I’ve had my BCE since July 2020 ($1k limit) and just applied for my first CLI. The major issuer, with whom we have another card with a $20,000 line, only would give us a $3,100 limit. A single piece of paper told me I was denied because of insufficient experience with my current credit limit. Plus, earn unlimited 1% cash back on all other 15 My credit line at capital one is around $2500 bigger than my discover so i thought i would use my capital one as my primary card. Thank you. Our credit scores are in … While my credit is substantially lower than yours (in the 680-700 range depending on what you are looking at) I was pretty shocked a couple of days ago when I opened a new Discover It and was approved for just 1k. A lower credit limit means less risk for the issuer. I made a request personally on one of my Discover cards And saw my paltry credit limit of $5,000 Jump to $8,000 instantly Which is a 60% increase and sure to help my credit utilization I did this today and increased my credit How soon after opening a Discover Card can you ask for a credit limit increase? My first credit card was a Discover it card. Your payment history — which can account for a significant percentage in credit scoring models — is another measure of your creditworthiness. Only occasionally were cardholders treated to an unsolicited credit line increase. Dear Keeping Score, We recently got an offer for a 0 percent APR card. Cardholders can call Discover's main number (1-800-DISCOVER, or 1 … One trend seems to be that they are likely to start you with a lower limit if you have lots of other available credit. Discover's two main avenues for making a credit limit request are: By phone . My guess is that they think we're going to put most usage on other cards. Sometimes I think these companies really just throw darts or spin a wheel or something for these decisions. Or use the card for a few months and request one. Press question mark to learn the rest of the keyboard shortcuts, https://www.doctorofcredit.com/credit-cards/which-credit-card-companies-do-a-hard-pull-for-a-credit-limit-increase/#Discover. Looks like you're using new Reddit on an old browser. It's just this first year with the points match & 0% intro rate that drew me to the card with the intention/hope of using it for most purchases this first year to maximize the match. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. With the student card, by contrast, you may only be granted $1,000 or less in available credit. Discover almost never hands out large credit limits initially. Thank you. I guess this background story is essentially pointless but basically I am wondering: Is there anyway i can i call discover and have them match my credit line that I have with capital one? Since I’ve use the credit given to me Discover lowered my credit limit (cause now I’m considered high risk). The Chase/AmEx vs. Discover/Cap One target client is something I hadn't considered before, but it definitely fits now that I think about which cards various friends & family use. But Discover also caps the maximum credit limit at $2,500, so you may be able to go higher than $200, depending on your income and ability to pay. I've had some issues with capital one and i would rather use my discover as my primary. It's been stuck at $4200 for a couple of years. I went years without credit cards, just because I never needed one. No maximum. I'm a bit disappointed because I was hoping to use this for all my 'new house' purchases to rack up bonus points for the point match & take advantage of the 0%. Thank you. Press question mark to learn the rest of the keyboard shortcuts. I'm guessing it's because I just co-purchased a new home with my SO? Please ask questions and contribute to the knowledge surrounding credit cards. My total credit limit on the Chase cards is $45,000 with a current balance of $1,650, which is average for any given month. My total credit limit on the Chase cards is $45,000 with a current balance of $1,650, which is average for any given month. The Discover IT gets a minimum of 2% cashback the first year on ALL spending. Several reviewers mentioned that it was fairly easy to get a credit line increase from Capital One. I had been requesting increases every every 3-4 statements (sometimes sooner). Of course, that’s before the annual fee is deducted. A subreddit for discussing any aspect of credit cards. Opened in 2011, I don't remember what the original line was. According to their website, Discover may pull a credit bureau report in order to process your credit limit increase application. Please help me understand why the approved limit on my new card is so much lower than I expected. Large purchases and most other spend goes to other cards. By that time, the only credit card that didn't require me to be a student or have an established credit history was a Capital One MasterCard with a very low limit ($500 at that time). More merchants accept Visa or Mastercard credit cards than Discover credit cards. I decided that it would be a good idea to get another credit card as back up in a case of emergency, so I got a capital one card. The bonus categories that you are focused on can be a bonus. And it has cash match first year. "Low-limit credit cards are often a good option for people who have no credit history or damaged credit history," says Michelle L. Black, credit expert and founder of HerCreditMatters.com. This can affect your credit score by lowering it a few points. It is important to pay them in full and on time. Using most, or all of the available credit may negatively impact your credit score as it can indicate that you are financially stretched, even if your limit is quite low. Why do you need the increase on the discover IT? To request a higher credit limit with Discover, log in to your account online, click “manage,” then click “credit … We have no other debts and have substantial assets of about 750k, including another home owned free & clear. Credit Score: 730 and rising Total Credit: $3000.00 I kind of feel like a black sheep around here. That would theoretically drop your credit score provided that you do not use your increased credit limit to take. Discover hasn't done a hard pull on me for the last 3-4 times I've requested an increase, not sure if it differs depending on the card. The lower limit just makes it less appealing from that perspective, but perhaps that's their intent - to minimize how much they'll be required to match. For example, if you deposit $1,000 on your secured card, your credit limit is $1,000. They are fairly relaxed on limit increases, so you should be able to have the limit grow pretty fast with only soft pull requests. I received a thin enveope from Discover today. You can ask them for an increase for sure. Discover it on other hand is easier to build your credit limit without hard pulls starting out. I'll definitely do that, but any thoughts on why the initial approval was low? I decided that it would be a good idea to get another credit card as back up in a case of emergency, so I got a capital one card. About 4 years ago I got a Capital One credit card with a limit of $3000.00 and I really don't see a You could probably have it raised sooner with a request and hard inquiry. A lack of credit history can lead to a lower limit. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. My income is $60,000 and I have no more then $500 in monthly expenses and only like 5k debt... please make this make sense. It has enough but since it will be my main credit card i would like it to be able to withstand a big purchase such as a car part or something on top of my regular expenses, Here's the best way do do it: https://www.doctorofcredit.com/credit-cards/which-credit-card-companies-do-a-hard-pull-for-a-credit-limit-increase/#Discover, New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. I have a credit score that's been in the 790-820 range for a decade with a 30+ year history. However, the total monthly mortgage payment of $885 is low compared to my income of $62,000 ($125,000 combined for both borrowers, although I applied for the new card individually). Thank you for letting me know about using the app to request increases. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. Fast forward 2+ years and the credit limit on that card is $750, but the limit is still so low that I have to pay larger expenses using my bank's Visa "check card". A better score can net you up to a $3,000 credit limit, but you’re assured a limit of at least $300. Discover it ® Secured You can build a credit history with the three major credit bureaus, all while earning 2% Cash Back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Your card’s credit limit determines your spending power , but it’s also an important factor in the calculation of your credit scores . It’s just not something that’s tailored to the customer they really are trying to compete for. I've gotten tiny $500 increases every 3- 4 months. They took the $500 I had for available credit which now looks like I maxed my card! Our Rating: 5 Out of 5 Stars We give the Discover it credit card 5 out of 5 Stars because it’s a great offer that you can have completely for free. This is because the credit card issuer doesn’t have enough information to … I have a 9.5K credit line on my first Discover card. If you’re cutting an existing credit line, “You don’t want to lower your credit limit unless you’re lowering the amount you carry on your card,” says Ed Mierzwinski, consumer program director with the U.S. Public Interest Research Group. To increase your credit limit on your credit card, the first step is simply to ask your card issuer to raise it. But, I only really use it for the current 5% categories. A low credit limit is not the same as a low test score. Have you logged into your card on Discover.com? I've read a lot of reports like this one over the last couple years and it seems that Discover is often a mystery. I have 3 Chase credit cards (including Sapphire Preferred) with low utilization that are paid off completely every month. The minimum credit limit should be $5,000 because this is a Visa Signature® card. I'll try asking for an increase after the first couple uses & see what happens. The thinking typically is, if a cardholder has paid their bills on time in the past, odds are they’ll do so in the future.If you’ve never missed a payment in over twenty years of credit card use, in the eyes of the credit card companies you’re probably lower of a non-payment threat. For a secured credit card, you essentially set the credit limit, as it’s typically based on the amount of your security deposit. In general, student credit cards may offer you a lower credit limit than nonstudent cards. Join our community, read the PF Wiki, and get on top of your finances! I haven't applied for a lot of cards, but all my Chase cards initially approved at over 10K with essentially the same finances & credit score. If you plan to fill out a joint application to increase your credit line, you will have to contact customer service at 1-800-347-2683 . I've never had a late or missed payment on anything. They approved me for a relatively small limit last year (haven't had one that low since I was 19 >.< ). And, well, that's fairly accurate at least in my case. Looks like you're using new Reddit on an old browser. I had a Discover card previously (opened in the 90s) that was closed several years ago by Discover due to inactivity. We wanted to move our $8,100 balance that was on a 0 percent card that was ending. I also use Discover, although not the newest "Discover It" card, and there's a link that I can click to increase the credit. Annual fee aside, there is no application fee and no monthly fee with the Credit One® Platinum Visa®. You can request a credit limit increase in their website, and i believe you can also can then and request an increase. Unlike the Discover it Student card, this is a card you can use regularly for everyday purchases, without being limited by an unusually low credit limit. It's my lowest CL card now. You’ll have the potential to earn quite a lot of cash back. The limit was $1,000.... even my very first unsecured card was more then 1000 how the hell is this possible ?! These credit cards give you the opportunity to prove you can manage credit by making on-time payments and managing your credit limit. I've never had a late or missed payment on anything. With the credit score you report, you may have to go for a secured version of Discover IT. It doesn't seem to make sense. Good to know they're generally willing to approve increases over time. My first credit card was a Discover it card. This makes sense and fits with how I'll likely use the card going forward as well so I see where they're probably coming from. The minimum credit limit a Discover it® cardholder will receive is $300, and no cardholders reported a Discover it® credit limit above $20,000 (though we’ve personally heard otherwise, with one cardholder reporting a credit limit of $25,500). The credit card company also looks at your credit utilization rate — the ratio of your outstanding balance to your total credit limit — and your salary and monthly expenses. The main reason that credit cards for bad credit tend to have low credit limits is that, frankly, creditors don’t trust people with troubled credit histories to pay back their debts. It’s possible you have a low initial credit limit with Discover because of your credit history. I'm using the grocery category 5% cash back right now to get gift cards ($500 with $5.95 activation fee). I Got a 60% Credit Limit Increase! Maybe Discover just approves at lower amounts in general than some others? 4. does it not have enough from for your monthly expenses? I think you may be right about the darts. If you qualify for the low $49 or $99 deposits, you'll still receive a $200 credit limit. Their website probably will give you a way to do so. Call and ask for an increase. I had a Discover card previously (opened in the 90s) that was closed several years ago by Discover due to inactivity. New comments cannot be posted and votes cannot be cast, More posts from the CreditCards community. That limit is only up to $1,000 now. This is my increase - 1/31 I started rebuilding about 2 years ago, and Discover is my lowest limit card by far. Increased by $1k and then by $500. But now that you’ve been a Discover customer for some time now, it may be advantageous to get a new card altogether. I use the app to request an increase every six months, and they get granted, but the limit is still very low. This could lead to a higher credit utilization rate if you’re not careful with how much you’re charging to the card, and that could end up affecting your credit scores. The question to ask yourself: If you get a low-limit card, can you keep that balance at 20 to 30 percent of the total credit line? For example, if your overall credit limit is $22,000, you might see the following restrictions on your account: Purchase Credit Limit: $22,000 Balance Transfer Credit Limit: $22,000 (minus balance transfer fees) Cash Advance Credit Limit: $8,800 Your cash Good to know that a lower limit seems to be a norm for Discover. Amex lets you apply for a new limit of up to 3x your current limit, so I applied for a new $2500 limit and got a “we will review your info and send you a written decision in 7-10 days” message which seems to be a denial because Amex tends to do most approvals instantly. Although they did have the bulk of my cash in their bank so that may have influenced the decision somewhat. 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