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
Congratulations on your card graduating!
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! 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."
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..
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