Discover Unsecured + CLI + Data Points

[Anonymous]

As I mentioned in my recent CSR approval thread, the 7th statement on my secured Discover card cut on January 11th. I felt rather confident it would unsecure, so I have been constantly looking at my account the last couple of days. This morning I noticed my credit line increased from $1000 to $1500, so I knew it meant it was unsecured. Immediatly I requested an increase and recieved an instant approval for $3000 bringing the card up to $4500.

In June when I got the card according to Discover my TU FICO was 586 at time of review it was 679. My initial deposit was for $1000. I also called immediatly after my first statement cut and had the reward structure changed to the IT program.

I saw on here a month or so ago someone was working on a Discover CLI data thread that focused on usage. I beleive the trend indicated Discover preffered not a lot of usage. That was not the case for me. I beleive I maxed my limit twice, thought multiple monthly payments exceeded the limit in transactions and if I'm being honest once even tried to make a purchase for an item that was for more than my entire credit line just to see if it would go through.

Through these last 7 statements, I earned $514.45 (this will double in July!) in cashback through the combination of IT rewards and Discover Deals (not to mention a $200 check for a price protection item). This is to give you an idea of how much work I put a $1000 limit through. 

Here is what I think is key though, I NEVER have a balance report on my statement. I make multiple monthly payments. My overall utilization is less than 1%. Heck with the exception of a $1 test, I haven't even touched the cashback. 

I hope those data points help some and if you need other info, I'd be more than happy to share. 

I also think it is worth mentioning I see how a lot of people don't want to "tie" funds up with secure cards. They say they can't afford it or don't want remove it from their savings, etc. Look at it as an investment. During the time I had my funds deposited with them I earned over 200%. You won't see that growth on any savings, checking, money market accounts. While it is poossible in the stock market, it isn't likly. 

[Anonymous]

Congrats to you, Masseffect! A huge second increase - $3K is just amazing! I totallty agree with you that one can use a card heavily, make multiple payments, and, for you, never show a statement balance, and have it all work out to ones advantage. I believe everyones credit portfolio is unique, and each of us, through trial and error, has to figure out what works the best for their particular situation.

Also, a good Secured Card is an excellent investment.  You eventually get your money back, and the prize, as in your case, is a fantastic Discover card with a limit to match. Enjoy this card, op, and have so much fun watching it grow, because it will! Very happy for you! 

[Anonymous]

Wow! Nice increase. Mine went from $1000 to $1750 when I graduated and the button got me another $500 to $2250. I would have pissed myself if I got another 3k.
Enjoy it! Gotta love Discover!!!

[AverageJoesCredit]

Someones Disco is gonna go CRITICAL MASS

Cant wait to see your limit in December

[Anonymous]

When Discover doubles your rewards, is that only for the first year?

[fltireguy]

Congrats!! NICE CLI.. 

[blossom_rebuilding]

Congrats! Great strategy!

[pizza1]

Thats wonderful! Congrats on the graduation and CLI! Enjoy!