Discover & NFCU secured question

[Anonymous]

Hello,

So I am currently 9 statements in on my Discover secured $200, and 5 statements in on my NFCU secured $300. Have not yet received a graduation on either one... I do my banking with NFCU as well using direct deposit I guess I was hoping that may have helped my case.

The way I use these cards is I use them for groceries/gas and pay off in full every time I get paid. I haven't been focusing on what gets reported on the statement each month since I just use it naturally and pay off every 2 weeks. So, the util that gets reported varies.. sometimes under 10% , or 50%, or near max. But I always pay in full multiple times per month. Could this be why I haven't graduated yet? I am aware of AZEO but wasn't concerned about doing it since I have no plans on applying for credit anytime soon.

[Hex]

I think that when they review your accounts to see if they can graduate the card your odds for approval would be better if you weren't sitting at 50% or near maxed.

[Adkins]

I politely disagree with the PP concerning the max, at least as it applies to Discover. I only had a couple hundred on my  discover secured card and it regularly reported maxed out, as I made several payments a month. My card unsecured at 10 months, I think? (I'd have to find the thread.) You haven't given us any data points to work with: fico scores, any baddies, etc.. It's the overall profile that seems to trigger graduation. 

[Anonymous]

Thanks for the replies. I have a bk7 discharged October last year. 

EX fico 8 : 627

TU fico 8 : 615

EQ fico 9 : 632

Since my bk I have these credit cards:

Credit One: $231 bal / $300 limit opened 10/2018

Discover secured: $179 bal / $200 limit (payoff every other week) opened 11/2018

NFCU secured: $164 bal / $300 limit (payoff every other week) opened 3/2019

Merrick: $355 bal / $700 limit opened 5/2019

 Next month I will make sure they both report a $0 balance and see if that helps trigger anything. Will pay off the other 2 by October.

[CreditInspired]

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@Anonymous wrote:

Thanks for the replies. I have a bk7 discharged October last year. 

EX fico 8 : 627

TU fico 8 : 615

EQ fico 9 : 632

Since my bk I have these credit cards:

Credit One: $231 bal / $300 limit opened 10/2018

Discover secured: $179 bal / $200 limit (payoff every other week) opened 11/2018

NFCU secured: $164 bal / $300 limit (payoff every other week) opened 3/2019

Merrick: $355 bal / $700 limit opened 5/2019

 Next month I will make sure they both report a $0 balance and see if that helps trigger anything. Will pay off the other 2 by October.

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Okay, here is where you stand:

• Credit One: $231 bal / $300 77%UT
• Discover secured: $179 bal / $200 90%UT
• NFCU secured: $164 bal / $300 55%UT
• Merrick: $355 bal / $700 51%UT

These are your only CCs and you are carrying a balance on all of them. Then, you are maxed out on 1 card, almost maxed out on another card, and over 50%UT on the other two. I absolutely believe this is why your Disco and NFCU secured cards won't unsecure. 

So in order to get Disco and NFCU to see you in a favorable light, which shows you're responsibly handling your credit, I suggest that you get the 3 highest UT cards to $0 ASAP and the Merrick to less than 8.9%UT. Another question: are you paying interest on these cards? Try to develop a habit while you have low CLs of PIF if possible. This will go a long way in setting you up on how to treat your cards when you start getting higher CLs.  

Since you say you are paying balances off every other week, I don't understand why these balances are so high. So get in the habit of making sure that these balances are paid off before statements cut so they don't report this high. Of course, as stated above, let one report at less than 8.9%.

GL2U

[Anonymous]

The discover and nfcu I pay in full and use again but I thought it only mattered to report 0 Bal when you need to apply for new credit...so never was concerned about what it actually reported on statement. I am still learning when it comes to this credit stuff! I haven't paid any interest in those cards. The other two, I dont use as often but will make sure to pay off asap. I appreciate the help!

[Anonymous]

I have a ch 7 bk that dc'd the same month as you (October 2018), and I also had a secured Discover and a secured Navy card. Both unsecured and I was given a cli to $2000.

My Discover unsecured at 7 statements, Navy at 5 statements (just a week ago). I had been practicing AZEO until this past month when I had a few cards report balances (which brought my scores down).

I also believe that it is your REPORTED BALANCES (UTILIZATION) on all of your cards that is preventing your graduation(s). As long as you have no other lates since your bk, your cards should graduate if you PAY OFF all cards but one, let your statements report the zero balance on all cards (but less than 8% on the remaining card), and don't use them again until AFTER your statement cuts.

Do that a month or two and your cards should graduate from my experience and what I have seen on the forums.

Good luck!

[SouthJamaica]

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@Anonymous wrote:
The discover and nfcu I pay in full and use again but I thought it only mattered to report 0 Bal when you need to apply for new credit...so never was concerned about what it actually reported on statement. I am still learning when it comes to this credit stuff! I haven't paid any interest in those cards. The other two, I dont use as often but will make sure to pay off asap. I appreciate the help!

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I disagree for several reasons

1. If you're trying to get a secured card to graduate to unsecured, that IS trying for new credit

2. In this society you never know when your credit score will come into play. Your cell phone might break, or you might be moving, or you might be applying for car insurance, or you're opening a new bank account, or you're applying for a job. Etc.

3. If you want your scores optimized, make sure 1 card reports at 28% or less, and the others report at zero.