Does Discover automatically increase credit limits?

You can request a credit line increase every 4-6 months, or even more frequently. But your chances of being approved for an increase are best if you wait at least 6 months from when you opened your account or last requested a higher limit. If you request an increased limit right after being approved for a new card, it’s unlikely that anything will have changed since the issuer made its initial decision about your credit limit. If you wait 6 months and manage your account responsibly in the meantime, however, you’ll have proven that you can handle your current credit limit.… read full answer

Here’s what you need to know about requesting a credit limit increase:

When you request a credit line increase, the issuer will ask about your current gross income, employment status, key financial obligations, etc. Once you’ve made a request, you should generally wait 6-12 months before submitting another. You can ask for another credit limit increase earlier if your financial situation changes, though. For instance, receiving a raise from your job is a great time to ask for an increase since you’ll have more money to spend. Anytime your overall income goes up, you could be eligible for a limit increase.

Requesting a credit line increase is easy, and you’ll often receive a decision quickly—either instantly or within 10 business days. Just make sure to request an increase when you have the greatest chance of being approved. Asking for a credit limit increase usually leads to a hard credit inquiry, which can cause a temporary dip in your credit score. While your score will recover, it’s best to avoid numerous hard inquiries in a short period of time, especially if you need your credit to be in good shape for a particular reason in the near future.

Requesting a credit limit increase will likely trigger a hard inquiry and cause a short-term decrease in your credit score. Receiving an automatic credit limit increase (i.e. your issuer increases your credit limit without you asking) will not hurt your score. No matter how you receive a credit limit increase, it will provide long-term credit-score benefits to responsible users.… read full answer

A credit limit increase will give you access to more available credit to use. As a result, you will get a better credit utilization ratio, assuming your spending does not increase, too. The lower the ratio, the better your credit score. If you continue to spend and maintain a high balance on your account, you will see a negative impact on your credit score. A credit limit won’t help your credit score if you just max it out immediately.

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. These are unconfirmed reports, however.

Discover sets a minimum credit limit of $500 for all of its cards except the Discover it® Secured Credit Card. Its credit limit is determined by the amount of a cardholder’s refundable security deposit, which starts at $200 and could be as high as $2,500.… read full answer

If you are approved for an unsecured Discover card, the information on your application will determine whether you’ll receive a starting credit limit above the $500 minimum. That initial credit limit is not permanent, though. After making at least six consecutive months of on-time payments, Discover cardholders may become eligible for an automatic credit limit increase, though receiving one is not guaranteed. You may also request a credit limit increase, either by logging into your Discover account online or by calling customer service at 1 (800) 347-2683.