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Discover Secured Graduation?

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Regular Contributor

Re: Discover Secured Graduation?


@Love618 wrote:

So... it's been 21 months since I got the secured Discover it card and they did one soft pull last April and that was it. I put on  the minimum $200 limit and used it frequently at first but once I got approved by capital one with some high limits and cash back offers, I used Discover for some recurring charges and PIF each month never reported a balance regardless. I tried their pre-qual site numerous times with no luck. 

Today, however, I got an alert from NerdWallet letting me know my credit score finally went above 690 (694 TU / 697 Eq) and so I logged in and had a Discover it card offer. I hadn't apped in a few months so I figured what the heck. 

Low and behold, approved for $5k SL. I do not understand Discover.


Congrats! This is good to hear. I am 16 months into my secured card, and I don't have any prequals for a second. But maybe my score just needs to be higher. My TU has always been my lowest, not sure if that's what they go by.



NFCU Cash Rewards $18,500
NFCU More Rewards Amex $6,000
Merrick DYL $1,400
Discover Secured $200
NFCU CLOC $500
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Community Leader
Super Contributor

Re: Discover Secured Graduation?


@Panda800 wrote:

@Love618 wrote:

So... it's been 21 months since I got the secured Discover it card and they did one soft pull last April and that was it. I put on  the minimum $200 limit and used it frequently at first but once I got approved by capital one with some high limits and cash back offers, I used Discover for some recurring charges and PIF each month never reported a balance regardless. I tried their pre-qual site numerous times with no luck. 

Today, however, I got an alert from NerdWallet letting me know my credit score finally went above 690 (694 TU / 697 Eq) and so I logged in and had a Discover it card offer. I hadn't apped in a few months so I figured what the heck. 

Low and behold, approved for $5k SL. I do not understand Discover.


Congrats! This is good to hear. I am 16 months into my secured card, and I don't have any prequals for a second. But maybe my score just needs to be higher. My TU has always been my lowest, not sure if that's what they go by.


Not sure if this is region specific, but two different credit reps @ Disco told me that after approval (TU for some) all the rest of the decisions for existing members are based on EX.   IME, this holds true as my EX is the highest score and my SL's and CLI's are much higher. 

 

I also started with a secured card that graduated at 7mos, but NO CLI, and the CLI's on that card were 200 once every 6 months.  I got a second card and it was much better.  Closed the grad card, and got a second second card LOL  and it was even better.  Both with CLI's much higher as well. 








Message 402 of 422
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Member

Re: Discover Secured Graduation?

Well guys, moment of truth coming up. 7th statement should cut on monday, so I guess I'll know by next weekend. I've done my best to eliminate all my old debt, but I've still got just under $2k left, which is down from about $5250. Hopefully it's good news

Message 403 of 422
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New Member

Re: Discover Secured Graduation?

I graduated over a year ago and was instantly given $2000 credit line (from something like $700 secured). I have not missed a payment and mixed it up between heavy usage and light usage. I've carried a balance and then had $0 balance for several months too.

 

No matter what I still keep getting denied from credit limit increases :/ FICO is mid 600s.

Message 404 of 422
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Frequent Contributor

Re: Discover Secured Graduation?


@sarcean1 wrote:

I graduated over a year ago and was instantly given $2000 credit line (from something like $700 secured). I have not missed a payment and mixed it up between heavy usage and light usage. I've carried a balance and then had $0 balance for several months too.

 

No matter what I still keep getting denied from credit limit increases :/ FICO is mid 600s.


What is the reason you are getting in the denial letters? I kept getting denied for about a year after I graduated. In those letter they said "not enough experience at current credit limit." After that, I was denied a couple of time due to "high balances on bankcards," but once I paid off all my credit card debt, they approved me for an increase of $1,000.

Message 405 of 422
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Member

Re: Discover Secured Graduation?

GREAT NEWS GUYS!!!! Got unsecured at my first chance. CL increase from $500 to $2000. Some data points: opened card 9/19 with a $300 deposit. First month's statement caught me by surprise and so i ended up with $155 on my first statement. Other than that first statement, I've kept a zero balance except for one month which i left $29 on the account. Never over the limit, no late payments. My TU score (through Discover FICO Credit Scorecard) was 551 in 10/19, and gradually increased ending up at 607 this month 4/20. As mentioned in a recent post, I've gotten my credit card (closed accounts) debt down to $1800 from just over $5000 during this time. In March (03/20) I deposited an additional $200 for my secured limit to be increased to $500. During this time, this has been my only active credit card, but i did have one other account, a Self Lender CD, which has been paid on time each month. My secured card got a fair amount of use, $2594 over the seven statements. Hope this information helps. Thanks for all the advice everyone!

Message 406 of 422
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Valued Contributor

Re: Discover Secured Graduation?

Congrats, Clark ...

 

... and grumble grumble about the fact that my secured card had a CL of $1,000, my history was also flawless with them, my FICO scores were well in the 700s when it unsecured, and my CL is still stuck at the $1,500 it unsecured to in December. It is my oldest open card and my lowest CL now. Discover moves in mysterious ways.


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. The only thing in my signature now that was on my CRs then was the old closed Exxon card.
Cards

Authorized user / Corporate / Auto loan

Card CLs total $81,100, not counting the AU card. In March 2019, card CLs totaled $0. In April 2019, card CLs reached $500. Since then, I received a lot of great advice on this board, as well as a lot of advice I didn't take, that is good for most situations, but not mine.
Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | 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 407 of 422
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Frequent Contributor

Re: Discover Secured Graduation?


@CLARKakaSIX wrote:

GREAT NEWS GUYS!!!! Got unsecured at my first chance. CL increase from $500 to $2000. Some data points: opened card 9/19 with a $300 deposit. First month's statement caught me by surprise and so i ended up with $155 on my first statement. Other than that first statement, I've kept a zero balance except for one month which i left $29 on the account. Never over the limit, no late payments. My TU score (through Discover FICO Credit Scorecard) was 551 in 10/19, and gradually increased ending up at 607 this month 4/20. As mentioned in a recent post, I've gotten my credit card (closed accounts) debt down to $1800 from just over $5000 during this time. In March (03/20) I deposited an additional $200 for my secured limit to be increased to $500. During this time, this has been my only active credit card, but i did have one other account, a Self Lender CD, which has been paid on time each month. My secured card got a fair amount of use, $2594 over the seven statements. Hope this information helps. Thanks for all the advice everyone!


Congrats on your CLI, score increases, and paying down your debt!

 

Mind sharing your closing and grad dates?

 

@RehabbingANDBlabbing How is your TU over 100 pts higher than your other scores? Congrats on reaching over 800, BTW! Smiley Happy

Message 408 of 422
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Member

Re: Discover Secured Graduation?


@cr101 wrote:

@CLARKakaSIX wrote:

GREAT NEWS GUYS!!!! Got unsecured at my first chance. CL increase from $500 to $2000. Some data points: opened card 9/19 with a $300 deposit. First month's statement caught me by surprise and so i ended up with $155 on my first statement. Other than that first statement, I've kept a zero balance except for one month which i left $29 on the account. Never over the limit, no late payments. My TU score (through Discover FICO Credit Scorecard) was 551 in 10/19, and gradually increased ending up at 607 this month 4/20. As mentioned in a recent post, I've gotten my credit card (closed accounts) debt down to $1800 from just over $5000 during this time. In March (03/20) I deposited an additional $200 for my secured limit to be increased to $500. During this time, this has been my only active credit card, but i did have one other account, a Self Lender CD, which has been paid on time each month. My secured card got a fair amount of use, $2594 over the seven statements. Hope this information helps. Thanks for all the advice everyone!


Congrats on your CLI, score increases, and paying down your debt!

 

Mind sharing your closing and grad dates?


No problem. Closing date is the 11th, but that fell on a saturday so my statement didnt cut until monday the 13th. Wednesday the 15th 10pm EST I got an email about the CL increase and my deposit being returned.

Message 409 of 422
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New Visitor

Re: Discover Secured Graduation?

Congratulations!!!

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