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Discover Secured Graduation?

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rudolphreindeer
Regular Contributor

Re: Discover Secured Graduation?


@Jazzcat 

 


Congratulations! Mine graduated 08/20, got the check with deposit 08/24. Discover is the great Heart

We are going for a another Discover card for DH.

FICO® Score 8 (Apr 2021)
EX 764 | EQ 771 | TU 800



TCL: $72,900
INQs in last (6 m./12 m.)
EX (2/2) | EQ (0/2) | TU (0/1)
Message 501 of 610
Anonymous
Not applicable

Re: Discover Secured Graduation?

I opened my Discover IT with $200 a day after a CH7BK discharge.  It's been 3 years, 37 months to be exact, and no graduation.  My credit score was in the 500's then and is over 710 now for transunion and equifax.  Not one late payment.  I was able to get a new car 0 interest and the CapitalOne that I opened with a $500 credit line unsecured is now at $5,500.  No idea what their metrics are! And yes, I called them and they said the only thing to do is wait.

Message 502 of 610
joltdude
Senior Contributor

Re: Discover Secured Graduation?

Could try the prequal for a new card... at three years it's stuck in a bucket I'm guessing ... then if accepted, close the secured..... discover uses Asset backed securities . And yes Discover allows for you to have a regular and secured disco, and app for an unsecured while holding the secured product ..... the secured card has to be at least one year old to do this and yours is over three

 

-J 

Message 503 of 610
Anonymous
Not applicable

Re: Discover Secured Graduation?


@Anonymous wrote:

@Anonymous wrote:

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


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.

 


Thanks for the info.

 

Well, it seems like my card graduated. No email yet from Discover, but I logged into my app and it shows a $2000 CL instead of $200. Can't wait to get my deposit back now. Don't know why they just can't direct deposit it back to my checking account I used. 

Message 504 of 610
BmoreBull
Established Contributor

Re: Discover Secured Graduation?

My 7th statement cut this weekend on the 19th. I knew not to expect anything since it was the weekend. I checked a couple of times on Monday after I got the email that my statement was ready and nothing was changed. I had started with the $200 deposit and upped it later to $500. I was hoping for it to graduate and get an increase between $2k-$2.5k. I got home from work last night and checked my account and saw that the limit had been increased to $1800. I'm happy and content with that, as it is by far my largest bank cc limit. I still haven't received any congratulations email or notification that my deposit would be returned.



Starting Fico Scores:November 2019

Current Fico Scores: January 6, 2021
Goal Scores: 700 across all three
Message 505 of 610
quikj9
Frequent Contributor

Re: Discover Secured Graduation?

Kinda seems like Discover can be slow to graduate if one opens up other credit products between opening the card and that all important 7th statement. 




Message 506 of 610
Anonymous
Not applicable

Re: Discover Secured Graduation?

My Discover Secured has a deposit of $2500 and my 7th statement cut isn't until mid November. From reading through 40+ pages, I think it's safe to say that if i do graduate at that time, I won't be getting a CLI as they seem to unsecure those with a $2500 deposit without giving any CLI. Still haven't seen the proof of others getting an increase in this situation. I run a lot of spend through mine each month and PIF before the statement cuts.

Message 507 of 610
BmoreBull
Established Contributor

Re: Discover Secured Graduation?


@Anonymous wrote:

My Discover Secured has a deposit of $2500 and my 7th statement cut isn't until mid November. From reading through 40+ pages, I think it's safe to say that if i do graduate at that time, I won't be getting a CLI as they seem to unsecure those with a $2500 deposit without giving any CLI. Still haven't seen the proof of others getting an increase in this situation. I run a lot of spend through mine each month and PIF before the statement cuts.


Yes I agree. From what I've seen most people with the max secured amount, don't get a cli at graduation. On a side note, my card graduated on the 22nd, got home from work yesterday and my deposit check was in the mail box. I was pleasantly surprised to say the least. 



Starting Fico Scores:November 2019

Current Fico Scores: January 6, 2021
Goal Scores: 700 across all three
Message 508 of 610
AlmostCreditGenius
Established Member

Re: Discover Secured Graduation?

I think you're doing the right thing.  I did the same thing and 4 months after graduating (at 11 months), I received at CLI of $2600 to $5100 total.  I'm happy 😊 

EQ 674
TU 663
EX 643
Message 509 of 610
Anonymous
Not applicable

Re: Discover Secured Graduation?

@AlmostCreditGenius  @BmoreBull  congrats to you both! That's a nice CLI. I feel my time will come for both, graduation and CLI. Just nice to have a good card for emergencies that has a hefty available limit.

Message 510 of 610
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