Discover Secured Card

CostantinoA · ‎06-22-2017

I opened this account on 06-12-15 and it is still secured today. Does any one have any experience with this card? My wife had one and it unsecured at 1 year and now I have passed two years and it is still secured.

Experian - 695 (4Y1M AA, 33 INQ)
Transunion - 686 (1Y5M AA, 30 INQ)
Equifax - 726 (3Y1M AA, 4 INQ)
Total Credit Lines: $99,387

Anonymous · ‎06-22-2017

What is your CL and average/high utils? Per your siggy, you may have way too many accounts for Discover to like you, though it says you have two Disco cards? Are they both IT or both IT Chrome? If yes, I would call to PC the secured card to the other of the two.

Anonymous · ‎06-22-2017

@CostantinoA wrote:
I opened this account on 06-12-15 and it is still secured today. Does any one have any experience with this card? My wife had one and it unsecured at 1 year and now I have passed two years and it is still secured.

I closed my card after a year and a half. I got the card in 05/15 and at the 13th month called them and got the spiel about monthly reviews. After the 18th month, I called them and asked for my money back. I don't know what to say about what they are looking for. I can only say that maybe my past history with them impactied my ability to get the card unsecured. I had a CO with them a long time ago, but paid off the account. It could be in my case that the negative history remains. Ironically after closing the account, I started to get preapprovals in the mail with a set APR, but I'm not interested in opening a new account with them and have my AAoA drop. Hope you have better success.

AverageJoesCredit · ‎06-22-2017

Its crazy that some people have burned Disco, and get another card after BK while others who gsve not cant get one or that they wont unsecure a card after 2 years. You have more patience than i. I would call ask to unsecure and if they say no, i would close it and move on. Just my view in a shoe

Anonymous · ‎06-22-2017

Let's see ... opened my account in March of last year, standard $200 secured line.

Made every payment. Have never been late. Have used it to the max and paid it off, have sock drawered it, and everything in between. My scores are 150 points up across all three bureaus since then, and I'm solidly in the mid 600s and have even been as high as 680ish. I've added more than $15K in new credit since I got it, but only have 10 cards total, so I don't think I'm credit card heavy in Discover's eyes.

I've also added a mortgage which is current and up to date.

I've called Discover, I've chatted Discover and I get the same line ... we do a monthly review, blah, blah, hamster, blah, blah.

At $200 ... clearly it won't have a significant impact on my UTI if I close it, but there's also no need to close it aside from getting my deposit back.

More than anything I'm freaking annoyed by Discover. I want to be in with them ... but not if it's going to stay like this.

I'd close it and reapp for an unsecured card, but I'm in the garden and would prefer to stay that way.

It may be just time to close it and be done with it, maybe reapp with them next year. It's extremely frustrating

joltdude · ‎06-22-2017

@CostantinoA wrote:
I opened this account on 06-12-15 and it is still secured today. Does any one have any experience with this card? My wife had one and it unsecured at 1 year and now I have passed two years and it is still secured.

If your signature is accurate...

38 Credit Cards $47,830 CL (64.1% UT), 3 Charge Card NPL, 2 Auto Loans, 1 Student Loan (Deferred), 4 Installment Loans
16 VISA/MC, 7 Amex, 2 Discover, 17 Store, Chapter 7 BK (Discharged 2-2008)
EQ FICO 8 592 Positive 38, Negatives 1 Inquires 43, AAoA 1Y7M
EX FICO 8 594 Positive 78, Negatives 11, Inquires 80, AAoA 3Y1M
TU FICO 8 610 Positive 70, Negatives 2, Inquires 58, AAoA 1Y7M
Rebuilding Since 03-2015, Gardening Since 06-2017

... Your TU is lower than 660.....ditto for EX (which is used for Credit Scorecard SPs)

...You have a high ultilization

...And for discover.. you have a lot of other cards.. Tend to be jealous of being on the back burner as to usage....

When your scores get around 650-660 or so, and your util drops ...I think you will see your card become unsecured.. ..

Anonymous · ‎06-22-2017

When your scores get around 650-660 or so, and your util drops ...I think you will see your card become unsecured.. ..

I wouldn't count on it - mine is still secured after my TU went over 730 this month and my util is in the low single digits. I'm pretty sure I'm going to close it. I have plenty of cards and I can't get anyone on the phone that's willing to give me an answer other than their cop-out monthly computer review nonsense. I'm sure it has to do with inqs and new accounts but at this point a $200 tradeline can't be helping my profile and I can always try with them again later.

joltdude · ‎06-22-2017

@Anonymous wrote:
When your scores get around 650-660 or so, and your util drops ...I think you will see your card become unsecured.. ..

I wouldn't count on it - mine is still secured after my TU went over 730 this month and my util is in the low single digits. I'm pretty sure I'm going to close it. I have plenty of cards and I can't get anyone on the phone that's willing to give me an answer other than their cop-out monthly computer review nonsense. I'm sure it has to do with inqs and new accounts but at this point a $200 tradeline can't be helping my profile and I can always try with them again later.

Nothings definite....

BTW has your statement generated since your score was 730... if so wait a week or two... Otherwise id close it too...

Anonymous · ‎06-22-2017

@joltdude wrote:
@CostantinoA wrote:
I opened this account on 06-12-15 and it is still secured today. Does any one have any experience with this card? My wife had one and it unsecured at 1 year and now I have passed two years and it is still secured.
If your signature is accurate...
38 Credit Cards $47,830 CL (64.1% UT), 3 Charge Card NPL, 2 Auto Loans, 1 Student Loan (Deferred), 4 Installment Loans
16 VISA/MC, 7 Amex, 2 Discover, 17 Store, Chapter 7 BK (Discharged 2-2008)
EQ FICO 8 592 Positive 38, Negatives 1 Inquires 43, AAoA 1Y7M
EX FICO 8 594 Positive 78, Negatives 11, Inquires 80, AAoA 3Y1M
TU FICO 8 610 Positive 70, Negatives 2, Inquires 58, AAoA 1Y7M
Rebuilding Since 03-2015, Gardening Since 06-2017

... Your TU is lower than 660.....ditto for EX (which is used for Credit Scorecard SPs)
...You have a high ultilization
...And for discover.. you have a lot of other cards.. Tend to be jealous of being on the back burner as to usage....

When your scores get around 650-660 or so, and your util drops ...I think you will see your card become unsecured.. ..

Not necessarily true. My TU was 690 and UTI was at 11%, but that still wasn't sufficient to have my card unsecured. Although I have a lot of available credit, at the time my two go to cards were Discover and BCP. I've given up trying to understand their logic. Bottom line for me was that I didn't qualify, so I closed the card. OP has to decide if he/she wants to wait indefinitely. It's a tough decision because Discover does offer good benefits, but it seems disingenuous to pay to keep receiving those benefits after a certain period of time. Have a great week.

Anonymous · ‎06-22-2017

Nothings definite....

That's what I was getting at.

BTW has your statement generated since your score was 730... if so wait a week or two... Otherwise id close it too...

Yes, they did a soft pull on the 16th and that's the score that the rep said they had for me when I called a couple of days ago after my statement generated.