topic Re: I graduated early from Discover It secured in Credit Card Approvals

I graduated early from Discover It secured

Anonymous — Tue, 15 Nov 2016 01:21:56 GMT

I have only seen instances of people being told by Discover that it is not possible to graduate early. That seemed to be the general consensus as far as the subject was concerned. I was even told this by Discover a couple months back when inquiring through chat.

But today I received a letter from Discover, including a check for my original deposit, stating I no longer needed to have my card secured.

I got the card in February 2016 and the graduation coincided with my 8th statement being cut (would have been my 9th but I changed my due date a while back).

It was a $200 limit and I put about $50 on it every month and paid it immediately each time, never carrying a balance.

When I received the letter and logged into my account, I saw my limit was increased to $500. I went for an increase and received $500 more, totalling a $1000 limit.

Just wanted to share this info as a data point for anyone hoping to upgrade early.

Re: I graduated early from Discover It secured

Anonymous — Tue, 15 Nov 2016 06:27:25 GMT

Congrats on your early graduation! A few people have posted that Discover's policy on secured graduation has changed. They start reviewing accounts after the 7th statement I believe, and then it is possible to graduate, though not guaranteed.

Re: I graduated early from Discover It secured

Anonymous — Tue, 15 Nov 2016 11:04:24 GMT

Well add me to the list. lol. Hope to see some more graduates popping up soon. Discover made the journey to unsecured status a little less of an uphill climb, which is nice.

Re: I graduated early from Discover It secured

Anonymous — Tue, 15 Nov 2016 11:31:10 GMT

Congrats. Yes, 7 mo is correct. I sent a secured message this week and was told starting month 7 they check monthly to see if they can send back the deposit.

The CLI is the part I had not heard of. That's awesome.
Congrats again.

Re: I graduated early from Discover It secured

ddemari — Tue, 15 Nov 2016 16:19:05 GMT

congrats! im at the 9 month mark on mine. Im hoping to unsecure eventually.

Re: I graduated early from Discover It secured

Anonymous — Tue, 15 Nov 2016 18:37:57 GMT

Wow ... I rarely come to this subforum, but glad I did today.

This is very encouraging! My eighth statement cuts in 5 days ... and let me tell you, it would be awesome and extemely handy for this to graduate and to get a nice little CLI too! My average spend is $130, and like the OP, I never carry a balance either, or if I do I PIF before the due date. And my FICO score they provide is 40 points up since I got the card.

My fingers are definitely crossed!

Re: I graduated early from Discover It secured

Anonymous — Tue, 15 Nov 2016 20:05:23 GMT

Good luck Ddemari, and JJ it sounds like you're doing all you can to move on up. Shouldn't be long now.

Re: I graduated early from Discover It secured

Anonymous — Tue, 15 Nov 2016 21:27:59 GMT

I chatted in on the website this afternoon, and basically asked about the 7 month thing and the rep confirmed that was indeed the case, accounts can be reviewed starting month 7.

Then I asked if she had any idea when/if I could expect mine, and she said she didn't have a date, but that my account would definitely be reviewed.

So my billing period ends tonight, and my statement cuts the 20th ... like I said ... fingers crossed

We're moving in December, so I could use a little CLI boost at the moment.

Re: I graduated early from Discover It secured

Anonymous — Wed, 16 Nov 2016 01:37:56 GMT

I'm about to get my fourth statement cut in another week. This is my only card and I'm keeping around 5-25% utilization (Out of $600) at all times. (I've made a handful of mid-month payments to do so.)

I don't even have my FICO score yet, only a couple FAKO's.

Not sure how this compares to others' situations who have graduated before 12 months.

Re: I graduated early from Discover It secured

Anonymous — Wed, 16 Nov 2016 03:19:12 GMT

Can anyone answer this. My 7th cuts on Dec 4, but I only have 5 statements so far because 2 of the months I didn't have any transactions. I wonder if they need 7 statements or if it is month 7. **bleep**-I was all excited :/

Re: I graduated early from Discover It secured

mysterythemoon — Wed, 16 Nov 2016 03:33:18 GMT

Anyone know the criteria they judge unsecuring it on? I have the $200 secured, use it throughout the month, usually getting close to 200 but never actually carry a balance. Always pay in ful a week before my statement cuts, then just wait for my new cycle to begin. Will my high utilization (even though it shows as 0 on my bill) hurt my unsecuring chances?

Re: I graduated early from Discover It secured

Anonymous — Wed, 16 Nov 2016 10:43:59 GMT

@Anonymous wrote:
I'm about to get my fourth statement cut in another week. This is my only card and I'm keeping around 5-25% utilization (Out of $600) at all times. (I've made a handful of mid-month payments to do so.)

I don't even have my FICO score yet, only a couple FAKO's.

Not sure how this compares to others' situations who have graduated before 12 months.
Discover provides a FICO 8 score for you. I would think you would be receiving it by now if you are nearing your 4th statement. I received my FiCO 8 score within a month or so of my first Discover statement.

Re: I graduated early from Discover It secured

Anonymous — Wed, 16 Nov 2016 10:46:17 GMT

@djgrolyo wrote:
Can anyone answer this. My 7th cuts on Dec 4, but I only have 5 statements so far because 2 of the months I didn't have any transactions. I wonder if they need 7 statements or if it is month 7. **bleep**-I was all excited :/

I'm sorry. Maybe I misspoke when I said 7th statement, maybe it is 7th month and not statement. Hopefully, someone can clarify.

Re: I graduated early from Discover It secured

Anonymous — Wed, 16 Nov 2016 11:56:54 GMT

That's what I am trying to find out. Is it 7th month or 7th statement. I have 2 months I didn't use the card so no Statement

Re: I graduated early from Discover It secured

MyLoFICO — Wed, 16 Nov 2016 13:31:05 GMT

I got mine 2-16 as well. I spend alot more on it and hope they graduate it soon but no big deal if they don't. Congrats on the early graduation though!

Re: I graduated early from Discover It secured

Anonymous — Wed, 16 Nov 2016 14:13:35 GMT

@mysterythemoon wrote:
Anyone know the criteria they judge unsecuring it on? I have the $200 secured, use it throughout the month, usually getting close to 200 but never actually carry a balance. Always pay in ful a week before my statement cuts, then just wait for my new cycle to begin. Will my high utilization (even though it shows as 0 on my bill) hurt my unsecuring chances?

That's the big question ... and with Discover I would guess there is seemingly (to us) no rhyme or reason to it.

I do the same thing ... though I have had balances reported on my statements, they're always paid in full before the due date. And I have the $200 card too. Saw no reason to increase the limit with added cash. My Cap One card has grown nicely allowing me to baby the Discover Card.

Re: I graduated early from Discover It secured

Anonymous — Wed, 16 Nov 2016 23:46:30 GMT

@Anonymous wrote:
@Anonymous wrote:
I'm about to get my fourth statement cut in another week. This is my only card and I'm keeping around 5-25% utilization (Out of $600) at all times. (I've made a handful of mid-month payments to do so.)

I don't even have my FICO score yet, only a couple FAKO's.

Not sure how this compares to others' situations who have graduated before 12 months.
Discover provides a FICO 8 score for you. I would think you would be receiving it by now if you are nearing your 4th statement. I received my FiCO 8 score within a month or so of my first Discover statement.

But did you have any history prior to Discover? This is my first and only card; never been an AU or had loans.

Re: I graduated early from Discover It secured

Anonymous — Thu, 17 Nov 2016 00:25:35 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I'm about to get my fourth statement cut in another week. This is my only card and I'm keeping around 5-25% utilization (Out of $600) at all times. (I've made a handful of mid-month payments to do so.)

I don't even have my FICO score yet, only a couple FAKO's.

Not sure how this compares to others' situations who have graduated before 12 months.
Discover provides a FICO 8 score for you. I would think you would be receiving it by now if you are nearing your 4th statement. I received my FiCO 8 score within a month or so of my first Discover statement.

But did you have any history prior to Discover? This is my first and only card; never been an AU or had loans.

Ok. Got it. Misunderstood when you said this was your only card. You are building your credit, not rebuilding. Then maybe you will have a FICO score in a few more months. You may be able to find threads on the topic of when your FICO 8 score will generate in the understanding my fico score subforum of this board.

To be honest, I am not sure how Discover will view this when graduating the card. But, if you generate a score soon, maybe it will not be an issue.

Re: I graduated early from Discover It secured

Anonymous — Thu, 17 Nov 2016 07:50:39 GMT

Just wanted to mention (if it hasnt already been mentioned)...mine graduated early too.

For those unsecuring early, ask the rep if there are any other offers in your profile. I got on chat tonight and to make sure I understood what happens after it changes to unsecured. Specifically, the interest rate. The rep checked and said they had an offer for 0% for 12 months starting tomorrow and will expire on 01/11/2018.

Glad it graduated, but the only draw back was that I planned to add a little more to the security deposit (based on being told the original graduation date was "potentionally" after the one year anniversary) I was banking on having a few more months to be able to do that.

Suggestions?

Re: I graduated early from Discover It secured

Anonymous — Thu, 17 Nov 2016 12:46:15 GMT

Does the amount of the security deposit matter? Once you graduate aren't you approved for a certain amount or is it always just your secured amount? If so maybe I should deposit some more funds into that account. I wonder if they are more likely to graduate a $200 limit because it isn't as big of a risk than someone who has a $2000 limit. It would be nice to know how they do all these issues being brought up.

I'm thinking I will graduate in Dec or Jan 4. (FICO up 100+ points on TU and EX....EQ is still messed up. I disputed a Collection due to fall off in 6 mo and it came back verified. Now it looks like that Co is from this month-my FICO tanked. I should have waited but I heard you could dispute old CO if within 6 mo of falling off)

Anyway-regarding Discover, if the size of the security deposit matters when graduating and especially establishing your unsecured limit- I will do that.