topic Re: New Discover secured graduation policy in Credit Cards

New Discover secured graduation policy

Anonymous — Thu, 03 Nov 2016 15:44:44 GMT

So after reading about a secured card holder graduating at 7 months, I decided to hop onto a secure message to inquire. My 7th month is tomorrow. So naturally I was curious as Discover is my only remaining secured card.

The lady I was chatting with informed me that discover had changed their secured card graduation process. Now instead of having to wait the full 12 months. They begin to do a monthly review of your account after your 7th statement. If you meet their criteria they will graduate your card early now..

Figured I would share the news with other Discover Secured Card holders..

Heres to hoping for early graduation and being out of secured cards completely.

Re: New Discover secured graduation policy

Anonymous — Thu, 03 Nov 2016 18:53:33 GMT

@Davidasmithlpn wrote:
So after reading about a secured card holder graduating at 7 months, I decided to hop onto a secure message to inquire. My 7th month is tomorrow. So naturally I was curious as Discover is my only remaining secured card.

The lady I was chatting with informed me that discover had changed their secured card graduation process. Now instead of having to wait the full 12 months. They begin to do a monthly review of your account after your 7th statement. If you meet their criteria they will graduate your card early now..

Figured I would share the news with other Discover Secured Card holders..

Heres to hoping for early graduation and being out of secured cards completely.

Good luck. Will keep my fingers crossed for you. I've accepted that my profile is not what Discover is looking for. Hope to hear you reporting in the next couple days that your card has unsecured.

Re: New Discover secured graduation policy

Anonymous — Tue, 15 Nov 2016 04:57:49 GMT

Been a lurker for a while but I can now confirm the 7 month policy.

I started building in Jan with 3 collections, FICO wouldn't even generate a score. I had no accounts except 2 old closed paid student loans and one of them having a lot of late payments - several 90+ days late. Opened secured Citi in Jan with 5k, BoA w/ 4.9k in April and Discover with 2.5k. Took 6 months to generate a score. I looked at my FICO Premier in July and for some reason suddenly all the collections had disappeared with a credit score of 687/677/670. I didn't waste a minute. Went to Citi got a 30k loan, 5k LOC, 10k$ Checking PLUS LOC. Got a sapphire with 6k, a freedom with another 6k. Amazon Prime with 1800 and Capital one with 1k. Right after that the collections appeared again next month. Then I started disputing everything and all collections are gone now. Scores back up to 685 range which I think will go up past 700 this month with the utlilzation going from 30 to 5. Only thing left is getting rid of the late payments on my old student loan which I am going to start working on next week. The newest late payement is 45 months ago but I think it will cause problems going from 715 to past 760. Then get Citi and BoA unsecured and work on getting CLIs across the board. All the inquiries should be gone in July.

Got the Discover in April 2016 and just got an email today saying I got unsecured. I'd like a CLI. There is an option in the portal that says, "After reviewing your application, we may need to pull a credit bureau report, which may affect your credit score. In these cases, we will proceed with the application only with your consent."

Anyone got any advice on that. Now waiting for BoA and Citi to unsecure.

-------

We're returning your security deposit.

Because you've shown responsible account management, you're getting your security deposit back. You should receive the check in the mail in 5-7 business days.

Nothing else changes with your Discover it card. You keep the same account number, the same rewards and the same credit line.

If you have any questions, you can reach our U.S. based service team any time at 1-800-347-3085.

Sincerely,

Discover Card Customer Service

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Re: New Discover secured graduation policy

Anonymous — Tue, 15 Nov 2016 05:03:56 GMT

@Davidasmithlpn wrote:
So after reading about a secured card holder graduating at 7 months, I decided to hop onto a secure message to inquire. My 7th month is tomorrow. So naturally I was curious as Discover is my only remaining secured card.

The lady I was chatting with informed me that discover had changed their secured card graduation process. Now instead of having to wait the full 12 months. They begin to do a monthly review of your account after your 7th statement. If you meet their criteria they will graduate your card early now..

Figured I would share the news with other Discover Secured Card holders..

Heres to hoping for early graduation and being out of secured cards completely.

Yes. This happened to my Discover It secure card w/ $500 CL. Didn't know their policy on graduating secured cards, so I was in direct message with the rep to inquire. Yes, they will do a review after 7 statement to determine eligibility. 2 weeks later, my card was unsecured. I then applied for a CLI but was only given a $500 CLI to $1K. I'll take what I can get.

Re: New Discover secured graduation policy

Anonymous — Tue, 15 Nov 2016 05:08:34 GMT

@Anonymous wrote:
@Davidasmithlpn wrote:
So after reading about a secured card holder graduating at 7 months, I decided to hop onto a secure message to inquire. My 7th month is tomorrow. So naturally I was curious as Discover is my only remaining secured card.

The lady I was chatting with informed me that discover had changed their secured card graduation process. Now instead of having to wait the full 12 months. They begin to do a monthly review of your account after your 7th statement. If you meet their criteria they will graduate your card early now..

Figured I would share the news with other Discover Secured Card holders..

Heres to hoping for early graduation and being out of secured cards completely.
Yes. This happened to my Discover It secure card w/ $500 CL. Didn't know their policy on graduating secured cards, so I was in direct message with the rep to inquire. Yes, they will do a review after 7 statement to determine eligibility. 2 weeks later, my card was unsecured. I then applied for a CLI but was only given a $500 CLI to $1K. I'll take what I can get.

GTC471, did you do the CLI through the portal or on the phone? Also did they do a HP?

Thanks

Re: New Discover secured graduation policy

Anonymous — Tue, 15 Nov 2016 05:19:57 GMT

@Anonymous wrote:
@Anonymous wrote:
@Davidasmithlpn wrote:
So after reading about a secured card holder graduating at 7 months, I decided to hop onto a secure message to inquire. My 7th month is tomorrow. So naturally I was curious as Discover is my only remaining secured card.

The lady I was chatting with informed me that discover had changed their secured card graduation process. Now instead of having to wait the full 12 months. They begin to do a monthly review of your account after your 7th statement. If you meet their criteria they will graduate your card early now..

Figured I would share the news with other Discover Secured Card holders..

Heres to hoping for early graduation and being out of secured cards completely.
Yes. This happened to my Discover It secure card w/ $500 CL. Didn't know their policy on graduating secured cards, so I was in direct message with the rep to inquire. Yes, they will do a review after 7 statement to determine eligibility. 2 weeks later, my card was unsecured. I then applied for a CLI but was only given a $500 CLI to $1K. I'll take what I can get.
GTC471, did you do the CLI through the portal or on the phone? Also did they do a HP?

Thanks

I did it through the portal. And got an automatic increase. There was no HP from Discover on any CRAs.

Re: New Discover secured graduation policy

Anonymous — Tue, 15 Nov 2016 05:28:48 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Davidasmithlpn wrote:
So after reading about a secured card holder graduating at 7 months, I decided to hop onto a secure message to inquire. My 7th month is tomorrow. So naturally I was curious as Discover is my only remaining secured card.

The lady I was chatting with informed me that discover had changed their secured card graduation process. Now instead of having to wait the full 12 months. They begin to do a monthly review of your account after your 7th statement. If you meet their criteria they will graduate your card early now..

Figured I would share the news with other Discover Secured Card holders..

Heres to hoping for early graduation and being out of secured cards completely.
Yes. This happened to my Discover It secure card w/ $500 CL. Didn't know their policy on graduating secured cards, so I was in direct message with the rep to inquire. Yes, they will do a review after 7 statement to determine eligibility. 2 weeks later, my card was unsecured. I then applied for a CLI but was only given a $500 CLI to $1K. I'll take what I can get.
GTC471, did you do the CLI through the portal or on the phone? Also did they do a HP?

Thanks
I did it through the portal. And got an automatic increase. There was no HP from Discover on any CRAs.

CREDIT LINE INCREASE REQUEST

At this time, we cannot increase your credit line.

However, you can make another request at a future time. You will receive a letter in 3-5 business days that will detail the reasons for this decision.

Re: New Discover secured graduation policy

Anonymous — Wed, 01 Feb 2017 20:24:32 GMT

OP did your card ever graduate?

Re: New Discover secured graduation policy

Anonymous — Wed, 08 Feb 2017 11:16:12 GMT

Yep, my card graduated at the 7th statement, I received my deposit back. Yesterday was my 10th statement and I got a CLI from $1000 up to $2500

Re: New Discover secured graduation policy

Anonymous — Wed, 08 Feb 2017 11:47:17 GMT

A little over two weeks is my 7th statement. Crossing my fingers!!!

Re: New Discover secured graduation policy

MyLoFICO — Wed, 08 Feb 2017 14:03:59 GMT

Well this sucks. Mine is 12 months old this month. I guess that means it has been un securable for 5 months already . Oh well. Glad I don't rely on it.

Re: New Discover secured graduation policy

Anonymous — Wed, 08 Feb 2017 14:07:20 GMT

3 business days since my 7th statement ✂.
I am still waiting for you Discover making me feel Stanley from 'A Streetcar Named Desire'

"HEY DISCOVER! HEY DISCOVVVVVVVVVVVVER! HEY DISCOVVVVVVVVVVVEEEEEEEEEEER!"

unsecure me please.

Re: New Discover secured graduation policy

MyLoFICO — Wed, 08 Feb 2017 14:15:29 GMT

I chatted with an agent and was told the 7 month rule and that they look at your entire credit picture. It must be my UTIL (32%) that is keeping me from graduating because I have had nothing bad since I got the card and in fact, several years before then. I wish I knew. Oh well, now that I know its not my spending or current activity i think I will SD this card until it graduates. I have other cards I can use in the meantime.

Re: New Discover secured graduation policy

Anonymous — Wed, 08 Feb 2017 15:45:29 GMT

I've been waiting for my Discover Secured card to unsecure for a very long time now. I got it in October of 2015, so my 16th statement just cut (if I counted that right) and still no word from Discover on it graduating. I did have high utilization on it, and just this week finally paid it off in full - so I'm hoping that the next statement will notice that and show some love by returning my deposit. I chatted with the reps before about it, and they said that they can't do a manual evaluation, it only does it automatically each time the statement is cut - so I gotta wait almost a whole month before it cuts again to see (on the 6th).

Re: New Discover secured graduation policy

Anonymous — Wed, 08 Feb 2017 15:50:33 GMT

Jon lets hope that now tou have paid off the card, and hopefully everything else is looking good on the credit front, that you will graduate. Makes me think that I will just wait a little longer, I guess 3 days is tooo soon.

Re: New Discover secured graduation policy

Anonymous — Wed, 08 Feb 2017 15:57:05 GMT

They may still do it for you, the rep told me that they evaluate when the statement cuts and will let you know within a week of that evaluation. They just can't evaluate after the statement is cut. So since my card was paid off after the statement was cut, they won't evaluate "that" information until the next billing cycle.

Re: New Discover secured graduation policy

austinguy907 — Wed, 08 Feb 2017 17:21:49 GMT

Quit acting like addicts people!!!!

Just let things happen naturally when it comes to Disco. We all know it's not a science and definitely know when you're watching the pot for the water to boil it won't. Find a book or something else to do besides watching your Disco. It's kind of like back when you could smoke in a restaurant.... As soon as you lit a cigarette your food would come out.

Just keep working on things to bring down balances and bump your scores and when you're NOT looking Disco will send you a check

Re: New Discover secured graduation policy

MyLoFICO — Wed, 08 Feb 2017 18:12:19 GMT

@austinguy907 wrote:
Quit acting like addicts people!!!!

It's kind of like back when you could smoke in a restaurant.... As soon as you lit a cigarette your food would come out.

Hahahha!! That used to annoy me so much. It's true though.

Re: New Discover secured graduation policy

Anonymous — Wed, 08 Feb 2017 23:49:30 GMT

@MyLoFICO wrote:
I chatted with an agent and was told the 7 month rule and that they look at your entire credit picture.

They probably use the TU FICO 8 lol

Re: New Discover secured graduation policy

Anonymous — Thu, 09 Feb 2017 05:42:55 GMT

Just read another thread someone just said they graduated Disco at 6 months