topic Re: Discovers Secured Card in Rebuilding Your Credit

Discovers Secured Card

Anonymous — Sun, 24 Jan 2016 17:07:02 GMT

Discovers secured card was made available to app for directly, so ill pulled the trigger only to be denied. They must have high standards for it, only reason I was declined because "recent delinquency" knowing that I don't have any recent delinquent accounts I called them. She cited a capital one charge off that is a year old and a First Primer charge off from 4 years ago. she said having any past due account on a report automatically doesn't qualify. This secured card seems ridiculous because I’m not sure who they’re catering to with no past due accounts reporting? then that person would just apply for a regular unsecured card. It doesn't make sense. I told her that Barclay gave me a 1500$ limit card last month and they are a prime bank like discover and she said we cant offer the card if you don't qualify, so applicants beware! 610 was my EQ as well. I'll just stick with Barclays then. I just sent an email to the EO, hopefully something good will come out of this.

Re: Discovers Secured Card

Anonymous — Sun, 24 Jan 2016 17:47:09 GMT

Are the two charge offs cited by Discover paid or unpaid?

Re: Discovers Secured Card

Anonymous — Sun, 24 Jan 2016 19:36:17 GMT

They are unpaid, I sent FP a gw last week. it just seems absurd to me. Citi was one of the "hardest" secured cards to get since they used to be so picky with it.

Re: Discovers Secured Card

Anonymous — Sun, 24 Jan 2016 20:10:43 GMT

Seem that a creditor would be smart to not extend credit to someone who doesn't complete their obligations. You may think it sucks but they are doing what's in their best interests.

Re: Discovers Secured Card

creditguy — Sun, 24 Jan 2016 20:18:59 GMT

They must have raised thier standards because I got a secured discover last year with open collections and charge offs. They were close to aging off and were nowhere near recent, but nonetheless they were open and reporting.

Re: Discovers Secured Card

Anonymous — Sun, 24 Jan 2016 20:41:42 GMT

@Anonymous wrote:
Seem that a creditor would be smart to not extend credit to someone who doesn't complete their obligations. You may think it sucks but they are doing what's in their best interests.

I havent had a late payment in almost a year and cleaned up all my collections, other creditors have extended me credit such as citi, barclays, and a ford lease so dont assume that I dont pay my bills. and maybe you should keep in mind this was a discover SECURED CARD meant for people building and re building funded by MY MONEY

Re: Discovers Secured Card

Anonymous — Sun, 24 Jan 2016 20:32:59 GMT

@creditguy wrote:
They must have raised thier standards because I got a secured discover last year with open collections and charge offs. They were close to aging off and were nowhere near recent, but nonetheless they were open and reporting.

Right? like my EQ has no collections at all on it? i dont get it honestly, but whats done is done

Re: Discovers Secured Card

gdale6 — Sun, 24 Jan 2016 22:08:30 GMT

If they are updating monthly then they consider them to be current delinquent. This is a a weapon used to get you to settle your past due debt

Re: Discovers Secured Card

Anonymous — Sun, 24 Jan 2016 22:24:59 GMT

@gdale6 wrote:
If they are updating monthly then they consider them to be current delinquent. This is a a weapon used to get you to settle your past due debt

Surprisingly they arent, FP hasnt reported since 2013 and capital one at all..

Re: Discovers Secured Card

lindsaydruart — Sun, 24 Jan 2016 23:47:21 GMT

I apped for this and got the same response. I called and she said there are COs and delinquencies in the past, all of them 3 years and older and that is taken into consideration if that is still on the report. So my response was, "if my credit report was clear of issues, I wouldn't need a secured card" and she just spit back the jargon they tell them to say. This is nuts for a secured card. Really.

Re: Discovers Secured Card

lindsaydruart — Sun, 24 Jan 2016 23:51:10 GMT

All my life when my mother disagreed with things, she always said "I'm going to write a letter" and I just said the same thing. I'm writing a letter. This doesn't make sense for fully secured card. What's the point in it being secured if you have to have perfect credit?

Re: Discovers Secured Card

memee1978 — Mon, 25 Jan 2016 00:10:48 GMT

I think it's the computer quick response.I was approved with a 580 last year.I was approved for a credit limit increase.Next month makes1 year.Perfect payment history.My overall score is 630 now.I was repaing my credit at the time. I had a few blimishes not that old but I had plenty of current open accounts.The card can graduate to a unsecured after the 12 months.I will update everyone on my status next month with that.

Re: Discovers Secured Card

savingmoney87 — Mon, 25 Jan 2016 00:19:16 GMT

I was approved with a recently discharged CH13. My score at the time was around 620. I had a good experience. It has graduated and my limit is now 10500. I would say give it some time to go through the kinks of it now being a direct application. I think most of us who were approved as a counter offer had scores similar to you but right now it will take a while until the discover system figures out which credit profile is an acceptable risk for them on the secured card. The automated system might be using their regular risk models to approve or deny.

Re: Discovers Secured Card

lindsaydruart — Mon, 25 Jan 2016 00:24:39 GMT

@savingmoney87 wrote:
I was approved with a recently discharged CH13. My score at the time was around 620. I had a good experience. It has graduated and my limit is now 10500. I would say give it some time to go through the kinks of it now being a direct application. I think most of us who were approved as a counter offer had scores similar to you but right now it will take a while until the discover system figures out which credit profile is an acceptable risk for them on the secured card. The automated system might be using their regular risk models to approve or deny.

I sure hope so. I didn't even get this as a decline for a regular card. I was declined for the regular card because of inquiries. Considering it's a $200 buy in for the direct app now, this is a quick way for them to bolster their card holders. They took a HUGE L on the Sam's Club deal. They have to do something to get that back up. I'm still writing my letter though!

Re: Discovers Secured Card

savingmoney87 — Mon, 25 Jan 2016 00:29:38 GMT

@lindsaydruart wrote:
@savingmoney87 wrote:
I was approved with a recently discharged CH13. My score at the time was around 620. I had a good experience. It has graduated and my limit is now 10500. I would say give it some time to go through the kinks of it now being a direct application. I think most of us who were approved as a counter offer had scores similar to you but right now it will take a while until the discover system figures out which credit profile is an acceptable risk for them on the secured card. The automated system might be using their regular risk models to approve or deny.
I sure hope so. I didn't even get this as a decline for a regular card. I was declined for the regular card because of inquiries. Considering it's a $200 buy in for the direct app now, this is a quick way for them to bolster their card holders. They took a HUGE L on the Sam's Club deal. They have to do something to get that back up. I'm still writing my letter though!

I say Write That Letter Too! You might be able to highlight whats wrong in their system. You have me going to discover now looking at whats this process.

Re: Discovers Secured Card

lindsaydruart — Mon, 25 Jan 2016 00:32:57 GMT

Bottom left corner on the front page, it says "Secured Card" and it's a trick!

Re: Discovers Secured Card

Anonymous — Mon, 25 Jan 2016 00:47:29 GMT

I didn't assume anything. A lot of us are rebuilding but you distinctly said in a previous post you had two charge offs that have not been paid. Discover is a very picky company.

Re: Discovers Secured Card

lindsaydruart — Mon, 25 Jan 2016 00:53:40 GMT

@Anonymous wrote:
I didn't assume anything. A lot of us are rebuilding but you distinctly said in a previous post you had two charge offs that have not been paid. Discover is a very picky company.

They are both over 3 years old and this is a secured card. The reasoning says "RECENT" and there isn't much recent about 3 years. When I called she said there can be no COs on the credit report to which my response was, why would I need a secured card if my credit was blemish free and that stands to question the logic of a secured card that requires blemish free credit.

Re: Discovers Secured Card

Anonymous — Mon, 25 Jan 2016 01:02:33 GMT

@lindsaydruart wrote:
@Anonymous wrote:
I didn't assume anything. A lot of us are rebuilding but you distinctly said in a previous post you had two charge offs that have not been paid. Discover is a very picky company.
They are both over 3 years old and this is a secured card. The reasoning says "RECENT" and there isn't much recent about 3 years. When I called she said there can be no COs on the credit report to which my response was, why would I need a secured card if my credit was blemish free and that stands to question the logic of a secured card that requires blemish free credit.

lindsaydruart, I agree with you 100%. The requirements that they require for this doesn't match the consumer its catered to. My charge off is 1 and 4 years old with no collections. If my charge offs were so "recent" then barclays wouldn't have approved me because we all know how picky barclay is. I emailed a letter to the EO cause its ridiculous. lindsaydruart I also applied for the regular it card and was only denied due to inquries

Re: Discovers Secured Card

Anonymous — Mon, 25 Jan 2016 01:05:02 GMT

@lindsaydruart wrote:
I apped for this and got the same response. I called and she said there are COs and delinquencies in the past, all of them 3 years and older and that is taken into consideration if that is still on the report. So my response was, "if my credit report was clear of issues, I wouldn't need a secured card" and she just spit back the jargon they tell them to say. This is nuts for a secured card. Really.

They don't understand that people who need/want this card either need ot build or rebuild credit, so the report wont be perfect. If I had a blemish free report then I wouldnt need a secured card.