Discover IT Secured Card Question

Anonymous · ‎11-30-2015

@Creditdreamer wrote:
@Anonymous wrote:
@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.
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?
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?

Ahh okay. Thank you for the info! I will be doing that later in December once I pay my bill in full. I want it to be at least $1k.

How long did it take for the CLI to show on your account? Was it the full 8 days like they say?

Creditdreamer · ‎11-30-2015

@Anonymous wrote:
@Creditdreamer wrote:
@Anonymous wrote:
@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.
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?
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?
Ahh okay. Thank you for the info! I will be doing that later in December once I pay my bill in full. I want it to be at least $1k.

How long did it take for the CLI to show on your account? Was it the full 8 days like they say?

Oh also, the card was maxed out when I called the first time, I can't remember for the second time. I had been making payments every day or two so I think they probably noticed that.

The first increase, I called on a Sunday, the deposit was removed from my bank account Monday morning when I checked it (it was pending, but already had shown up) and then the increase was there when I opened the app Saturday morning. Totally awesome. So 5 business days or less if you don't include Monday. The second increase from $400-->$800, I'm still waiting on. I asked for it on Monday morning (11/23) and the funds deducted from my bank account on Wednesday 11/25. So I'm guessing it'll be 5 business days from Wednesday. So I assume the increase will show up on or around Thursday 12/3.