topic Re: Discover Secured in Credit Cards

Discover Secured

Newbie2018 — Wed, 21 Feb 2018 23:05:59 GMT

I was pre-approved for discover secured. I want to know opinions. It is the last card I want to add to my wallet. Then I plan on gardening. I have alot of hard pulls already including one from discover within the last 30 days. Will they use the same hard pull? If yes, should I go for it?
So far I have
BofA cash rewards $400 limit
Credit one $300 limit
Credit union $300 limit
And AU on Cap 1 $500 limit
I have one new account (cu) in the last 2 months. The others are a year old to two years old.

Re: Discover Secured

Shadowfactor — Wed, 21 Feb 2018 23:58:05 GMT

The discover secured card is a good rebuilding product and it does graduate.

You scores seem to be pretty low. What’s holding them down ? You might try to see if you can Prequalify for Amex with your EX score being 658. (I got that score from your sig, I assume it’s Fico) if one of their cards fit your needs better then discover.

You can’t go wrong with discover though. The double cash back the first year is nice and the fact that the card graduates is also very helpful. You can always product change the IT chrome which is what you get when you go secured to the regular 5% cash back card.

Re: Discover Secured

Newbie2018 — Thu, 22 Feb 2018 00:01:55 GMT

I was leaning towards the Discover to save another hard pull. Do you know if they use the same hard pull again if you apply within the 30 days of the last. In the future I will try for Amex. How many cards is too many cards in a 2 year period? I have new account and don't want to mess up anything.

Re: Discover Secured

Shadowfactor — Thu, 22 Feb 2018 00:14:28 GMT

I have no idea if they will use the same hardpull within 30 days. Call and ask.

I wouldn’t open a bunch. I’ve opened 7 accounts in the past year. But spaced out. I’m in the garden. It’s just profile dependent how many is too many.

Re: Discover Secured

topgunvf — Thu, 22 Feb 2018 01:29:27 GMT

Newbie it's up to you in the end but discover is great to be with secured or not it's a great card. You can start as little as $200 or as high as $2,500 (keep in mind if and when it graduates that's your starting limit +\- possible CLI YMMV).

As as far as hard pull even if I knew for sure (I don't) I'd advise to call in anyway. They've always been helpful IMO and it never hurts to ask. EVER.

With that said, just checking Amex prequal won't hurt either and they pull Experian and typically (unless you are a DP wave maker) only pull Ex. Whatever your decision, best of luck and keep us posted!

-B

Re: Discover Secured

Newbie2018 — Thu, 22 Feb 2018 01:34:23 GMT

Thank you. Also, tried amex prequal.. it was a no go for me.

Re: Discover Secured

Anonymous — Thu, 22 Feb 2018 02:28:54 GMT

Hey Newbie, I’m still learning about the ins and outs of credit cards and rebuilding but I can tell you that for me they did another hard pull. I appd for the Discover Secured back on 1/19 (denied) and again on 2/17 after getting a nice 30 point jump in my scores but it was another denial and another HP. My GF was able to get approved so I’m just AU on hers until they let me in their good graces but I definitely can’t wait to add that card to my wallet.

Re: Discover Secured

Newbie2018 — Thu, 22 Feb 2018 02:38:13 GMT

Omg that sucks! Well it's to late I already took the leap .. passed everything just waiting on them to verify my bank account for the security deposit. I haven't received a hard pull yet. And hope I don't. But if it happens it happens. I'm off to the garden anyways. That was the last card I wanted to add. I'm set. Good luck to you. I hear many great things about discover. And good look on the AU. It gave me a 30+ jump on the first month it reported. But that was for Cap One.

Re: Discover Secured

topgunvf — Thu, 22 Feb 2018 02:41:05 GMT

You should be in the clear (from past experience) if you made it to banking verification and no recent credit alerts but fingers crossed and sending the kudos vibes your way good luck!

Re: Discover Secured

Anonymous — Thu, 22 Feb 2018 02:41:31 GMT

Awesome stuff! Congrats on the approval!

Re: Discover Secured

Newbie2018 — Thu, 22 Feb 2018 02:45:47 GMT

Thank y'all. I'll definitely keep you guys updated on any data points 😍
Thank y'all for answering all of my questions and being quick

Re: Discover Secured

Anonymous — Tue, 06 Mar 2018 04:34:53 GMT

Just to updated on this, I finally passed the 600 mark on my FICO and checked the Discover prequal, approved! My own Disco now. Super excited about this. Haven’t received the hp yet though. Usually comes through right away.

Re: Discover Secured

HeavenOhio — Tue, 06 Mar 2018 04:45:02 GMT

Don't worry about the pull. You already had a bunch. In this case, the pull was well spent.

Once you have the Discover card in hand, ditch Credit One. You'll be nicely set with three good cards. Then garden for a year. That'll make all of your inquiries unscorable, and I'd guess that some would become old enough to fall off.

Re: Discover Secured

Newbie2018 — Tue, 06 Mar 2018 05:11:35 GMT

@ggyytb congrats hun

Re: Discover Secured

Anonymous — Tue, 06 Mar 2018 05:14:01 GMT

Thanks!!! Joining you in the garden for a while!

Re: Discover Secured

HarlemBoy — Tue, 17 Apr 2018 00:55:46 GMT

My Discover secured card (with a $1,000 collateral) graduated 2 days after the 7th statement, and I only found out because the credit line was suddenly $1,800 and the menu to add co-signers was active (I do not intend to do so but that is a message).

I did not get any message from Discover nor any other information - it is just that the term "Secured" suddenly disappeared everywhere.

I do not even know how they will pay me back the collateral. ACH? Check?

Discover secured cards DO graduate. And I have scores now on three agencies. It was a really good way to start US credit history. I will wait another 6-10 months to try a MasterCard or Visa (as visiting my parents in Europe with Discover will be a pain, but my Checkings account Mastercard Debit card will work on the European ATM networks).

Re: Discover Secured

AppHappyTog — Wed, 18 Apr 2018 15:49:39 GMT

You really can't go wrong with Discover. The fact that even as a secured card you still get the benefit of the cashback and the first year match, as well as being able to convert it to the 5% rotating categories is amazing, paired with the fact that graduation is a possibility after seven statements. You can start with the lowest deposit for you CL and call to increase it as you'd like, which is a plus so your limit is higher when you do graduate in the event they dont auto cli you (once you add additional funds, it takes about a week to process on their end and bump your cl up).

Re: Discover Secured

HarlemBoy — Sat, 21 Apr 2018 04:52:19 GMT

From my graduation success with Discover - what I did

1. I used the card for everyday purchases and for flight bookings

2. As the more expensive stuff brought me to 90% credit utilization I immediately did an online payment as soon as it posted to get back to a low rate again.

3. I used the Discover card for everything on the net and at cash registers - and I always invoked a payment if it was more than 30% of the credit line and I paid attention to have at least 4 days between two payments (otherwise Discover will withhold the payment for some days).

The 4-5 payments in a month to bring utilization back to normal were apparently not seen as negative.