topic Re: Discover Secured CLI Trick? in Credit Card Applications

Discover Secured CLI Trick?

Anonymous — Mon, 10 Oct 2016 20:18:58 GMT

I posted in another thread asking if the CL on the Discover secured card in any way effects graduation of that card people replied with a consensus of no.

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Discover-Secured-Graduation-Question/m-p/4766010

So a card with a $3,000 CL has the same chances of graduation as a $400 card if the individual had the same exact credit profile.

So what I'm thinking then because Discover allows you to increase your credit limit at any time and since a higher CL isn't any harder to graduate than a low limit secured then in the 11th month (right before graduation) deposit the desired amount lets say add an extra $2,000 and when you graduate the following month you'll have the credit line you started with plus $2,000 whereas before when you graduated you'd likely only graduate with whatever your initial credit limit on the secured card was.

Re: Discover Secured CLI Trick?

Anonymous — Mon, 10 Oct 2016 20:29:15 GMT

How long till you graduate??? I try this with US bank with no success...Also can you please post me some data points on my thread??😃 will be really helpful for all secured CC holders

http://ficoforums.myfico.com/t5/Credit-Cards/US-bank-secured-card-data-an-non-USbank-secured-CC/td-p/4679973/highlight/true/page/4

Re: Discover Secured CLI Trick?

Anonymous — Mon, 10 Oct 2016 20:41:04 GMT

I don't believe that US Bank unsecures their secured card.

So far Discover is the only one I think this works with.

Re: Discover Secured CLI Trick?

Anonymous — Mon, 10 Oct 2016 20:50:16 GMT

Jus these past few days I worked on getting it unsecured...it is now a unsecured visa siggy...but it did not do it on graduation like wanted too...but the maximum secure for me was $5000.oo it's now my CL on my siggy 5k😃

Re: Discover Secured CLI Trick?

Anonymous — Mon, 10 Oct 2016 21:37:10 GMT

@Anonymous wrote:
I posted in another thread asking if the CL on the Discover secured card in any way effects graduation of that card people replied with a consensus of no.

http://ficoforums.myfico.com/t5/Credit-Card-Applications/Discover-Secured-Graduation-Question/m-p/4766010

So a card with a $3,000 CL has the same chances of graduation as a $400 card if the individual had the same exact credit profile.

So what I'm thinking then because Discover allows you to increase your credit limit at any time and since a higher CL isn't any harder to graduate than a low limit secured then in the 11th month (right before graduation) deposit the desired amount lets say add an extra $2,000 and when you graduate the following month you'll have the credit line you started with plus $2,000 whereas before when you graduated you'd likely only graduate with whatever your initial credit limit on the secured card was.

I've been specifically told by multiple people at Discover that increasing your limit in no way affects graduation and in fact if you were to increase your credit limit and graduate a week later you'll be graduated at the higher amount.

However, you may or may not graduate at 12 months. That all depends on your profile overall, not just your relationship with Discover.

My card is 22 1/2 months old. It's still secured but I'm still working on getting a few old things off so I can logically see why they haven't unsecured me yet but I'm still a little disappointed each and every month.

Re: Discover Secured CLI Trick?

Anonymous — Mon, 10 Oct 2016 21:48:56 GMT

Yes...that's exactly what I was hinting at...you can add no problem like [michikade] is saying it May not unsecure at 12mo. Beware of that...now I had the same thoughts my US secured took 18mo. And I put in request😵

Oh well it's finally unsecured though...good luck please post results😃

Re: Discover Secured CLI Trick?

Anonymous — Mon, 10 Oct 2016 22:07:35 GMT

It all depends on your score. Like for me I probably would've qualified for an unsecured card but I chose secured.

If someone has a 700 score there's no reason not to unsecure them. But if they're in the high 500's that's a reason to keep them secured.

Re: Discover Secured CLI Trick?

creditguy — Mon, 10 Oct 2016 22:36:43 GMT

There's really no trick to this, you want a higher CL? you add money and whatever the deposit is at graduation is your CL. This can be done with any card that allows you to add additional funds. With discover you add anytime after your first statement. On a side note, there is no guarantee that Discover will indeed graduate at 12 months and yes US Bank does graduate to unsecured, eventually.

Re: Discover Secured CLI Trick?

Anonymous — Mon, 10 Oct 2016 23:12:51 GMT

But say your score is 630 and you were going to graduate with your $200 CL but a month before you sneak in $2800 more to up your CL to 3k

Re: Discover Secured CLI Trick?

Anonymous — Mon, 10 Oct 2016 23:38:20 GMT

If you sneak it in...they unsecure...you will hit the Jack pot CL of $3000.oo NOT a bad idea at all.

😄😁😄Did the same my self my initial deposit was $1700 then bumped to $3300!!!

Re: Discover Secured CLI Trick?

Anonymous — Mon, 10 Oct 2016 23:41:34 GMT

Sidebar;

Is wells the only bank that secures up to $10,000.oo

???

Re: Discover Secured CLI Trick?

Anonymous — Mon, 10 Oct 2016 23:48:50 GMT

I'd have to wonder if trying to beef up the line at the last minute might delay graduation in the sense that they may not be as ready to unsecure a 2K card as a $500 one. Just speculation...

Re: Discover Secured CLI Trick?

Anonymous — Mon, 10 Oct 2016 23:59:01 GMT

That's exactly what I was thinking or even within the last 3 months

Re: Discover Secured CLI Trick?

Anonymous — Mon, 10 Oct 2016 23:59:03 GMT

I believe there is a soft delay of sorts.....hopefully we gain some gd feed back!😃

Re: Discover Secured CLI Trick?

Anonymous — Wed, 12 Oct 2016 00:29:11 GMT

It's weird you have to apply to increase your secured credit limit especially since it accrues no interest. I just submitted the request over the phone and they said I'd been approved to give them up to $2,100 more (making my CL $2,500) I gave them my income information along with my fiancée's. I ended up only adding $300 because the holidays are coming up so I want to be able to spend at least $600+ Especially because Discover allows you to use the purchase protection feature for Black Friday!

Purchase protection is a feature they have that if you buy an item and the price goes down anytime within 90 days you can fill out a form and they will verify the price change and send you a check it's a main reason I got Discover

Re: Discover Secured CLI Trick?

woodyman100 — Thu, 13 Oct 2016 02:50:15 GMT

@Anonymous wrote:
I don't believe that US Bank unsecures their secured card.

So far Discover is the only one I think this works with.

I had a US Bank HD Secured that unsecured at the one year mark.

I did have to request it and eat a HP to get it done though

Re: Discover Secured CLI Trick?

Anonymous — Thu, 13 Oct 2016 03:17:01 GMT

@woodyman100-

Did you PC? And how about CLI?

Re: Discover Secured CLI Trick?

Anonymous — Thu, 13 Oct 2016 03:29:43 GMT

@woodyman100-

Can please add data to my post?

http://ficoforums.myfico.com/t5/Credit-Cards/US-bank-secured-card-data-an-non-USbank-secured-CC/td-p...

Re: Discover Secured CLI Trick?

newhis — Fri, 14 Oct 2016 13:48:29 GMT

@Anonymous wrote:
Sidebar;

Is wells the only bank that secures up to $10,000.oo

???

BofA can secure up to 10k. Online they say $4,900 is the max, but DW was able to increase to 5k just before graduation. They told her that they can secure up to 10K.

Re: Discover Secured CLI Trick?

Anonymous — Sat, 15 Oct 2016 02:36:18 GMT

@newhis-

THKS for info