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I was wondering if anyone could share their experiences if you have a Discover secured card that has graduated AND you had baddies remaining on your report. My 7th statement is cutting this month and I am trying to keep my expecatations about graduation realistic. I've had my card since March with a $300 limit. I've charged up to the limit every 2 weeks since I opened the account and then I have paid in full the following payday. Discover says my TU FICO is 624, which is OK. I have around 6 unpaid charged off cards from about 2-3 years ago reporting, but I also have several postive trades that are well aged and that have perfect payment histories. I have a car loan and 2 student loans reporting that have always been paid on time as well.
My card just graduated last Monday. I opened it in February of this year with a $300 deposit. I've only charged $950 or so to the card over the 7 statement duration and only let it post a balance once of like $15. I still have something like 7 charge off accounts on my reports until next year when I'll be down to 2 as long as a few missed payments last year. That said they graduated me and increased my limit from $300 to $1500. Scores started in the 620-640 range back in february and my scores are between 680-700 now.
So funny you post this, as mine graduated on Sunday morning, a $200 Secured Card that I had for 14 months.
When I started all my FICOS were in the 530-540 range, my EXP is up to a 654, EQ 635, my TU is still only a 605.
Always paid on time, kept a balance here and there a few months, mostly paid it off and used it for small purchases.
I never dumped any more money into it, I did acquire 7-8 cards over the past 1 1/2 years including an AMEX Green and two Cap Ones, so I honestly didn't wind up using my Discover that often over the past 6 months. I got an email saying the card was unsecured immediately, credit line was staying the same and it was now considered a Discover IT Chrome. I went for a CLI immediately and they shot me down. I just opened up a Blaze MC two weeks ago after a mail-offer I got. So I'm sure the recent INQ/Open Card was a reason for the denial. I'll try again in a month
Here's the notification I got in an email
My card just unsecured as well with several baddies at time of approval for $200 deposit. I normally used up 90% of the card and paid it down to $0-30 before statement cut. My TU per Discover app was 613 at graduation with 1800 CLI.
Just wrapped up month 14 and no graduation.
@Brian_Earl_Spilner wrote:Just wrapped up month 14 and no graduation.
Yeah I don't get what the heck their formula is....it makes no sense. I have a friend of mine who had a 575 TU FICO, only had the card for 8 months and then it graduated. Doesn't seem very scientific whatever they're doing. Cap One has some very nice steps, very plainly spelled out and explained to you. I'm waiting on my 1st CLI on my QS1 after my next statement from $300 initial CL to $500 with my first CLI.
Discover IT seems like they're picking cards at random to graduate.
@Civil wrote:
14 months? Did you call them...I opened my secure card in February with all scores mid 500s and they graduated mine last month 3 day after my 7th statement $1500 line and sent me my $400 deposit back and TU was at 638
That's a nice first CLI.
I called them twice, at the 6 months, 9 months period where my card was still secured at the time. They denied me both times, telling me to wait for the email. Which I finally got. I don't get what their system is.
Mine graduated this morning, a few days after the 19th statement cut. Patience is a valuable thing.
wrote:Mine graduated this morning, a few days after the 19th statement cut. Patience is a valuable thing.
I'll see your 19 months and raise you 11 more months. Mine took 30 months to graduate with a modest cli. In my case, not only was patience a valuable thing but it was also a virtue.