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Closing my secured discover card, will it really hurt my score?

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Anonymous
Not applicable

Re: Closing my secured discover card, will it really hurt my score?

If it doesn't have a annual fee then why cancel it? Just SD it or use it more and hope it unsecures. 

Message 11 of 26
Anonymous
Not applicable

Re: Closing my secured discover card, will it really hurt my score?

OP what are your FICO scores? If they're not above 670 I wouldn't expect you to get unsecured even if you've had it over a year.
Message 12 of 26
MyLoFICO
Valued Contributor

Re: Closing my secured discover card, will it really hurt my score?

Mine unsecured 2 months ago after 13 months secured and it still sits today with a 200 CL in my safe. I won't use it anymore. It will close itself from non use or get a CLI. I won't wait for either. I used it all the time too. Like you, i have better cards now. In my opinion, sock drawer it or close it. Discover seems to have problems with secured -> unsecured and CLI's these days. 


Experian: 677 (28) | TransUnion: 697 (27) | Equifax: 684 (6)
Gardening as of: 1-23-2018
Updated 1-25-18
Message 13 of 26
joltdude
Senior Contributor

Re: Closing my secured discover card, will it really hurt my score?

Really wonder if discover stretched out the time between CLIs with the secured cards (and pretty much everyone)..... Wonder if you have to wait at least 91 days after it becomes unsecured now to get a CLI... or even possibly a 6 mo cycle just like the APR reductions

Message 14 of 26
Anonymous
Not applicable

Re: Closing my secured discover card, will it really hurt my score?

I opened up my discover secured card last April and it unsecured seven months later. My credit scores improved quite a bit though during that time so it appears to be more of a credit score thing and less about time but who knows. I probably shouldn't have been secured in the first place but I applied for it thinking I couldn't qualify for the regular IT card. My scores improved from the 660's to 690-700's. good luck OP! *edit* after they unsecured my card in Dec of 2016 they bumped up my credit to 500. I immediately asked for a cli and got doubled to 1000. Just last month I got an auto Cli to 1700. So they appear to work on a six month cycles.
Message 15 of 26
austinguy907
Valued Contributor

Re: Closing my secured discover card, will it really hurt my score?


@joltdude wrote:

Really wonder if discover stretched out the time between CLIs with the secured cards (and pretty much everyone)..... Wonder if you have to wait at least 91 days after it becomes unsecured now to get a CLI... or even possibly a 6 mo cycle just like the APR reductions


I think whatever stomach bug Disco had is now flushed from their system as I spotted the fabled Disco Unicorn the other day.  I think the wait is clearing from their systems since they produced a brand new baby 2-day message for another user.

 

6-30-2017 11-29-08 AM.jpg

Message 16 of 26
Anonymous
Not applicable

Re: Closing my secured discover card, will it really hurt my score?

Mine is coming up on the 6th statement in a few days. I’m pretty much assuming it’s going to be a while yet, I’ve been using it less and less anyways. Interestingly, they are softing me like crazy and it steadily increases. I don’t know if they don’t like what they see or not. It’s odd seeing them soft me like a week straight every month plus other random days. 🤔
Message 17 of 26
austinguy907
Valued Contributor

Re: Closing my secured discover card, will it really hurt my score?

SP'ing you is a good sign that someone's paying attn to your profile in anticipation of the 7th month conversion.  Disco is a less is more type of situation for most profiles.  I used the crock pot method with them for 2 years now and got 10X SL out of them in CLI's.  When it comes to eyeing up the SP's though.... A watched pot doesn't boil!  Find something else to concentrate on Smiley Wink

Message 18 of 26
jkry
Valued Member

Re: Closing my secured discover card, will it really hurt my score?

Myfico scores Equifax 668 Transunion 669 Experian 644

I am just going to wait it out for now... I do have a Paid Tax lien on my Equifax report ( I have never NOT paid my taxes)   The state made a mistake, and now they wont remove it.   7 Years ago I over collected unemployment by 675 dollard, and the state re routed my tax refund to satisfy the debt.  I agreed to them using my tax refund, but no one ever disclosed to me that it would put a lien on my taxes REFUND to re route it to the department of labor.   Otherwise, I would have just paid it, I had the money to do it.    So furious, so I am hoping that the new rules for fico and tax liens will help.  Until then, Ill just wait keep hoping for it to unsecure on its own. 

 

 

** I DID fill out the "check my offers" on Discovers website, and the screen came up with a  " How does your credit stack up" screen with a comparison chart to other cards on the market, and a big button that says apply now.... .Didnt actually say that I was prequal of preapproved... Do they normally say true PreQual on that form?

Not sure how to post a screenshot of it here. Smiley Sad

 

 

Message 19 of 26
austinguy907
Valued Contributor

Re: Closing my secured discover card, will it really hurt my score?

Here's how to assess your odds with Disco:

 

23.x%+ = mostly a denial 

3% spread say 15-18% = likely an approval

single APR = approval

Message 20 of 26
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