"Success!!"

Comment 1 by meya

Way To Go on 2008-10-17

Beautiful scores! That is a dream from my point of view... Lol. Congrats on your approval, here is a great link to follow if you would like questions about the card, there are plenty of members here with this card that will be more than happy to answer your question:

http://www.financeglobe.com/FN/showthread.php?402

Wake up Eldarwen... Lol!

Comment 2 by thomas1

Discover on 2008-10-17

First of all, congrats on your approval! Discover is very conservative with its credit lines. My theory is, and some may/may not agree is if this was the last card you applied for, when they pulled your reports and saw your other lines that are quite high limits, could be the reason for the limit the way it is.

No one really knows the rhyme or reason how credit lines are determined, but they are determined by the income reported, outstanding debt, and utlilization on other accounts. Then it is computed by a numberic amount determined by the institution and their lending guidelines which determines where you fall in that. Sounds confusing, I know, I used to do this at Citi day in and day out.

I'm thinking that could be the reason for the line, although beautiful, and nice scores, is the bank is cautious to protect itself also, seeing you already have sufficient credit lines. They don't want to set themself for too much exposure. We would only approve an account for $500 for someone who had multiple lines of 10k on other credit card accounts.

I was also approved for this card about 6 weeks or so ago, and only got a 4,000.00 credit line, and I think its because I now have open lines in excess of 50k, with the majority of 39k from Citi. They are just being cautious, even though I don't carry a balance on any card.

I would bet though, that if you applied for this card before the Citi Diamond Rewards that your line would have been 10k+, but they saw you just applied for the Citi card, and it was probably already reported on your bureaus by now and they have already seen it there.

Hope it makes sense, sorry to ramble on

Comment 3 by bluesmoke1

Thanks on 2008-10-17

Thanks for your reply's

Thomas - Thanks for shedding some light on CL's, it makes a little more sense.

I was happy to see that you too carry no balance, I pay mine off monthly as well.

The other cards I have are as follows:

Capital One Platinum - $8,000CL

Washington Mutual, formerly Providian $7,400CL

Sears - 5,700CL

Iv'e had the Sears since 1984 and the other two since 2001, I have no car loan, personal loans, or home mortgage.

Thanks Again

Comment 4 by thomas1

BLUESMOKE on 2008-10-17

No problem, hope it was helpful to you. You will really like Discover though, you can build cash fast each quarter by using it within those categories. Now thru 12/31/08, its groceries, gas, drug stores, and cinemas. Then in Jan 09' they switch the categories where the 5% accumulates thru the quarter, and so on. All other purchases are at 1% cashback, which do not expire ever. If you use your card at any of their participating partners which are on the Discover site, you can earn from 5-20% which is great.

This card has replaced my Capital One right now because I build faster cashback than the 2% on that card... I rotate my cards each month after I pay one off, I start with another one, and so on...

Also, Discover will automatically review and raise the limit on the account every 6-12 months on their own, and increase in nice increments, but nowhere near the amount that Citi normally does. Just don't call in for a CLI because they will pull a hard report on you, and since you were just approved for 2 cards in the past week or so, you don't want that, because it can mark too many inquiries on your report. Just use and wait, you'll be happily surprised.

Comment 5 by colonative

Discover on 2008-10-18

I have been with them for 9 years and I am at a $7,800 limit. My scores are darn near the 800's also.

It has been my experience that Discover bases their limits primarily on usage. They want to see you use their card a lot. I stopped using mine as a daily card starting in 2005 because frankly, the Citi Dividend card has a better program. I still use my Discover for small things now to keep it active.

Comment 6 by eldarwen

Congrats On The Card! on 2008-10-18

Congrats on your new Discover card. Discover is very conservative with their cards. Discover gave me my second highest limit, My highest is my Chase Freedom Visa sitting at $5,000.

Meya, were you poking fun at me?

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