Discover Secured Graduation?

[rudolphreindeer]

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@GApeachy wrote:

So I called Discover yesterday and csr told me they like to see <30% spend on the secured.  I was trying to use it heavily and pif every week thinking that's how you show responsibility...she said no to just keep it under 30%.  Just thought I'd share.  Good luck all, I will update once I unsecure as well.

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Thanks @GApeachy! This answers my question. I won't do it. 

Great place MyFico forum Thanks a lot for all DPs.

[rudolphreindeer]

My Discover Secured graduated the second day after the 7th statement! I've received "Congratulations!" email at about 7 pm yesterday. So happy about it     

Here is my DPs:

I applied on January 5th, 2020. At that time I already had Capital One Secured but it didn't report yet, so I had only one AU CC account  and 6 stupidly earned INQ on EX before the application. My EX was 701. Instantly approved. I decided to put a maximum amount on the deposit so I would have a bigger CL when it graduates. Of course I didn't expect to have CLI on graduation thanks to all the DPs from this forum. I am perfectly fine that it graduated without CLI.

Account was opened on January 13th. CL: $2,500

1st statement - usage: $290 - reported balance: $13 (TU-758)
2d statement - usage: $191 - reported balance: $0 (TU-767)
3d statement - usage: $206 - reported balance: $3 (TU-794)
4th statement - usage: $73 - reported balance: $11 (TU-784)
5th statement - usage: $66 - reported balance: $4 (TU-772)
6th statement - usage: $450 - reported balance: $0 (TU-781)
7th statement - usage: $354 - reported balance: $0 (TU-790)

So the 7th statement closed on August 18th, and I made about $200 purchases on it already for the next statement.
On August 20th it GRADUATED with EX-709 and 7 INQ on EX.

I didn't apply for anything that pulls EX after applying for this card. Utilization never was more than 18%. I applied and was approved for 3 unsecured cards while having Discover secured. My EX didn't raise much, I wrote why in my signature.

Is it wise to put maximum on the deposit? I don't know, may be not, we see people put $200 and graduate with $1800. It's just more easy to keep usage less than 30% with higher CL.

I think that this is the best secured card ever! The only bad thing is that it reports as Secured and it bothered me a lot. Also you can't add AU on it without AU's SSN.
But all the rest about it is great. All other secured cards want you to use it for about a year or they only return your deposit if you close it. This card you don't have to close. I was a little bit "dodo" as it took me some time to realize that this is actually a 2% cashback card for a first year (and 4% at gas stations and restaurants), because of the Cashback Match they have.

Their service is fantastic, the website is pleasant, and the mobile app is great. You can chat with the Discover representative any time, 24/7! Not to say that you can choose from 100 card designs Even have several physical cards with the different designs. I truly recommend Discover Secured   Big Thank You to people who were sharing their DPs here and to people who recommended me to use Discover Secured against CapOne Secured. Good luck to future credit beginners and rebuilders! 

Now I have a question - when you add AU on your Discover, do AU gets HP?
I can ask in their 24/7 Chat but afraid I already bothered them heavily with my questions....

[tammyjk]

I"ve had their secured card for over a year and nothing.  In fact, I'm going to close it. 

[joltdude]

@tammyjk question, what are your current FICO scores, esp TU

[tammyjk]

TU is at 685 and my credit utilization is at 3%. No missed payments.  BK 13 mos ago

[joltdude]

@tammyjk Uhm. the BK 13 months ago is likely the issue...  even if discover was not burned.. Could try the prequal but that BK is probably the problem.. At one point it was at least 2 years before an unsecured Disco approval after a BK....  If you do close it, you probably will not get a unsecured Disco for at least a year, but as I said.. might be worth trying the prequal...   Sometimes folks narrowly get products and they wont move (unsecure/CLI) untill the issue is resolved.. Its not likely to be your score in this case... 

-J

[tammyjk]

That's what I figured.  I even put them on auto pay and use the card once a month.  I also figured that given the current economy things are a bit tight as well.  One of the reasons I thought about just getting rid of it.  I may wait a bit but certainly not another year.

[Jazzcat]

$200 secured card graduated last night was notified at 9 PM, Opened the email and checked my account at 7 AM this morning. Also got CLI to $750. My seventh payment had just posted. I still have a few collections under $200 each that are all medical from the same CA and OC, but they are all over four years and six months. Anyway My FAKO score had just shot up 74 points the day before, by paying a citi secured card down to zero balance from $1200.

Ashame that I still don't feel out of the woods from being subject to the income verification form Disco has been known to Spring on new card holders...ugh.

[Anonymous]

Silly question, but does graduation count towards 5/24? 

[Anonymous]

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@Anonymous wrote:

Silly question, but does graduation count towards 5/24? 

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While the year 2020 does continue to surprise me, I would be particularly surprised to see a Discover card graduation impacting 5/24.

I would expect account opening date to remain the same as when account were opened.

That being said, the bar is really high for a question to be silly.

Who here would have imagined AZEO if we had not read about it?

Edit: You might expect a Wells Fargo "product change" to not impact 5/24 and yet it does.