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Discover It Secured Card Graduated

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Regular Contributor

Discover It Secured Card Graduated

This morning I woke up and checked my email like I do everyday. This time I had an email from Discover saying, Congratulations! My secured card graduated and I would be receiving my deposit in the mail within 5-7 business days. I started with a deposit of $500 and my new credit limit is now $2000. This is my largest current credit limit and I couldn't be anymore excited.

 

Here are few stats about me:

  • I still have a few unpaid charge offs
    • NFCU cc about $4k that has not updated my most recent payments
    • Santander auto loan $4031 (no payments made since 5/2017)
    • Credit Management collection $333 (will fall off 2020)
  • Current Scores
    • EQ 576
    • TU 627
    • EX 594 (score dropped 20+ points because of a disputed paid charge off in April)
  • Use of Discover card
    • I used the card almost everyday making multiple payments every month
    • For example in April I made 3 payments as of today and will make another at month end
  • Unsecured / Graduation Length
    • The Discover It Chrome card graduated a couple days after my 7th statement cut
  • Fraud
    • Discover sent me a new card about 3 months ago because of fraduenlent activity.
  • Utilization
    • 74% cc utilization reported by Discover
  • Next steps
    • Requesting the 5% cash back
    • What do you think I should do next?

 

Starting CK FAKOS 6/28/2018
TU 503
EQ 498
Discover EX 537

FICO Score 8 7/7/2018
EX 557
TU 566
EQ 514

Current FICO Score 8 as of 6/29/2019
EX 653
TU 652
EQ 611

Goal Score 675
15 REPLIES 15
Community Leader
Mega Contributor

Re: Discover It Secured Card Graduated

Next should be dealing with COs and collection. 

 

 

EX 754 EQ 774 TU 752


Message 2 of 16
Senior Contributor

Re: Discover It Secured Card Graduated

+1 from Reme. Congrats.




My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 3 of 16
New Contributor

Re: Discover It Secured Card Graduated

Congratulations!  How many days after your statement cut did you get your email?





Message 4 of 16
Regular Contributor

Re: Discover It Secured Card Graduated

It was about 5 days after my statement cut.

Starting CK FAKOS 6/28/2018
TU 503
EQ 498
Discover EX 537

FICO Score 8 7/7/2018
EX 557
TU 566
EQ 514

Current FICO Score 8 as of 6/29/2019
EX 653
TU 652
EQ 611

Goal Score 675
Message 5 of 16
New Contributor

Re: Discover It Secured Card Graduated

Mine finally graduated.... woke up this morning to a CLI increase, haven't received the official email yet tho.





Message 6 of 16
Regular Contributor

Re: Discover It Secured Card Graduated

Congrats! Please give your data points.

Starting CK FAKOS 6/28/2018
TU 503
EQ 498
Discover EX 537

FICO Score 8 7/7/2018
EX 557
TU 566
EQ 514

Current FICO Score 8 as of 6/29/2019
EX 653
TU 652
EQ 611

Goal Score 675
Message 7 of 16
Regular Contributor

Re: Discover It Secured Card Graduated

Congragulations on your graduation. I find it fascinating you made such a large jump. I too had a secured Discover card starting at $500. What I find odd is when they graduated me, I only got bumbed to $750 CL.  In fact my CR overal seems like it was a bit stronger. I had no unpaid Charge off's (I had 2 paid showing, had been paid about 12 months prior). CC debt of about 15 % at the time. It's crazy to me how Discover would increase your CL 4 times but only give me $250. In fact since then I have asked for a CLI and only got another $250 for a total of $1000 right now. When I got the increase to $1000 CL I had scores of about 680 across the board.

 

Congrats on the increase, just find Discover a bit crazy.

Message 8 of 16
Regular Contributor

Re: Discover It Secured Card Graduated

 

 

 

Starting CK FAKOS 6/28/2018
TU 503
EQ 498
Discover EX 537

FICO Score 8 7/7/2018
EX 557
TU 566
EQ 514

Current FICO Score 8 as of 6/29/2019
EX 653
TU 652
EQ 611

Goal Score 675
Message 9 of 16
Regular Contributor

Re: Discover It Secured Card Graduated

No problem with the questions. Happy to share data to help with comparisons (and for my own knowledge). For reference here, my Discover graduated in August of 2018, I got the secured card in November of 2017.

 

My profile is fairly thick as well. In fact about the same oveall length, about 12 years.

 

It is a bit spotty. I have Student Loan which had defaulted, that I then rehabbed. So the new SL trade line was in perfect standing. But the old SL trade line still exists on my CR, showing 120 day late payments. The last 120 late payment is from Feb of 2014.

 

The last late payment on my CR in general is a 30-day late on an Auto loan in Apr of 2017

 

I had one other revolver (CO Platinum) I got in Feb of 2018. $500 CR. At the time of graduation I think there was maybe $60 reporting.

 

I didn't ever max out my Discover. I think the highest balance it ever had was just over $300 which I paid off a week or so later.

 

I do pre-qualify for other Discover cards now. However, I am in the process of building a home (first home ever for me) and will close in about 60 days. So based on that can't open any new accounts right now.

 

I should note since Discover graduation, I was able to get two Amex's. One is the Delta Gold which had a SL of 5k and another Amex revolver that is 2k. Those are both only about 6 months old now. So it does seem I am on the upside of getting higher credit limits.

Message 10 of 16
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