Discover IT secured feedback

[tehdrizzle]

We are 9 months post chapter 13 and as much as I dislike them, I finally decided to get a small secured credit card.  Unfortunately the lowest limit I could get was $200 which still seems a bit to high.  I'm just seeing if anyone has this card and if they had luck with it.  I'm planning to use it for about a year charging about $10 to it each month, and paying it off to help increase our credit score and see where it's at and then plan to close the card sometimes late next year (I just don't trust credit cards).  I've heard of people saying after 8 months they will take the secured feature off and increase the credit limit, but is there any way to just simply keep it secured and have them not increase the limit at all?  I don't plan on having this card more than 1 year.

[gdale6]

Going to move this to the applications section of the forum.

[FinStar]

@tehdrizzle 

The few actions that may keep it from graduating to unsecured would be negative ones such a returned payment or late payments which would obviously be counterproductive.

If the account's performance and positive history warrants a systematic graduation and a potential increase, you have the option to contact them and having them reduce the CL to an acceptable level for your spending habits once you receive confirmation of your deposit being returned.

[C_O_N]

I think they will automatically unsecure your card in 6 months of good payments...not sure of all the parameters. I also got this card secured about 6 years ago for $200, and it was unsecured and bumped up to $500 in 6 months with on-time payments and no carry over balance. This was like 6 years ago so I'm not sure if much has changed since then. 

[cr101]

You said that you don't trust credit cards. Do you mean that you're possibly too tempted to overspend and get into debt? If so, I still don't recommend closing the account. You may want to ask around the forum, but as far as I know, lack of credit cards has a negative impact on your score. You should also ask how closing your only cc may affect your score. 

You could just freeze your card. You can do it straight from the site. Throwing the card away is also an option. That way, you can't use it. Most creditors also allow you to reduce your limit.