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Discover Secured Graduation?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Established Member

Re: Discover Secured Graduation?

My unsecured limit is $2,500.
EQ 674
TU 663
EX 643
Message 91 of 121
Regular Contributor

Re: Discover Secured Graduation?

Cool good to know
Fico 8 Exp 598 Transunion 598 Equifax 596 (7/18/18)
FICO 8 Exp 609 TransUnion 622 Equifax 617 (8/10/18)
FICO 8 Exp 643 Equifax 641 Transunion 655 (9-10-18)
FICO 8 exp 630 Transunion 646 Equifax 627
Fico 8 Exp 646 Transunion 639 Equifax 640 (11/1/18)
Fico 8 Exp 698 Transunion 716 Equifax 690 (1/8/19)
Message 92 of 121
New Visitor

Re: Discover Secured Graduation?

I applied for a Discover Secured card in late September and put my deposit down. I received my card in October and have been paying on time and making sure some of my statements were listed as 0. My statement was on the 8th of every month. There were times I had a 80% utilization, but I paid it off within 2-3 days. They had let me know by my 7th statement, they would let me know if I graduated. A few days after my 7th statement, i have officially graduated. They said I keep the secured card open and my unsecured card limit is 2,000. My credit score jumped 16 points over the 7 months. I had one secured card in the past and I paid it off and it closed three years ago . I never graduated because I wasn’t paying on time, so once I got this opportunity, I knew this time to take it seriously. Biggest piece of advice is to use under 30% credit utilization, pay on time or even before your statement is due, and be patient.
Message 93 of 121
Regular Contributor

Re: Discover Secured Graduation?

Reading this thread, I see differing opinions and experiences about whether it's best to use the card frequently, or whether to make minimal use of it, if you want it to graduate as soon as possible and get as high a limit as possible. I have a newly opened Discover secured, $500 deposit/$500 limit, and I've been planning to run most of my regular expenses through it for the rewards. Meaning, gas, groceries, lunch, meals out etc. Then make multiple payments per month to keep utilization low. I can't tell from this thread whether or not that's a good plan for getting it unsecured and maximizing the credit limit.


Everything listed is new to my profile since April 2019, except the Exxon card. The AU card hasn't reached TU yet, so no FICO score on TU yet. I have a ton of hard inquiries March-June 2019. No derogs at all.
Keepers:

Will be closed by March 2020:

Authorized user:

Closed but still on reports:

Message 94 of 121
Established Contributor

Re: Discover Secured Graduation?

That's the Disco Mystery. No one knows for sure. That's why data points are so important. Hopefully a pattern will evolve. A lack if pattern is also relevant as well, though.
That's why they say ymmv
Starting Score: EX 641 TU 631 EQ 669
Current Score: EX 714 TU 718 EQ 713 (EQ9 735)
Goal Scores: 750


Take the myFICO Fitness Challenge




Message 95 of 121
Community Leader
Senior Contributor

Re: Discover Secured Graduation?


@KJinNC wrote:

Reading this thread, I see differing opinions and experiences about whether it's best to use the card frequently, or whether to make minimal use of it, if you want it to graduate as soon as possible and get as high a limit as possible. I have a newly opened Discover secured, $500 deposit/$500 limit, and I've been planning to run most of my regular expenses through it for the rewards. Meaning, gas, groceries, lunch, meals out etc. Then make multiple payments per month to keep utilization low. I can't tell from this thread whether or not that's a good plan for getting it unsecured and maximizing the credit limit.


It's always a YMMV situation, but disco is known to like revolvers (high usage and payments)  Now will that translate into some more might depend on your profile when they review, but it surely won't hurt to show usage and payments with them. 




Message 96 of 121
Community Leader
Senior Contributor

Re: Discover Secured Graduation?

One other thing is its really easy with Miss Disco to make multiple payments a month....

This can really be handy to keep on top of things...

 

-J

 

Message 97 of 121
New Visitor

Re: Discover Secured Graduation?

My 7th statement cut last Friday 5/10 and I unsecured this morning with a CLI to $2000!

Wanted to share my data points:

Starting score, Sept 2018: EX 506
6 collections, $80-500 ea. All medical.
One CO from First Premier
14 120+ day lates (student loans)
CapOne Secured CC $400
Util: 128% (First Premier is killing me!)

Discover initial deposit $400
I added to it in January '19. New limit $1000.

Score today: EX 623
2 medical collections, <$100 ea.
No Charge Offs (deleted First Premier!)
14 lates still there (last late Jul '18)
Util: 14%
Cap One partial Secured $700
Citi Secured $500
Petal Visa $1500
Discover $1000

I used the card very heavily ($1.5-2k/mon) with multiple payments each cycle. I let the statement cut with about 10-20% each month and never carried a balance.
Message 98 of 121
Community Leader
Senior Contributor

Re: Discover Secured Graduation?


@Ohorn0 wrote:
My 7th statement cut last Friday 5/10 and I unsecured this morning with a CLI to $2000!

Wanted to share my data points:

Starting score, Sept 2018: EX 506
6 collections, $80-500 ea. All medical.
One CO from First Premier
14 120+ day lates (student loans)
CapOne Secured CC $400
Util: 128% (First Premier is killing me!)

Discover initial deposit $400
I added to it in January '19. New limit $1000.

Score today: EX 623
2 medical collections, <$100 ea.
No Charge Offs (deleted First Premier!)
14 lates still there (last late Jul '18)
Util: 14%
Cap One partial Secured $700
Citi Secured $500
Petal Visa $1500
Discover $1000

I used the card very heavily ($1.5-2k/mon) with multiple payments each cycle. I let the statement cut with about 10-20% each month and never carried a balance.

Congrats on the CLI.. That said. you really should think of trying to get some PFDs on those medical collections... Also id work on GW deletions for some of those lates...(You wont notice much of a difference for one or two.. Know its gonna be difficult.. the medicals will probably be easier) . if you can .. Might be able to eek a few points that way.. 

Message 99 of 121
Member

Re: Discover Secured Graduation?

I open a secured credit card in the middle of November, I put a 300 dollar deposit on the card. I use the card very openly like it was a regular credit card, I use it for all my daily spending, and my utility bill such as phone bill, insurance bill then I would make multiple payments through out the months, 3 days before the statement cut, I make sure I leave a zero balance or a 20 dollars balance, I usually don't use the card during that 3 days period. I wait after the statement cut before I use it. my 7th statement cut about 3 days ago. today when I open the discovery app I see my credit limit go up to 2000 dollars. I was so excited to see it get graduated that early. I started with TU 544, EQ 544, Ex 529 less then a year ago, now my credit scores are 635 all across the board now. I recently got approved for a cash reward from navy federal with a huge credit limit of 20000 dollars. it worth it to rebuilding your credit the end product feel really good
Message 100 of 121