topic Re: DISCOVER IT SECURED CARD HAS NOT GRADUTED! in Credit Card Applications

DISCOVER IT SECURED CARD HAS NOT GRADUTED!

Anonymous — Tue, 21 Feb 2017 01:26:38 GMT

So I am approaching the 26th month with my Discover IT secured card with a baby limit of $200. I've called just about everyone and get the same spill, "Your account is periodically reviewed on the statement cut off date, blah, blah, blah" Funny part is I just put a credit freeze 2 days ago, which probably means that they won't be able to review now. Any one in a similar situation? Past 12 months no graduation? Well my payments have been made on time on all my cards. The usage isn't too crazy as it's only $200. Any suggestion?

Re: DISCOVER IT SECURED CARD HAS NOT GRADUTED!

Anonymous — Tue, 21 Feb 2017 02:02:49 GMT

I believe Discover looks at more than just your credit card payments but looks at other things in your credit report. Not sure if this matters but you could always add more to your secure limit.

While i haven't waited 26 months, in March ill be at my 8th statement and still secured. My credit scores have risen, actually i need to update them, but im still unsecured.

Re: DISCOVER IT SECURED CARD HAS NOT GRADUTED!

creditguy — Tue, 21 Feb 2017 02:23:41 GMT

I'd say you definitely need to get on chat or the phone and inquirie about your account. Now you may just get the standard canned line that you get online but maybe not. Discover has been unsecuring a lot of newer accounts lately before the one year mark and I'm wondering if the older accounts like yours are stuck in a forgotten bucket.

I know someone personally who was in a similar situation but closer to the two year mark. They actually closed the card and reapplied for an unsecured card and was approved for a $5k SL, their secured CL was only $200. Discover is definitely an odd one to figure out sometimes. Best of luck to you.

Re: DISCOVER IT SECURED CARD HAS NOT GRADUTED!

Anonymous — Tue, 21 Feb 2017 02:27:07 GMT

@Anonymous wrote:
So I am approaching the 26th month with my Discover IT secured card with a baby limit of $200. I've called just about everyone and get the same spill, "Your account is periodically reviewed on the statement cut off date, blah, blah, blah" Funny part is I just put a credit freeze 2 days ago, which probably means that they won't be able to review now. Any one in a similar situation? Past 12 months no graduation? Well my payments have been made on time on all my cards. The usage isn't too crazy as it's only $200. Any suggestion?

I'm sorry to hear that your card has not graduated. I gave up after 18 months and closed out the card last November. I guess there was something in my profile that they did not like. While I was disappointed because I liked the 5% cash back, I just could not see continuing to tie up $2k indefinitely. I think that only you can decide whether or not to continue down the same path. I tried everything-pay in full, leave a small balance, increased my deposit. Maybe Discover secured is like Barclays and is a jealous suitor and doesn't like one having other cards to spread spend around on. My BCP meets and exceeds my expectations with the 6-3-1 so that made it easier to say good-bye to Discover.

As you only have $200 tied it, you could always give it another 6 months and see what happens. Good luck whatever you decide.

Re: DISCOVER IT SECURED CARD HAS NOT GRADUTED!

Anonymous — Tue, 21 Feb 2017 02:53:23 GMT

What are your FICO scores? You aren't going to graduate unless you would get the card anyway. They probably go a little lower on the requirements but not much.

(Ie. if you have a 500 and 6 COs even if you have 24 mo of good history with that 200 limit they won't graduate you. If you are at let's say a 625 then even tho that is probably low for a cold app you may get graduated with that if the rest of your report is good)

Re: DISCOVER IT SECURED CARD HAS NOT GRADUTED!

austinguy907 — Tue, 21 Feb 2017 03:18:15 GMT

OMG !!!!!

Credit freezes only stop new apps from going through w/o lifting it to have them be able to do a pull. In some odd instances it prevents some creditors from supplying you with your free monthly scores.

Looking at your accounts in your signature the only one over $1000 is an AU account. Maybe there's something to do beside collecting toy limits. Toy limits means you're not aging things in between apps enough to get something bigger. mid 6's though isn't that horrible but, it's probably not going to get you to graduation.

Kay closed hers out around the same time they changed some policies regarding secured accounts. I don't know what you have going on with your reports though that's keeping things so low. AAOA coule be part of it depending on when you opened these. UTIL could be part of it if you're reporting a balance on more than 2 of them.

I would focus on getting some breathing room on them with some CLI's before pestering Disco about giving you something more and refunding your deposit.

There's some low hanging fruit that can be bounced up with the right approach and a phone call. Like others suggested adding more funds up to the $2500 limit they'll accept could improve your other cards for CLI attempts as well. Once the ball starts moving the momentum will carry over to other accounts.

You could always call Lending @ 800-347-4856 and see if you can get an actual analyst to take a look and see what the issue is. This # is the same one you can call if you're looking to go for a HP increase if the SP isn't meeting expectations. If you get a 2-day on a CLI these are the people reviewing your file.

Re: DISCOVER IT SECURED CARD HAS NOT GRADUTED!

dfitzg — Tue, 21 Feb 2017 12:28:35 GMT

I was in your boat. And my credit was alot better after my 1 year mark.

I waited and asked and they still said no.

Closed the account and a few days later i got app happy and reapplied - got approved for a $1500 limit.

Not sure what you report looks like compared to mine, but this was my situation.

Re: DISCOVER IT SECURED CARD HAS NOT GRADUTED!

Anonymous — Tue, 21 Feb 2017 14:04:18 GMT

DfitZ has a good point. I still would like to know what your credit looks like as far as true FICOs, util, INQs, and if you have any baddies.
But if everything looks good as far as that goes you may want to just apply for a new card.

You can even keep open the secured and app for the It or Miles card.

Re: DISCOVER IT SECURED CARD HAS NOT GRADUTED!

Anonymous — Tue, 21 Feb 2017 14:32:00 GMT

Wow thanks you guys for the inputs. I have like 20 accounts now, my signature has not been updated. I have an Amex BCE, my cards have been bumped up in limit. My average credit line is between 1-3k. I have no baddies on my report. On-time payment history, my cumulative utilization is 12%. I spoke to an analyst and they are escalating to EO as they feel something may be off, but now since my credit is frozen, not sure if that makes it worse. P.S. the EO will not contact me according to them and there is no way to know if my account is actually being "reviewed by the system" there system is crazy.

Re: DISCOVER IT SECURED CARD HAS NOT GRADUTED!

joltdude — Tue, 21 Feb 2017 16:41:41 GMT

Im looking at your signature and how many cards/TL you have.. How many HPs on TU and Disco likes a slightly higher TU score than you currently have (though some folks have gotten unsecuring at 648 so it might squeak by on its own, but in that case, something else has to be holding it down)

Also.. sometimes poking the Discover Bear.... folks have seen things happen (Gee my card unsecured after I complained about it, although there is nothing they *can* do)

1. Do you use the card for anything right now... if its SD'ed its probably not helping you, id put a sub on it and thats it.....

2. Seriously consider upping the deposit.... think it might nudge it to unsecure as well....

3. It will take a bit of time even if you do 1 and 2.... yes i know.. but you have to wait for them to react to the nudging....you want them to do the SP for your score.. ancedotally a few folks, myself included ..think they use that pull for decisions....

I still think theres something in your CR that they arent quite liking... or their automated system is like.. uh.. no.. not yet..

Id try some of the above, give it a few more months, then if no go, close it... Really think upping your TU ... 10-11 pts might make a diff .. regardless...

Keep us posted

-J

Re: DISCOVER IT SECURED CARD HAS NOT GRADUTED!

ls2016 — Tue, 21 Feb 2017 17:35:16 GMT

My card just unsecured today (2/21/17, as I've reported on other threads) after the 7th statement from a $300 SL to $750, not a big increase, but something is better than nothing. My data points are: current scores: Ex. 646, Tu. 648, Eq. 645. When I applied for the secured card, my Eq score was a 589. I hardly use the card and haven't let more than $17 report. Upon applying, I had 6 unpaid collection accounts, which I have since paid off. I've obtained approximately 18 new accounts and have racked up 12-13 inquiries on each report since applying for the secured card ($50,000 annual income). Most of my cards are at a 0 balance, with the exception of 1, which reports a 4% util on that one card. My overall utilization is at 2%, with approximately $45,000 in limits. I'm not sure what is holding you back from unsecuring. The only advice I can give is to get your utilization as low as possible (individually and overall) and see if that helps. This seems to be the only thing that helped me as I still have approximately 13 baddies (to inculde late payments, charge offs, and collection accounts) across all 3 reports. Best wishes to you!!!

Re: DISCOVER IT SECURED CARD HAS NOT GRADUTED!

ccpat — Tue, 21 Feb 2017 19:11:31 GMT

Got tired of mine waiting also. Closed my secured and joined as AU on husband's account with 1100 limit. Apped and Util is too high. Wasn't approved. Does anyone know how long you have to wait between apps with Discover?

Re: DISCOVER IT SECURED CARD HAS NOT GRADUTED!

Anonymous — Tue, 21 Feb 2017 20:18:07 GMT

It could be too many new accounts. You have 20 cards?!?!?!? That's a lot!!! Especially in the time while you are rebuilding. They may be scared by that.

Re: DISCOVER IT SECURED CARD HAS NOT GRADUTED!

Anonymous — Thu, 23 Feb 2017 12:05:32 GMT

1) I agree that Disco can be an odd duck, no doubt
However, as @Djgrolyos mentions above 20 in 26 months can absolutely be seen as RISKY behavior for any profile...let alone a young building or rebuilding profile, that's what an account every 5-6 weeks on avg?
Too many new girlfriends, for Disco to want to commit, perhaps 😏
That might not be what she has looking for when she said OK here's a secured one let's see how it goes...And you go out with 19 'more' chicks😫
She ain't happy 😛

2) Frozen or not your current vendors, already de facto have permission to SP your credit...as they please
You and the law give them the RIGHT to AR, which is just another word for a SP, their own client (you) at any time.
Your current vendor can not be frozen out of access to SPing a current client ( think about? If you are liable for charges on behalf of a client carrying a card with your company name on, you're darn right.. they're going to maintain the ability to check in on what else you have going on.
So what you think, they'd be cool with giving out 10, 20k CL and then being FROZEN out of what the freak else a client might be doing in terms of other debt or rising liabilities 😂😂😂

Now that's truly the thought process of a non ultimately responsible party (no offense) I just mean a non business owner or a non 'the ultimate buck STOPS HERE' entity...be it the boss, Mom, Dad, the responsible brother, sister... Whoever is gonna be the "one" left holding the bag if ish hits the fan...The party has to keep an eye out because if the music stops and the party ends, poorly no matter what they get the bill😎

I just ribbing bottom line your their client they can look..SP , we'll come to think of technically they probably have the ability to HP due to something buried in the card agreement, no doubt but SP for sure