Discover Secured

[Anonymous]

It wasn't until I app'ed for the student version that I got a counter offer for the secured. I didn't take it though. Trying to ditch low limit cards and would rather keep the money in my savings. I didn't need it anyway. I'll just try again once my scores are higher.

[Anonymous]

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@Skye12329 wrote:

I dont think i have heard of a Discover Secured card, I know there is a joint version if you dont qualify and it occasionally gets offered. 

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I currently have the discover It secured. I originally app'd for Student It and was denied but countered with It Secured. Like others have said, you have 7 days to accept and fund. It reports as regular It (unsecured) and it can graduate after 12 months. I was told that if the initial 12 month review does not result in graduation, that they will review every month thereafter to see if you qualify. The one downside is you cannot add money later to increase the CL. 

I love my discover It secured - it has helped me accomplish a lot, I just don't think there is a way to manually induce an offer for the card. 

[Anonymous]

Unfortunately, the secured card is ONLY a computer generated counter and cannot be offered by a CSR if the computer didn't offer it.

It is a fantastic secured card if you're lucky enough to get it.  I have seen evidence here of unsecured CLIs while still secured (you can't request them, but apparently it isn't unheard of for them to give some auto-luv) and decent CLIs after graduation, and graduation from all reports I've read has been at the 12 month mark as expected.  Discover is a conservative lender anyway but if this promising evidence is any indication, the Discover secured card could be on par with BofA's in that starting out secured does not mean you'll be locked to toy limits forever.

My Discover is secured.  April 5th will mark my 5th statement so maybe, JUST MAYBE, they'll throw me some auto-luv in May.  Heh.  Even if they don't, they've earned my loyalty anyway because there is no reason why they should have given me the counter when others with better profiles can't get them to budge.

[Anonymous]

Confirm unsecured CLI on discover secured. Caveat : I called once a month for 6 months to ask if there was a way to increase my deposit. Caveat 2: my scores are 230 points higher than when i got the card. 

[Anonymous]

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@Anonymous wrote:

Confirm unsecured CLI on discover secured. Caveat : I called once a month for 6 months to ask if there was a way to increase my deposit. Caveat 2: my scores are 230 points higher than when i got the card. 

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Please, oh please, tell me exactly what you said to get your unsecured CLI. My scores are up 100+ points in 4 months and if this is possible, I'd like to try when I hit the 6 mo mark. I have no problems calling religiously, weekly, monthly, whatever. But you must have had a magic phrase, or something, because everyone I have talked to at Discover says that is not possible. Thanks in advance.  

[Anonymous]

yeah, because I called twice and was "assured" both times that they DO NOT do CLI until 12 mo mark - was yours at or beyond 12 mos??

[Anonymous]

For me, I finally got the secured offer when i applied for the Discover It Student version.  

[Anonymous]

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@Anonymous wrote:

For me, I finally got the secured offer when i applied for the Discover It Student version.  

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Maybe I'll try that in another month or two.

I want to eventually have one each of the 'big four', MC, Visa, Discover, and Amex.

[Anonymous]

I called literally the day after my statement cut every month asking to increase my deposit. I told them I prefer to use my discover, but as my cap1 card has a significantly higher limit I cant use my discover for some of my purchases. (True). I offered to increase my deposit to 2k if they would let me. (Also true). I also clicked the increase button regularly. After 6 months when i was getting ready for my monthly chat, i noticed my line had increased from 600 to 1100. I do run a good amount thru my discover every month, probably between 800 and 1000 in any given month. Rarely does my outstanding balance show as more than 40 or 50 bucks. My scores are now prime enough that I could probably have just applied for a new card (but as I am in the mortgage process cant really be taking inquiries) so this helped considerably. My current scores (havent updated my sig in a while) TU 740 EQ 765 EX 748. Roughly 3 percent util (only let discover report a balance) No negatives. Only other current outstanding debt is an 11 dollar a month share secured loan from alliant. Total credit lines just over 5k across 5 cards (all secured). 

I did very politely explain to the last CSR that I had a purchase coming up that exceeded my discover limit but I would prefer to have it on my discover card than my worthless no rewards cap1 card. Whether that did the trick or it was something else, I dont know. 

PF