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Discover Secured Graduation?

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Regular Contributor

Re: Discover Secured Graduation?

Good info. I spent 200-250 per month. Paid off monthly. Still havent got email on it but got the CLI. Will use it wisely on my end. bofa wont unsecure my 99/500 yet after 8 months but discover will. Who knows.
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 51 of 152
New Contributor

Re: Discover Secured Graduation?


@M100 wrote:

My secured card graduated right after the 7th statement cut. My deposit was $2500 at account opening, and it graduated as $2500 CL. But I have received 2 CLI's since then - one ($500) after 10th statement cut, and the second one ($1100) after the 11th statement cut bringing my current CL to $4100. My 12th statement will cut next week and will see what that brings. Both the CLI's were DD (double dipped) - online CLI and calling them the same day to get some more.

 

My observation on CLI after Disco secured card graduation has been that you will have to wait for 3 statements after graduation. That was the case with me as well as a few other cases I have read here in the forum. That's also in line with the unsecured cards CLI criteria where you are eligible for your first CLI only after your 3rd statement cut. 


I've been trying to get feedback on my question regarding this very topic for a while now, but to no avail. I'm seeing many people report a low starting deposit and then graduating to a high(er) CLI upon unsecuring. And, like your situation, customers who maxed out their initial deposit only to not have an actual CLI after unsecuring. But so far I have not seen an answer yet on someone who has deposited the maximum amount (or close to it) and after becoming unsecure they received an equally large CLI over and above their initial deposit.

 

I guess some things are meant to be a mystery! Smiley Very Happy

Message 52 of 152
Established Contributor

Re: Discover Secured Graduation?

@atmos_7 I've seen the same thing which is why I'm not bothering to up my security
Starting Score: EX 641 TU 631 EQ 669
Current Score: EX 714 TU 718 EQ 713 (EQ9 735)
Goal Scores: 750


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Message 53 of 152
New Contributor

Re: Discover Secured Graduation?


@XtraCredit wrote:
@Atmos_7 I've seen the same thing which is why I'm not bothering to up my security

I mean, in the grand scheme of things I guess it's not really a big deal but if there's a correlation to the Deposit vs Unsecured CLI formula (algorithm) then yes . . . it may not make sense to put an overly large deposit on the card pre-unsecured.

Message 54 of 152
Regular Contributor

Re: Discover Secured Graduation?

I was going to deposit more but figured let's see what happens. Inquiries and a short history are killing my rebuilding but I'm off to the garden now. I will use Discover and pay it off like I have and if it wasn't for this sure wouldn't have known about it honestly. It's a great rebuilding card. Lots of crappy subprime type cards out there but they hold up.
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 55 of 152
Regular Contributor

Re: Discover Secured Graduation?

My 8th statement cut on the 5th and still no graduation.  This will be a tough one I think because we use this card heavily for our monthly recurring expenses and we always pay the statement balance.  This last month we had it near the limit when the statement cut, but again every bit of that is getting paid before the due date next week.  I've never paid any interest on the card and we have probably run a good $8000 through this card since I got it in May.

 

The only other thing I can think of is Discover will be making me wait 1 year post BK discharge which will be this April.

Message 56 of 152
New Contributor

Re: Discover Secured Graduation?


@TexasFamMan wrote:

My 8th statement cut on the 5th and still no graduation.  This will be a tough one I think because we use this card heavily for our monthly recurring expenses and we always pay the statement balance.  This last month we had it near the limit when the statement cut, but again every bit of that is getting paid before the due date next week.  I've never paid any interest on the card and we have probably run a good $8000 through this card since I got it in May.

 

The only other thing I can think of is Discover will be making me wait 1 year post BK discharge which will be this April.


How's the rest of your credit profile look like? Discover looks at everything and not just their own card. 

Message 57 of 152
Regular Contributor

Re: Discover Secured Graduation?

Finally got email tonight. 5-7 days on the depoait return. Made my nite. Whew.
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 58 of 152
Regular Contributor

Re: Discover Secured Graduation?

We do the same with the NFCU nRewards secured card that I'm an AU on.  I have a Merrick card and we pay the statement balance on it though we rarely use it.  Other items on our credit report (our two auto loans, student loan, and a personal loan) all are paid on time each month.

Message 59 of 152
Frequent Contributor

Re: Discover Secured Graduation?

Another update:

This morning I checked my account to see that my secured card graduated with a $2000 CL after my 7th statement that cut on the 7th. So technically it graduated 2 days after my statement cleared. My deposit was $300. I was not expecting to graduate due to overall UTL at 70% as well as a low TU score of 611 going from Discovers Scorecard. I have not received the email confirmation of this yet but I look forward to receiving the $300 I put in 7-8 months ago. I can put it towards another $300 card or split it between two cards with small balances.


Good luck to those who are waiting for their graduation! 💪🏼
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Message 60 of 152
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