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Discover Secured Graduation?

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Valued Contributor

Re: Discover Secured IT Graduation (Data Points)

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.

"My Take Home Pay Don't Take Me Home"
Amex 19k
BB&T 10.5k
Capital One 11k
Citibank 11k
Comenity 5k
Discover 8.5k
Synchrony 49.7
Synovus 75k
EXP 720, EQ 744, TU 736
Message 91 of 211
Contributor

Re: Discover Secured IT Graduation (Data Points)

Going on 24 months I think with no graduation in sight. Should I call CSR? If so does anyone have a specific number I should call?
Message 92 of 211
Valued Contributor

Re: Discover Secured IT Graduation (Data Points)


@Wizard10 wrote:
Going on 24 months I think with no graduation in sight. Should I call CSR? If so does anyone have a specific number I should call?

I would call and ask Csr what is it they want to see from you that will graduate your card?  The number I call is the one I found on my online acct.  Also, ask them how many reviews have they done and when do they plan on reviewing you again.  They will give you tips....good luck!

"My Take Home Pay Don't Take Me Home"
Amex 19k
BB&T 10.5k
Capital One 11k
Citibank 11k
Comenity 5k
Discover 8.5k
Synchrony 49.7
Synovus 75k
EXP 720, EQ 744, TU 736
Message 93 of 211
Frequent Contributor

Re: Discover Secured IT Graduation (Data Points)


@Wizard10 wrote:
Going on 24 months I think with no graduation in sight. Should I call CSR? If so does anyone have a specific number I should call?

Mine took 30 months before it graduated.  Numerous calls during that timeframe only resulted in assurances that it was being reviewed monthly.  I concluded that with Discover it was a "waiting game."  Totally surprised when it did graduate because my TU score had dropped to 623, way lower than usual and there was a balance reporting. I was told though that I could apply for a 2nd card since my first one was a year old.  Yeah, right!  Declined that offer because my thinking was that if I wasn't eligible for graduation how would I be approved for a new unsecured card.  YMMV.  You could always check their pre-approval page to see if anything shows up and if not, the reasons for denial might provide a clue on what's holding back your graduation.




Instead of waiting for the storm to pass, I've learned to dance in the rain.
Message 94 of 211
Contributor

Re: Discover Secured IT Graduation (Data Points)


@outofcredit wrote:

@Wizard10 wrote:
Going on 24 months I think with no graduation in sight. Should I call CSR? If so does anyone have a specific number I should call?

Mine took 30 months before it graduated.  Numerous calls during that timeframe only resulted in assurances that it was being reviewed monthly.  I concluded that with Discover it was a "waiting game."  Totally surprised when it did graduate because my TU score had dropped to 623, way lower than usual and there was a balance reporting. I was told though that I could apply for a 2nd card since my first one was a year old.  Yeah, right!  Declined that offer because my thinking was that if I wasn't eligible for graduation how would I be approved for a new unsecured card.  YMMV.  You could always check their pre-approval page to see if anything shows up and if not, the reasons for denial might provide a clue on what's holding back your graduation.


I just got off the phone with them and was basically told exactly what you said. I guess I’ll continue to wait it out. 

Message 95 of 211
Contributor

Re: Discover Secured IT Graduation (Data Points)


@TexasFamMan wrote:

Here's something interesting.  I wonder if my card is in the process of graduating?  Reason I ask is because if I try to do a prequalify on Discover's website I get an "Oops, something went wrong."  Where before it would tell me there wasn't anything since my current card is so new.  When I try with my wife's info I get the page that states that there isn't anything because she just got approved for a new card of her own.


Did your card in fact graduate? 

Message 96 of 211
Super Contributor

Re: Discover Secured IT Graduation (Data Points)

Congrats OP.

 


@mthrasher16 wrote:

Congrats!  I just graduated last night too.  Like you, I was watching the board for tips and advice so I'll throw some data out there too to help some folks out.  

 

Opened Discover IT secured 12/2016 - so 26 months ago - with a $200 deposit.  

Credit score was 600 - 620

Credit Report Badies: 3 credit card and 1 student loan chargeoffs (The 08' - 10' recession screwed me royally)

1 $2,000 Avant personal loan in good standing

$0 balance on an OpenSky credit card, $600 limit

No hard inquiries on EQ or TU

 

For the first cpl years, I treated this card  badly.  I only ever used it to buy gas, but would frequently go over the $200 limit, buying 2-3 tanks of gas a week  (Insane commute).  I paid it everytime I exceeded the limit, and paid that off in full never carrying a balance to the next statement, but I guess Discover didn't like that I was exceeding the limit so it wouldn't graduate.  

 

For the last 7 statements, I followed all the 'rules' that you're suppose to.  On 6 of those statements, the card never carried a balance of more than 30%, and it was always paid in full.  On 3 of those statement periods I didn't use the card at all.  During 1 cycle it did reach 50%, but again, paid in full.

 

And last night - graduated to unsecured with a $2,000 limit - woot!  

 

So from my eyes, it seems that weather you're just issued this card or have had it a while, it's 7 months to graduate from opening the account or from your last credit card boo-boo.  

 

Current Data Points

Credit score is somewhere around 685 - 700 (I'm not sure the date discover pulled my data again)

No Chargeoffs - they all fell off

$0 balance on Avant loan - paid in full all on-time

$200 balance on OpenSky CC

Current car loan with GM financal for $6k, all payments on-time

Maybe 1 hard inquiry on TU or EQ


I doubt it's 7 months from last boo boo. I'll hit 24 months in August. My last boo boo for Discover was December 2017, and that was a partial payment error of 2 days late. My last recorded boo boo on my reports was over 2 years ago.








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Message 97 of 211
Super Contributor

Re: Discover Secured IT Graduation (Data Points)


@TexasFamMan wrote:

Just had my 10th statement cut today and still secured, though I know it may take a few days if I'm fortunate to graduate this time.  I'll keep an eye on it until the end of the week and then I'll know.

 

Not sure what else I need to do.  We charge it up to about 80-90% of the limit but make at least two big payments to pay the statement balance each month.  Heck, the last payment I made was $800 at the end of last week.  That's the usual for this card for us.


If your due date is the 1st, the 7th is the latest I've seen a graduation updated.








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Message 98 of 211
Super Contributor

Re: Discover Secured IT Graduation (Data Points)


@LauraC 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.


That's a canned response all credit card companies use. We have plenty of data points showing people graduating with 80-90% utilization as well as getting CLIs on regular cards with that kind of utilization. Disco is kind of known for not giving a CLI if you're not using the available limit. If you're not bumping up on the limit, they don't gives increases because it appears you don't need it.








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Message 99 of 211
Valued Contributor

Re: Discover Secured IT Graduation (Data Points)


@Brian_Earl_Spilner wrote:

@LauraC 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.


That's a canned response all credit card companies use. We have plenty of data points showing people graduating with 80-90% utilization as well as getting CLIs on regular cards with that kind of utilization. Disco is kind of known for not giving a CLI if you're not using the available limit. If you're not bumping up on the limit, they don't gives increases because it appears you don't need it.


 I've run my high, low, medium, over the top...at this point if it doesn't graduate then I'll gladly take my money back and move on.  

So sorry OP that you wasted your time on the phone.   

"My Take Home Pay Don't Take Me Home"
Amex 19k
BB&T 10.5k
Capital One 11k
Citibank 11k
Comenity 5k
Discover 8.5k
Synchrony 49.7
Synovus 75k
EXP 720, EQ 744, TU 736
Message 100 of 211
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