We’ve covered how to request a credit line increase with most of the major credit card companies now, including American Express, Barclaycard, and Capital One. But if you have a Discover card, you can request a credit limit increase on your card too.
Before you go about requesting a credit limit increase from Discover, make sure you take time to think about why you want to increase your credit limit. As we’ve mentioned before, there are good reasons and bad reasons to ask for a higher credit limit, so make sure you ask for a limit increase for the right reasons.
Why shouldn’t you ask for a credit line increase?
In some of the previous posts in this series, we’ve covered some of the good reasons why you might want to ask for a credit limit increase (like automatically reducing your utilization ratio), but sometimes people ask for credit limit increases for the wrong reasons. Here are some of the reasons why you shouldn’t ask for a credit limit increase.
If you don’t plan to use it the right way. Requesting a credit limit increase so you can spend more money every month is not a smart idea. This type of behavior can lead to credit card debt and end up costing you a significant amount of money in interest. The key thing to remember is that whatever you charge on your credit card will eventually have to be paid off.
Using credit limit increases to earn more rewards. This may or may not be a good reason to ask for a credit limit increase. Credit card rewards like cash back or points for travel can help you save money, but you have to be careful about how you use your credit card to earn them wisely. Paying any interest reducing or completely removes the advantage of earning rewards.
Requesting an increase from Discover
Like the other cards in our series, you can quickly and easily request a credit limit increase if you are a Discover cardholder. Just visit www.discover.com and log in to your account to get started.
After you’ve logged in to your account, click Manage.
In the popup menu, click Credit Line Increase.
The credit line increase request page will show your current credit limit, the amount you have available in your credit line, your cash advance credit line, and how much of your cash advance credit line is available.
You’ll have to enter your total annual gross income, the name of your employer, and your monthly housing cost or rent payment. After you enter all of the necessary information, hit submit at the bottom of the page.
According to their website, Discover may pull a credit bureau report in order to process your credit limit increase application. This can affect your credit score by lowering it a few points.
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. It’s also important to note that residents of Ohio and New York must also call to request an increase and are not eligible to complete the online application.
Discover does have some additional recommendations for customers seeking a credit limit increase:
- You may request to have your credit line increase decision re-evaluated if you wish to have a larger increase than the amount you are offered. If you do so, a “comprehensive check of your credit” will be performed.
- Discover will ask you in advance to approve any credit check that might affect your credit rating.
- For the best chance of approval, Discover recommends that you wait at least 6 months before applying for another credit limit increase, but your credit limit is being constantly re-evaluated and could be increased at any time.
Your credit limit increase was approved. Now what?
If you applied for a credit limit increase for the right reasons, you should expect to do nothing different with regard to your spending habits. Just make sure you keep paying your credit card off in full each month to avoid interest charges.