Discover it secured graduation

[Anonymous]

Congrats!

I'm still waiting on mine to graduate.Going on 2 years soon. Hopefully since I went from 200 to 800. I'm hoping adding more money will do the trick. 

[joltdude]

I wonder what folks with almost 2 year old Disco Secured cards have for scores..... 

At that point. if you can, id be trying for a prequal and take the possible HP for a new card....

Yes you can have 2 Disco cards... But the first needs to be at LEAST 12 statements old (a year)....

Seeing a few Discover cards esp secured get stuck just like Cap One

[outofcredit]

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@joltdude wrote:

I wonder what folks with almost 2 year old Disco Secured cards have for scores..... 

At that point. if you can, id be trying for a prequal and take the possible HP for a new card....

Yes you can have 2 Disco cards... But the first needs to be at LEAST 12 statements old (a year)....

Seeing a few Discover cards esp secured get stuck just like Cap One

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My Discover secured is 25 months old. I'm not expecting it to graduate any time soon anymore. My Fico 8 scores are EQ-621, TU-639 and EX-614. AAOA is 3 yrs old and UTIL is 13%.  I do still have 3 charged off accounts from 2013 from First Premier,  Merrick Bank and  Firestone.  They will all drop off by 2020.  I had considered trying to settle these but after contacting First Premier to settle another account (I had 2 charge offs with them) they "updated" the status of both the settled account and the one still unpaid in December 2017 which caused a score drop.  To me, paying them did more harm than good. I have been able to get other cards and right now I really have no need for a better score so I will wait it out.  I have come to a premise that Discover doesn't really like my profile with the still unpaid charge-offs. Their prequalify site always says no, citing derogatory accounts as the reason. They don't mind keeping my money though until 2020 I guess. My daughter's profile was similar but she actually paid off all her derogatories and Discover approved her for a $8500 CL this month after denying her in January 2018 for the same reason...derogatory accounts. My guess is if I paid the charge offs they would probably unsecure me and give me my $200 back.  I have never carried a balance on the card though. Refuse to give them interest on top of my own money to fund the card.

[WontGiveUp]

Hello. I don’t think adding more money after your initial deposit, matters. I started with a $400 initial deposit ($400 limit)...
graduated 2 days after my 7th statement cut, and cli’d to $2k. My monthly usage was roughly $800 per month. I would use it and pay transactions in full during the middle of the cycle...but only paid approximately 80% when it was time for the statement to cut. Mine reported a 10-20% balance each month (that I paid in full once the statement cut). Except my 7th statement...because after paying the sixth statement’s balance, I didn’t use it. So the $400 was available the entire month. So the 7th statement showed $0 balance, $0 due, etc. Then graduated 2 days later and was increased to $2k

[joltdude]

Out of Credit:

Yes they probably dont like your baddies for a new card. But as far as the graduation goes... YCMV of course but Discover tends to like a score of 640 or higher on TU..  and im guessing similar on the other score they SP (in my case it would be EX)........If you can get both scores to 640, its likely to unsecure... Might even unsecure with just the TU but seen more cases of TU being around 640 and up.. (yes iv seen 639 TU graduate but its not as commmon.. its roughly 640 and up) but i think it might be more your EX score thats slowing you down in this case...

Baddies tend to not completely stop graduation.. but limit or don't get a big or any CLI on graduation...

(This is just opinion)... 

Hang in there.. 

-J

[Anonymous]

Hi how long did you have the secured card before graduation?

[Anonymous]

Finally I receivedy email this morning and my Discover card graduated. IAM excited...I get my desposit back and they gave me $1k cli. It took around 16 months because of my credit score being low. But I wanted to know when can u push the love button after the graduation just to see if they will give u another CLI or do u have to wait 6 monthsbto get another one.

[Austrausky]

@joltdude

Mine finally graduated in July at 27 months, and I had all three bureaus above 650 that month.  My scores were always close to, but not quite, 640 and my util has been under 30% for nearly the entire two year period.  My TU score would jump to about 660 every month, but seemingly on the day that Discover pulled my credit for the monthly update it would shoot down to 612 (no joke, this happened for 7 months straight and both myFICO and Discover noted it).  I have one open collection from 2012 for unpaid tuition, one 30-day late in July 2014, and two paid collection accounts (one paid in 2016, one in 2017).  When my scores are up they are all around 660 (hoping that my mortgage and pyaing off my last baddie helps me break through that ceiling), but they fluctuate wildly and seemingly without warning and they very rarely (if ever) synchronize.  I closed on my house the same month, and once my mortgage was reported my scores fell to the 540 - 580 range so I am incredibly thankful that Discover pulled the trigger when the did :-)

[HarlemBoy]

Update: I am now at $8K CLI. All auto CLI. $1K secured, 7 months later $1.8K unsecured, 3 months later $3.6K and now $8K.
I have no idea what I did to get this. But I put all my transactions on the card and do multiple payments a month because often I had to buy more than my credit limit per month.
This seems to have triggered it, no idea .

[Anonymous]

Well, I'm a bit late to the party but when I first applied for my discover IT Secured card I put down an initial deposit of $700 to open my line on 6/20/2018, I began using the card with every intention to garden it well and make sure balanced mostly reported under 30% however, due to some terrible circumstances around the end of 2018 I ended up having to use the card much more than I had originally intended. There were months when I would spend up to $1400 on the card and would leave maybe about 30% carrying over. I really did try to keep my balances at a reported under 30% but there were times when I needed to do what I needed to do. That being said, I was totally shocked to have received an email on January 30th of 2019 of my deposit being refunded and my CLI increasing to $2,000.00! With scores being reported by CK, Discover, and Creditwise it showed a fluctuation of being in the 580's-640's. Just thought I would put in my experience since I heavily relied on this forum before applying for cards whilst trying to rebuild post BK.