@IcyCool7227 wrote:I'm thinking about applying for a Discover It Secured card since the pre-qual tool only showed me that card. The Discover card If like to graduate to is the Cashback one. When it's time to graduate does Discover do an additional hard pull or no? I'm also worried that my interest rate when I get the secured card will be high. I read several posts on here though that tells me that Discover does lower interest rates, unlike Synchrony Bank. Is it best to get the secured card or just wait until my score is better to get the Cashback card from them? I'm pleased to hear they have great customer service.
the secured card if/when it graduates will graduate to the chrome card, not the cashback card. It also won't be a hard pull, it will just be based on their monthly soft pull account reviews.
it's also 27.74% APR on the secured card.
One aspect of graduation will be if you carry balances, I would suggest not carrying a balance.
Are there major changes to your Exp report coming soon? removal of major lates/CO's? If so, I would wait, otherwise, get the secured and start rebuilding with Discover now, IMO.
@IcyCool7227 wrote:I'm thinking about applying for a Discover It Secured card since the pre-qual tool only showed me that card. The Discover card If like to graduate to is the Cashback one. When it's time to graduate does Discover do an additional hard pull or no? I'm also worried that my interest rate when I get the secured card will be high. I read several posts on here though that tells me that Discover does lower interest rates, unlike Synchrony Bank. Is it best to get the secured card or just wait until my score is better to get the Cashback card from them? I'm pleased to hear they have great customer service.
I got a Discover Secured card back in March of last year. I put $200 down and opened the account. For the next 6 months I would run about $400-$500 a month through the card. On the 7th month it unsecured to $1800 CL and I got my $200 back in about 7 days.
Don't forget for the first 12 months you're effectively earning 4% CB on Gas/Restuarants and 2% CB on everything else. Not a bad deal for a no AF CB card.
I'd highly recommend Discover not just for a CC but, I also opened (I think it's closed now) their checking account (1% CB on debit purchases) and 3 HY savings. I've only called their CS a couple times but, everytime I've been blown away.
They are stopped allowing PCs from It Chrome to It Cashback sometime late last spring. My card graduated late June and it's still a Chrome.
@FishingGuy wrote:I would open the secured card to get the ball rolling for now and your future growth.... especially with ypur age of accounts. If possible I would also open it with the largest amount you can afford to deposit and that they will accept, so when it gradutes ( I believe ).... your line will be higher. (I'm npt certain what that amount is (maybe $2,500)... maybe higher. Perhaps someone else hear can advise you on that.
Put usage on the card, and do your best to pay in full.... or make payments even several before the statement cuts. They're really good to start your growth with.
You're correct, the most you can deposit for the Discover Secured card is $2500. I maxed it out and a few days after my 7th statement cut it graduated with a CL of $3500. I have read that people with lower limits on the secured card were more likely to graduate, but I wanted to have a card I could use for larger purchases, rental cars, etc. so I rolled the dice and went for the $2500 limit. I still had a pair of large unpaid collections plus three paid charge offs on my report so I wasn't sure it would happen. I put about 1K to 1.5K on the card each month, to help my chances at graduating with a decent limit and to take advantage of the first-year cash back matching offer.
Don't know if it mattered but I did open a cash back debit (checking basically) account as well as a savings account with Discover. I set up direct deposit of 10% of my paycheck into the debit account. I also transferred my debit account cash back to my credit card's cash back total. The debit account came in handy when it was time to deposit my check (they don't currently direct deposit your returned security deposit). I used mobile check deposit, and the money was in my debit account and cleared in 1.5 business days. I ended up moving most of the $2500 into the savings account for now. It's paying 3.3% APY currently.
I do like their website, and you can set up single sign in for all the Discover accounts. The mobile app is solid as well.
the chrome card is not that great of a card in my opinion as i currently have it and never use it. Also be aware discover no longer offers a prodcut change so if you really want the cashback 5% rotating card, i would highly recommend you wait unless you dont mind being stuck with the chrome card when the secured card graduates.
