topic Discover Secured Card? in Credit Cards

Discover Secured Card?

Anonymous — Mon, 22 Jun 2020 02:00:15 GMT

Over the weekend I did the "shopping cart trick" for Victoria's Secret (thanks!) and I also applied for an opensky card and a discover it.

My question is: if discover it says "my credit checks out" and to make a payment to complete my application, am I approved? I was reading online that people suddenly got thrown a curve ball after paying the deposit, so now I'm afraid to pay it. Any input on this? I only have 1 card which is the capital one secured card. My credit file is extremely thin.

Re: Discover Secured Card?

Adkins — Mon, 22 Jun 2020 06:24:31 GMT

@Anonymous wrote:
Over the weekend I did the "shopping cart trick" for Victoria's Secret (thanks!) and I also applied for an opensky card and a discover it.
My question is: if discover it says "my credit checks out" and to make a payment to complete my application, am I approved? I was reading online that people suddenly got thrown a curve ball after paying the deposit, so now I'm afraid to pay it. Any input on this? I only have 1 card which is the capital one secured card. My credit file is extremely thin.

You're probably ok for the Discover secured, but I don't recommend you apply for it. You have an unsecured store card and two secured cards. You don't another secured card in your wallet. My advice is to garden for at least six months and let your new accounts age and show responsible use. After six to twelve months, try discovers pre-qualification tool again and see if you'll qualify for an unsecured card. Good luck!

Re: Discover Secured Card?

Anonymous — Mon, 22 Jun 2020 12:21:29 GMT

Thanks for the advice.

Re: Discover Secured Card?

BmoreBull — Mon, 22 Jun 2020 13:29:12 GMT

@Adkins wrote:
@Anonymous wrote:
Over the weekend I did the "shopping cart trick" for Victoria's Secret (thanks!) and I also applied for an opensky card and a discover it.
My question is: if discover it says "my credit checks out" and to make a payment to complete my application, am I approved? I was reading online that people suddenly got thrown a curve ball after paying the deposit, so now I'm afraid to pay it. Any input on this? I only have 1 card which is the capital one secured card. My credit file is extremely thin.
You're probably ok for the Discover secured, but I don't recommend you apply for it. You have an unsecured store card and two secured cards. You don't another secured card in your wallet. My advice is to garden for at least six months and let your new accounts age and show responsible use. After six to twelve months, try discovers pre-qualification tool again and see if you'll qualify for an unsecured card. Good luck!

Maybe I read this wrong, but it sounds like he has a store card and maybe an Open Sky. If he did the app for discover, they already did a hp. I would go ahead and send in my deposit. The Disco card gives rewards and graduates. And he already took the hp. Op, I have a secured Disco, I got the same message about sending in my deposit. You just call and give them a debit card number and they can fund it that way. Good luck.

Discover Secured

Anonymous — Mon, 22 Jun 2020 14:59:35 GMT

Does Discover do a bank account verification before taking out the deposit? I kind of messed up and put savings account instead of checking. I was going to use my savings account for it and then changed my mind at the last minute. I put the right numbers but checked the wrong box. Ugh. I'm afraid to call discover because I don't want them to think I'm a careless idiot. They have been denying me FOREVER and then when they are finally like "ok, you can sit with us" I mess up. I don't even know if I got approved bc I just got a screen that said "thanks for your application" and not "you're approved". Why is all of this so stressful?

Re: Discover Secured

GApeachy — Mon, 22 Jun 2020 15:11:54 GMT

Call that 1-800# and tell them you were just so excited you jumbled it up. You don't want to start off on the wrong foot with wrong acct. Looks like you were approved so "Congrats!!!!"

Re: Discover Secured

Anonymous — Mon, 22 Jun 2020 15:17:50 GMT

Ok. I will

Re: Discover Secured

Anonymous — Mon, 22 Jun 2020 15:18:36 GMT

And thank you

@GApeachy wrote:
Call that 1-800# and tell them you were just so excited you jumbled it up. You don't want to start off on the wrong foot with wrong acct. Looks like you were approved so "Congrats!!!!"

Re: Discover Secured Card?

Anonymous — Mon, 22 Jun 2020 15:31:59 GMT

lol. I'm a "she", but you're right for the most part. I went ahead and did my deposit because they already pulled my equifax report. After calling them like the peach suggested they told me I was approved and the funds will come out of my account. I wish I had seen your message before because I definitely would have taken the debit card route if I knew it existed.

@BmoreBull wrote:
@Adkins wrote:
@Anonymous wrote:
Over the weekend I did the "shopping cart trick" for Victoria's Secret (thanks!) and I also applied for an opensky card and a discover it.
My question is: if discover it says "my credit checks out" and to make a payment to complete my application, am I approved? I was reading online that people suddenly got thrown a curve ball after paying the deposit, so now I'm afraid to pay it. Any input on this? I only have 1 card which is the capital one secured card. My credit file is extremely thin.
You're probably ok for the Discover secured, but I don't recommend you apply for it. You have an unsecured store card and two secured cards. You don't another secured card in your wallet. My advice is to garden for at least six months and let your new accounts age and show responsible use. After six to twelve months, try discovers pre-qualification tool again and see if you'll qualify for an unsecured card. Good luck!

Maybe I read this wrong, but it sounds like he has a store card and maybe an Open Sky. If he did the app for discover, they already did a hp. I would go ahead and send in my deposit. The Disco card gives rewards and graduates. And he already took the hp. Op, I have a secured Disco, I got the same message about sending in my deposit. You just call and give them a debit card number and they can fund it that way. Good luck.

Re: Discover Secured Card?

KJinNC — Mon, 22 Jun 2020 16:01:19 GMT

Sounds like a good outcome. Two things that may not be obvious with Discover secured:

- You can increase your deposit and CL after the first statement cuts if you want. Call them, they will make sure it's approved, and then you fund the increase. Not all secured cards let you do this, but Discover does.

- Also after your first statement, you can product-change it to any type of Discover card if you want. A popular MyFICOer change is to turn it in the rotating 5% version. All Discover cards have the same underwriting, so they don't really care and won't do a hard pull. This is the same for secured and unsecured (ie you do not need to wait for the card to unsecure to do this). You can ask on the phone or in chat. If the first CSR says you can't do it, say thanks and try again later. You definitely can do it.

Discover is a great secured card, probably the best that's available to everyone in America. The only negative I'll mention is that when it unsecures, you can expect to spend a long time wondering why they won't raise your CL ... see my signature for an example (my Discover unsecured in December).

Congrats!

Re: Discover Secured Card?

Anonymous — Mon, 22 Jun 2020 16:23:00 GMT

Thank you for the advice. I'm a little confused by what you mean about product-changing to the 5% rotating card. Is it a different type of secured card?

Re: Discover Secured Card?

KJinNC — Mon, 22 Jun 2020 16:30:02 GMT

If you look at the Discover site, they have several card varieties. The one you will get is something like 2% on gas and restaurants, 1% on everything else. It is a pretty good card. But, they also have one that is 5% on one or two categories each quarter, 1% on everything else, which can be better if you plan it out right. They also have their miles card, which personally I'd skip.

Any Discover can be changed from any reward structure to any other reward structure. This applies to secured and unsecured cards. Making this change has no bearing on whether it's secured or unsecured. It doesn't reset the clock to unsecure or anything. Let me know if I didn't explain it well, and good luck!

Re: Discover Secured Card?

Anonymous — Mon, 22 Jun 2020 16:31:14 GMT

I have a Family mamber who is an AU on several of my accounts, and about 8 months ago got a $600 secured Discover card to build credit in his own name. This month it graduated and they increased the limit to $2,500, and it wasn't even used all that much or close to the limit.

I was a bit worried for him due to some of the recent stories about ID verification and 4506-T requests causing hiccups on the process, but they didn't request any of that.

He was so excited that he immediately apped with Amex and Citi and got decent SL for his profile. Though he probably should have held off a while longer until Disco had reported the new limit for a few months.

So I was surprised at how quickly he was able to add cards with a very thin profile and being new to credit, so soon after aquiring the secured Discover card.

Good luck on your credit journey!

Re: Discover Secured Card?

Anonymous — Mon, 22 Jun 2020 16:37:57 GMT

@KJinNC wrote:
If you look at the Discover site, they have several card varieties. The one you will get is something like 2% on gas and restaurants, 1% on everything else. It is a pretty good card. But, they also have one that is 5% on one or two categories each quarter, 1% on everything else, which can be better if you plan it out right. They also have their miles card, which personally I'd skip.

Any Discover can be changed from any reward structure to any other reward structure. This applies to secured and unsecured cards. Making this change has no bearing on whether it's secured or unsecured. It doesn't reset the clock to unsecure or anything. Let me know if I didn't explain it well, and good luck!

I think I understand. It only affects the rewards system? Is that what you're saying?

Re: Discover Secured Card?

Anonymous — Mon, 22 Jun 2020 16:41:59 GMT

That's very encouraging. Thank you. I was really worried about tax forms and verifications and things because it seemed like people did the verifications and then their card got closed. It didn't make any sense and I didn't want to get my hopes up. I probably won't breathe easy until I have the card and it's activated bc it seems like the "hiccup" can happen at any point between deposit and card activation.

Re: Discover Secured Card?

KJinNC — Mon, 22 Jun 2020 18:42:40 GMT

@Anonymous wrote:
I think I understand. It only affects the rewards system? Is that what you're saying?

Yes, exactly. Discover is unusual in this. The secured card is really the same as the unsecured card, except how the deposit and credit limit work. The rewards structure is independent of secured/unsecured.

Re: Discover Secured Card?

Anonymous — Tue, 23 Jun 2020 11:50:56 GMT

I got my discover secured card when I started my credit rebuild and I will say Discover has been great to me. I put $1500 on the card, and used it responsibly for about 8 months at which point they graduated it to the discover it chrome unsecured card and sent my deposit back. A few months later, I requested a credit line increase and got an increase from 1500 to 3700! Plus it's one of the only secured/credit builder cards to give you reward cash back which is always nice even if it's not a lot.

Re: Discover Secured Card?

Anonymous — Wed, 24 Jun 2020 15:07:37 GMT

@Anonymous wrote:
I got my discover secured card when I started my credit rebuild and I will say Discover has been great to me. I put $1500 on the card, and used it responsibly for about 8 months at which point they graduated it to the discover it chrome unsecured card and sent my deposit back. A few months later, I requested a credit line increase and got an increase from 1500 to 3700! Plus it's one of the only secured/credit builder cards to give you reward cash back which is always nice even if it's not a lot.

Thank you for your response. What do you see as responsible use? Does Discover want me to spend a lot each month and pay it off before it's due or would they rather I spend a small amount each month? Do you think it makes a difference?

Re: Discover Secured Card?

Anonymous — Thu, 02 Jul 2020 12:42:11 GMT

6/22: applied

6/24: money was withdrawn and I also got an email saying withdrawal was initiated on 6/22.

6/27: I called and they said the funds were still showing as pending. they also said I wouldn't get an email about it I would just get the card once the funds cleared.

6/30: application status changes to "congrats" message and says be on the lookout for the card. Still says that today and I still haven't received an email.

Does anyone know how long it takes after the congrats status to actually receive the card? I guess they were serious when they said they wouldn't email me.

Re: Discover Secured Card?

MP15_556 — Thu, 02 Jul 2020 14:24:24 GMT

When I got my secured Discover it was 2-3 weeks before I received my card.