topic Re: Who has had a Discover Secured card graduate? in Credit Cards

Who has had a Discover Secured card graduate?

Anonymous — Wed, 18 Nov 2015 02:55:05 GMT

I've had my secured Discover a couple months. I want to add more money to it but I'm leary unless it has a very good chance of graduating.

Re: Who has had a Discover Secured card graduate?

RandomSpirit — Thu, 19 Nov 2015 05:10:33 GMT

I have. And I don't think that you're able to add more money to increase your secured limit. Or, at least that was not an option a couple years ago.

Re: Who has had a Discover Secured card graduate?

smith5879 — Thu, 19 Nov 2015 10:06:42 GMT

My girlfriend's graduated at the one year mark, this past February. She had the smallest amount you could put down for collateral, which was $200. As long as you don't accrue any new derogs and pay on time every month, they'll probably graduate your card as well.

Re: Who has had a Discover Secured card graduate?

Anonymous — Thu, 19 Nov 2015 13:16:21 GMT

@RandomSpirit wrote:
I have. And I don't think that you're able to add more money to increase your secured limit. Or, at least that was not an option a couple years ago.

As of May 2015 the Secured Card now has the ability to add additional funds to increase your CL.

OP: I just got mine in October, so I can't be of much help but I have read other threads here where people have reported graduation of their cards. Some reported that their CLs stayed the same, while others reported a CLI upon graduation. YMMV

Re: Who has had a Discover Secured card graduate?

Anonymous — Thu, 19 Nov 2015 17:11:47 GMT

My 1 year will hit on 11/23/15. Hoping for graduation and will update whether it does or doesn't.

Just as an FYI, I did call at the very end of last month and asked if they were able to give me any promotional APR reduction such as 0% interest which they did for 12 months. I don't know if every secured member is eligible from the get-go or if it's because I'm close to the 1 year mark. Doesn't hurt to ask with the holidays upon us.

Re: Who has had a Discover Secured card graduate?

Anonymous — Thu, 19 Nov 2015 17:55:02 GMT

Jupiter Moon thanks a lot for the heads up I'll try it! I don't really carry a balance on it ever but that would be nice! And definitely update us I'm very curious. Seems most do graduate.

Re: Who has had a Discover Secured card graduate?

Anonymous — Thu, 19 Nov 2015 20:17:15 GMT

@RandomSpirit wrote:
I have. And I don't think that you're able to add more money to increase your secured limit. Or, at least that was not an option a couple years ago.

You can add money to your secured limit because I have. Opened the card in July with a SL of $200 added $550 the same week i received the card.

Re: Who has had a Discover Secured card graduate?

Anonymous — Thu, 19 Nov 2015 20:18:38 GMT

@Anonymous wrote:
My 1 year will hit on 11/23/15. Hoping for graduation and will update whether it does or doesn't.

Just as an FYI, I did call at the very end of last month and asked if they were able to give me any promotional APR reduction such as 0% interest which they did for 12 months. I don't know if every secured member is eligible from the get-go or if it's because I'm close to the 1 year mark. Doesn't hurt to ask with the holidays upon us.

I received this same offer last month too. Although I only use this card for gas and food purchases

Re: Who has had a Discover Secured card graduate?

Creditdreamer — Thu, 19 Nov 2015 23:26:45 GMT

I haven't even had my first statement cut on my Discover it Secured yet and I just requested the promotion over chat and she came back and said 0% for 12 months on new purchases! Discover for the win again. I can't even believe how amazing they've been. They have a customer in me for life. Absolutely.

Re: Who has had a Discover Secured card graduate?

Anonymous — Thu, 19 Nov 2015 23:58:15 GMT

Smith, what did they increase her limit to?

Re: Who has had a Discover Secured card graduate?

Anonymous — Thu, 19 Nov 2015 23:58:37 GMT

Good job dreamer!!

Re: Who has had a Discover Secured card graduate?

msbia — Fri, 20 Nov 2015 00:03:13 GMT

I started my journey in January 2014, the next month I got my Discover secured card with a $200 deposit. They allowed me to graduate at 11 months and one day; I actually called to ask about it and received my deposit check back the same day. Since they were on the phone I asked for a CLI...they added $500 brining my limit to $750. That was January of this year. Today my limit is $3,200 via random SP CLI. I have the double cash back and 0% until next September. Love discover!

Re: Who has had a Discover Secured card graduate?

JLK93 — Fri, 20 Nov 2015 00:09:08 GMT

My Discover it secured graduated this past December at the 1 year mark. Since then, the credit limit has increased from 2.5K to 19.5K.

I think Discover is the best secured card.

Re: Who has had a Discover Secured card graduate?

RandomSpirit — Fri, 20 Nov 2015 01:28:24 GMT

Mine graduated in a year.. My deposit was returned by check with a nice note. No CLI for me upon graduation, nor a APR decrease. There's a thread somewhere on here that you might find useful regading Discover Secured.

I always paid in full and keep utilization under 10%, it was mostly around 3%. I put down a thousand for my CL when I opened it. Good luck with it .I think it's a very good secured card if you need one. It treated me well. I also had a WellsFargo one, at one point and I would . I place Discover over that one any day as far as secured cards go.

@MagneticObsession: it's good to know you can now add to increase your CL.