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Discover Secured Graduation?

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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: September 2, 2020
Goal Scores: 700 across all three
Message 461 of 477
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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 462 of 477
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Contributor

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.




myFICO 8 Scores 10/2020





Message 463 of 477
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Established Contributor

Re: Discover Secured Graduation?


@Vmc726 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: September 2, 2020
Goal Scores: 700 across all three
Message 464 of 477
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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 465 of 477
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Contributor

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.




myFICO 8 Scores 10/2020





Message 466 of 477
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Member

Re: Discover Secured Graduation?

I guess I am in a bucket too. I don't see it ever graduating. 

Message 467 of 477
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Member

Re: Discover Secured Graduation?

same! I gave up on graduation. 

Message 468 of 477
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Community Leader
Senior Contributor

Re: Discover Secured Graduation?

@mecreole Have you applied for any other products with any other companies? Have your scores gone up and what are they now? Esp interested in TU Fico Score.... Have you made any overlimit purchases, or late payments, or any oopsies? That alone will put you back in purgatory for 7 months.... Yes Discover knows if you have been apping for others.... AND with the pandemic they have been moving the goalpost a bit further out to graduate.... 

 

Need a little more info to give suggestions... 

 

Message 469 of 477
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Member

Re: Discover Secured Graduation?

No recent late payments. I was able to get 2 AMEX cards, and some others with no issues. My UTI is higher right now, as of recent. It will be coming down soon. I am really not even worried about it graduating. Always paid on time with Discover and it still hasn't graduated....

Message 470 of 477
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