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Reading this thread, I see differing opinions and experiences about whether it's best to use the card frequently, or whether to make minimal use of it, if you want it to graduate as soon as possible and get as high a limit as possible. I have a newly opened Discover secured, $500 deposit/$500 limit, and I've been planning to run most of my regular expenses through it for the rewards. Meaning, gas, groceries, lunch, meals out etc. Then make multiple payments per month to keep utilization low. I can't tell from this thread whether or not that's a good plan for getting it unsecured and maximizing the credit limit.
@KJinNC wrote:Reading this thread, I see differing opinions and experiences about whether it's best to use the card frequently, or whether to make minimal use of it, if you want it to graduate as soon as possible and get as high a limit as possible. I have a newly opened Discover secured, $500 deposit/$500 limit, and I've been planning to run most of my regular expenses through it for the rewards. Meaning, gas, groceries, lunch, meals out etc. Then make multiple payments per month to keep utilization low. I can't tell from this thread whether or not that's a good plan for getting it unsecured and maximizing the credit limit.
It's always a YMMV situation, but disco is known to like revolvers (high usage and payments) Now will that translate into some more might depend on your profile when they review, but it surely won't hurt to show usage and payments with them.
One other thing is its really easy with Miss Disco to make multiple payments a month....
This can really be handy to keep on top of things...
-J
@Anonymous wrote:
My 7th statement cut last Friday 5/10 and I unsecured this morning with a CLI to $2000!
Wanted to share my data points:
Starting score, Sept 2018: EX 506
6 collections, $80-500 ea. All medical.
One CO from First Premier
14 120+ day lates (student loans)
CapOne Secured CC $400
Util: 128% (First Premier is killing me!)
Discover initial deposit $400
I added to it in January '19. New limit $1000.
Score today: EX 623
2 medical collections, <$100 ea.
No Charge Offs (deleted First Premier!)
14 lates still there (last late Jul '18)
Util: 14%
Cap One partial Secured $700
Citi Secured $500
Petal Visa $1500
Discover $1000
I used the card very heavily ($1.5-2k/mon) with multiple payments each cycle. I let the statement cut with about 10-20% each month and never carried a balance.
Congrats on the CLI.. That said. you really should think of trying to get some PFDs on those medical collections... Also id work on GW deletions for some of those lates...(You wont notice much of a difference for one or two.. Know its gonna be difficult.. the medicals will probably be easier) . if you can .. Might be able to eek a few points that way..