Discover IT Miles Card

[rockup55]

I had the Discover IT card for a little over a year and my double cash back reward will pay in July                                                                                                                                                                                                                                                                                My credit limit on the IT was $16000 so I decided to apply for the miles card to take advantage of another year of double cashback                                                                                                                                                                                                                                                                       I was approved for the miles card but did not get any incremental credit limit.  They divided my $16000 limit between the two cards which I was ok with

My question is will my score get dinged for the $8000 reduction in limit on the IT even though the total limit between the two will be no change in total                                                                                                                                                                                                                                                                                I always pay my balance off each month except for about a 1% utilization level.

[ddemari]

You might get dinged for a new account/ Aaoa but your FICO shouldn't be affected by that and having 1% makes it pretty solid that you won't have any issues. I've lowered my limits on cards with synch bank to increase other card limits. I'll get alerts from Experian saying a credit limit decrease has been detected but as long as utilization is low, no worries

[rockup55]

Thanks for the input.

[RonM21]

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@ddemari wrote:
You might get dinged for a new account/ Aaoa but your FICO shouldn't be affected by that and having 1% makes it pretty solid that you won't have any issues. I've lowered my limits on cards with synch bank to increase other card limits. I'll get alerts from Experian saying a credit limit decrease has been detected but as long as utilization is low, no worries

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+1

Did you request them to split it like that or was that their choice?

[rockup55]

I had to give them a call during the on line application process to provide them with some information and at that time that is how they indicated they would do it.  I was fine with it since I know I pay my balances down during the month.  It was more important to me to get approval for the miles card to take advantage of 1.5 and double cashback/miles for a year.  I already have over $75000 of credit limit across 6 cards which is far more then I need

[grillandwinemaster]

Fantastic! I'm hoping to get the Miles card for the 3% for a year once my Discover IT his the one year anniversary. 

[aussiesareforever]

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@grillandwinemaster wrote:

Fantastic! I'm hoping to get the Miles card for the 3% for a year once my Discover IT his the one year anniversary. 

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What is the 3% offer?

[grillandwinemaster]

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@aussiesareforever wrote:

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@grillandwinemaster wrote:

Fantastic! I'm hoping to get the Miles card for the 3% for a year once my Discover IT his the one year anniversary. 

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What is the 3% offer?

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Discover Miles current promotion is the standard 1.5%. After your 12th statement, they double all your cash back, effectively giving you 3% for the year.

Same thing with the Discover IT. 1% general spend equals 2%. 5% category spend equals 10% at your 1 year account anniversary mark.