topic Re: Discover IT Secured Card Question in Credit Cards

Discover IT Secured Card Question

Anonymous — Mon, 30 Nov 2015 00:52:23 GMT

I obtained one for $200, just to get my foot in there. I undestand at the 12 month point, they will graduate it to an unsecured version (whole reason I did this)

Does anyone have experience with this? What kind of CL did the unsecured turn into?

Re: Discover IT Secured Card Question

Anonymous — Mon, 30 Nov 2015 15:07:55 GMT

@Anonymous wrote:
I obtained one for $200, just to get my foot in there. I undestand at the 12 month point, they will graduate it to an unsecured version (whole reason I did this)

Does anyone have experience with this? What kind of CL did the unsecured turn into?

That is a good starting point. When the time comes for it to be unsecured, it will all come down to your score, income etc. to determine what your credit line is.

Re: Discover IT Secured Card Question

Creditdreamer — Mon, 30 Nov 2015 18:07:38 GMT

If you search the forums for "discover it secured" you'll find a lot of info about it. It seems that most people had their cards graduate in 12-15 months and their cards graduate to the limit they had on the card when it graduated. Example: if you have $200 when it graduates, it'll be $200 after it graduates. However, this is a YMMV situation and will depend on everything that the first poster mentioned above: credit score, utilization, etc.

I have had the card since the end of October and my first statement will cut on the 6th. My plan is to slowly step the card up to the $2500 limit, because it would be nice if it unsecures with that. Oh and I've already increased my limit twice before the first statement has cut. They said you had to wait originally but then I called a couple weeks after getting it and they ran all my numbers and let me increase it to $400 from $200 and then I called last week to increase it to $800 from $400. That is mainly because I'm trying to take advantage of the rewards and apple pay until the end of the year and it's a huge pain to be paying the card every day or two and waiting for charges to post, while tying up my available credit.

Re: Discover IT Secured Card Question

Anonymous — Mon, 30 Nov 2015 18:20:52 GMT

@Creditdreamer wrote:
If you search the forums for "discover it secured" you'll find a lot of info about it. It seems that most people had their cards graduate in 12-15 months and their cards graduate to the limit they had on the card when it graduated. Example: if you have $200 when it graduates, it'll be $200 after it graduates. However, this is a YMMV situation and will depend on everything that the first poster mentioned above: credit score, utilization, etc.

I have had the card since the end of October and my first statement will cut on the 6th. My plan is to slowly step the card up to the $2500 limit, because it would be nice if it unsecures with that. Oh and I've already increased my limit twice before the first statement has cut. They said you had to wait originally but then I called a couple weeks after getting it and they ran all my numbers and let me increase it to $400 from $200 and then I called last week to increase it to $800 from $400. That is mainly because I'm trying to take advantage of the rewards and apple pay until the end of the year and it's a huge pain to be paying the card every day or two and waiting for charges to post, while tying up my available credit.

Hi Creditdreamer!

I would like to increase the limit on mine as well, but they confused me because they said "increases have to be approved and sometimes a hard pull is required to do so." Can you share more details on your experience with increasing your CL on your card?

Re: Discover IT Secured Card Question

Anonymous — Mon, 30 Nov 2015 18:49:03 GMT

@Creditdreamer wrote:
If you search the forums for "discover it secured" you'll find a lot of info about it. It seems that most people had their cards graduate in 12-15 months and their cards graduate to the limit they had on the card when it graduated. Example: if you have $200 when it graduates, it'll be $200 after it graduates. However, this is a YMMV situation and will depend on everything that the first poster mentioned above: credit score, utilization, etc.

I have had the card since the end of October and my first statement will cut on the 6th. My plan is to slowly step the card up to the $2500 limit, because it would be nice if it unsecures with that. Oh and I've already increased my limit twice before the first statement has cut. They said you had to wait originally but then I called a couple weeks after getting it and they ran all my numbers and let me increase it to $400 from $200 and then I called last week to increase it to $800 from $400. That is mainly because I'm trying to take advantage of the rewards and apple pay until the end of the year and it's a huge pain to be paying the card every day or two and waiting for charges to post, while tying up my available credit.

Wait, you were able to increase the credit limit twice before even the first statement? You mean you just got the card and you already got two increases? How? I wonder if I could get one.

Re: Discover IT Secured Card Question

Anonymous — Mon, 30 Nov 2015 19:07:05 GMT

@Anonymous wrote:
@Creditdreamer wrote:
If you search the forums for "discover it secured" you'll find a lot of info about it. It seems that most people had their cards graduate in 12-15 months and their cards graduate to the limit they had on the card when it graduated. Example: if you have $200 when it graduates, it'll be $200 after it graduates. However, this is a YMMV situation and will depend on everything that the first poster mentioned above: credit score, utilization, etc.

I have had the card since the end of October and my first statement will cut on the 6th. My plan is to slowly step the card up to the $2500 limit, because it would be nice if it unsecures with that. Oh and I've already increased my limit twice before the first statement has cut. They said you had to wait originally but then I called a couple weeks after getting it and they ran all my numbers and let me increase it to $400 from $200 and then I called last week to increase it to $800 from $400. That is mainly because I'm trying to take advantage of the rewards and apple pay until the end of the year and it's a huge pain to be paying the card every day or two and waiting for charges to post, while tying up my available credit.
Wait, you were able to increase the credit limit twice before even the first statement? You mean you just got the card and you already got two increases? How? I wonder if I could get one.

He got the increases by deposting more funds into the card. Not unsecured increases.

Re: Discover IT Secured Card Question

Anonymous — Mon, 30 Nov 2015 19:19:16 GMT

Oh. I was about to say.

Re: Discover IT Secured Card Question

msbia — Mon, 30 Nov 2015 19:21:55 GMT

@Anonymous wrote:
I obtained one for $200, just to get my foot in there. I undestand at the 12 month point, they will graduate it to an unsecured version (whole reason I did this)

Does anyone have experience with this? What kind of CL did the unsecured turn into?

Hi there. I am a secured - unsecured Discover graduate. I started the same as you with $200 in February 2014. This was way before the policy changed and they didn't allow additional fund deposits to increase limit. In January 2015 I received my $200 deposit back suddenly and when I called to inquire they congratulated me on maintaining the card and increased my limit to $700... a $500 increase. Since January I have randomly hit the CLI button for soft pull increases and right now I am at $3,200. Not too bad coming from a $200 secured product. Good luck to you...use it well!

Re: Discover IT Secured Card Question

Creditdreamer — Mon, 30 Nov 2015 19:29:35 GMT

@Anonymous wrote:
@Creditdreamer wrote:
If you search the forums for "discover it secured" you'll find a lot of info about it. It seems that most people had their cards graduate in 12-15 months and their cards graduate to the limit they had on the card when it graduated. Example: if you have $200 when it graduates, it'll be $200 after it graduates. However, this is a YMMV situation and will depend on everything that the first poster mentioned above: credit score, utilization, etc.

I have had the card since the end of October and my first statement will cut on the 6th. My plan is to slowly step the card up to the $2500 limit, because it would be nice if it unsecures with that. Oh and I've already increased my limit twice before the first statement has cut. They said you had to wait originally but then I called a couple weeks after getting it and they ran all my numbers and let me increase it to $400 from $200 and then I called last week to increase it to $800 from $400. That is mainly because I'm trying to take advantage of the rewards and apple pay until the end of the year and it's a huge pain to be paying the card every day or two and waiting for charges to post, while tying up my available credit.
Hi Creditdreamer!

I would like to increase the limit on mine as well, but they confused me because they said "increases have to be approved and sometimes a hard pull is required to do so." Can you share more details on your experience with increasing your CL on your card?

I wrote a really long reply and then the drop down menu got in the way and I clicked off of the page accidentally. So I'll make this one shorter. I called the Discover secured line and I asked, assuming they'd say no. They asked for my info and told me it wasn't guaranteed and then they came back saying that I could increase it to the max of $2500 if I wanted (which I don't, not right now anyway). And yes I definitely had to deposit the equivalent funds to my increase. They didn't say anything about it being a hard pull over the phone and I haven't gotten any alerts about it. So I'm guessing it was a soft pull? I'm not really concerned about hard pulls right now anyway because I'm gardening for at least a year until after the Discover graduates. But it seems like it wasn't a hard pull. I would assume the hard pull would be if I wanted an unsecured increase?

Re: Discover IT Secured Card Question

Creditdreamer — Mon, 30 Nov 2015 19:31:58 GMT

@Anonymous wrote:
Oh. I was about to say.

Oh yeah. Of course it was a secured CLI. Otherwise if I could get an unsecured one 2 weeks into having the card, they would have just given me the regular card rather than the secured card. I wish it was unsecured. lol. In time. Though I enjoy the satisfaction of my CL being within my control, which it isn't for unsecured cards.

Re: Discover IT Secured Card Question

Anonymous — Mon, 30 Nov 2015 19:38:21 GMT

@Creditdreamer wrote:
@Anonymous wrote:
@Creditdreamer wrote:
If you search the forums for "discover it secured" you'll find a lot of info about it. It seems that most people had their cards graduate in 12-15 months and their cards graduate to the limit they had on the card when it graduated. Example: if you have $200 when it graduates, it'll be $200 after it graduates. However, this is a YMMV situation and will depend on everything that the first poster mentioned above: credit score, utilization, etc.

I have had the card since the end of October and my first statement will cut on the 6th. My plan is to slowly step the card up to the $2500 limit, because it would be nice if it unsecures with that. Oh and I've already increased my limit twice before the first statement has cut. They said you had to wait originally but then I called a couple weeks after getting it and they ran all my numbers and let me increase it to $400 from $200 and then I called last week to increase it to $800 from $400. That is mainly because I'm trying to take advantage of the rewards and apple pay until the end of the year and it's a huge pain to be paying the card every day or two and waiting for charges to post, while tying up my available credit.
Hi Creditdreamer!

I would like to increase the limit on mine as well, but they confused me because they said "increases have to be approved and sometimes a hard pull is required to do so." Can you share more details on your experience with increasing your CL on your card?
I wrote a really long reply and then the drop down menu got in the way and I clicked off of the page accidentally. So I'll make this one shorter. I called the Discover secured line and I asked, assuming they'd say no. They asked for my info and told me it wasn't guaranteed and then they came back saying that I could increase it to the max of $2500 if I wanted (which I don't, not right now anyway). And yes I definitely had to deposit the equivalent funds to my increase. They didn't say anything about it being a hard pull over the phone and I haven't gotten any alerts about it. So I'm guessing it was a soft pull? I'm not really concerned about hard pulls right now anyway because I'm gardening for at least a year until after the Discover graduates. But it seems like it wasn't a hard pull. I would assume the hard pull would be if I wanted an unsecured increase?

Ahh okay. Thank you for the info! I will be doing that later in December once I pay my bill in full. I want it to be at least $1k.

How long did it take for the CLI to show on your account? Was it the full 8 days like they say?

Re: Discover IT Secured Card Question

Creditdreamer — Mon, 30 Nov 2015 19:54:42 GMT

@Anonymous wrote:
@Creditdreamer wrote:
@Anonymous wrote:
@Creditdreamer wrote:
If you search the forums for "discover it secured" you'll find a lot of info about it. It seems that most people had their cards graduate in 12-15 months and their cards graduate to the limit they had on the card when it graduated. Example: if you have $200 when it graduates, it'll be $200 after it graduates. However, this is a YMMV situation and will depend on everything that the first poster mentioned above: credit score, utilization, etc.

I have had the card since the end of October and my first statement will cut on the 6th. My plan is to slowly step the card up to the $2500 limit, because it would be nice if it unsecures with that. Oh and I've already increased my limit twice before the first statement has cut. They said you had to wait originally but then I called a couple weeks after getting it and they ran all my numbers and let me increase it to $400 from $200 and then I called last week to increase it to $800 from $400. That is mainly because I'm trying to take advantage of the rewards and apple pay until the end of the year and it's a huge pain to be paying the card every day or two and waiting for charges to post, while tying up my available credit.
Hi Creditdreamer!

I would like to increase the limit on mine as well, but they confused me because they said "increases have to be approved and sometimes a hard pull is required to do so." Can you share more details on your experience with increasing your CL on your card?
I wrote a really long reply and then the drop down menu got in the way and I clicked off of the page accidentally. So I'll make this one shorter. I called the Discover secured line and I asked, assuming they'd say no. They asked for my info and told me it wasn't guaranteed and then they came back saying that I could increase it to the max of $2500 if I wanted (which I don't, not right now anyway). And yes I definitely had to deposit the equivalent funds to my increase. They didn't say anything about it being a hard pull over the phone and I haven't gotten any alerts about it. So I'm guessing it was a soft pull? I'm not really concerned about hard pulls right now anyway because I'm gardening for at least a year until after the Discover graduates. But it seems like it wasn't a hard pull. I would assume the hard pull would be if I wanted an unsecured increase?
Ahh okay. Thank you for the info! I will be doing that later in December once I pay my bill in full. I want it to be at least $1k.

How long did it take for the CLI to show on your account? Was it the full 8 days like they say?

Oh also, the card was maxed out when I called the first time, I can't remember for the second time. I had been making payments every day or two so I think they probably noticed that.

The first increase, I called on a Sunday, the deposit was removed from my bank account Monday morning when I checked it (it was pending, but already had shown up) and then the increase was there when I opened the app Saturday morning. Totally awesome. So 5 business days or less if you don't include Monday. The second increase from $400-->$800, I'm still waiting on. I asked for it on Monday morning (11/23) and the funds deducted from my bank account on Wednesday 11/25. So I'm guessing it'll be 5 business days from Wednesday. So I assume the increase will show up on or around Thursday 12/3.

Re: Discover IT Secured Card Question

Anonymous — Mon, 30 Nov 2015 19:58:41 GMT

Wow thank you for all of the info my friend. I greatly appreciate it!

Re: Discover IT Secured Card Question

Creditdreamer — Mon, 30 Nov 2015 20:10:23 GMT

@Anonymous wrote:
Wow thank you for all of the info my friend. I greatly appreciate it!

I'm a little bit obsessed with this card. lol. Getting my foot in the door with Discover plus the apple pay thing going on right now plus double cash back. Obsessed is a good word.

Re: Discover IT Secured Card Question

Anonymous — Mon, 30 Nov 2015 20:11:52 GMT

Lol I don't blame you. I love the card too. I don't have Apple Pay, but I did earn $5 cashback so far (1st statement) yay lol.

Re: Discover IT Secured Card Question

Creditdreamer — Mon, 30 Nov 2015 20:53:44 GMT

@Anonymous wrote:
Lol I don't blame you. I love the card too. I don't have Apple Pay, but I did earn $5 cashback so far (1st statement) yay lol.

My total cash back within my first statement period is going to be over $80 (total including apple pay), not including the double that will come at the end of my 12 months. I got my oil change at Pep Boys, getting two new tires-11% cash back. Christmas presents at Macy's-15% cash back. Bunches of Amazon stuff-5% cash back. American eagle-15% cash back. Trader Joes-11% cash back. Then double all of that at the 12 months for the year total. So yeah. I'm excited. I don't think the apple pay cash back shows up until a couple months later though because they audit the purchases to make sure you didn't buy gift cards.

Re: Discover IT Secured Card Question

Anonymous — Mon, 30 Nov 2015 21:27:05 GMT

Wow that's awesome!!! My little $5 is nothing compared to that lol.

Re: Discover IT Secured Card Question

Creditdreamer — Mon, 30 Nov 2015 21:33:00 GMT

@Anonymous wrote:
Wow that's awesome!!! My little $5 is nothing compared to that lol.

@Anonymous benefit of Apple Pay I guess. Otherwise I would be getting a lot less. Though Macy's would still be 5% and Amazon would still be 5%. But yeah. The others are a lot more. Oh and Bevmo with Apple Pay. lol. I have refrained from buying anything I wouldn't have otherwise purchased. So I'm still technically making money versus buying a bunch extra to get the discounts. Oh and Chevron @Anonymous% cash back too. Total win. Yes. I love this card.

Re: Discover IT Secured Card Question

Creditdreamer — Tue, 01 Dec 2015 01:17:36 GMT

Update: this morning the extra CLI wasn't there. I just checked and now the extra $400 is there! Pretty fast. Deducted from bank on Wednesday. Went through midday on Monday after thanksgiving also being a holiday.

Re: Discover IT Secured Card Question

Anonymous — Tue, 01 Dec 2015 02:07:20 GMT

Wow that is very fast. Woohoo!!