Discover IT Secured Card Question

[Anonymous]

I obtained one for $200, just to get my foot in there. I undestand at the 12 month point, they will graduate it to an unsecured version (whole reason I did this)

Does anyone have experience with this? What kind of CL did the unsecured turn into?

[Anonymous]

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@Anonymous wrote:

I obtained one for $200, just to get my foot in there. I undestand at the 12 month point, they will graduate it to an unsecured version (whole reason I did this)

Does anyone have experience with this? What kind of CL did the unsecured turn into?

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That is a good starting point.  When the time comes for it to be unsecured, it will all come down to your score, income etc. to determine what your credit line is.

[Creditdreamer]

If you search the forums for "discover it secured" you'll find a lot of info about it. It seems that most people had their cards graduate in 12-15 months and their cards graduate to the limit they had on the card when it graduated. Example: if you have $200 when it graduates, it'll be $200 after it graduates. However, this is a YMMV situation and will depend on everything that the first poster mentioned above: credit score, utilization, etc.

I have had the card since the end of October and my first statement will cut on the 6th. My plan is to slowly step the card up to the $2500 limit, because it would be nice if it unsecures with that. Oh and I've already increased my limit twice before the first statement has cut. They said you had to wait originally but then I called a couple weeks after getting it and they ran all my numbers and let me increase it to $400 from $200 and then I called last week to increase it to $800 from $400. That is mainly because I'm trying to take advantage of the rewards and apple pay until the end of the year and it's a huge pain to be paying the card every day or two and waiting for charges to post, while tying up my available credit.

[Anonymous]

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@Creditdreamer wrote:

If you search the forums for "discover it secured" you'll find a lot of info about it. It seems that most people had their cards graduate in 12-15 months and their cards graduate to the limit they had on the card when it graduated. Example: if you have $200 when it graduates, it'll be $200 after it graduates. However, this is a YMMV situation and will depend on everything that the first poster mentioned above: credit score, utilization, etc.

I have had the card since the end of October and my first statement will cut on the 6th. My plan is to slowly step the card up to the $2500 limit, because it would be nice if it unsecures with that. Oh and I've already increased my limit twice before the first statement has cut. They said you had to wait originally but then I called a couple weeks after getting it and they ran all my numbers and let me increase it to $400 from $200 and then I called last week to increase it to $800 from $400. That is mainly because I'm trying to take advantage of the rewards and apple pay until the end of the year and it's a huge pain to be paying the card every day or two and waiting for charges to post, while tying up my available credit.

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Hi Creditdreamer!

I would like to increase the limit on mine as well, but they confused me because they said "increases have to be approved and sometimes a hard pull is required to do so." Can you share more details on your experience with increasing your CL on your card?

[Anonymous]

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@Creditdreamer wrote:

If you search the forums for "discover it secured" you'll find a lot of info about it. It seems that most people had their cards graduate in 12-15 months and their cards graduate to the limit they had on the card when it graduated. Example: if you have $200 when it graduates, it'll be $200 after it graduates. However, this is a YMMV situation and will depend on everything that the first poster mentioned above: credit score, utilization, etc.

I have had the card since the end of October and my first statement will cut on the 6th. My plan is to slowly step the card up to the $2500 limit, because it would be nice if it unsecures with that. Oh and I've already increased my limit twice before the first statement has cut. They said you had to wait originally but then I called a couple weeks after getting it and they ran all my numbers and let me increase it to $400 from $200 and then I called last week to increase it to $800 from $400. That is mainly because I'm trying to take advantage of the rewards and apple pay until the end of the year and it's a huge pain to be paying the card every day or two and waiting for charges to post, while tying up my available credit.

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Wait, you were able to increase the credit limit twice before even the first statement? You mean you just got the card and you already got two increases? How? I wonder if I could get one.

[Anonymous]

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@Anonymous wrote:

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@Creditdreamer wrote:

If you search the forums for "discover it secured" you'll find a lot of info about it. It seems that most people had their cards graduate in 12-15 months and their cards graduate to the limit they had on the card when it graduated. Example: if you have $200 when it graduates, it'll be $200 after it graduates. However, this is a YMMV situation and will depend on everything that the first poster mentioned above: credit score, utilization, etc.

I have had the card since the end of October and my first statement will cut on the 6th. My plan is to slowly step the card up to the $2500 limit, because it would be nice if it unsecures with that. Oh and I've already increased my limit twice before the first statement has cut. They said you had to wait originally but then I called a couple weeks after getting it and they ran all my numbers and let me increase it to $400 from $200 and then I called last week to increase it to $800 from $400. That is mainly because I'm trying to take advantage of the rewards and apple pay until the end of the year and it's a huge pain to be paying the card every day or two and waiting for charges to post, while tying up my available credit.

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Wait, you were able to increase the credit limit twice before even the first statement? You mean you just got the card and you already got two increases? How? I wonder if I could get one.

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He got the increases by deposting more funds into the card. Not unsecured increases.

[Anonymous]

Oh. I was about to say.

[msbia]

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@Anonymous wrote:

I obtained one for $200, just to get my foot in there. I undestand at the 12 month point, they will graduate it to an unsecured version (whole reason I did this)

Does anyone have experience with this? What kind of CL did the unsecured turn into?

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Hi there. I am a secured - unsecured Discover graduate. I started the same as you with $200 in February 2014. This was way before the policy changed and they didn't allow additional fund deposits to increase limit. In January 2015 I received my $200 deposit back suddenly and when I called to inquire they congratulated me on maintaining the card and increased my limit to $700... a $500 increase. Since January I have randomly hit the CLI button for soft pull increases and right now I am at $3,200. Not too bad coming from a $200 secured product. Good luck to you...use it well! 

[Creditdreamer]

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@Anonymous wrote:

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@Creditdreamer wrote:

If you search the forums for "discover it secured" you'll find a lot of info about it. It seems that most people had their cards graduate in 12-15 months and their cards graduate to the limit they had on the card when it graduated. Example: if you have $200 when it graduates, it'll be $200 after it graduates. However, this is a YMMV situation and will depend on everything that the first poster mentioned above: credit score, utilization, etc.

I have had the card since the end of October and my first statement will cut on the 6th. My plan is to slowly step the card up to the $2500 limit, because it would be nice if it unsecures with that. Oh and I've already increased my limit twice before the first statement has cut. They said you had to wait originally but then I called a couple weeks after getting it and they ran all my numbers and let me increase it to $400 from $200 and then I called last week to increase it to $800 from $400. That is mainly because I'm trying to take advantage of the rewards and apple pay until the end of the year and it's a huge pain to be paying the card every day or two and waiting for charges to post, while tying up my available credit.

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Hi Creditdreamer!

I would like to increase the limit on mine as well, but they confused me because they said "increases have to be approved and sometimes a hard pull is required to do so." Can you share more details on your experience with increasing your CL on your card?

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I wrote a really long reply and then the drop down menu got in the way and I clicked off of the page accidentally. So I'll make this one shorter. I called the Discover secured line and I asked, assuming they'd say no. They asked for my info and told me it wasn't guaranteed and then they came back saying that I could increase it to the max of $2500 if I wanted (which I don't, not right now anyway). And yes I definitely had to deposit the equivalent funds to my increase. They didn't say anything about it being a hard pull over the phone and I haven't gotten any alerts about it. So I'm guessing it was a soft pull? I'm not really concerned about hard pulls right now anyway because I'm gardening for at least a year until after the Discover graduates. But it seems like it wasn't a hard pull. I would assume the hard pull would be if I wanted an unsecured increase?

[Creditdreamer]

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@Anonymous wrote:

Oh. I was about to say.

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Oh yeah. Of course it was a secured CLI. Otherwise if I could get an unsecured one 2 weeks into having the card, they would have just given me the regular card rather than the secured card. I wish it was unsecured. lol. In time. Though I enjoy the satisfaction of my CL being within my control, which it isn't for unsecured cards.