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Discover Secured Graduation?

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Frequent Contributor

Re: Discover Secured Graduation?

Just an update my secured card is still secured. 6th statement cut December, 6th. Balance is at $30 & TU FICO score via Discover Scorecard is 628. No emails, no change in the luv button, no CLI. Hopefully next month! Glad I was being realistic with myself otherwise I would be sad haha
Sept 18: EQ: 578 TU: 583 EX: 576
March 19’: EQ: 615 TU: 642 EX: 637

June: EQ8: 637 ^26 TU8: 645 ^7 EX8: 642 ^0

Goal by Sept 20’ EQ: 700 TU: 700 EX:700

AA: 7YRS AAOA: 2YR 3MONTHS
Inquiries in 12 months: EQ: 4 TU: 1 EX: 2
New Accounts in the last 8 months: 0


CLOSED: Self Lender 12Month CD: June 20th 19’





Main Short Term Goal: Auto Lease 2020 Jeep MOAB with 700 scores across the board.
Message 31 of 163
New Member

Re: Discover Secured Graduation?

I’m interested to see what happens as well. My 7th Statement closed on Christmas Eve (24th) so from what I’ve gathered from almost every user lately is that I should know something by Thursday the 27th.

I’ve never been late on a payment but my only concern is that I’ve gone over my $500 secured limit a couple times due to just spending for the cash back on normal expenses. I’ve maxed the card 4-5 times during a few months but I always pay it right back off or at least down low. I also had a returned payment awhile back due to an error on my personal bank’s side which infuriating seeing how hard it is to get these things to graduate it seems. Score is currently at 614 via Discover thru TU.

Honestly I’m just hoping for the $500 deposit back, need to add another $500 to my Fundrise portfolio lol
Starting Score: 527
Current Score: 614
Goal Score : 700 (by mid 2019)

Discover it Secured - $500 (hopefully about to graduate)
Cap One Secured - $200
Credit One - $550
First Premier - $400 X
First Premier - $700 X
Open Sky - $200 X
Total Visa - $300 X
First Progress - $200 X
Hutton Chase - $1,500
New Coast Direct - $5,000
Finger Hut - $230

(X) - Plan to either negotiate annual fee or close after auto refinance and other credit card goals are met
Message 32 of 163
Established Contributor

Re: Discover Secured Graduation?

Mine hit the 7th statement on December 4th. I called in about a week later to check-no go.

Honestly, in the rebuilding phase, IMHO, I’m pretty much done with EXPECTING. I’m just going to use my cards responsibly and just move on. As always-“It’s not a race it’s a marathon.” Trying to keep up with it all is really challenging at times with so much going on in life. As long as WE not planning on abusing the PRIVILEGES that have been granted to US, yet again, IMHO, I think we’ll all be fine moving forward.
Just use your credit as it’s designed to be used, make your on time payments each month, clean up your reports the best you can, WHEN you CAN, and if they’ll graduate then they’ll graduate. With so-o many stories of graduating and non-graduating...I don’t believe there is any secret formula other than doing what a credit card consumer should do and that’s just be responsible in all areas within your credit profile.
So, moving forward, I’m not expecting anything other than expecting to be as responsible as I can be this round of credit that has been extended to me once again.
I kind of babbled on lol

Merry Christmas, Everyone!!! 🎄🎄🎄

😊



Starting FICO 8 Score: EQ 491
Stating FICO 8 Scores 03/17/2018
TU 483 EX 527 EQ 491
Current FICO 8 Score:
EQ 625
Goal Score: 600(within a year)**MET MY GOAL**


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Message 33 of 163
Regular Contributor

Re: Discover Secured Graduation?

My 8th statement just posted yesterday. I increased my security deposit from $300 to $700 last month, so I am sitting here with my fingers crossed! I did see that Discover did a soft pull on Experian last month 3 days after my statement, which I assume has to do with the review for unsecuring the account. Hopefully, my larger security deposit and $2,000 of spend this month will convince them it's time!

Discover It $2k // Target Red Card - $700 // Synchrony Home - $2,500 // Merrick $700 // Legacy Visa $750
TU FICO: 658 (2 derogs remaining) EX FICO: 620 (6 derogs remaining) EQ FICO: 610 (6 derogs remaining)
The FCRA and FDCPA are laws, whether the creditors and debt collectors like it or not. Inaccurate information is ILLEGAL and banks ARE NOT REQUIRED to report anything (unless it's a correction to INACCURATE information).
Message 34 of 163
Highlighted
Regular Contributor

Re: Discover Secured Graduation?

Good luck!  My 7th statement cut at the beginning of the month but my card stayed secured.  Hopefully soon.

Message 35 of 163
Super Contributor

Re: Discover Secured Graduation?

I've lost track. I'm on month 17 or something.








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Message 36 of 163
New Contributor

Re: Discover Secured Graduation?

Just chiming in here with a few thoughts.

 

So clearly we have cardholders who have graduated to unsecured sometimes even before the posted company policy time frame (8 months), and then a few customers who have gone even a year or two without any progress.

 

2 questions then having said that: Does anyone know how computer automated Discover actually is with regards to this topic (along with CLI)? And, are the cardholders still waiting on graduation taking into consideration other factors (unrelated to the Discover card) on their overall credit profile that may be contributing to the unsecured delay?

 

Thanks!

Message 37 of 163
Regular Contributor

Re: Discover Secured Graduation?

 


@Atmos_7 wrote:

Just chiming in here with a few thoughts.

 

So clearly we have cardholders who have graduated to unsecured sometimes even before the posted company policy time frame (8 months), and then a few customers who have gone even a year or two without any progress.

 

2 questions then having said that: Does anyone know how computer automated Discover actually is with regards to this topic (along with CLI)? And, are the cardholders still waiting on graduation taking into consideration other factors (unrelated to the Discover card) on their overall credit profile that may be contributing to the unsecured delay?

 

Thanks!


I am fairly certain that the process is very automated and data-driven. I chatted with a rep the other day who said the entire process is electronic. The graduations happening exactly three days after the statement cutting would also seem to back up this claim. In addition, I notced a soft pull on Experian from Discover exactly three days after my 7th statement cut. My 8th statement cut on the 24th, but I have not yet seen another soft pull from Discover on Experian yet. I am waiting for a dispute to finish on TransUnion right now so I can also look at the historical soft pull data from Discover on there. 

Discover It $2k // Target Red Card - $700 // Synchrony Home - $2,500 // Merrick $700 // Legacy Visa $750
TU FICO: 658 (2 derogs remaining) EX FICO: 620 (6 derogs remaining) EQ FICO: 610 (6 derogs remaining)
The FCRA and FDCPA are laws, whether the creditors and debt collectors like it or not. Inaccurate information is ILLEGAL and banks ARE NOT REQUIRED to report anything (unless it's a correction to INACCURATE information).
Message 38 of 163
New Visitor

Re: Discover Secured Graduation?

My 7th statement was on the 24th and today the 28th I logged in to see my SL is now $2000. I’ve been lurking in this forum for awhile and didn’t know what side of the coin I would fall on 😁
Message 39 of 163
Regular Contributor

Re: Discover Secured Graduation?


@Apeel wrote:
My 7th statement was on the 24th and today the 28th I logged in to see my SL is now $2000. I’ve been lurking in this forum for awhile and didn’t know what side of the coin I would fall on 

If you get a chance, could you check to see if they soft pulled your reports and on what dates in relation to your statements posting and graduation? We are trying to pin down how automated this process is at the moment and what bureas they are checking for the graduation along with any spending/payment data. Any additional info you can provide would be extremely helpful! Thanks!

Discover It $2k // Target Red Card - $700 // Synchrony Home - $2,500 // Merrick $700 // Legacy Visa $750
TU FICO: 658 (2 derogs remaining) EX FICO: 620 (6 derogs remaining) EQ FICO: 610 (6 derogs remaining)
The FCRA and FDCPA are laws, whether the creditors and debt collectors like it or not. Inaccurate information is ILLEGAL and banks ARE NOT REQUIRED to report anything (unless it's a correction to INACCURATE information).
Message 40 of 163
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