I don't recall running across any discussion on them that indicate this.

[Anonymous]

I have had my Discover IT card for 12 months now. My initial CL was $6500. I used the card right away to transfer a balance from another card to it. I also charged some other items to the card. I never had balance over 50% of the card. I then paid off the whole balance on the discover IT card within about 4 months of having the card. I use the card about 3 times a month on various items and pay in full every month. Having said that, they have never auto increased my limit, which was my goal in using the card the way I am. Also, I have tried to manually raise the limit on their website but never successful without them stating it would take a Hard Pull of my credit report... I DO NOT want that. No increase is worth a HP to me... Especially while I am buying a house. I am not sure why I haven't had an auto increase, or why it is requiring me to issue a HP when clicking the Luv button. Each of the times over the last few months I tried, my total reported Util % on all CRs is less than 1% (actually says 0% Util with about $900 reporting). I give them my annual income of $296,000 which shouldn't be an issue either. Never late on a payment and my CRs are all clean of anything. So, this is my experience... I hope you can gauge what I have done, and maybe you might have a better experience. I may in fact get a CLI, if I allow them to issue a HP of my credit... I just personally don't think that a HP is worth that to me. I will just not use the CC very much with a low limit like that. I have a Chase Marriott Visa with $34,000 CL and a Citi and Amex with $20,000 that I use instead...

[RnJ]

RED_Knives,

You can request a CLI by calling, using their online chat, or the form from your online account.  If using chat or calling, ask if you are eligible for a CLI, with ONLY a soft-pull, the rep will tell you whether you're eligible, but may ask you what you want your limit to be increased to, or may state exactly what you're eligible for.  Be prepared to answer a few questions such as income, last 4-digits of SSN, etc.  Again, state up front you want to know if you're eligible with a soft-pull ONLY. 

I wouldn't ask for more than 2-3K additional increase at this time, your income, score, overall credit profile has to support asking for 5K and up generally, but it's your call whatever you feel comfortable with.  In any case, I would ask for an amount that is an even number, easier to keep track of than those 1250.00 etc numbers.

Discover doesn't give automatic increases to everyone, no one knows why some get it and others don't.   When you ask for an increase, ask them when you can ask for one again, like 3 months, 6 months, etc.  Good luck!

[thom02099]

---

@takeshi74 wrote:

While income and AAoA matter it's not just those two factors.  My income is 6 digits.  I don't recall what my AAoA is but Discover granted me a $4,500 limit (only 15% of my limit with PenFed).  There's no quick and easy secret trick to high limits and my own path took a bit longer due to BK.  It takes time to build one's credit.

---

@RED_Knives wrote:

I don't want to make the mistake of asking for too little of an increase and I don't wan to ask for two much of an increase because it will flag my account. 

---

What makes you say that?  I haven't dug into Discover CLI's myself but I don't recall running across any discussion on them that indicate this.

---

In agreement.  Haven't seen/read about this being an issue, either here or at other forums. 

Also, keep in mind that regardless of the amount you request, there's the possibility that Discover will counter offer, if they deem the amount to be excessive. 

[-Wade-]

I have my Discover IT for over a year  and never gotten any Auto-Luv.   Also my Discover TU score is 810 so who knows

[lg8302ch]

Some are lucky with SP CLIs after 3 months, others after 6 or 12 months and some only after years......for me it took 4 attempts to increase my 2,5K limit to the next lowest CL. Just had success on my 15 months mark last week when the online button finally got me something else than the request for permission to HP... Discover doubled my CL to 5K with SP. So it is a YMMV thing with Discover. Good luck!

[-Wade-]

---

@lg8302ch wrote:

Some are lucky with SP CLIs after 3 months, others after 6 or 12 months and some only after years......for me it took 4 attempts to increase my 2,5K limit to the next lowest CL. Just had success on my 15 months mark last week when the online button finally got me something else than the request for permission to HP... Discover doubled my CL to 5K with SP. So it is a YMMV thing with Discover. Good luck!

---

I am sure i could get one with a HP. But i want one with a SP (ran over 10K through the card last year )