Mich.
Whats your TU Fico score?
Know that a lot of the Discover unsecuring is based on that...
-J
@Anonymous wrote:24 months and counting, not unsecured yet. So take that for what you will.
@Anonymous wrote:
@Anonymous wrote:
Mine just unsecured early aftern the 7th ststement, CL auto increase to $500 then to $1,000 after online request. My scores are 665 - 684. Really wish I'd added more $ to it now.Curious what makes you say that? Do those with higher deposits tend to get higher starting CL's when the card unsecures?
Personally, that's still not a gamble I'm willing to take with Discover, seeing so many stay secured for so long. I'm up to $400 now (4 months in), and I use the card heavily and am about to even more. I begrudgingly added the extra $200 simply to make use of the 5% at wholesale coming in January. But there's only so much money I'm going to lend them having no idea when it will come back.
I hope I'm a 7th monther. I feel like I'm doing everything I can (all statements cut with a $2 or $3 balance showing, and all payments in full and on time). But it's completely up to Discover, and folks seem to find them hard to predict. $1000 or $1500 is a lot of money for me to deposit on to a card when there's a chance Discover could still be holding on to it for 18-24 months or more.
Yes your starting CL on graduation is higher when the card unsecures if you put more money into the deposit ... its a combination of being able to "save" that money (and not relying on it, shows you can save) AND that you are taking a higher personal risk with higher CL thats dependant on YOUR own money..
Again with the gamble... the more you gamble the more you win... but again. credit isn't built in a day..
Your expecting a 7month unsecuring... It doesn't work that way... most secured cards expect a YEAR ...
And whats your actual TU FICO score? That seems to be the key to unsecuring with discover... If your trying to game it for 7month or a year unsecuring...try to work on making that climb...as well as working on any baddies if you have any... Also if you dont have a installment loan theres the secured share method... But that too needs a deposit, but you get most of it back in days as the loan itself....
Discovers been working on the backlog of older secured cards.. Not everyone, but quite a few if their TU score has gotten high enough (really think its over 650-660 or so, is unsecuring but this is just observation..... (and someone can correct me if im off on this).. and your at least 2 years out from a BK....
You keep calling it a loan.. the purpose of the securing... it to make good if you don't pay it off.. the bank is still taking a risk but by having that reserve.. they can and will use if if you default to pay the card, then issue you a check back or credit it to your account the difference.... minus fees of course...
Do i wish secured cards paid interest like the old days.. Yes.. but there is still risk even with the security deposit to the creditor... the risk is not 0... i actually had a banker explain to me why even a secured card is risk for the banking institution issuing it, albeit minimal...
Your thinking loan, when in reality a security deposit is escrow...
It's been 17 months and still secured for me. In fact I've gotten a BOA 99/500 and that graduated. They tell me they check every 10th of the month when my statement cuts but nothing.
