I graduated early from Discover It secured

[mysterythemoon]

Anyone know the criteria they judge unsecuring it on? I have the $200 secured, use it throughout the month, usually getting close to 200 but never actually carry a balance. Always pay in ful a week before my statement cuts, then just wait for my new cycle to begin. Will my high utilization (even though it shows as 0 on my bill) hurt my unsecuring chances?

[Anonymous]

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@Anonymous wrote:

I'm about to get my fourth statement cut in another week. This is my only card and I'm keeping around 5-25% utilization (Out of $600) at all times. (I've made a handful of mid-month payments to do so.)

I don't even have my FICO score yet, only a couple FAKO's.

Not sure how this compares to others' situations who have graduated before 12 months.

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Discover provides a FICO 8 score for you. I would think you would be receiving it by now if you are nearing your 4th statement. I received my FiCO 8 score within a month or so of my first Discover statement. 

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[Anonymous]

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@djgrolyo wrote:
Can anyone answer this. My 7th cuts on Dec 4, but I only have 5 statements so far because 2 of the months I didn't have any transactions. I wonder if they need 7 statements or if it is month 7. **bleep**-I was all excited :/

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I'm sorry. Maybe I misspoke when I said 7th statement, maybe it is 7th month and not statement. Hopefully, someone can clarify. 

[Anonymous]

That's what I am trying to find out. Is it 7th month or 7th statement. I have 2 months I didn't use the card so no Statement

[MyLoFICO]

I got mine 2-16 as well. I spend alot more on it and hope they graduate it soon but no big deal if they don't. Congrats on the early graduation though! 

[Anonymous]

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@mysterythemoon wrote:

Anyone know the criteria they judge unsecuring it on? I have the $200 secured, use it throughout the month, usually getting close to 200 but never actually carry a balance. Always pay in ful a week before my statement cuts, then just wait for my new cycle to begin. Will my high utilization (even though it shows as 0 on my bill) hurt my unsecuring chances?

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That's the big question ... and with Discover I would guess there is seemingly (to us) no rhyme or reason to it. 

I do the same thing ... though I have had balances reported on my statements, they're always paid in full before the due date. And I have the $200 card too. Saw no reason to increase the limit with added cash. My Cap One card has grown nicely allowing me to baby the Discover Card. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I'm about to get my fourth statement cut in another week. This is my only card and I'm keeping around 5-25% utilization (Out of $600) at all times. (I've made a handful of mid-month payments to do so.)

I don't even have my FICO score yet, only a couple FAKO's.

Not sure how this compares to others' situations who have graduated before 12 months.

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Discover provides a FICO 8 score for you. I would think you would be receiving it by now if you are nearing your 4th statement. I received my FiCO 8 score within a month or so of my first Discover statement. 

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But did you have any history prior to Discover? This is my first and only card; never been an AU or had loans.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I'm about to get my fourth statement cut in another week. This is my only card and I'm keeping around 5-25% utilization (Out of $600) at all times. (I've made a handful of mid-month payments to do so.)

I don't even have my FICO score yet, only a couple FAKO's.

Not sure how this compares to others' situations who have graduated before 12 months.

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Discover provides a FICO 8 score for you. I would think you would be receiving it by now if you are nearing your 4th statement. I received my FiCO 8 score within a month or so of my first Discover statement. 

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But did you have any history prior to Discover? This is my first and only card; never been an AU or had loans.

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Ok. Got it. Misunderstood when you said this was your only card. You are building your credit, not rebuilding. Then maybe you will have a FICO score in a few more months. You may be able to find threads on the topic of when your FICO 8 score will generate in the understanding my fico score subforum of this board. 

To be honest, I am not sure how Discover will view this when graduating the card. But, if you generate a score soon, maybe it will not be an issue. 

[Anonymous]

Just wanted to mention (if it hasnt already been mentioned)...mine graduated early too. 

For those unsecuring early, ask the rep if there are any other offers in your profile. I got on chat tonight and to make sure I understood what happens after it changes to unsecured. Specifically, the interest rate. The rep checked and said they had an offer for 0% for 12 months starting tomorrow and will expire on 01/11/2018.

Glad it graduated, but the only draw back was that I planned to add a little more to the security deposit (based on being told the original graduation date was "potentionally" after the one year anniversary) I was banking on having a few more months to be able to do that. 

Suggestions?

[Anonymous]

Does the amount of the security deposit matter? Once you graduate aren't you approved for a certain amount or is it always just your secured amount? If so maybe I should deposit some more funds into that account. I wonder if they are more likely to graduate a $200 limit because it isn't as big of a risk than someone who has a $2000 limit. It would be nice to know how they do all these issues being brought up.

I'm thinking I will graduate in Dec or Jan 4. (FICO up 100+ points on TU and EX....EQ is still messed up. I disputed a Collection due to fall off in 6 mo and it came back verified. Now it looks like that Co is from this month-my FICO tanked. I should have waited but I heard you could dispute old CO if within 6 mo of falling off)

Anyway-regarding Discover, if the size of the security deposit matters when graduating and especially establishing your unsecured limit- I will do that.