Discover will automatically increase the credit limit for eligible credit card accounts based on periodic account reviews that typically begin six months after an account is opened. Automatic credit limit increases are done at Discover's discretion, and there's no guarantee when one will occur.
Discover may automatically increase your credit limit depending on your account history and creditworthiness. If you consistently make on-time payments on your Discover card account, for example, you might be more likely to receive an automatic credit limit increase than someone who regularly misses payments.
While it's not guaranteed, this might improve your approval chances, as well as result in a higher credit line than you'd get online. Note that for the majority of applicants, the credit line increase request will not trigger a hard inquiry, meaning it won't have any negative impact on your credit score.
To reach a customer service rep who can help you request a credit line increase on your Discover Card, call the phone number on your credit card. You can also select “Card Services” and then “Credit Line Increase” in the online Discover Account Center or “Services” and “Credit Line Increase” in the Discover Mobile App.
The highest credit limit on a Discover card is not public knowledge, as Discover does not disclose a maximum credit limit for any of its unsecured credit cards. Some Discover cardholders have reportedly been approved for credit limits ranging from $6,500 up to $9,200.
If you have good credit, you should have high odds of getting approved for a credit limit around $5,000. With excellent credit, you may get a limit of more than $10,000. A high credit limit is good because using up most or all of your credit card's limit is bad for your credit standing.
As such, if you have one of these cards, you might consider a $5,000 credit limit to be bad and a limit of $10,000 or more to be good. Overall, any credit limit of five figures or more is broadly accepted as a high credit limit.
Requesting a credit limit increase can hurt your score, but only in the short term. If you ask for a higher credit limit, most issuers will do a hard “pull,” or “hard inquiry,” of your credit history. A hard inquiry will temporarily lower your credit score.
Asking your credit card issuer to increase your credit limit can not only boost your buying power, but also lower your credit utilization, which could help your credit scores. Whether your request will be approved, however, is a matter of timing.
A 700+ credit score is needed to get most Discover credit cards, but there's no minimum credit score needed for a few Discover cards. You can get the Discover it® Secured Credit Card with a bad credit score (below 640).
A high-limit credit card typically comes with a credit line between $5,000 to $10,000 (and some even go beyond $10,000). You're more likely to have a higher credit limit if you have good or excellent credit.
You could be denied a credit limit increase for many reasons, such as defaulting on a card, having a history of late payments, recently were given an increase, too low of a credit score, too little credit history, too many recent applications, and too low of verifiable income.
Ask the card company to raise your credit limit
They also recommend waiting at least six months after you received the credit card and asking for no more than a 10% to 25% increase. Asking for more than 25% might raise questions about your intentions.
Why You Should Check Your Scores First. First – Discover will do a hard-pull on your credit to see if you are eligible for a credit limit increase, so you want to make sure that your scores are 720+ for the best chance of approval and the information on your credit report is accurate.
An automatic credit limit increase is a sign of a consistent payment history. If you've also kept your debt balances low in addition to making on-time payments, then you may have seen your credit score improve over time.
How do you increase your Discover it® Secured Credit Card credit limit? Once your Discover it® Secured Credit Card account has been open for at least 31 days, you can call Discover at 1-800-347-3085 and apply to increase your credit limit. Note that you'll need to add the additional amount to your deposit.
A good credit limit is above $30,000, as that is the average credit card limit, according to Experian. To get a credit limit this high, you typically need an excellent credit score, a high income and little to no existing debt.
The credit limit you can get with a 750 credit score is likely in the $1,000-$15,000 range, but a higher limit is possible. The reason for the big range is that credit limits aren't solely determined by your credit score.
In general, you could get approved for a credit card with a $20,000 limit if you have excellent credit, a lot of income, and very little debt.
Yes a $10,000 credit limit is good for a credit card. Most credit card offers have much lower minimum credit limits than that, since $10,000 credit limits are generally for people with excellent credit scores and high income.
If you've avoided credit cards until now, a $500 limit (or something similar) is the perfect way to get your feet wet. Restricting yourself to a lower limit can be a great, low-pressure way to get started with credit cards.