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Discover Secured to allow Additional Deposit CLIs

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Anonymous
Not applicable

Discover Secured to allow Additional Deposit CLIs

Just got a message from Discover a few minutes ago:

discover_message.png

 

Good news for some of you who have the card and want to increase your credit limit.  The unsecured CLIs are kind of a unicorn so this should be pretty helpful for people who may not have the full amount they would want their card to be when they get the counter offer - I know a few people either did turn it down or almost did because they only had a couple hundred bucks right then and there.

Message 1 of 25
24 REPLIES 24
msbia
Established Contributor

Re: Discover Secured to allow Additional Deposit CLIs

Yep, I got the same email this morning even though my card unsecured in February lol. It says BEGINS May 13, yet I've seen posters report they were getting secured increases without additional deposits, hmmm. Well anyway, it's definitely good news for those who are on the fence about accepting the secured offer. For those who don't know, this card does not report to CBs as secured like BOA. 

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Mission Accomplished.
Thanks MyFico!
Message 2 of 25
Anonymous
Not applicable

Re: Discover Secured to allow Additional Deposit CLIs


@msbia wrote:

Yep, I got the same email this morning even though my card unsecured in February lol. It says BEGINS May 13, yet I've seen posters report they were getting secured increases without additional deposits, hmmm. Well anyway, it's definitely good news for those who are on the fence about accepting the secured offer. For those who don't know, this card does not report to CBs as secured like BOA. 


One person got an unsecured CLI but it's so incredibly rare I haven't heard any other reports anywhere about it.  May will mark my 6th month with the card and while my limit isn't as high as I would love for it to be I'm on the fence about actually adding more.  Maybe I will so that if I don't get a CLI soon after my card unsecures my card will be a slightly better limit anyway.  I suppose I have at least a month to think about it.

Message 3 of 25
msbia
Established Contributor

Re: Discover Secured to allow Additional Deposit CLIs


@Anonymous wrote:

@msbia wrote:

Yep, I got the same email this morning even though my card unsecured in February lol. It says BEGINS May 13, yet I've seen posters report they were getting secured increases without additional deposits, hmmm. Well anyway, it's definitely good news for those who are on the fence about accepting the secured offer. For those who don't know, this card does not report to CBs as secured like BOA. 


One person got an unsecured CLI but it's so incredibly rare I haven't heard any other reports anywhere about it.  May will mark my 6th month with the card and while my limit isn't as high as I would love for it to be I'm on the fence about actually adding more.  Maybe I will so that if I don't get a CLI soon after my card unsecures my card will be a slightly better limit anyway.  I suppose I have at least a month to think about it.


I started my Discover secured in late Feb. 2014, I believe, with an initial deposit of $200 ( I already had my first secured card with USAA at the time). Jan. 2015 I noticed Discover soft pulled me, so early Feb. I sent a SM asking about being unsecured but got little information. The very next day a check came with a congratulations letter for $200 lol. I immediately called in and asked for a CLI, and they gave me a lowly $500. Last month during the CLI craze I tried for sp CLI and was approved for an additional $500, so yeah, I now stand at $1,200 which is enough for the rotating categories. I am glad I took the secured offer!  Best wishes on making your decision, IMO if you put more on the card, the bigger your CLI will be when you unsecure. 

Personal Credit? Check. Business Credit? Check.
Mission Accomplished.
Thanks MyFico!
Message 4 of 25
Jarnog
Frequent Contributor

Update to Discover Secured

Woke up to a new messagr from Discover.

 

I currently have the Discover Secured card, gotten last year after it was offered when I was declined the regular.  Tryng to maximize usage I deposited as much as I could at the time, $1000, as they did not allow increased deposits to increase your line.  Basically you put your deposit and that was your line "forever".  As long as the card stayed secured (didn't graduate), and you kept it open that was to be your credit limit. 

Well this morning I wake up to a secured message from Discover.  Opened it up and here is what it said -

 

Dear
Jarnog
,
We've heard the feedback from cardmembers like you who want to get more from their credit card
account. So starting May 13th, 2015, you will be able to apply for an increase to the credit line on your
Discover it® Secured Credit Card Account; as a reminder, any increase in your credit line must be
secured by an additional deposit to your Security Deposit Account equal to the line increase.
Starting May 13, you'll also see a new page in your monthly statement showing your Security Deposit
Account balance and any activity in your Security Deposit Account, such as an additional deposit to
secure a line increase. We will also be updating your Security Agreement: the following page has those
updates.
If you have any questions, please call 1-800-347-3085 and our 100% U.S. service team will be glad to
help.
Thanks again for choosing Discover,
Julie Loeger
Senior Vice President
 
 
Suffice it to say they are stepping up and so forth.  I thought this was great news.  Of course, it would have been better if I saw the "your card is now unsecured and we are sending your deposit back".  But I can wait for that.  In the mean time - this Smiley Very Happy
 
As an aside - Mods if this belongs in General or somewhere else, please relocate the thread.  Thanks!!
Message 5 of 25
Anonymous
Not applicable

Re: Update to Discover Secured

Great info!
Message 6 of 25
Anonymous
Not applicable

Re: Update to Discover Secured

Wonder if since they're changing terms a little if they will begin letting people apply directly for the secured card anytime soon. 

Message 7 of 25
Jarnog
Frequent Contributor

Re: Update to Discover Secured

Oh, as you can see in the initial letter it does say "We will also be updating your Security Agreement: the following page has those updates."

Here is that second page for those interested Smiley Happy

 

Page 2 of 2
The following sections will be added to your Security Agreement. All other provisions of the Security Agreement and Cardmember Agreement are still in effect:
Security Deposit Account Statements. You will get a monthly Security Deposit Account statement as part of your Account statement.
Electronic Fund Transfers to or from your Security Deposit Account. You may fund your Security Deposit Account with an electronic fund transfer ("Transfer"). If we do not complete a Transfer to your Security Deposit Account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, we will not be liable if circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
In case of errors or questions about your funding Transfers call us at 1-800-347-3085 or write us at P.O. Box 30943, Salt Lake City, UT 84130-0943 as soon as you can, if you think your statement is wrong or if you need more information about a funding Transfer listed on the statement. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
(1) Tell us your name and Account number.
(2) Describe the error or the Transfer you are unsure about, and explain as clearly as you can
why you believe it is an error or why you need more information.
(3) Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your Security Deposit Account within 10 business days for the amount you think is in error (if applicable), during the time it
takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your Security Deposit Account (if applicable). For errors involving a new Security Deposit Account, we may take up to 90 days to investigate your complaint or question. For a new Security Deposit Account, we may take up to 20 business days to credit your Security Deposit Account (if applicable) for the amount you think is in error.
We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.
Message 8 of 25
keithbward
Frequent Contributor

Re: Update to Discover Secured

Saw this email this morning. Thinking hey maybe they unsecured my card early. I have abour 3 months before my one year mark and based on other's experience with their limit remaining the same, i think I"m going to max out how much i can put as a deposit to have a matching unsecured when i hit the year mark.

Starting Scores - EX 547 || EQ 541 || TU 538 - 01/21/2014
Current Scores - EX 691 || EQ 628??? || TU 695 - 08/04/2015
Goal Scores - 720 across the board
Current Utilization - 12% and going down
Message 9 of 25
leoment
Frequent Contributor

Re: Update to Discover Secured

Things like this are why I will probably always keep a Discover in my wallet.  They're not a *perfect* lender (tbh I don't think one exists), but they do seem to respond to customer feedback, for example even increasing secured deposits.  I'm trying to think if I can imagine BOA/Wells Fargo/Citi, etc responding the same way to what seems to be a common complaint (not being able to increase deposit amounts), and I can't. 

 

 

800+ across all three (via FAKOs) has been achieved! Current goal - Get down to 6 cards in total - sitting with 8 currently.
Message 10 of 25
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