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I graduated early from Discover It secured

sammymagz
Member

I graduated early from Discover It secured

I have only seen instances of people being told by Discover that it is not possible to graduate early. That seemed to be the general consensus as far as the subject was concerned. I was even told this by Discover a couple months back when inquiring through chat.

But today I received a letter from Discover, including a check for my original deposit, stating I no longer needed to have my card secured.

I got the card in February 2016 and the graduation coincided with my 8th statement being cut (would have been my 9th but I changed my due date a while back).

It was a $200 limit and I put about $50 on it every month and paid it immediately each time, never carrying a balance.

When I received the letter and logged into my account, I saw my limit was increased to $500. I went for an increase and received $500 more, totalling a $1000 limit.

Just wanted to share this info as a data point for anyone hoping to upgrade early.
Message 1 of 29
28 REPLIES 28
ItsPossible
Valued Contributor

Re: I graduated early from Discover It secured

Congrats on your early graduation! A few people have posted that Discover's policy on secured graduation has changed. They start reviewing accounts after the 7th statement I believe, and then it is possible to graduate, though not guaranteed. 

"Hover mouse over cards to see CL and APR info"


Message 2 of 29
sammymagz
Member

Re: I graduated early from Discover It secured

Well add me to the list. lol. Hope to see some more graduates popping up soon. Discover made the journey to unsecured status a little less of an uphill climb, which is nice.
Message 3 of 29
djgrolyons
Established Member

Re: I graduated early from Discover It secured

Congrats. Yes, 7 mo is correct. I sent a secured message this week and was told starting month 7 they check monthly to see if they can send back the deposit.

The CLI is the part I had not heard of. That's awesome.
Congrats again.
FICO8 as of Nov 2016: TU (704) EX (662) EQ (609)
Message 4 of 29
ddemari
Super Contributor

Re: I graduated early from Discover It secured

congrats! im at the 9 month mark on mine. Im hoping to unsecure eventually. 

Message 5 of 29
jjking54
Established Contributor

Re: I graduated early from Discover It secured

Wow ... I rarely come to this subforum, but glad I did today. 

 

This is very encouraging! My eighth statement cuts in 5 days ... and let me tell you, it would be awesome and extemely handy for this to graduate and to get a nice little CLI too! My average spend is $130, and like the OP, I never carry a balance either, or if I do I PIF before the due date. And my FICO score they provide is 40 points up since I got the card. 

 

My fingers are definitely crossed! 

Message 6 of 29
sammymagz
Member

Re: I graduated early from Discover It secured

Good luck Ddemari, and JJ it sounds like you're doing all you can to move on up. Shouldn't be long now.
Message 7 of 29
jjking54
Established Contributor

Re: I graduated early from Discover It secured

I chatted in on the website this afternoon, and basically asked about the 7 month thing and the rep confirmed that was indeed the case, accounts can be reviewed starting month 7. 

 

Then I asked if she had any idea when/if I could expect mine, and she said she didn't have a date, but that my account would definitely be reviewed. 

 

So my billing period ends tonight, and my statement cuts the 20th ... like I said ... fingers crossed Smiley Happy 

 

We're moving in December, so I could use a little CLI boost at the moment. Smiley Happy 

Message 8 of 29
Anonymous
Not applicable

Re: I graduated early from Discover It secured

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.

Message 9 of 29
djgrolyons
Established Member

Re: I graduated early from Discover It secured

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 :/
FICO8 as of Nov 2016: TU (704) EX (662) EQ (609)
Message 10 of 29
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