topic Re: Discover It Secured Card Graduated in Rebuilding Your Credit

Discover It Secured Card Graduated

Harmony12 — Wed, 24 Apr 2019 11:52:31 GMT

This morning I woke up and checked my email like I do everyday. This time I had an email from Discover saying, Congratulations! My secured card graduated and I would be receiving my deposit in the mail within 5-7 business days. I started with a deposit of $500 and my new credit limit is now $2000. This is my largest current credit limit and I couldn't be anymore excited.

Here are few stats about me:

I still have a few unpaid charge offs
- NFCU cc about $4k that has not updated my most recent payments
- Santander auto loan $4031 (no payments made since 5/2017)
- Credit Management collection $333 (will fall off 2020)
Current Scores
- EQ 576
- TU 627
- EX 594 (score dropped 20+ points because of a disputed paid charge off in April)
Use of Discover card
- I used the card almost everyday making multiple payments every month
- For example in April I made 3 payments as of today and will make another at month end
Unsecured / Graduation Length
- The Discover It Chrome card graduated a couple days after my 7th statement cut
Fraud
- Discover sent me a new card about 3 months ago because of fraduenlent activity.
Utilization
- 74% cc utilization reported by Discover
Next steps
- Requesting the 5% cash back
- What do you think I should do next?

Re: Discover It Secured Card Graduated

Remedios — Wed, 24 Apr 2019 13:35:51 GMT

Next should be dealing with COs and collection.

Re: Discover It Secured Card Graduated

FireMedic1 — Wed, 24 Apr 2019 13:54:56 GMT

+1 from Reme. Congrats.

Re: Discover It Secured Card Graduated

Anonymous — Sun, 19 May 2019 22:52:43 GMT

Congratulations! How many days after your statement cut did you get your email?

Re: Discover It Secured Card Graduated

Harmony12 — Mon, 20 May 2019 00:12:19 GMT

It was about 5 days after my statement cut.

Re: Discover It Secured Card Graduated

Anonymous — Mon, 20 May 2019 12:25:46 GMT

Mine finally graduated.... woke up this morning to a CLI increase, haven't received the official email yet tho.

Re: Discover It Secured Card Graduated

Harmony12 — Mon, 20 May 2019 13:45:51 GMT

Congrats! Please give your data points.

Re: Discover It Secured Card Graduated

pgtackle2003 — Mon, 20 May 2019 16:41:53 GMT

Congragulations on your graduation. I find it fascinating you made such a large jump. I too had a secured Discover card starting at $500. What I find odd is when they graduated me, I only got bumbed to $750 CL. In fact my CR overal seems like it was a bit stronger. I had no unpaid Charge off's (I had 2 paid showing, had been paid about 12 months prior). CC debt of about 15 % at the time. It's crazy to me how Discover would increase your CL 4 times but only give me $250. In fact since then I have asked for a CLI and only got another $250 for a total of $1000 right now. When I got the increase to $1000 CL I had scores of about 680 across the board.

Congrats on the increase, just find Discover a bit crazy.

Re: Discover It Secured Card Graduated

Harmony12 — Mon, 20 May 2019 17:39:49 GMT

pgtackle2003,

Thank you.

When did you get your secured card and when did it graduate? Yes, I also find it odd that you only got $250 CLI. I have seen dozens and dozens of posts about Discover secured graduating and getting high CLI. I used my secured card like it was 0% interest card for 30 days and maxed it (or came very close) several times in a month and made multiple payments.

Did you have any other CC reporting at the time?

Do you have a thick or thin credit profile? Although, my profile is a bit spotty I have 12 years of history and some accounts are perfect.

Have you tried to prequalify for a new card?

Sorry for all of the questions but it would nice to get data points on why you got such a small CLI.

Re: Discover It Secured Card Graduated

pgtackle2003 — Mon, 20 May 2019 17:53:09 GMT

No problem with the questions. Happy to share data to help with comparisons (and for my own knowledge). For reference here, my Discover graduated in August of 2018, I got the secured card in November of 2017.

My profile is fairly thick as well. In fact about the same oveall length, about 12 years.

It is a bit spotty. I have Student Loan which had defaulted, that I then rehabbed. So the new SL trade line was in perfect standing. But the old SL trade line still exists on my CR, showing 120 day late payments. The last 120 late payment is from Feb of 2014.

The last late payment on my CR in general is a 30-day late on an Auto loan in Apr of 2017

I had one other revolver (CO Platinum) I got in Feb of 2018. $500 CR. At the time of graduation I think there was maybe $60 reporting.

I didn't ever max out my Discover. I think the highest balance it ever had was just over $300 which I paid off a week or so later.

I do pre-qualify for other Discover cards now. However, I am in the process of building a home (first home ever for me) and will close in about 60 days. So based on that can't open any new accounts right now.

I should note since Discover graduation, I was able to get two Amex's. One is the Delta Gold which had a SL of 5k and another Amex revolver that is 2k. Those are both only about 6 months old now. So it does seem I am on the upside of getting higher credit limits.

Re: Discover It Secured Card Graduated

Harmony12 — Mon, 20 May 2019 18:15:09 GMT

I think you are in the right direction and I would just throw this at a system glitch. Our main difference is that I had several revolvers but other than that we have similar situations.

I'm curious what other Discover cards do you qualify for now?

Once you have closed on your house (CONGRATS! BTW) get one of the Discover cards you pre-qualify for and then combine the two cards together. You can have two Discover cards at once and when you combine the two cards that will make you elgible for another.

Congrats on the Amex cards and the amazing SL. What were your scores like when you got those?

Re: Discover It Secured Card Graduated

pgtackle2003 — Mon, 20 May 2019 18:20:10 GMT

When I got the Amex I was right at 642. I was surprised (and still am) at the starting limit.

Currently Discover shows me pre-approved for:

Discover IT Cash Back

Discover IT Chrome (which is what I have)

Discover IT Miles

All show 0% for 14 months with 23.24% APR

Re: Discover It Secured Card Graduated

Harmony12 — Mon, 20 May 2019 19:19:29 GMT

Oh, wow! Well, I should be around the same score for Experian in June so maybe I'll finally get a pre-qualify.

Not taking the Discover pre-qualify bait may work out in yourfavor. After you close on your home, and it starts to report I wonder will you get a lower APR from Discover. I would think with a mortage that would be a huge score booster but I'm not 100% for sure.

Re: Discover It Secured Card Graduated

pgtackle2003 — Mon, 20 May 2019 19:22:29 GMT

I think you're right, after a bit it will help my score. I expect the first while it may hurt me a bit, just due to the new account hit your score takes.

I am more tempted to go with a new Amex after my mortgage closes. This is only because they only do a soft pull for new cards once your a member. I have checked with them too and I am pre-approved for pretty much all of their cards. I am thinking I may use the Amex 0% for 15 months offers to get some things for the new house.

Re: Discover It Secured Card Graduated

Harmony12 — Mon, 20 May 2019 19:44:02 GMT

pgtackle2003,

Soft pulls are always nice. Keep me posted on your progress and how your scores do when you close.

Re: Discover It Secured Card Graduated

Harmony12 — Mon, 17 Jun 2019 20:35:33 GMT

pgtackle2003,

So I got prequalified for Delta Gold Amex card today. My EX score increased to 649 today also. Do you think I should take the bait?