Discover Secured Card Question

[Chezy1025]

I currently don't hvae any secured cards, but I would really like to get a discover card - would you recommend applying now or should I wait for my UTI to reflect and apply in 2 weeks?

Currently my scores are between 610-635 for all 3 with my last missed payment being over 5 years ago and 99% uti. I just paid the uti down to 40% and plan to have it down to 20% by the end of next month.

My current credit file - 

Credit union $5000 limit

Cap1 Qs1- $2,200

Cap1 Qs1 - $600

Cap1 Qs- $600

Amazon - $800

Auto loan - $10,000/$12,600

How should I proceed, would you advise getting a secured discover or do you think I would qualify after my uti hits with the lower amount for a regular discover it? The myfico simulator predicts high 600s for all 3 with the uti paid down!

[Anonymous]

99% util is really high. I would wait until the lower util reports. Even better if you could wait until you get it down to 20%

[Chezy1025]

Do you think I will have decent odds to get approved? The denied me 2 months ago for uti to high and accounts established - would hate to waste a hardpull if I should just get a secured now

[crrredit]

You can't apply for a secured Discover directly. You have to apply for an unsecured card and they counter offer the secured card instead. Kind of a crap shoot because they don't always offer it. 

[Anonymous]

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@Chezy1025 wrote:

Do you think I will have decent odds to get approved? The denied me 2 months ago for uti to high and accounts established - would hate to waste a hardpull if I should just get a secured now

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I'm not sure if they would approve you right now for the secured card with 99% util reporting. What card did they deny you for 2 months ago, the secured?

[Anonymous]

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@crrredit wrote:

You can't apply for a secured Discover directly. You have to apply for an unsecured card and they counter offer the secured card instead. Kind of a crap shoot because they don't always offer it. 

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Actually you can now. They have finally made the secured card available to app for on their site.

[Chezy1025]

I applied for the balance transfer discover it card! I have been counter offered the secured in the past - I guess waiting two months isn't terrible, but it would seem like a waste of time if I was denied then and could have had the secured for two months! haha

'

I may be wrong but i believe it was discover that offered me a chance to do a joint account for the balance transfer card

[Anonymous]

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@Chezy1025 wrote:

I applied for the balance transfer discover it card! I have been counter offered the secured in the past - I guess waiting two months isn't terrible, but it would seem like a waste of time if I was denied then and could have had the secured for two months! haha

'

I may be wrong but i believe it was discover that offered me a chance to do a joint account for the balance transfer card

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Well you can try for it if the 40% util is showing on your reports now, but if the 99% util is still reporting I would wait. But that's just my opinion.

[Chezy1025]

It's still showing 99% sadly but once it hits 40% I hope i get a decent score bump and ill app again - if thats a no-go i will get the secured just to get in the door

[Anonymous]

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@Chezy1025 wrote:

I currently don't hvae any secured cards, but I would really like to get a discover card - would you recommend applying now or should I wait for my UTI to reflect and apply in 2 weeks?

Currently my scores are between 610-635 for all 3 with my last missed payment being over 5 years ago and 99% uti. I just paid the uti down to 40% and plan to have it down to 20% by the end of next month.

My current credit file - 

Credit union $5000 limit

Cap1 Qs1- $2,200

Cap1 Qs1 - $600

Cap1 Qs- $600

Amazon - $800

Auto loan - $10,000/$12,600

How should I proceed, would you advise getting a secured discover or do you think I would qualify after my uti hits with the lower amount for a regular discover it? The myfico simulator predicts high 600s for all 3 with the uti paid down!

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With your scores and profile, once you pay down your utilization you should get a decent bump and while it's really hard to recommend how to apply for Discover you may just qualify for an unsecured one.  I would definitely, definitely wait until your low utilization reports.