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I graduated early from Discover It secured

mysterythemoon
Regular Contributor

Re: I graduated early from Discover It secured

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?

Started on July 4th, 2016 with 400's FAKO scores, no FICO, a dozen baddies and no credit of any kind.

As of March 2018:
AmEx Blue Cash Everyday: $12,600
Chase Sapphire Preferred: $10,000
Bank Of America BankAmericard: $6,000
Capital One Quicksilver One: $5,500
Citi Diamond Preferred: $5,400
NFCU Cash Rewards Visa Signature: $5,100
NFCU Go Rewards MasterCard World: $5,000
Wells Fargo Propel: $3,500
Barclay's Uber Visa: $2,500
AmEx Starwood Preferred Guest: $2,000
Citi Double Cash: $1,500
AmEx Hilton Honors: $1,000
Discover It: $600
Capital One Platinum: $500

TOTAL CREDIT LINE: $61,200
Message 11 of 29
ItsPossible
Valued Contributor

Re: I graduated early from Discover It secured


@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.


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. 


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


Message 12 of 29
ItsPossible
Valued Contributor

Re: I graduated early from Discover It secured


@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 :/

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

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


Message 13 of 29
djgrolyons
Established Member

Re: I graduated early from Discover It secured

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
FICO8 as of Nov 2016: TU (704) EX (662) EQ (609)
Message 14 of 29
MyLoFICO
Valued Contributor

Re: I graduated early from Discover It secured

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! 


Experian: 677 (28) | TransUnion: 697 (27) | Equifax: 684 (6)
Gardening as of: 1-23-2018
Updated 1-25-18
Message 15 of 29
jjking54
Established Contributor

Re: I graduated early from Discover It secured


@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?


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. 

Message 16 of 29
Anonymous
Not applicable

Re: I graduated early from Discover It secured


@ItsPossible wrote:

@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.


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. 



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

Message 17 of 29
ItsPossible
Valued Contributor

Re: I graduated early from Discover It secured


@Anonymous wrote:

@ItsPossible wrote:

@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.


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. 



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


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. 

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


Message 18 of 29
DustStorm
Regular Contributor

Re: I graduated early from Discover It secured

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?

Started: Jan 2016
EQ 599 TU 576 EX 580

Aug 2019
(Fico 8) - EQ 716 TU 740 EX 733
(Fico 9) EQ 780 TU 767 EX 766
Message 19 of 29
djgrolyons
Established Member

Re: I graduated early from Discover It secured

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.
FICO8 as of Nov 2016: TU (704) EX (662) EQ (609)
Message 20 of 29
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