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Thanks lg8302ch!
Just to clarify, you have a checking account with Discover? I see you're also a card holder as well. Last I checked, you had to be a Discover credit card holder to apply online, but maybe that's changed. I'll have to call Discover Bank CS and see.
Thanks again!
BofA lady told me I had to wait 12 months. (opened in end of April).
@MS103127 wrote:Thanks lg8302ch!
Just to clarify, you have a checking account with Discover? I see you're also a card holder as well. Last I checked, you had to be a Discover credit card holder to apply online, but maybe that's changed. I'll have to call Discover Bank CS and see.
Thanks again!
Yes I have the cash back checking and love it. Main reason to open it was that I get monthly international money wires and BofA charged me 12$ each time to credit my wires. Discover does it for free and is even faster in instant release of the full amount. Customer service 5* - US rep and not hours on IVRs ... give them a call and let us know how it goes. You can also ask if they require a HP. For me it was SP and Chex only. You also get free checks and debit card .
I hate to use the word "Stupid" (oh heck who am I kidding, no I don't) but a Discover rep saying they may or will graduate secured card is just that because if you read the faqs page on discovers website for the secured card it says it will NEVER graduate.
But you should stop applying for credit... lets address why you have a 500 credit score, even some secured cards as you are finding with bofa will deny if things are bad enough... others like State Department Credit union don't even pull for a secured card so you could do that.
as for bank of america... it's rare that it takes longer than 9-10 months to graduate a secure card and that's another rep that I have to wonder what sand box has their head been in or did they just join the team because it's been the same since I had one back in 2007!
NOT AUTOMATIC..BUT..
Yesterday, I was approved for the Secured Discover IT with a MyFico TU score of 657 and EQ of 637. I spoke to 3 different reps TODAY, 2 in chat and 1 live over the phone, BEFORE finalizing my acceptance of the Secured card. I was told at some point, up to a year, the account is evaluated to qualify for: closure, extension of unsecured credit, or remain secured. You receive all the benefits of the unsecured IT card and the reason there is no definite answer as to the graduation to unsecured is because this is a new product in it's early stage.
I accepted the card because I have nothing to lose. If it doesnt work out I'll get my deposit back. If it does, I'll be a Discover family member.
I didnt know Discover offered secured credit cards...interesting.
@V_W wrote:
I also applied for the Discover IT card and was denied but they did offer me the secured card. I accepted the offer today. I was informed that I should receive my new card in a week. Yay ... so excited! With responsible use it should graduate to unsecured in a year.
According to the posts in this topic...Discover secured card doesn't graduate unfortunately.
I have spoken to multiple reps online and over the phone and was assured that it has the chance to graduate after a minimum of 6 months. Most likely a year. They want the same that most do, they want to see usage, responsible behavior, good payment history, etc. I have had the card going on 3 months now and over that time have spoken with the reps regarding the graduation topic specifically, and was told once that it doesn't but that was before I accepted the offer. Since it has been a steady re-assurance of the graduation possibility.
Also, they said after 6 months there is a chance that they will extend more credit to you if they deem you "worthy". Since one cannot add more to increase the limit. I don't know if it is something you can request or if it is done automatically, unfortunately. But they said at 6 months they start "reviewing" the card for that possibility.
@MS103127 wrote:Thanks lg8302ch!
Just to clarify, you have a checking account with Discover? I see you're also a card holder as well. Last I checked, you had to be a Discover credit card holder to apply online, but maybe that's changed. I'll have to call Discover Bank CS and see.
Thanks again!
The savings account is open to anyone able to put down the $500 minimum deposit (but no minimum balance after that).
From what I have seen, because the checking account is still in a half "beta" stage, it is only open to current Discover cardholders. Furthermore just because you have a Discover credit card does NOT mean you will instantly get the checking account. Again right now because they are testing it out, you have to be invited to open a checking account with their banking side. So far for me, no dice on getting an invitation and I am just shy of having my IT for 5 months now. We can only wait and see...