topic Re: Discover secured graduation? in Credit Cards

Discover Secured Graduation?

RehabbingANDBlabbing — Sat, 06 Oct 2018 14:03:08 GMT

I was wondering if anyone could share their experiences if you have a Discover secured card that has graduated AND you had baddies remaining on your report. My 7th statement is cutting this month and I am trying to keep my expecatations about graduation realistic. I've had my card since March with a $300 limit. I've charged up to the limit every 2 weeks since I opened the account and then I have paid in full the following payday. Discover says my TU FICO is 624, which is OK. I have around 6 unpaid charged off cards from about 2-3 years ago reporting, but I also have several postive trades that are well aged and that have perfect payment histories. I have a car loan and 2 student loans reporting that have always been paid on time as well.

Re: Discover Secured Graduation?

jgdev — Mon, 08 Oct 2018 14:23:19 GMT

My card just graduated last Monday. I opened it in February of this year with a $300 deposit. I've only charged $950 or so to the card over the 7 statement duration and only let it post a balance once of like $15. I still have something like 7 charge off accounts on my reports until next year when I'll be down to 2 as long as a few missed payments last year. That said they graduated me and increased my limit from $300 to $1500. Scores started in the 620-640 range back in february and my scores are between 680-700 now.

Re: Discover Secured Graduation?

CreditRebuilder2020 — Thu, 31 Dec 2020 01:40:12 GMT

So funny you post this, as mine graduated on Sunday morning, a $200 Secured Card that I had for 14 months.

When I started all my FICOS were in the 530-540 range, my EXP is up to a 654, EQ 635, my TU is still only a 605.

Always paid on time, kept a balance here and there a few months, mostly paid it off and used it for small purchases.

I never dumped any more money into it, I did acquire 7-8 cards over the past 1 1/2 years including an AMEX Green and two Cap Ones, so I honestly didn't wind up using my Discover that often over the past 6 months. I got an email saying the card was unsecured immediately, credit line was staying the same and it was now considered a Discover IT Chrome. I went for a CLI immediately and they shot me down. I just opened up a Blaze MC two weeks ago after a mail-offer I got. So I'm sure the recent INQ/Open Card was a reason for the denial. I'll try again in a month

Here's the notification I got in an email

Re: Discover Secured Graduation?

Anonymous — Mon, 08 Oct 2018 17:25:12 GMT

My card just unsecured as well with several baddies at time of approval for $200 deposit. I normally used up 90% of the card and paid it down to $0-30 before statement cut. My TU per Discover app was 613 at graduation with 1800 CLI.

Re: Discover Secured Graduation?

Brian_Earl_Spilner — Mon, 08 Oct 2018 17:28:41 GMT

Just wrapped up month 14 and no graduation.

Re: Discover Secured Graduation?

CreditRebuilder2020 — Tue, 09 Oct 2018 00:34:41 GMT

@Brian_Earl_Spilner wrote:
Just wrapped up month 14 and no graduation.

Yeah I don't get what the heck their formula is....it makes no sense. I have a friend of mine who had a 575 TU FICO, only had the card for 8 months and then it graduated. Doesn't seem very scientific whatever they're doing. Cap One has some very nice steps, very plainly spelled out and explained to you. I'm waiting on my 1st CLI on my QS1 after my next statement from $300 initial CL to $500 with my first CLI.

Discover IT seems like they're picking cards at random to graduate.

Re: Discover Secured Graduation?

Civil — Tue, 09 Oct 2018 01:53:12 GMT

14 months? Did you call them...I opened my secure card in February with all scores mid 500s and they graduated mine last month 3 day after my 7th statement $1500 line and sent me my $400 deposit back and TU was at 638

Re: Discover Secured Graduation?

CreditRebuilder2020 — Tue, 09 Oct 2018 08:31:55 GMT

@Civil wrote:
14 months? Did you call them...I opened my secure card in February with all scores mid 500s and they graduated mine last month 3 day after my 7th statement $1500 line and sent me my $400 deposit back and TU was at 638

That's a nice first CLI.

I called them twice, at the 6 months, 9 months period where my card was still secured at the time. They denied me both times, telling me to wait for the email. Which I finally got. I don't get what their system is.

Re: Discover Secured Graduation?

Anonymous — Tue, 09 Oct 2018 20:26:06 GMT

Mine graduated this morning, a few days after the 19th statement cut. Patience is a valuable thing.

Re: Discover Secured Graduation?

outofcredit — Tue, 09 Oct 2018 20:52:00 GMT

wrote:
Mine graduated this morning, a few days after the 19th statement cut. Patience is a valuable thing.

I'll see your 19 months and raise you 11 more months. Mine took 30 months to graduate with a modest cli. In my case, not only was patience a valuable thing but it was also a virtue.

Re: Discover Secured Graduation?

Anonymous — Tue, 09 Oct 2018 22:15:37 GMT

OMG. I think i would just throw in the towel. I dont know how you didn't wow. My 7th statement cuts tomorrow and ill probably have a stroke if i dont get the congrats email by Friday LOL

Re: Discover Secured Graduation?

CivalV — Tue, 09 Oct 2018 23:44:02 GMT

Lmfao same

Re: Discover Secured Graduation?

Anonymous — Tue, 09 Oct 2018 23:46:33 GMT

I got mine March 17 at the scores listed below in my started column. Around the 7-8 month mark, i was calling in about something completely different and i was told i had to be xfer-ed as my card was no longer secured. I beleive at the time my score was around 630-ish and i still had several baddies (paid) including a CO that was only a few months of being paid off. I never got an email about it and my congrats letter and refund came the same day. SL was 200, no CLI at graduation. 4 months later i got 200 more, and then a year after that i got 200 more. I honestly didnt use the card that much, so they had no reason to increase it alot. My second card however is awesome.

Re: Discover Secured Graduation?

Civil — Wed, 10 Oct 2018 00:36:40 GMT

What’s your TU score like...everyone is killing me 😂😂😂😂

Re: Discover Secured Graduation?

RehabbingANDBlabbing — Wed, 10 Oct 2018 00:53:15 GMT

LOL My TU score is 624 according to TU. I think it may be high 500s on EQ and EX. I've got several good trade lines reporting and I have had a Discover with a $6,200 several years ago that was always paid on time and eventually paid off. My main worries is my semi-recent baddies (was over $200k in debt with no way out).

Re: Discover Secured Graduation?

Brian_Earl_Spilner — Wed, 10 Oct 2018 03:56:17 GMT

@CreditRebuilder2020 wrote:
@Brian_Earl_Spilner wrote:
Just wrapped up month 14 and no graduation.
Yeah I don't get what the heck their formula is....it makes no sense. I have a friend of mine who had a 575 TU FICO, only had the card for 8 months and then it graduated. Doesn't seem very scientific whatever they're doing. Cap One has some very nice steps, very plainly spelled out and explained to you. I'm waiting on my 1st CLI on my QS1 after my next statement from $300 initial CL to $500 with my first CLI.

Discover IT seems like they're picking cards at random to graduate.

Yeah, not sure. Apparently, raising my score about 120 points and removing half my derogatories isn't a sign of responsible credit behavior. They did tell me I went over my limit for 1 day by $4 and change when the interest hit. Guy made it sound like I shouldn't be surprised I haven't graduated.

Re: Discover Secured Graduation?

Brian_Earl_Spilner — Wed, 10 Oct 2018 03:58:25 GMT

@Civil wrote:
14 months? Did you call them...I opened my secure card in February with all scores mid 500s and they graduated mine last month 3 day after my 7th statement $1500 line and sent me my $400 deposit back and TU was at 638

I really don't care anymore. I've just used it less and less. It barely sees swipes anymore and I've stopped cycling the limit. I've given that spend to my PayPal and Cash Rewards.

Re: Discover Secured Graduation?

Anonymous — Thu, 11 Oct 2018 05:41:08 GMT

I didn't get a CLI at graduation so I am stuck at $200. I can't imagine it's going to increase much, but I'll probably rarely use the card. What other options do I have in terms of cards with Discover? Is it worth it to app for Discover IT or should I just forget about Discover?

Re: Discover Secured Graduation?

Anonymous — Fri, 12 Oct 2018 03:44:44 GMT

@Anonymous wrote:
I didn't get a CLI at graduation so I am stuck at $200. I can't imagine it's going to increase much, but I'll probably rarely use the card. What other options do I have in terms of cards with Discover? Is it worth it to app for Discover IT or should I just forget about Discover?

You can PC your card to an IT at anytime. If you use it and pay it off A LOT, they will eventually raise the limit. after 1 year a second card could become an option. A card that doesnt start as secured does seem to do alot better.

Re: Discover Secured Graduation?

Anonymous — Sat, 13 Oct 2018 22:16:50 GMT

Yayyyyy!!!! Card unsecured thursday night. Woke up at 2 am and checked the cli link. Yes, obsessed i know. Instead of getting the "we're sorry this isn't available for you" message I actually went to the reqest form. I put in for cLi but was denied. I also noticed the section of "how to transition to an unsecured card" was no longer there. This morning I got the official congrats email. My 7th statement cut Tuesday. Im ecstatic