topic Discover Secured Deposit Amount in Rebuilding Your Credit

Discover Secured Deposit Amount

800goal800 — Sat, 29 Dec 2018 17:12:42 GMT

What is an ideal amount to deposit if I plan on keeping a zero balance ? In the drop down on the approval it says I can choose up to 2500

Re: Discover Secured Deposit Amount

Anonymous — Sat, 29 Dec 2018 18:05:42 GMT

As far as I've seen the amount doesnt matter for rebuilding purposes but if you go minimum when its unsecured you'll have a low limit card still. So, my plan (if i even get a secured card), which may not be your decision, is to do as high as I can so that when it graduates they'll give me a higher limit (ego purposes lol)

Re: Discover Secured Deposit Amount

Anonymous — Sat, 29 Dec 2018 18:32:14 GMT

Go with what you can afford having tied up for an indefinite amount of time.
You can always make multiple payments throughout the month so that you benefit from the cashback rewards, etc

Re: Discover Secured Deposit Amount

800goal800 — Sat, 29 Dec 2018 19:53:10 GMT

Is there an assumed correlation between secured limit and unsecured when possible?

Re: Discover Secured Deposit Amount

Anonymous — Sun, 30 Dec 2018 15:15:00 GMT

No. Your secured amount doesn't seem to weigh on how much they unsecure you for.
What they look at more is responsible use and overall credit.

Re: Discover Secured Deposit Amount

Anonymous — Sat, 29 Dec 2018 20:07:27 GMT

I got my Discover secured card last September and started out with a limit of $200. I eventually rose it all the way up to $2,000 before it unsecured earlier this year. Honestly wish I put in the entire limit of $2,500 because I've been struggling to get a CLI from Discover.

Re: Discover Secured Deposit Amount

Anonymous — Sat, 29 Dec 2018 21:34:45 GMT

From what I've seen... if you deposit 250 then its unsecured it may increase a little but not to 2500+. If you secure with 2500 then it'll unsecure at 2500+.

Re: Discover Secured Deposit Amount

chiefone4u — Sat, 29 Dec 2018 21:43:50 GMT

Everyone has different experiences and opinions... I secured mine with the minimum $200. For 7 months I put $69.95 on the card (myfico monthly fee and a pre paid cellphone). With the exception of 2 Bill's I paid in full before statement cut.

After the 7th statement they refunded the $200, unsecured the card and increased my limit to $1,000.

I'm sure spending habits, and payment have more to do with it than how much you deposit.

Other posts indicate Discover likes you to slide the card frequently and to pay in full often YMMV

Re: Discover Secured Deposit Amount

bondsandloan — Sat, 29 Dec 2018 22:19:06 GMT

Put in how much you can afford. But yes higher the secured limit, greater the chance it secures at a higher limit.
I put in a $800 deposit & mine unsecured for $2,500.

Re: Discover Secured Deposit Amount

FireMedic1 — Sat, 29 Dec 2018 23:50:07 GMT

This kinda falls under what, when, and how will Disco give anyone a SP CLI. No one knows the formula and maybe never will. No one has the same outcome. But I agree it would be better to put as much as possible. First you'd have a pretty good CL. Secondly. When you go for another card after building your profile. The new creditor will give (possibly) a higher SL seeing you handled the $2500 and was responsible with that amount. Good Luck!

Re: Discover Secured Deposit Amount

800goal800 — Sun, 30 Dec 2018 15:02:42 GMT

Does the card report as unsecured or secured ?

Re: Discover Secured Deposit Amount

GApeachy — Wed, 30 Jan 2019 09:04:43 GMT

@800goal800 Mine is new as of Nov and none of the CB's indicate secured or unsecured. (edit: sorry, I was wrong, I see they do show secured)

Re: Discover Secured Deposit Amount

ItsCASHual — Sun, 30 Dec 2018 23:50:55 GMT

@800goal800 wrote:
Does the card report as unsecured or secured ?

It reports as a secured card.

Re: Discover Secured Deposit Amount

Anonymous — Mon, 31 Dec 2018 00:14:11 GMT

If it reports as secured... does that factor into scores or just if a manual review was done?

Re: Discover Secured Deposit Amount

Anonymous — Mon, 31 Dec 2018 00:16:50 GMT

Doesn't change scoring. Plus, it will graduate soon enough.

Re: Discover Secured Deposit Amount

Anonymous — Mon, 31 Dec 2018 12:57:49 GMT

Disco is like having the crazy GF, in that you never know what she is going to do next. She may show you love, or keep you begging for her attention. Some people have started with $200 & unsecured 7 mo later with a $2000 unsecured SL, while others have hardly received a bump. No one can figure her out...

Re: Discover Secured Deposit Amount

Harmony12 — Mon, 31 Dec 2018 18:57:37 GMT

thewizardofa,

So did it only unsecure for $2000 with out a CLI?

Re: Discover Secured Deposit Amount

Anonymous — Tue, 01 Jan 2019 00:05:03 GMT

I started with 400 and unsecured after 7 months. They bumped me to 1800 when I moved to unsecured.

I've yet to see any rhyme or reason to Disco's credit limit increases 🤔

Re: Discover Secured Deposit Amount

Anonymous — Tue, 01 Jan 2019 01:44:11 GMT

Has anyone ever unsecured for less than their deposit?

Re: Discover Secured Deposit Amount

Anonymous — Wed, 02 Jan 2019 22:48:59 GMT

I was just approved with a $1,000 deposit. I'm currently waiting for the card to arrive. My hope is that in 7-8 months, they bump me up with a nice increase!