Discover IT Secured Graduation?

[Anonymous]

I’ve read all the success stories of grads here but I’ve yet to see someone waiting as long as I have for that email of sweet relief.

I opened a secured Discover IT card to help build credit when I was in college. Since then I’ve opened an auto loan, two other (non-secured) credit cards, and have had multiple apartments/utility accounts. The only derogatory marks on my report right now are few 30-60 day late payments on my auto loan (when I asked to change the date back one week to then first day of the month and didn’t realize what they were actually doing was moving my payments UP three week, but this is beside the point). The latest card I opened was an AmEx Cash Magnet with an initial CL of $5000 (opened second half of 2018).

This was 55 months ago. Yes, June 2014. Still have not been graduated. I called about it once 2-3 years ago and the customer service rep said I would have to basically apply again and I would lose the age on the account which would reflect poorly on my credit report. Is this true? Does the age of the credit line drop to 0 when you’re graduated?

I typically pay off the account in full whenever I use it. Which is only for the 5% cashback. It’s only a $400 credit line so I haven’t been that concerned, but it would be nice to have a limit bump to smooth out utilization when I make purchases close to the reporting date.

My scores are currently in 680-690s for the three credit bureaus. Any ideas?

[CivalV]

I am not sure about AAOA when a secured account is unsecured. But with your scores have you checked Discovers Prequal?

Following your post.

[Anonymous]

I hadn’t thought about it actually, so thanks for bringing it up!

Just ran the prequal and was prequalified for Discover chrome card and discover cash back.

[CivalV]

Woo!! What is the APR % ?

Im not an expert but from all the threads I have read if its a high APR % it could have a low SL. If it has a low APR % it could possibly have a high SL. Now dont mark my words. Just going from what I have read.

Good luck if you decide to pull the trigger 💪🏼

[Anonymous]

I'm new to the forums, but I'm in the same situation. I've had my Discover IT Secured for 3 years and 2 months and it still has not graduated. I've made all of my payments on time for well over 2 years. There were 2 late payments when I lost my job shortly after I got my card, but when I spoke with customer care they said that that had little impact. I've talked with them about graduating the card and all they tell me is that they check once a month to review the account. I use it and pay off what I charge. I've done the preapproval for one of their cards and it tells me that due to having an account they cannot preapprove me which makes no sense. It's very frustrating because I've had the card for so long and I love the cash back rewards and Discover has been great aside from this. I get no answer as to why they have not graduated me.

[joltdude]

---

@Anonymous wrote:

I'm new to the forums, but I'm in the same situation. I've had my Discover IT Secured for 3 years and 2 months and it still has not graduated. I've made all of my payments on time for well over 2 years. There were 2 late payments when I lost my job shortly after I got my card, but when I spoke with customer care they said that that had little impact. I've talked with them about graduating the card and all they tell me is that they check once a month to review the account. I use it and pay off what I charge. I've done the preapproval for one of their cards and it tells me that due to having an account they cannot preapprove me which makes no sense. It's very frustrating because I've had the card for so long and I love the cash back rewards and Discover has been great aside from this. I get no answer as to why they have not graduated me.

---

Your FICO scores are most likely the reason your not graduating... They tend to start unsecuring in the 630s (sometimes slightly more, sometimes less)...Get out of the 500s and you might see some progress... and thats very likely why you arent even eligible for a second card... 

Current Score: April 2019 Eq: 574 Exp: 575 Trans: 580

Sorry to be the buzzkill but you still got more work to do Skippy....

Your scores are still the reason why its not unsecuring.. 

-J

[gjean78]

let me share my experience with you so you know what I did to get a 7th month graduation from Discovery. I open a secured credit card in the middle of November, I put a 300 dollar deposit on the card. I use the card very openly like it was a regular credit card, I use it for all my daily spending, and my utility bill such as phone bill, insurance bill then I would make multiple payments through out the months, 3 days before the statement cut, I make sure I leave a zero balance or a 20 dollars balance, I usually don't use the card during that 3 days period. I wait after the statement cut before I use it. my 7th statement cut about 3 days ago. today when I open the discovery app I see my credit limit go up to 2000 dollars. I was so excited to see it get graduated that early. I started with TU 544, EQ 544, Ex 529 less then a year ago, now my credit scores are 635 all across the board now. I recently got approved for a cash reward from navy federal with a huge credit limit of 20000 dollars. it worth it to rebuilding your credit the end product feel really good

[tbque]

Does anyone know what CR Disco uses to SP to decide on graduation or not? Thanks in advance.

[joltdude]

Last I recall Discover uses TU for CLIs and Graduation...

-J

[Anonymous]

I think the late payments reset your graduation date. Also, I would pay it in full and stop using it for a couch me of months (send a message ) that your business will and can go elsewhere! Bet they graduate you then 😉