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Discover Secured Graduation?

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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 71 of 163
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 72 of 163
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 73 of 163
Regular Contributor

Re: Discover Secured Graduation?

Anyone know the next time they review for CLI's after the bump to $2000? Think like 2500 is next milestone
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 74 of 163
Frequent Contributor

Re: Discover Secured Graduation?

2 statements after graduation to $2000 unsecured CL and no auto love nor with the luv button. Maybe the 3rd statement will be the good luck charm... or not. I will update 💪🏼

Sept 18: EQ: 578 TU: 583 EX: 576
March 19’: EQ: 615 TU: 642 EX: 637

June: EQ8: 637 ^26 TU8: 645 ^7 EX8: 642 ^0

Goal by Sept 20’ EQ: 700 TU: 700 EX:700

AA: 7YRS AAOA: 2YR 3MONTHS
Inquiries in 12 months: EQ: 4 TU: 1 EX: 2
New Accounts in the last 8 months: 0


CLOSED: Self Lender 12Month CD: June 20th 19’





Main Short Term Goal: Auto Lease 2020 Jeep MOAB with 700 scores across the board.
Message 75 of 163
New Visitor

Re: Discover Secured Graduation?

My experience with this card is great. I recently had my review. I had originally 200 dollars for a deposit. I then increased it 300 dollars by making another deposit. After some months after paying on time and making several payments in each because sometime i do get close to my limit I finally got a chance to get my account reviewed. They made it unsecured with an increase from 500 to 2000 dollars.
Message 76 of 163
Established Member

Re: Discover Secured Graduation?

I started to build credit with this credit card. I got graduted after 7 months, got my deposit back and limint increse to 1k. I use this card for almost everything.

US Cards

Mexico Cards
Message 77 of 163
New Visitor

Re: Discover Secured Graduation?

This card is great I try to make multiple payments and keep my utilization down to under 10 percent. My credit score is not that good ..about 590/600 range. I will say that the only downside to this card is that not too many places internationally take it.
Message 78 of 163
Established Member

Re: Discover Secured Graduation?

Yes, you're right. I mostly use it in the US and I have capital one MS that I use when I travel, plus I have other Mexcian CC. The Discover and Capital One helped me to get to 688 credit score.

US Cards

Mexico Cards
Message 79 of 163
New Member

Re: Discover Secured Graduation?

Hi guys, this is my first post on these forums, hehe, I been lurking for a little bit. I deposited $200 and started using the card frequently. I would use all $200 and pay it all off several times a month. I would spend anwhere from $400 to $600 every month. I used the "credit utilization trick" and left 5% ($10) of my limit every time my statement cut, and then paid it the next day. After 7 statements they graduated me (woohoo!!) and sent me my $200 back in the form of a check in the mail and raised my limit to $2000.

 

My question that kind of goes along with this thread is when should I ask for a CLI? I just graduated in the begninning of this month (March 2019).

Message 80 of 163
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