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New Discover secured graduation policy

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Regular Contributor

New Discover secured graduation policy

So after reading about a secured card holder graduating at 7 months, I decided to hop onto a secure message to inquire. My 7th month is tomorrow. So naturally I was curious as Discover is my only remaining secured card.

 

The lady I was chatting with informed me that discover had changed their secured card graduation process. Now instead of having to wait the full 12 months. They begin to do a monthly review of your account after your 7th statement. If you meet their criteria they will graduate your card early now..

 

Figured I would share the news with other Discover Secured Card holders..

 

Heres to hoping for early graduation and being out of secured cards completely.

Current Scores: 11/27/17: [EQ-643] [TU-651] [EX-655]


Goal 08 Scores: 11/7/19: [EQ-742] [TU-686] [EX-739]
Message 1 of 91
90 REPLIES
Valued Contributor

Re: New Discover secured graduation policy


@Davidasmithlpn wrote:

So after reading about a secured card holder graduating at 7 months, I decided to hop onto a secure message to inquire. My 7th month is tomorrow. So naturally I was curious as Discover is my only remaining secured card.

 

The lady I was chatting with informed me that discover had changed their secured card graduation process. Now instead of having to wait the full 12 months. They begin to do a monthly review of your account after your 7th statement. If you meet their criteria they will graduate your card early now..

 

Figured I would share the news with other Discover Secured Card holders..

 

Heres to hoping for early graduation and being out of secured cards completely.


Good luck.  Will keep my fingers crossed for you.  I've accepted that my profile is not what Discover is looking for.  Hope to hear you reporting in the next couple days that your card has unsecured. Smiley Happy


Gardening till December 2019
AMEX BCP| AMEX ED| BBVA NBA AMEX| Venture| QS| BoA Cash Rewards| Barclays Rewards MC
Message 2 of 91
New Member

Re: New Discover secured graduation policy

Been a lurker for a while but I can now confirm the 7 month policy.

 

I started building in Jan with 3 collections, FICO wouldn't even generate a score. I had no accounts except 2 old closed paid student loans and one of them having a lot of late payments - several 90+ days late.  Opened secured Citi in Jan with 5k, BoA w/ 4.9k in April and Discover with 2.5k. Took 6 months to generate a score. I looked at my FICO Premier in July and for some reason suddenly all the collections had disappeared with a credit score of 687/677/670. I didn't waste a minute. Went to Citi got a 30k loan, 5k LOC, 10k$ Checking PLUS LOC. Got a sapphire with 6k, a freedom with another 6k. Amazon Prime with 1800 and Capital one with 1k. Right after that the collections appeared again next month. Then I started disputing everything and all collections are gone now. Scores back up to 685 range which I think will go up past 700 this month with the utlilzation going from 30 to 5. Only thing left is getting rid of the late payments on my old student loan which I am going to start working on next week. The newest late payement is 45 months ago but I think it will cause problems going from 715 to past 760. Then get Citi and BoA unsecured and work on getting CLIs across the board. All the inquiries should be gone in July.

 

Got the  Discover in April 2016 and just got an email today saying I got unsecured. I'd like a CLI. There is an option in the portal that says, "After reviewing your application, we may need to pull a credit bureau report, which may affect your credit score. In these cases, we will proceed with the application only with your consent."

 

Anyone got any advice on that. Now waiting for BoA and Citi to unsecure.

 

-------

We're returning your security deposit.


Because you've shown responsible account management, you're getting your security deposit back. You should receive the check in the mail in 5-7 business days.

Nothing else changes with your Discover it card. You keep the same account number, the same rewards and the same credit line.

If you have any questions, you can reach our U.S. based service team any time at 1-800-347-3085.

Sincerely,

Discover Card Customer Service

----

Message 3 of 91
Frequent Contributor

Re: New Discover secured graduation policy


@Davidasmithlpn wrote:

So after reading about a secured card holder graduating at 7 months, I decided to hop onto a secure message to inquire. My 7th month is tomorrow. So naturally I was curious as Discover is my only remaining secured card.

 

The lady I was chatting with informed me that discover had changed their secured card graduation process. Now instead of having to wait the full 12 months. They begin to do a monthly review of your account after your 7th statement. If you meet their criteria they will graduate your card early now..

 

Figured I would share the news with other Discover Secured Card holders..

 

Heres to hoping for early graduation and being out of secured cards completely.


Yes. This happened to my Discover It secure card w/ $500 CL. Didn't know their policy on graduating secured cards, so I was in direct message with the rep to inquire. Yes, they will do a review after 7 statement to determine eligibility. 2 weeks later, my card was unsecured. I then applied for a CLI but was only given a $500 CLI to $1K. I'll take what I can get. 

Message 4 of 91
New Member

Re: New Discover secured graduation policy


@GTC471 wrote:

@Davidasmithlpn wrote:

So after reading about a secured card holder graduating at 7 months, I decided to hop onto a secure message to inquire. My 7th month is tomorrow. So naturally I was curious as Discover is my only remaining secured card.

 

The lady I was chatting with informed me that discover had changed their secured card graduation process. Now instead of having to wait the full 12 months. They begin to do a monthly review of your account after your 7th statement. If you meet their criteria they will graduate your card early now..

 

Figured I would share the news with other Discover Secured Card holders..

 

Heres to hoping for early graduation and being out of secured cards completely.


Yes. This happened to my Discover It secure card w/ $500 CL. Didn't know their policy on graduating secured cards, so I was in direct message with the rep to inquire. Yes, they will do a review after 7 statement to determine eligibility. 2 weeks later, my card was unsecured. I then applied for a CLI but was only given a $500 CLI to $1K. I'll take what I can get. 


GTC471, did you do the CLI through the portal or on the phone? Also did they do a HP?

 

Thanks

Message 5 of 91
Frequent Contributor

Re: New Discover secured graduation policy


@ak2196 wrote:

@GTC471 wrote:

@Davidasmithlpn wrote:

So after reading about a secured card holder graduating at 7 months, I decided to hop onto a secure message to inquire. My 7th month is tomorrow. So naturally I was curious as Discover is my only remaining secured card.

 

The lady I was chatting with informed me that discover had changed their secured card graduation process. Now instead of having to wait the full 12 months. They begin to do a monthly review of your account after your 7th statement. If you meet their criteria they will graduate your card early now..

 

Figured I would share the news with other Discover Secured Card holders..

 

Heres to hoping for early graduation and being out of secured cards completely.


Yes. This happened to my Discover It secure card w/ $500 CL. Didn't know their policy on graduating secured cards, so I was in direct message with the rep to inquire. Yes, they will do a review after 7 statement to determine eligibility. 2 weeks later, my card was unsecured. I then applied for a CLI but was only given a $500 CLI to $1K. I'll take what I can get. 


GTC471, did you do the CLI through the portal or on the phone? Also did they do a HP?

 

Thanks


I did it through the portal. And got an automatic increase. There was no HP from Discover on any CRAs. 
 

Message 6 of 91
New Member

Re: New Discover secured graduation policy


@GTC471 wrote:

@ak2196 wrote:

@GTC471 wrote:

@Davidasmithlpn wrote:

So after reading about a secured card holder graduating at 7 months, I decided to hop onto a secure message to inquire. My 7th month is tomorrow. So naturally I was curious as Discover is my only remaining secured card.

 

The lady I was chatting with informed me that discover had changed their secured card graduation process. Now instead of having to wait the full 12 months. They begin to do a monthly review of your account after your 7th statement. If you meet their criteria they will graduate your card early now..

 

Figured I would share the news with other Discover Secured Card holders..

 

Heres to hoping for early graduation and being out of secured cards completely.


Yes. This happened to my Discover It secure card w/ $500 CL. Didn't know their policy on graduating secured cards, so I was in direct message with the rep to inquire. Yes, they will do a review after 7 statement to determine eligibility. 2 weeks later, my card was unsecured. I then applied for a CLI but was only given a $500 CLI to $1K. I'll take what I can get. 


GTC471, did you do the CLI through the portal or on the phone? Also did they do a HP?

 

Thanks


I did it through the portal. And got an automatic increase. There was no HP from Discover on any CRAs. 
 


 

CREDIT LINE INCREASE REQUEST
 
At this time, we cannot increase your credit line.

However, you can make another request at a future time. You will receive a letter in 3-5 business days that will detail the reasons for this decision.

Message 7 of 91
Regular Contributor

Re: New Discover secured graduation policy

OP did your card ever graduate?

 

 

FICO Scores: EX-665 TU-690 EQ-670 (10-23-2017)
Amazon Store Card - CL $5000/AMEX BCE - CL $2000/ AMEX Everyday - $500/ Barclay Rewards Card - CL $1500/ Capital One secure card $500/ Capital One QS $1600/ Discover IT $10500/ Walmart Card - CL $5000/ Old Navy Card - CL $6000/ U.S. Bank Cash+ Visa Signature Card - CL $500
Message 8 of 91
Regular Contributor

Re: New Discover secured graduation policy

Yep, my card graduated at the 7th statement, I received my deposit back. Yesterday was my 10th statement and I got a CLI from $1000 up to $2500
Current Scores: 11/27/17: [EQ-643] [TU-651] [EX-655]


Goal 08 Scores: 11/7/19: [EQ-742] [TU-686] [EX-739]
Message 9 of 91
Valued Contributor

Re: New Discover secured graduation policy

A little over two weeks is my 7th statement. Crossing my fingers!!! Smiley Very Happy


TU FICO 8: 771 (12/18) — Ex FICO 8: 762 (12/18)
Message 10 of 91