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Discover Secured Graduation?

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Moderator

Re: Discover Secured IT Graduation (Data Points)

Congrats on disco graduation 

 

Dont let CreditOne  CSR try to talk you into keeping the card. 

Message 71 of 402
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New Member

Re: Discover Secured IT Graduation (Data Points)

Not a chance unless they're waiving ALL fees. 😉 I'm happy to have some fee-free options. Even though I'm a loooong way from where I want to be, having those options means that I'm a long way from where I was.
Message 72 of 402
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New Member

Re: Discover Secured IT Graduation (Data Points)

Congrats!  I just graduated last night too.  Like you, I was watching the board for tips and advice so I'll throw some data out there too to help some folks out.  

 

Opened Discover IT secured 12/2016 - so 26 months ago - with a $200 deposit.  

Credit score was 600 - 620

Credit Report Badies: 3 credit card and 1 student loan chargeoffs (The 08' - 10' recession screwed me royally)

1 $2,000 Avant personal loan in good standing

$0 balance on an OpenSky credit card, $600 limit

No hard inquiries on EQ or TU

 

For the first cpl years, I treated this card  badly.  I only ever used it to buy gas, but would frequently go over the $200 limit, buying 2-3 tanks of gas a week  (Insane commute).  I paid it everytime I exceeded the limit, and paid that off in full never carrying a balance to the next statement, but I guess Discover didn't like that I was exceeding the limit so it wouldn't graduate.  

 

For the last 7 statements, I followed all the 'rules' that you're suppose to.  On 6 of those statements, the card never carried a balance of more than 30%, and it was always paid in full.  On 3 of those statement periods I didn't use the card at all.  During 1 cycle it did reach 50%, but again, paid in full.

 

And last night - graduated to unsecured with a $2,000 limit - woot!  

 

So from my eyes, it seems that weather you're just issued this card or have had it a while, it's 7 months to graduate from opening the account or from your last credit card boo-boo.  

 

Current Data Points

Credit score is somewhere around 685 - 700 (I'm not sure the date discover pulled my data again)

No Chargeoffs - they all fell off

$0 balance on Avant loan - paid in full all on-time

$200 balance on OpenSky CC

Current car loan with GM financal for $6k, all payments on-time

Maybe 1 hard inquiry on TU or EQ

Message 73 of 402
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New Member

Re: Discover Secured IT Graduation (Data Points)

Congratulations! That's a nice CLI. Also, 26 months?! You have a lot of patience, hahaha. 😁 It looks like you have really worked hard to improve your credit. It's good to know that it is possible to do so. Thanks for sharing your story - it will give hope to others who are waiting and wondering.
Message 74 of 402
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Senior Contributor

Re: Discover Secured IT Graduation (Data Points)

Congratulations on your card graduating!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Mar 2020):EX- 689, TU- 659, EQ- 651
What's in my wallet:



On the chopping block:

Message 75 of 402
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New Member

Re: Discover Secured Graduation?

Been lurking in this forum since last year. I am new to credit. No credit file at all before being approved for my first and only card so far last year. Approved for a Discover it Secured in July 2018. Got my first ever FICO scores last month which is TU: 759 and EX: 749.. I don’t know my EQ.

Charged around $150-500 monthly, paying multiple times because my deposit is only $200. PIF before due date and leave $5 of the current balance to report when statement cut. There was only 1 month where I let it report a $0 balance. Never paid interest.

My 7th statement cut on Feb 23rd. Today Feb 27th, After 3 business days my CL increased from $200 to $2,000. Haven’t received the graduation email yet. FICO scores as of Feb 17th is TU: 771 and EX: 769

So happy! Will try the love button after my 10th statement cut. Might also apply for a new card once I reach 1 yr credit history.
Message 76 of 402
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Regular Contributor

Re: Discover Secured Graduation?

Texan78, I think I'm the poster child for doing everything, "wrong," with my secured Discover (Chrome) card.  When the account had a $300 CL I foolishly exceeded the limit seven times spanning several months, all denials.  Then I pumped $500 more into the security deposit, now to $800.  Have put > $11k in spend through this $300 / $800 account in two years, paying frequently, always ahead of schedule.

 

On March 17 the account will turn 24 months old, still secured.  Last month I applied for Discover Cash Back and was approved with a $7k SL.  Heh.  I'm going to give Discover 18 more days to graduate me! Smiley Happy If they don't, automatically, should I contact them to request graduation?  Totally willing to pull the plug on the account if they say, "no."

Aug 2019: EQ 713, EX 698, TU 708 (Mar 2017: 550's)

AAoA: 8.6 years, Gardening Goal: Spring 2020
Message 77 of 402
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Community Leader
Senior Contributor

Re: Discover Secured Graduation?

Id just close the secured Disco card.. its done its job..

You already found out your eligible and obtained an unsecured disco.. Just close it

Im pretty sure the over limits (even though you took care of them promptly) were the mistake... This is just heresay but basically the overlimits reset you back to 6-7 month wait...and possibly addint to the CL might have slowed it down but only because of the overlmits playing against you..

 

-J

 

Message 78 of 402
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New Visitor

Re: Discover Secured Graduation?

Hi! After 2.5 year post-BK I received an auto CLI to $1,800 once my discover FICO is 638 with 34% utilization, which included 7 baddies. My deposit was returned shortly thereafter.  I did try to get a credit limit increase at my 6 month mark, with under 20% utilization and my TU was at 657, it was denied. Note when I asked for a CLI my TU and utilization were lower than it was when discover completed the auto increase, so I couldn't begin to explain the difference, other than the length of time I've had my card with them and the fact that I have other cards now. The rep only provide vague information stating that they consider new lines of credit, late payments, utilization, and payment history and that I shoul wait for an email from them. Prior to the CLI I opened two other unsecured cards, they were open at least 6 months (raising my scores). 

 

TU 638 | EQ 659 | EX 695

INQ 1

Message 79 of 402
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Frequent Contributor

Re: Discover Secured IT Graduation (Data Points)

Ch7 DC 4-2018
Opened my Discover Secured 5-2018 with $200. Added $1000 to it in 7-2018
Always pay the statement balance even though the card gets charged up to 75-80% of the limit. Make multiple payments each month to make sure.

Still graduated 9 statements later. Tomorrow will be the 10th statement. Really not sure what I’m doing wrong. We have treated the rest of our credit lines excellent and just had my wife’s NFCU secured graduate at the 6th statement with us doing the same thing to it. Discover can’t tell me anything other than it’s all automated.
Message 80 of 402
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