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Those who have gotten a graduated Discover card. I have a couple questions

kb2ehj
Valued Member

Those who have gotten a graduated Discover card. I have a couple questions

Next month will be my 8th month using my secured Discover card and I’ve got a couple questions for those who have graduated.

Do I have a good chance of graduation on the first try?

 

• Never carried a balance (well under 10% (usually under 3%) utilization at each statement ending period)) and any balance paid within a day of the statement end date


• No missed payments on this card or any of my other cards.


• Both FICO and Vantage scores have gone up since getting the secured Discover card. FICO looks like about 47 points (based off the discover web site) and Credit Karma is reporting about the same 50 +/- a couple point increase also.


• The last two charge off’s that I had at the time of applying for the Discover card have been paid off. One was paid in full and as of July 1 is reporting a zero balance per Credit Karma. The second still shows a balance but has also been paid for (lower then the full balance but it has been paid to the agreed amount. It’s still showing but I suspect that it will report a zero balance tomorrow July 6th as that is when the past balances have been reported.


• No new ‘baddies’ have appeared and shouldn’t since I have nothing bad to report.

 

Those who have graduated, did Discover give you an immediate credit line increase or did you remain at the limit or your security deposit? In my case I have a $500 limit. I don’t necessarily need an increase but might be nice to have just a tiny bit more wiggle room if it becomes necessary.

 

Message 1 of 9
8 REPLIES 8
flawinthearithmetic
New Member

Re: Those who have gotten a graduated Discover card. I have a couple questions

I had a similar payment history and score increase. I woke up on the morning of my secured Discover 8 month anniversary to an email saying I had graduated. I also received an instant CLI ($300 to $2000). 

 

Good luck! I hope your 8 month mark goes just as well. 

Message 2 of 9
FireMedic1
Super Contributor

Re: Those who have gotten a graduated Discover card. I have a couple questions

It seems over the years with good history with Miss Disco. What @flawinthearithmetic got for graduation is about the avg most get. Good Luck! Let us know!






My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's.
Message 3 of 9
quikj9
Frequent Contributor

Re: Those who have gotten a graduated Discover card. I have a couple questions

@kb2ehj I'd say based on your stats you stand a good chance at graduating. Have you opened any new cards since you got your secured Disco? It seems "credit seeking" behavior has prevented some from graduating on time. 

 

My secured Disco graduated after 7 full statements with a CLI from $200 to $1800. I ran a decent amount through that small limit for the cash back but only let a small balance of ~$20 report twice. I also was approved for one card (My Savor One) between being approved for my Disco and its subsequent graduation. 

 

Good luck!




Message 4 of 9
sourpuss29
Frequent Contributor

Re: Those who have gotten a graduated Discover card. I have a couple questions

@kb2ehj 

 

My rebuild started with the secured Discover card in Aug of 2019.  I opted to go with the lowest amount ($200); used it often/paid in full every month; my account was converted exactly seven months later and the limit was increased to $1200. At the time my account became unsecured, I had no negative tradelines reporting, my only other open account was the Capital One Platinum Mastercard, and I did not have an excessive amount of inquiries in my file.

 

I no longer have the account, but I will always be grateful to Discover for giving me a chance, which enabled me to build a profile that I'm extremely proud of.

Message 5 of 9
kb2ehj
Valued Member

Re: Those who have gotten a graduated Discover card. I have a couple questions

I have gotten 3, 2 secured and on non secured credit card since getting the Discover card.

The unsecured card has actually already given me an additional $200 CL increase for making payments ontime.

 

No other cards have been applied for in several months now.......laying low in that department and letting the credit age increase.

Message 6 of 9
mycreditscoreblows
New Visitor

Re: Those who have gotten a graduated Discover card. I have a couple questions

My 6th statement hit earlier this week and I received an alert in the app asking me to verify my address so that my deposit can be returned if/when it is. I'm hoping that means it'll become unsecured in the next month or two. I paid my last two credit card charge-offs about three weeks ago (Chase and NFCU) and I'm hoping those report before Discover pulls my credit again.

 

It sounds like you should be on track to graduate.

Message 7 of 9
quikj9
Frequent Contributor

Re: Those who have gotten a graduated Discover card. I have a couple questions

@mycreditscoreblows I received a similar alert/email the month before my card graduated.  




Message 8 of 9
kb2ehj
Valued Member

Re: Those who have gotten a graduated Discover card. I have a couple questions

My 6th statement hit earlier this week and I received an alert in the app asking me to verify my address so that my deposit can be returned if/when it is. I'm hoping that means it'll become unsecured in the next month or two. I paid my last two credit card charge-offs about three weeks ago (Chase and NFCU) and I'm hoping those report before Discover pulls my credit again.

 

I got the same email, I've actually gotten it twice now.....one last week like you got and one maybe two months ago at this point.

Message 9 of 9
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