Credit increase a mistake?

[Anonymous]

So I have absolutely no credit. In order to build I had to do a secured card. I chose discover. And originally wanted a $500 limit but after a mishap it's was $200 and I never cared enough to update it. I've been paying my balance in full every month. This morning I wake up and it went from $200 to $1250 which is a BIG increase. Could that be some type of mistake?

[CashBackQueen]

Sounds like your secured card just graduated. How long have you had it? About 7 months?

[SouthJamaica]

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@Anonymous wrote:
So I have absolutely no credit. In order to build I had to do a secured card. I chose discover. And originally wanted a $500 limit but after a mishap it's was $200 and I never cared enough to update it. I've been paying my balance in full every month. This morning I wake up and it went from $200 to $1250 which is a BIG increase. Could that be some type of mistake?

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No they don't make mistakes like that. They just increased your limit. They may have 'graduated' your account from secured to unsecured as well.

Congratulations.

You can no longer say you have absolutely no credit; you do have credit, and you have probably earned a decent score. On the Discover site you can check your TU FICO 8 score and see what your score is.

[2GreenThumbs]

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@Anonymous wrote:
So I have absolutely no credit. In order to build I had to do a secured card. I chose discover. And originally wanted a $500 limit but after a mishap it's was $200 and I never cared enough to update it. I've been paying my balance in full every month. This morning I wake up and it went from $200 to $1250 which is a BIG increase. Could that be some type of mistake?

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Congratulations!

[19eighty5]

Congratulations on your card graduating!!

[Anonymous]

There wasn't any mistake, and congratulations - you probably just had your secured card graduate and got a nice CLI in the process. Next step is to keep growing that account and, after a few more months, start looking at other good cards within your score range.

[Anonymous]

Thank you!!

[Anonymous]

Yes I just hit 7 months. I just wasn’t expecting the increase. I wanted to build my credit because I just didn’t have any. When I turned 18 everyone I knew got credit cards and maxed them out so I stood away from them thinking that was better but at 27 with no cards I finally understood I needed someeeee credit. My friend got a capital one card she said after a year they just gave her the deposit she put down back so that was what I was expecting

[Anonymous]

My score is 700+, thanks for your insite. The only reason I got a card is so I could build credit for a future house purchase. I know there are other factors when getting a mortgage loan. But will waiting 3-5 years(my goal keeping my credit in good standing), will that increase my chances?

[SouthJamaica]

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@Anonymous wrote:
My score is 700+, thanks for your insite. The only reason I got a card is so I could build credit for a future house purchase. I know there are other factors when getting a mortgage loan. But will waiting 3-5 years(my goal keeping my credit in good standing), will that increase my chances?

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Absolutely yes. The longer you go without applying for new credit, the better.