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Discover Secured Graduation?

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Regular Contributor

Discover Secured Graduation?

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.

Discover It $2k // Target Red Card - $700 // Synchrony Home - $2,500 // Merrick $700 // Legacy Visa $750
TU FICO: 637 (2 derogs remaining) EX FICO: 620 (6 derogs remaining) EQ FICO: 603 (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).
210 REPLIES 210
Contributor

Re: Discover Secured Graduation?

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. 

10/01/18

12/07/17

VentureOne - $6250
QuicksilverOne - $500
Citi Best Buy - $2000
Discover It - $1500
Self Lender Account - Paid in Full
American Express BCE - $1000
American Express PRG
American Express SPG - $1000
Toyota Financial 50% Paid
Message 2 of 211
Frequent Contributor

Re: Discover Secured Graduation?

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

20181007_044904.jpg


AMEX Gold / Home Depot CC $3K/ Discover IT Chrome $2K SL / PayPal MC $2K /
BOA BankAmericard $2K / BOA Cash Rewards $1000 / Cap One Savor One $1000 / Blaze MC $1500 / Credit One $850 / OpenSky $500 / AvantCard $500 / Discover IT Cash Back (Graduated Secured) $200 CLI to $400 / EBAY MC $300
Jan of 2017 Credit Karma: 404 -SEPT OF 2018: EX 652 EQ 626 TU 604
AUGUST OF 2019 1% UTL - EX 681 EQ 667 TU 659
Total Credit Limit: $16150 -
Goal Score: 675 for all FICOS (ACHIEVED EX)
Message 3 of 211
Valued Member

Re: Discover Secured Graduation?

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.




Starting scores 8/23/18
Mortgage Equifax 533 Experian 463
Transunion 545
FICO 8 TransUnion 580 Experian 577 Equifax 533
Current FICO 8 scores
Equifax 620
Experian 640
TransUnion 620 as of 8/15/19 Mortg 578, 568, 616
Message 4 of 211
Super Contributor

Re: Discover Secured Graduation?

Just wrapped up month 14 and no graduation.








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Message 5 of 211
Frequent Contributor

Re: Discover Secured 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. 


AMEX Gold / Home Depot CC $3K/ Discover IT Chrome $2K SL / PayPal MC $2K /
BOA BankAmericard $2K / BOA Cash Rewards $1000 / Cap One Savor One $1000 / Blaze MC $1500 / Credit One $850 / OpenSky $500 / AvantCard $500 / Discover IT Cash Back (Graduated Secured) $200 CLI to $400 / EBAY MC $300
Jan of 2017 Credit Karma: 404 -SEPT OF 2018: EX 652 EQ 626 TU 604
AUGUST OF 2019 1% UTL - EX 681 EQ 667 TU 659
Total Credit Limit: $16150 -
Goal Score: 675 for all FICOS (ACHIEVED EX)
Message 6 of 211
Regular Contributor

Re: Discover Secured Graduation?

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







Message 7 of 211
Frequent Contributor

Re: Discover Secured Graduation?


@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. 


AMEX Gold / Home Depot CC $3K/ Discover IT Chrome $2K SL / PayPal MC $2K /
BOA BankAmericard $2K / BOA Cash Rewards $1000 / Cap One Savor One $1000 / Blaze MC $1500 / Credit One $850 / OpenSky $500 / AvantCard $500 / Discover IT Cash Back (Graduated Secured) $200 CLI to $400 / EBAY MC $300
Jan of 2017 Credit Karma: 404 -SEPT OF 2018: EX 652 EQ 626 TU 604
AUGUST OF 2019 1% UTL - EX 681 EQ 667 TU 659
Total Credit Limit: $16150 -
Goal Score: 675 for all FICOS (ACHIEVED EX)
Message 8 of 211
Regular Contributor

Re: Discover Secured Graduation?

Mine graduated this morning, a few days after the 19th statement cut. Patience is a valuable thing.

Rebuilding -->
Starting Scores -- TU:577, EQ:525, EX:572
Current Scores -- TU:676, EQ:627, EX:622
GOAL -- 700+
Message 9 of 211
Frequent Contributor

Re: Discover Secured Graduation?

 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.




Instead of waiting for the storm to pass, I've learned to dance in the rain.
Message 10 of 211
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