New Discover secured graduation policy

[Ardecko]

That idea comes up every now and then, but without a time machine it's hard to verify if it actually works. They might decide they're ok with that limit and send it all back or they might decide you're trying to play them and just not graduate you.

If they do graduate you, did you screw yourself by adding an amount that was less than the CLI they were going to give you?

If they don't graduate you, were they going to graduate you at the lower limit?

[Jimp2323]

Makes sense.  Thx

[pauper66]

I opened mine with a $500 deposit. But then I was planning on using this card for a vacation, so a month later, I called them to inquire about raising with additional deposit. They told me I qualified for $2500 total CL, so I could add anywhere up to $2000 additional deposit for matching CL.

I don't know if they have a time limit for increaing, but judging by the wording on the CLI link, I would assume there isn't one, but there may be a SP or HP associated with it. My qualifying limit was based on my initial app with them. Dosn't hurt to call and ask. You may already be  qualified for more.

[Anonymous]

My 7th cuts Tuesday next week! Well see how it goes

[pauper66]

I opened my Discver It Secured card in Feb, 2017. FICO 575 at the time.

I had only one other account-a car loan with Santander, approx 16 months old. Had 2 retail collecetions, plus 6 medical collections and a tax lien on my reports.

Within 2-3 months, I had all the collections removed. Only the tax lien remaind. I opened two other secured cards right after getting the Discover. Bought a new truck, and opened two new unsecured CCs in the meantime.

my 7 month FICO scores from Discover from Feb to Sep:

575

611

591

633

727- first report after cleanup.

687-truck, unsecured CCs.

709

711- they pulled on the 18th. on the 21st, I jumped to 729. Timing....sheesh...

Considering where I started, and where I am now, and seeing others stats who graduated, I thought for sure, mine was a sure thing. My 7th report cut on the 24th. And just to add to the agony of antciipating my deposit return, that was a Saturday!!!! I had wait two more days.

Woke up Monday morning to a notice my statement (#7) was ready...checked the CLI link....still got the message about additional deosit....

So, I called discover. They said I was eligble for review, but doesn't look  like I was graduating. REEEEEE-JECTED!!!

I asked if they had any insight, and what could I work on, as I had cleaned up al my reports, my scores had all rebouneded from the truck dip...and were near all time high...

Never went over 25% utilization, always paid down so no more than 10% would report and always paid in full, avoiding interest. Rep just said that they look at the overall picture.

The only neg factors I get when I check are "two few accounts showing history" 7 total-1 closed, 1 active auto loan, 6 CCs), and lenght of credit too short (AAOA 7 months).

I wasn't too disappointed. But seriously surprised I didn't graduate. Not hurting for the money, but it is $2500, and if it has to be parked somewhere, I would much rather park it in my CU account where it can earn 3.25%

And then....BAM!!! I wake up this morning to an email from Discover gushing over what a great customer I am and how much they aprreciate me...and they are returning my deposit!!!

That was quite a nice surprise after the Monday convo.

[Adkins]

Nice! Congratulations on the card becoming unsecured! Are you going to ask for a CLI?

[pauper66]

I did. That was denied.

[Ardecko]

Did they leave your limit at the previously secured amount?

[pauper66]

Yes. They said no change to limit, no change to rewards, no loss of rewards earned, I'll still get the cashback match at one year. Everyhting stays the same, just unsecured now.

[Adkins]

pauper66 - I'm sorry you didn't get a CLI.