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Time for another "my secured Discover account graduated" topic!

MrZero
Regular Contributor

Time for another "my secured Discover account graduated" topic!

 

tenor.gif

 

As I start to write this, it's just after 2AM EDT. My seventh statement closed on the 19th and my statement made available Monday morning so it was time to go on graduation watch for the next few days and if it didn't by Thursday morning there'd always be next month. Turns out it only needed a day because I just logged into my account after Disco's normal refresh time to take a look and there it was, my $200 secured credit limit has been increased to $2,000! With the lag time I probably won't see the e-mail about it until either Tuesday evening or Wednesday but getting my deposit back is nice as will not having to make as many payments but still going to keep reported UTI low.

 

I applied on December 6th and the account was opened on the 15th, in hindsight I probably should've tried my luck first and applied for an unsecured card (I think my FICO8 EX score was just over 700) but I wasn't confident since the only thing on my Experian (and TransUnion for that matter) credit report was being an AU on an account (also Discover) I closed after the relative passed away a couple years ago. Anyway, I gave Discover the minimum $200 deposit and for the next seven months my Discover has been my daily driver having largely replaced paying cash or my debit card I didn't put a ton of spend on it compared to many here but I still usually paid it off weekly, sometimes twice to keep from hitting the limit and making sure the reported utilization was low, one month I went too low and got the low balance credit that put me into an accidental AZEO which ended up working out for me when I apped for my third card, NFCU's CR.

 

Going by the transaction numbers in the "spend analyzer" I used my card/account on average of once a day over the last seven months so, only time I didn't really use my card was around the due date and closing date. I did start using it closer to the closing date the last couple months which kind of bit me last week on an online order I made in the middle of last week, the balance says $38 as it should but my available credit was at $122 on my statement. 😨  I was a little nervous on if that'd negatively affect my graduating but maybe it was just a minor account sync issue or something. Balance showed up on EX yesterday too reported as $38 so maybe it's just a timing thing, lost three points from higher UTI making my score 760 currently, last update for TU for reference is still 794 as in my sig, it's been a bit of a roller coaster the last few months and it's only been down since peaking in April, once my new AMEX account reports it'll probably drop another 20-40 points if the impact of my NFCU Cash Rewards account is anything to go by. I plan on gardening at least until after the New Year.

 

Anyway, it's late and I'm a bit scatter brained due to doing multiple things at once along along with the graduation excitement along with taking a good amount of time trying to find GIFs that fit the upload limits, where was I? I know I'm forgetting some DPs I was going to share, I was actually going to make this topic Sunday night in preparation and update if/when graduation took place. Might've been better off...

 

Discover is now my second highest CL and I couldn't't be more pleased about that considering I started at in December with no credit or real history, it's still going to be my primary card for most things at least until my year is up and then used for quarterly bonuses. I did the product change last month since this quarter and the next's are the two I'm going to make the most out.

 

How long should I wait before smashing the luv button after it becomes available? I'm thinking about giving it its first shot early next month just the new CL on my Cash Rewards ($3K) shows up on my reports, don't know if that'll influence anything, does it hurt trying to do it twice in the same cycle? If not I might try sooner.

 

BTW is this the right board for this? Or would it be more fitting for the Credit Cards section? I've seen topics made for graduating in both and actually started writing this there. ¯\_(ツ)_/¯ At least I can use the labels I want now. Smiley Very Happy

Updated 5/23/21.



Total Inquiries/12mo: EX: 4/2|TU: 5/2|EQ: 2/0
Derogs: 0
AAoA: 3Y2M w/AU, 1Y2M w/o AU.
AoOA: 1Y5M.
AoYA: Opened 5/23/21.
Total CL: 27,900
Utilization: ~5%

15 REPLIES 15
Dogbert
Valued Contributor

Re: Time for another "my secured Discover account graduated" topic!

WOO! Get down with that

DISCO LUV! Congrats on graduating!

 

  
  
---- NAILED IT!

Message 2 of 16
Irv02
Frequent Contributor

Re: Time for another "my secured Discover account graduated" topic!

@mr. Zero you are doing everything right.  I tried for a CLI twice after graduating but I was denied.  After my card hit the year mark, Discover gave me an automatic increase of $700.   To answer your question tho, I would go for it and hit that button.  You got nothing to lose.  Congratulations and Good Luck!!! 

Message 3 of 16
Birdman7
Super Contributor

Re: Time for another "my secured Discover account graduated" topic!


@MrZero wrote:

 

tenor.gif

 

As I start to write this, it's just after 2AM EDT. My seventh statement closed on the 19th and my statement made available Monday morning so it was time to go on graduation watch for the next few days and if it didn't by Thursday morning there'd always be next month. Turns out it only needed a day because I just logged into my account after Disco's normal refresh time to take a look and there it was, my $200 secured credit limit has been increased to $2,000! With the lag time I probably won't see the e-mail about it until either Tuesday evening or Wednesday but getting my deposit back is nice as will not having to make as many payments but still going to keep reported UTI low.

 

I applied on December 6th and the account was opened on the 15th, in hindsight I probably should've tried my luck first and applied for an unsecured card (I think my FICO8 EX score was just over 700) but I wasn't confident since the only thing on my Experian (and TransUnion for that matter) credit report was being an AU on an account (also Discover) I closed after the relative passed away a couple years ago. Anyway, I gave Discover the minimum $200 deposit and for the next seven months my Discover has been my daily driver having largely replaced paying cash or my debit card I didn't put a ton of spend on it compared to many here but I still usually paid it off weekly, sometimes twice to keep from hitting the limit and making sure the reported utilization was low, one month I went too low and got the low balance credit that put me into an accidental AZEO which ended up working out for me when I apped for my third card, NFCU's CR.

 

Going by the transaction numbers in the "spend analyzer" I used my card/account on average of once a day over the last seven months so, only time I didn't really use my card was around the due date and closing date. I did start using it closer to the closing date the last couple months which kind of bit me last week on an online order I made in the middle of last week, the balance says $38 as it should but my available credit was at $122 on my statement. 😨  I was a little nervous on if that'd negatively affect my graduating but maybe it was just a minor account sync issue or something. Balance showed up on EX yesterday too reported as $38 so maybe it's just a timing thing, lost three points from higher UTI making my score 760 currently, last update for TU for reference is still 794 as in my sig, it's been a bit of a roller coaster the last few months and it's only been down since peaking in April, once my new AMEX account reports it'll probably drop another 20-40 points if the impact of my NFCU Cash Rewards account is anything to go by. I plan on gardening at least until after the New Year.

 

Anyway, it's late and I'm a bit scatter brained due to doing multiple things at once along along with the graduation excitement along with taking a good amount of time trying to find GIFs that fit the upload limits, where was I? I know I'm forgetting some DPs I was going to share, I was actually going to make this topic Sunday night in preparation and update if/when graduation took place. Might've been better off...

 

Discover is now my second highest CL and I couldn't't be more pleased about that considering I started at in December with no credit or real history, it's still going to be my primary card for most things at least until my year is up and then used for quarterly bonuses. I did the product change last month since this quarter and the next's are the two I'm going to make the most out.

 

How long should I wait before smashing the luv button after it becomes available? I'm thinking about giving it its first shot early next month just the new CL on my Cash Rewards ($3K) shows up on my reports, don't know if that'll influence anything, does it hurt trying to do it twice in the same cycle? If not I might try sooner.

 

BTW is this the right board for this? Or would it be more fitting for the Credit Cards section? I've seen topics made for graduating in both and actually started writing this there. ¯\_(ツ)_/¯ At least I can use the labels I want now. Smiley Very Happy


@MrZeroCongratulations! But, no, the loss from the first card is not an indication of what the point loss will be for subsequent cards. 😊

 

You see, since you didn't have a revolver under 12 months of age and got one, you were reassigned scorecards and that caused 10-20 points of loss at least, maybe higher since you are in a young thin scorecard as well. 

So subsequent cards won't cause much loss if any, it'll be aging hits, if any. Only one "new account" penalty. And, when your youngest revolver turns 12 months old, you'll get those points back! That's why I recommend getting cards in 12 month cycles.

 

If you wanna learn more, check out the Scoring Primer linked at the top of my siggy! Again, Congratulations! 

-Scoring wisdom: Credit Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
Anonymous’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 4 of 16
BmoreBull
Established Contributor

Re: Time for another "my secured Discover account graduated" topic!

Congrats on your graduation 🎓. My 5th statement cut on the 19th of this month. So hopefully I can join you in a couple of months. Again congrats. 



Starting Fico Scores:November 2019

Current Fico Scores: January 6, 2021
Goal Scores: 700 across all three
Message 5 of 16
AllThingsInTime
Established Contributor

Re: Time for another "my secured Discover account graduated" topic!

@MrZero Super Congrats on your Lady Disco success!!! Smiley Very Happy

Message 6 of 16
gdale6
Moderator

Re: Time for another "my secured Discover account graduated" topic!

Kudos to you, grats on the unsecured Disco and nice CLI Smiley Happy

Message 7 of 16
MyFault
Valued Contributor

Re: Time for another "my secured Discover account graduated" topic!

Congrats on your graduation!



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Message 8 of 16
CreditAggie
Senior Contributor

Re: Time for another "my secured Discover account graduated" topic!

Congratulations on your Discover graduation and CLI!

Current Cards (in order of approval):


Current FICO 8 | 9:

Credit Age:

Inquiries (24 month):

Banks & CUs:

Goal Cards:



Currently: 2/6, 2/12, 5/24
Message 9 of 16
M_Smart007
Epic Contributor

Re: Time for another "my secured Discover account graduated" topic!

Congratulations...

Message 10 of 16
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