Discover It Secured Worth It or Wait for Something Better?

[Supermama]

Hello All-  

I'm mostly a lurker and am nearing the end of my rebuild after a CH 7 in 2017.   My scores as of today are pretty decent:

EQ: 710, TU 743, EX: 713.  My utilization percentages are currently showing at 43%, 24% and 45% respectively, although my actual revolving debt is closer to 1% across the board as I just paid off nearly all my credit card debt and my Toyota car loan.  Basically, I don't owe anyone anything ATM which feels great! I have 2, 3 and 3 inquiries showing.

I received a preapproval for a Discover It (secured).  Is this something you would advise accepting or does anyone think I have a decent chance at acceptance with Citi or Wells Fargo or basically anything else that is not secured?  Should I wait a bit longer until my payments have all been reported to the CBs and then re-evaluate?

As far as majors, I currently have an Amex Platinum (No PSL), an Amex Marriot Bonvoy Bevy (just received this one with a soft pull) (CL 1700).  I have a Comenity Bread Amex (CL 3900), an Apple card (CL 1250) and a GM Marcus (CL  2300). I have a few other crap/rebuilder cards with low limits that I will likely close.

What do y'all think about my odds on being approved for another unsecured major?

Thanks!

Seeking advice on how to  

[Yoshi1981]

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@Supermama wrote:

Hello All-  

I'm mostly a lurker and am nearing the end of my rebuild after a CH 7 in 2017.   My scores as of today are pretty decent:

EQ: 710, TU 743, EX: 713.  My utilization percentages are currently showing at 43%, 24% and 45% respectively, although my actual revolving debt is closer to 1% across the board as I just paid off nearly all my credit card debt and my Toyota car loan.  Basically, I don't owe anyone anything ATM which feels great! I have 2, 3 and 3 inquiries showing.

I received a preapproval for a Discover It (secured).  Is this something you would advise accepting or does anyone think I have a decent chance at acceptance with Citi or Wells Fargo or basically anything else that is not secured?  Should I wait a bit longer until my payments have all been reported to the CBs and then re-evaluate?

As far as majors, I currently have an Amex Platinum (No PSL), an Amex Marriot Bonvoy Bevy (just received this one with a soft pull) (CL 1700).  I have a Comenity Bread Amex (CL 3900), an Apple card (CL 1250) and a GM Marcus (CL  2300). I have a few other crap/rebuilder cards with low limits that I will likely close.

What do y'all think about my odds on being approved for another unsecured major?

Thanks!

Seeking advice on how to  

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@Supermama Congrats on your rebuild progress so far!  YMMV of course but I think you have a good chance of being approved for an unsecured card. I would start checking pre-approvals once your reports update and see if anything pops up. Maybe target specific cards that would work best with your spending habits. You could always check now but the APR and/or limit would likely be better with lowered util. 

Was approved for USB Connect with 28% util/716 TU, pre-approved for three Citi cards and Amazon Prime (although APR is always highest in my case, but won't be carrying balances on future cards). Good luck!

[Creditwiser]

I would take advantage of Preapprovals and also limit your INQ's and AAOA. Your scores are decent and you need to set yourself up for the next two years when your BK falls off.  Resist the apps and use what you have. Seek SP CLI's.

[Yoshi1981]

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@Creditwiser wrote:

I would take advantage of Preapprovals and also limit your INQ's and AAOA. Your scores are decent and you need to set yourself up for the next two years when your BK falls off.  Resist the apps and use what you have. Seek SP CLI's.

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@Creditwiser doing too many things at once. Totally missed that BK is still listed. OP forget what I said, take this advice.  Waiting will be very rewarding for you. 

[Supermama]

Thanks for the advice!  I'll take it!  I have no real need for a new card really... just getting excited that my scores are finally pretty good and I'm nearly out of debt 😇🤩

[FicoMike0]

You should see a score boost when your util. reports at 1%. I would hold until there is a card you really want. Then, go for it. 

[ScarlettHusky]

Congrats on your rebuild so far! I would say your scores should support getting another card, but personally I would wait some time to ensure that your utilization is updated. Some banks would likely shy away from your current (reported) utilization, plus depending on how recently you were approved for your newest card, it wouldn't hurt to let it age a little.

[nytimestraveler]

I like the discover card but get the 5% one

they gave me double the match but that's only the first year so 4% essentially 

I started the journey with a 200 secured and a year later they gave me 2000

c1 was crap aside from the free Uber One, they gave me 200 CL

then my first unsecure is a chase sapphire 

[nytimestraveler]

You have great cards in the platinum and bread, I would shoot for the sapphire bro