Discover It Secured Graduation Criteria?

[Anonymous]

So my 7th statement cut on the 5th yet my card still shows as a Secured card in the app with the same $1200 limit I upped it to in July.  I opened the card in May with $200 and upped it to $1200 in July.  We either pay it in full or pay the statement balance each month. We’ve made multiple payments each month to ensure we either pay it in full or pay the statement balance.  I’ve never had any interest charged.  

We we have a discharged BK from April and we are now 1 year since filing.  My wife opened up an NFCU Secured card in July that I’m an AU on and we treat this card the same as Discover with always either paying in full or statement balance.  The Discover has all of our monthly autopayment items and the NFCU is used as our gas card.  I opened a Merrick card last month and we will be doing the same payment criteria on it.  We also have two new vehicle loans since our BK and have never missed a payment on anything since we filed. 

I called Discover yesterday and the lady I spoke with said that it still shows in their system as Secured but that it can take up to 5 days after the statement cut day to graduate if it does.  I’ve been very diligent with this card and will be disappointed to say the least if it doesn’t graduate.  Discover has my TU score at 644 this last statement as well. 

Anyone else who has had this card see a similar situation?

[Remedios]

Not all secured Disco cards graduate at the 7th statement. I would imagine if you did not have any returned payments, it should happen soon.

Fingers crossed it happens quickly for you

[Anonymous]

Definitely no returned payments. I’m hoping it will graduate soon as I’d like to put that $1200 back into savings.

[JTC-137]

I have a similar timeline to you and similar score...bk7 dc in April, opened $300 disco secured in April. Opened another account the same month, and NFCU last month (not reporting yet). Statement closed on 12/5, usually cuts and updates FICO on the 10th or 11th. I’ve paid no interest, but left a balance 2 or 3 times. I charge an average of $200/mo on it. No signs of graduating yet tho. Fingers crossed for you! Hopefully mine isn’t far behind

[Anonymous]

Is your NFCU the Secured nRewards?

NFCU won’t approve any unsecured credit or loans until 1 year post DC. That’s what they told me.

[JTC-137]

It is the secured version. I apped for unsecured minutes before in-branch and was declined. At least it was only 1 HP

[RonM21]

Op, from all I have seen, at the least, by the 7th statement they usually start evaluating your account for the possibility of changing it to unsecured. There have been several posts recently of people getting their card unsecured by the 8th statement. Of course, it is no guarantee on the timeline.

Keep in mind, along with handling that Discover account properly, you will also need to keep up with the rest of your credit profile. All of that is considered when giving you any upgrade to your account for any lender in general. The obvious of no late payments, low utilization, not too many inquiries, no derogs, etc., all are factored in.

[Anonymous]

Discover told me it can take up to 5 days after the statement cut to possibly graduate which day 5 would be tomorrow. Not getting my hopes up though.

Credit and loan payments across my credit since the discharge have been perfect and util is low, under 15% due to how the cards report the statement balance.

[Brian_Earl_Spilner]

Nobody knows the criteria. I just hit month 16 or 17. Score improved over 100 points in the first 7 statements. I stopped caring.

[Anonymous]

I guess mine isn’t graduating this cycle. Really wish I knew what Discovers requirements were in this. They can’t even tell me over the phone and will just tell me it’s all done automatically and they have no control over it.