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Discover Secured Graduation?

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Frequent Contributor

Re: Discover Secured Graduation?

Update 2/26/019:

My Discover It secured graduated today!!!! My statement cut on the evening of the 23rd and the CLI showed up at 1am today on the 26th. I got a credit limit increase from $700 to $2,000!!!! I’ve used the card pretty heavily to maximize the cash back bonus and I’ve been paying in full every month (multiple times). They didn’t graduate it until the 10th statement. They probably did so now versus my 7th statement because my TU score went from 613 to 655 after several negative items were deleted. I still have 2 charge offs and 1 collection reporting on TransUnion, but it graduated anyway. Thank you Discover!!!!!!
Message 61 of 432
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Valued Contributor

Re: Discover Secured Graduation?

My 50th statement cuts on February 5 and I’m still secured.

My TU has gone up 151 points since I got it but there is still a really old baddie that I can’t get rid of outside of waiting for it to age off so if that’s what’s holding it back then I just have to keep waiting.
Message 62 of 432
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New Contributor

Re: Discover Secured Graduation?

Grats to those who graduated! Smiley Very Happy

 

At this point based on the data points (or lack thereof in proving my theory), I'm 100% convinced that if you deposit a high amount to the card initially (up to $2500), or any combinations of small deposits leading to a large credit line due to the consumer, that upon graduation Discover will NOT give a CLI at all.

 

I have yet to see proof that a customer maxed out their deposit at the beginning and, upon graduation, Discover unsecured the card whilst giving an equally significant CLI amount on their end (thus resulting in a simplistic formula of $2500 (from the customer) + $2000 (from Discover upon graduating) = $4500 (hypothetical amount).

 

 

Message 63 of 432
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New Visitor

Re: Discover Secured Graduation?

Hello Everyone, long time follower first time poster.

I was reading this thread last week trying to gather information because I was trying to figure why and when my card would graduate. When I called a few months ago they said it was automated like has been mentioned on here several times and there was nothing they could do. I would just have to wait and they didn't know the formula.

Well Saturday 2/16 I get an email that my card has finally graduated after 15 months and they will be returning my deposit. My initial deposit was $700 and they are only giving my a $50 CLI bringing my total CL to $750. While I am happy it finally graduated after 15 months. I was rather disappointed with the CLI as I was expecting more since I deposited more and my balance was always paid in full every month and was never late. I may reach out to customer service and see if I can get a CLI that way since I have read others have done that. I was expecting to at least get a CLI of $500-800 based on my opening deposit and responsible use of the card, but nope, only $50 CLI and I am rather disappointed with that.

I have other sub-prime cards where I got CLI that were several hundred dollars more and even got approved for a second card with another lender for $1000 based on my credit worthiness and they gave me a CLI of $150 on the other card.
Message 64 of 432
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Established Contributor

Re: Discover Secured Graduation?

@Texan
While you put in more than the minimum security deposit, all of your data points are looked at in determining your limited after unsecuring.
As your credit scores increase so will your spending limits.

Congrats on unsecuring.
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 65 of 432
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New Visitor

Re: Discover Secured Graduation?

Thanks! It is rather head scratching when my scores are in the mid to upper 600's and I have read others with scores in the 500's get larger CLI's with lower deposits. Also since I have sub-prime cards with higher CLI's and higher overall CL. I just figured I would expect more from a larger lender like Discover. Just wish we could figure out what Discovers Algorithm is and what data points exactly they are looking at.
Message 66 of 432
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Community Leader
Senior Contributor

Re: Discover Secured Graduation?

@michikade what are your current scores... Both FICO TU and EX if possible ..(an EX score can be obtained from CS)

Am curious about what baddie is holding you back .. 

 

-J

 

Message 67 of 432
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New Member

Re: Discover Secured Graduation?

Mine just unsecured after 7 statements. Went from $600 to $2000! Scores are ~630ish at  most with several baddies still on there. Ran it up high but last few months paid before statement cut. Instantly went to $2000 nearly as soon as the statement cut.

Message 68 of 432
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Senior Contributor

Re: Discover Secured Graduation?


@sarcean1 wrote:

Mine just unsecured after 7 statements. Went from $600 to $2000!


That is AWESOME!!!!!!!!  Glad to hear a positive result and thanks for sharing dp's.  It really is a relief to hear you got what you signed up for....me over here hoping the same thingSmiley Tongue.  

"My Take Home Pay Won't Take Me Home"
Scores updated 5/26/20: Exp 734, TU 751, EQ 744
Message 69 of 432
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New Member

Discover Secured IT Graduation (Data Points)

Hey everyone! I was just graduated last night and considering I was constantly looking for info on this site, I thought I'd provide my info. Someone else may find it useful.

* Chapter 7 finalized in 04/2018
* Approved for secure Discover IT card in 07/2018; deposited $500
* For several months, maintained low usage/paid in full
* For the last 2-3 months, I've had high usage & have paid more than the minimum due but less than the full balance (same for all cards - life happens)
* 7th statement issued on 02/20/19
* Checked app today (02/22/19) and I'm unsecured
* CLI to $750
* Attempted additional CLI but was declined (not shocking, haha)

Current score (from 02/20/19 statement): 615
Original score (from 08/2018 statement): 638

I was pleasantly surprised that they graduated me with my utilization so high (I think 75-80% for the last couple months).

I also have the following unsecured cards/limits: CapOne ($500, started at $300 in 03/2018, will request CLI in a couple months), Merrick ($550, will double in a couple months), and CreditOne ($450, will be closing soon to avoid annual fee).

Once I close the CreditOne card, I will be working on keeping <10% utilization over the remaining three cards and paying in full each month. No new credit for at least a year!
Message 70 of 432
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