Discover card just raised my credit score.

My Discover card just gave me a nice little present in the form of an increased credit score so that just made my day. How is this possible? Well I got a letter in the mail saying that because of ‘outstanding credit management’ they were increasing my credit limit on the card. Now the increase is not a big one where it gives me a high limit that might look suspicious. The increase was enough, however, to make the current balance that I carry on the card stand at 61%. This is a drop from being at 74% so this makes my usage look a little better and this will increase my credit score.

Hey if it even goes up by only one point that will still be good for me. Discover only increased the rate in the hopes that I will be using it for purchases as is evidenced by the statement “Your increased buying power makes Discover Card the best choice for all your purchases”. However, I really wish that they would also lower my interest rate. This is my oldest card and it is also the one with the highest limit so I will not be closing it out. It is also the card with the highest interest rate so I will NOT be using it to make any purchases if I can help it.

So in summary:

Higher limit-Yay!

Higher credit score-Yay!

Still high interest-Boo!

Well two out of three is not bad in this case.

Author: Lulu

Share This Post On

6 Comments

  1. Hi, I think you have made a great effort to explain every possible term related to credit. The content is quite lucid yet engaging. You have also given good illustrations on some important things especially about credit score, which will be quite useful for the borrowers.

    Michael

    Post a Reply
  2. Thanks for dropping by Michael and i am glad you found my article interesting and informative.

    Post a Reply
  3. It’s ood that you view a credit increase as an occasion to celebrate and give yourself a pat on the back because you “acheived” something… This only shows me how BRAINWASHED you are. You see, the Credit companies LOVE people like you. They are only setting themselves up to make even MORE $$$$ Of you by giving you a way to dig yourself deeper in debt to them…

    WAKE UP.. American should stop drinking the Credit Kool-Aid.

    Post a Reply
  4. Only GOOD people have credit.. All the BAD PEOPLE use Cash in America…

    Shows how STUPID we have become.

    Rich means you can pay CASH.

    POOR means you NEED a credit card.

    Post a Reply
    • This is a ridiculous statement, I travel considerably and sometimes spend upwards of a few grand per trip. Never would I feel comfortable carrying around that kind of cash. Credit cards are safe if used wisely. The golden rule is don’t charge it if you don’t have the funds in the bank to cover it.

      Post a Reply
  5. @ Reality,
    I think you missed the point here. I was not happy about the increased limit as a means to go out and shop more. The title of the post refers to the CREDIT SCORE.

    Since they increased the limit…it lowers my utilization..which improved my SCORE.

    You are extremely misguided to come here and call me brainwashed….I guess you are assuming that because I had a limit increase I would go and spend more.

    If you read carefully, I am not spending more…I am paying DOWN the debt that was already there from a time when I was not financially responsible.

    If you are going to criticize please take the time to read what I actually have done and do not assume that just because I have an increased limit that I will be spending more.

    Post a Reply

Leave a Reply