I have been wanting to get in with Discover for a long time. I have a 2 year old Capital One Secured card with a 2250 limit ($1900 in deposit). Should I close that card now and deposit with Discover to their max of $2500? I opened it with $500 and was approved... they have told me no nonstop for 2 years.
The Cap One card was opened in October 2013 and is my oldest tradeline (post-rebuild phase)... so not sure if I should close it. My next oldest is one year later.. my quicksilver, which is now at $5000 and has been opened for about 15 months.
So excited to be in with discover... I understand a year down the road they might send me my money back and let me graduate to a real card!!!
That's what I would do. I have a huge credit balance from my QS1 and I'm putting the majority of it on the Discover card. You should be well established enough to Cap 1 to not need the secured anymore. Welcome to the Discover Family!
Gardening since 12/15/2019. Goal 12/15/2021
I'd close the Cap One secured and get my cash back. For credit score purposes, there's no reason to sink it into the Discover secured. You have a nice enough Cl on the Quicksilver to handle travel, etc. Check the prequal sites for a decent unsecured offer. Not sure what you mean by junk cards, but if it's predatory lenders like Credit One, it's probably time to close those as well.
Just applied and was denied due to my BK. They couldn't pull my EQ due to it being frozen but they pulled my TU.
I asked about when would be a good time to reapply and they referred me to their website and read about BK and the things you can do to rebuild your credit. So I guess this card is not for those who are fresh out of BK. They look forward to my reapplying, yeah but when would be a good time? That they couldn't answer.
Bummer.....
edit: Had to call in to verify some info, the fact that EQ was frozen was the verification needed reason.
Fresh BK is a no go, even for the secured for Discover. A year or so out maybe?
@crrredit wrote:I'd close the Cap One secured and get my cash back. For credit score purposes, there's no reason to sink it into the Discover secured. You have a nice enough Cl on the Quicksilver to handle travel, etc. Check the prequal sites for a decent unsecured offer. Not sure what you mean by junk cards, but if it's predatory lenders like Credit One, it's probably time to close those as well.
I agree that my score wont be affected by depositing more with Discover, but wouldn't giving some spending love their direction over the next year help my chances at going unsecure at the one year mark as well as getting a growing credit line? I'm thinking having my Capital One QS and Discover will suit me nicely for my future. I don't like having all my credit tied up with one lendor. My goal long term is to have three: CapOne, Discover and Amex... all with large lines for emergency purposes...
One time about 8 years ago I was on a vacation with my family and went to use a freshly paid off $5000 CitiBusiness card... it showed my balance was good to go... but my charge declined at a car rental and again at a hotel. I called them and they were balance chasing me on the card... and lowered it to $1000 almost ruining our vacation. I had to scramble and move money from a brokerage account to save our vacation but I didnt keep much cash in account at the time. My lesson I promised never to repeat again was to ever trust a trip or vacation or my life in general with only one card available. My minimum payments on that Citi Card resulted in a balance chase and line reduction while I was 2000 miles from home. I had a similar experience almost happen when on business in Australia with MBNA (1997)... thankfully because I was oversees they put my line back in place... but they had literally dropped it while I was on the plane ride over to Australia.. I arrived to find my line had been dropped from $6500 to $2500 which was exactly my balance at the time. I was young and didnt understand how they would balance chase, etc. My goals with Discover, as a result, is to have a nice line with them a year or two down the road... my scores (below) are improving each month... I think I can obtain my goals finally!
(yes, the junk cards are Credit One and two other garbage predatory .... im burning them soon... before AF hits.
Think about putting less down as a deposit, and just pay it more often. You can run a lot through it to get on their good side without tying up thousands in secured deposit. I'm in the process of closing my secured accounts and getting my deposits back. Sure is nice to have that cash back!
My worry is it unsecuring at the limit I put in. God I would hate that.