Higher CL then stated approval w/ Discover It?

[Anonymous]

I did the re-qualify with Discover yesterday and they approved me for a SL DiscoverIT card with a $200 to $500 CL.

All the threads on the boards pertaining to DiscoverIT have members saying they've been approved SL anywhere from $2500-$10k ???

I pretty sure most aren't putting a deposit of $2500-10k on their card. 

Can someone help me with what to expect?

Is a $200-$500 going to give me a $200-$500 line of credit only with them?

Been learning from everybody on here the last year in a half. Brought my CS from a low 500ish....to a 653 eq 651 exp and 649 trans  

so thanks to everyone on here!

the knowledge is priceless!

[Brian_Earl_Spilner]

They're saying you're pre-approved for a secured card with a minimum deposit of $200 up to a maximum deposit of $500. Whatever you deposit will be your limit. You can add to it later, up to a max of $500.

[NotRalphKramden]

I was approved oct of 2019 for discover secured. I chose to deposit $200 as security. I cycled an average of $500 a month through the card, making 3 payments a month. After 7 months Discover returned my $200 and established an unsecured credit line of $1500. This was my experience. yours may be different.

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@Anonymous wrote:

I did the re-qualify with Discover yesterday and they approved me for a SL DiscoverIT card with a $200 to $500 CL.

All the threads on the boards pertaining to DiscoverIT have members saying they've been approved SL anywhere from $2500-$10k ???

I pretty sure most aren't putting a deposit of $2500-10k on their card. 

Can someone help me with what to expect?

Is a $200-$500 going to give me a $200-$500 line of credit only with them?

Been learning from everybody on here the last year in a half. Brought my CS from a low 500ish....to a 653 eq 651 exp and 649 trans  

so thanks to everyone on here!

the knowledge is priceless!

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[NotRalphKramden]

I never exceeded my credit limit, I usually paid in full before the statement cut, I once let a balance post and I was never late on this card or any other.

I don't know what the average SL for a secured Discover that graduates is, I only know what mine was.

[OmarGB9]

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@Anonymous wrote:

I did the re-qualify with Discover yesterday and they approved me for a SL DiscoverIT card with a $200 to $500 CL.

All the threads on the boards pertaining to DiscoverIT have members saying they've been approved SL anywhere from $2500-$10k ???

I pretty sure most aren't putting a deposit of $2500-10k on their card. 

Can someone help me with what to expect?

Is a $200-$500 going to give me a $200-$500 line of credit only with them?

Been learning from everybody on here the last year in a half. Brought my CS from a low 500ish....to a 653 eq 651 exp and 649 trans  

so thanks to everyone on here!

the knowledge is priceless!

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Those $2500-$10k approvals you've seen likely weren't for a secured card, but rather the unsecured Discover. In your case, they're offering you a secured Discover card with the option to deposit anywhere between $200 and $500. Whatever you deposit will be your limit, yes. Graduation to an unsecured card can be as early as 7 months.

[FishingGuy]

Take the secured card with the highest amount you can afford to deposit & that they will allow..... in your case it may be $500,  but they often alow someone to deposit up to $2,000.  Use it,  pay it and several payments a month.... and it will most likely graduate in 7 months.  It will help build your credit..... as well as your starting lines.... Discover is great for this.

You may also want to do a "self lender" type of loan.... where they set up a loan... lets say for $2,000... and you deposit an amount... lets say $175 for 12 months...... to "pay it off"... where at the end they return $2,000... show it as a loan paid in full.... make sure you make the payments/ deposits on-time.  It's like a "Christmas Club.... savings account"..... check a local credit union and see if they offer this... it will greatly help build your credit score.  

Take your team, apply strategically...... and keep reading the boards here..... lots of info on this site.