I went to sleep last night with a $300 credit limit on my discover card. I woke up this morning to a $1,800 credit limit! I think it’s safe to say I’ve graduated lol. Right on que too, the 3rd day after my 7th statement cut. I haven’t received a email making the graduation “official” yet but that should come either by tonight or tomorrow.
I used the card up to it's limit every month and paid it down before each statement cut and left a few dollars on it to report (2% to 3% of my limit). I never paid it down mid month to use it again. I simply used what I had available that month and then paid it down right before statement cut.
I've had an amazing experience with discover thus far. I look forward to building a long healthy history with them.
I received a letter from PenFed yesterday with a form I had to sign confirming my account information is correct. It also asked if I want to add a joint owner, blah blah. The letter stated my "account won't be active" until they receive that form with my signature. I signed it and scanned it to my PC and submitted it online.
They also included a small welcome brochure. I flipped through it and read the small print under the auto loan section. It states you only qualify for preapproval if you've been a member for over 90 days. I didn't know that and felt it's important to point that out if anyone reads this and is thinking about applying through them.
@FireMedic1 thank you! It feels like a big milestone. I wonder when my cap1 will graduate as it was opened one week after my disco.
It's official! Received the email just after midnight last night.
Discover just sent me another email confirming graduation. I guess technically the first email was just informing me my deposit is being returned along with a CLI.
I also received a credit card preapproval offer in the mail today from credit one amex with a $5k limit. I ripped it up. Not interested in any new accounts right now, especially not with credit one. It's encouraging tho that I'm getting offers like that.
I'm also still waiting on Experian to update my Self loan balance. Not sure what's the hold up? TU and EQ updated the very next day meanwhile it's been 2 weeks and EX still shows last months balance. Hopefully it'll update soon cuz I believe I'll get a decent point bump like I did with EQ. I just made a $125 payment today which is an extra 4 months worth of payments. I'm hoping once my new balance updates next month I'll get another nice score bump.
Experian finally updated my balance today. I only got a 3 point score bump though, unlike the 24 point bump from Equifax after the same update. The only thing I can think of is due to the fact I have 4 inquiries on EX vs just 1 on EQ. So maybe the extra inquiries are holding my score back? Although I also understand that every CB grades files differently.
These are my current fico8 scores.
Just received my Discover refund check in the mail today. It's dated Oct 12th. I'm amazed at how great Discover is. They are #1 in my eyes above all others.
I tanked my credit score lol. I experimented this month and left a $17 balance on my cap1 card which was reporting $0 last month. Well, now my Experian score dropped -3 points and Equifax dropped -19 points. Not sure if it's the extra 3% utilization added from 1% last month to 4% this month. Or if it's the $17 extra debt I added. I'm going to say it might be more likely that all my accounts are reporting a balance now as the biggest factor for the change. I'm hoping I'll get those 19 points back from EQ next month once cap1 reports $0 again.