cancel
Showing results for 
Search instead for 
Did you mean: 

Discover It SECURED - How do I know if I am approved??

Getdat800
Regular Contributor

Discover It SECURED - How do I know if I am approved??

I applied for Discover It Secured and got this message:

 

Here's what you can expect next:

  1. Two small deposits will be made into your bank account.
    We'll make two small deposits of less than $1.00 each into your bank account. These deposits will show up as a "TRIAL CREDIT," and will be immediately reversed from your account.
  2. We'll e-mail you when the deposits have been made.
    After 2-3 business days, we'll e-mail you asking you to check your bank account for these deposit amounts.
  3. Come back to verify the deposit amounts.
    Check your bank account for the deposit amounts. Then, return to Discover.com/checkstatus to enter the deposit amounts.
  4. Once verified, your application will be processed.
    If the amounts entered are correct, we will continue to process your application.

 

What does this mean??

Goal = 720+ Mid-Mortgage FICO for me and spouse.

FICO 8's 9/16 EQ/711 TU/725 EX/714 (SPOUSE) EQ/699TU/725 EX/700

HOMEOWNERS!
Message 1 of 6
5 REPLIES 5
CountryLivin
Valued Contributor

Re: Discover It SECURED - How do I know if I am approved??

They are doing a verification on your checking.......once you do this step, then once the deposit is out of your accouunt, you will get you card shortly after.

Message 2 of 6
RonM21
Valued Contributor

Re: Discover It SECURED - How do I know if I am approved??


@CountryLivin wrote:

They are doing a verification on your checking.......once you do this step, then once the deposit is out of your accouunt, you will get you card shortly after.+

+1

I think this is what is happening also.

                

Total CL: $306.1kUTL: 3%AAoA: 6.8yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k |DISC-40.6k | PENFED-38.4k | AMEX-37k | NFCU-37k | LOWES-35k | ALLIANT-25k | BARCLAYS-15k | CITI-13.7k | CHASE-10k

Message 3 of 6
Initiate
Established Member

Re: Discover It SECURED - How do I know if I am approved??

I recently applied for the Discover secured and they let me add my deposit right after the application was approved. Then they emailed me that after my deposit is verified ( I deposited 2.5k) they will mail me the card. The whole process took 10 days from start of application till I received my card. My advice to you is to call them as soon as you get the card and ask them to switch your rewards to the 5% cash back  revolving categories, cause you have the potential to earn 10% cash back after they match all your rewards for the first year. 

Message 4 of 6
CostantinoA
Established Contributor

Re: Discover It SECURED - How do I know if I am approved??

They will let you change the rewards?  I have had mine 1 year in a few weeks... I didn't know that!

Chapter 7 BK Filed 06-06-19, Discharge 09-16-19
603 - 09-25-20 Equifax FICO Score 4
741 - 10-05-20 Equifax Vantage Score 3.0
684 - 10-08-20 Experian FICO Score 8
649 - 09-01-20 Experian FICO Bankcard Score 9
657 - 10-05-20 Transunion VantageScore 3.0
Loans: 1 Student Loan Deferred, 2 Auto Loans
Credit Cards: 10 Visa/Mastercard; 3 Store Card $8/$10,525
Inquires: 0 Equifax, 29 Experian, 18 Transunion
Average Account Ages: 3Y7M Equifax, 4Y06M Experian, 1Y6M Transunion
Gardening till 01-2021
Message 5 of 6
Initiate
Established Member

Re: Discover It SECURED - How do I know if I am approved??

Yes of course they let you change your rewards. But it's gonna need at least 1 extra billing cycle to switch. So even if you don't get the full match on the 5% for the first year, having it beats the usual 2% that they offer especially if you take advantage of their categories.  If you max out these categories you have potential to make at least  $300 cash back per year. 

Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.