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Discover Secured Graduation?

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Super Contributor

Re: Discover secured card graduated!

Congratulations on your graduation.

Discover and BoA are two good lenders that offer soft pull credit limit increases.

Good luck on your credit journey.
Message 191 of 477
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Moderator Emeritus

Re: Discover secured card graduated!

Grats on graduation! It has to feel great! You are moving up in the credit world now Smiley Happy
Starting Score: 300
Current Score: 850
Goal Score: 850


Take the myFICO Fitness Challenge
Message 192 of 477
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Senior Contributor

Re: Discover secured card graduated!


@saturnstardust wrote:
First post at FICO, and I thought I should provide another DP for this mysterious process.


Great reason for a "first post" there....congrats!  Thanks for sharing the dp's too.  

Also, 3 stmts. after I graduated I received a cli.  Good luck smashing that Luv button!

”MY TAKE HOME PAY DON’T TAKE ME HOME”
Message 193 of 477
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Regular Contributor

Re: Discover secured card graduated!

Congrats! Discover is a good card to have for the long run. Mine also unsecured shortly after Citi gave me a $2,500 unsecured card, which is also the amount Discover just *happened* to raise my CL to 😏



Message 194 of 477
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Frequent Contributor

Re: Discover secured card graduated!

my 7th statement just cut on the 12th, i still havent unsecured oh well.



AOD FCU PLOC 10,000
NAVY FED CLOC 3000

Message 195 of 477
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Regular Contributor

Re: Discover secured card graduated!

My 10th statement cut last week, still secured. Smiley Sad I realize it's probably because I wasn't practicing AZEO... I would use the card, pay it off, and start using it again, but was never concerned about what balance was reported on the statement. This last statement I made sure it reported $0 but it's still secured. Hoping I'll have more luck next month on #11.


NFCU Cash Rewards $18,500
NFCU More Rewards Amex $6,500
Discover $1,800
Merrick DYL $1,400
NFCU CLOC $500
Message 196 of 477
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Valued Member

Re: Discover secured card graduated!

Hello Everyone! So in some people's experience would it be best to keep the balance at 0 as I paid it in full. Or should I carry a small balance? My statement cuts on the 26th.
Edit: my 7th statement cuts on the 26th. Forgot to mention that. Either I graduate or not I'm curious to know if holding a 0 balance helps
Message 197 of 477
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Valued Contributor

Re: Discover secured card graduated!

I haven't had my Discover card long enough for it to possibly become unsecured. I got mine in May. So, be aware I am not speaking with first-hand knowledge of this process.

 

That said, AZEO stands for "all zero except one." The concept is that if you have, say, three cards, you want two of them to report a $0 balance and the third one to report a small balance. This will provide a temporary bump to your score. This technique is mainly used when preparing to apply for something important, such as a mortgage.

 

I am skeptical that it would make much difference with a Discover card unsecuring. The boost it gives is fairly modest, and in any case, I think Discover will be as interested in your history with them as they will be in your FICO score.

 

Is there something else going on? Like recent derogs with other accounts? I ask because I occasionally see people say "my Discover card didn't unsecure after 7 statements" but rarely if ever do I see comprehensive datapoints along with that statement.


No derogs, but tons of inquiries and heavy credit-seeking behavior. In March of 2019, I had no open accounts, a charge-off, two collections, and scores in the low 500s. What I call the "thick build method" worked for me, but may not work for every situation.
Cards

Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $89,900, not counting the AU card. The AU card brings the total to $114,900. In March 2019, card CLs totaled $0.

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | American Express Delta Gold, $1,000, 09/19-10/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Message 198 of 477
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Regular Contributor

Re: Discover secured card graduated!

I was discharged from bk7 in oct 2018, but I got my secured discover after that in November. Since my bk I haven't had any lates or anything else, and my scores have only gone up since then. So, not sure what else it could be. My secured nfcu just graduated the other day at the 6th statement so hopefully discover will follow.


NFCU Cash Rewards $18,500
NFCU More Rewards Amex $6,500
Discover $1,800
Merrick DYL $1,400
NFCU CLOC $500
Message 199 of 477
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Frequent Contributor

Re: Discover secured card graduated!

@Panda800

 

While no one can claim to have figured out how Discover decides to upgrade cards, I am fairly confident that the recency of your BK is what the issue is. If yopu are paying on time and your scores are going, that definitely helps. I think most of my negative accounts had to hit the 2 year mark before my card unsecured. I still had high utilization, a few inquiries, and negative stuff reporting. I was using the card a lot, but they didn't graduate it until the 11th month. So I would not take it personally, you are probably up against a computer that has pre-programmed rules about negative items. That computer makes the decisions and is what is keeping you from graduating until you meet the criteria.

Message 200 of 477
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