Discover It Secured... Yes Or No?

[Anonymous]

So, I am wondering if i should apply for new credit with discover after being 1 year in Cap1 (also Secured) I am wondering if i should go for another credit card (Since apparently Cap1 doesn't want to unsecure my card or even give me my deposit back after a whole year of on time payments) At least with discover i can move to an unsecured line (After X Amount of Months) 

Im trying to get my credit score back to where it was 2 Years ago after several mistakes i made, And trying to rebuild again.

Any Advice Anyone?

[Anonymous]

I will tell you right now, I HIGHLY suggest it. 

I started with a TU 08 at 546 in May 0f 2017 with only $400. I upped the deposit to the max $2,500 at month 6 thinking it was going to graduate the following month. I had a problem the first month trying to pay from the wrong bank account and noticed too late so I think that has prevented the graduation. I am on month 9 and waiting, but I have been able to get my scores to 680 accross and got an AMEX BCE , BarclayCard Uber Visa, with nice limits since then. I hope to get my deposit back, but for now I'm not worried. The way I see it is, I am getting cash back for using that money I have given to Discover because they gave me a chance. 

Also the cashback match is great. It's technically 2% of all you purchase using the card for the year, but it's 4% cash back on restaurants and gas on up to $1,000 per quarter on the cash back match. 

Once you start to see the cashback come in when repairing credit, it will make it that much easier to see the benefits of being credit responsible.

best of luck!

[Anonymous]

If you only have 1 credit card, getting a 2nd card will help in improving your score. Discover secured is a good card for rebuilding.

[Anonymous]

I had a discover secured card and started it at $1000 (I should have bumped it to $2500 after a few months and totally forgot). I got my scores up and before it unsecured I added in a bunch of other unsecured cards with limits around 5k. They unsecured me at the 7month mark and gave me back my deposit and a small CLI to 1250. I'm pretty happy with them!