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Discover It Secured

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Established Member

Discover It Secured

Got approved for a Discover It Secured.  I was pre-approved, and when I went to apply, I realized I was applying for the Discover It Student card, but finished it anyways.  I got the 5-7 day message.  I figured that it meant I would be shot down so I went right back and applied for the Secured.  At the end of the app, they said they needed to verify checking by making two small deposits (<$1).  They were made the next day (today).  I verified the amounts on the Discover app status page and was told I'd get the card in two weeks (once they get paid and mail it to me).  I'm stoked, as it's now my only current card that has a chance of graduating (if I don't shoot myself in the foot).

 

The following are some of my credit stats, in case anyone else is wondering about getting approved with similar stats.  

540's credit scores

9 baddies (4 are charg-offs) 

6 months of on time payments on all 3 accounts (since 1 late on a card)

AAoA 6 months

1 Selflender loan ($500)

2 CC's (First Premier, OpenSky)

Currently a student w/ $52K salary (I don't know how much this matters, but they asked for the info, so it must to an extent)

2 inquirys in the last two years (if they don't count the Discover It Student app I completed 10 minutes prior to this secured card app)

I didn't get pre-approved until this last week.  Prior to that, I had higher utilization and a score under 520.

Starting Scores (5/8/19)

(9/2/19)
(10/10/19)

First Premier (unsecured) $425
OpenSky (secured) $200
Discover It (secured) $300
Self Visa (secured) $150
SelfLender Installment Loan (secured) $500
8 baddies (4 charge-offs), 2-3 Inq, AAoA 5 mo, AoOA 7 mo, 1 30d late on 3/15/19
Message 1 of 13
12 REPLIES 12
Regular Contributor

Re: Discover It Secured

Congratulations. This is definitely a good step forward but in order to graduate you need to improve your scores or you will get stuck with secured Discover and not getting approved for anything else.
Search this forum on how to work on your baddies. It might seem hard or complicated at first but set your goals straight.
In the meantime don’t apply for anything else or you will just be waisting HPs.
Good luck
Message 2 of 13
Established Member

Re: Discover It Secured

Thanks for the info. I'm definately planning on gardening for a while.  I've read that 3 CCs and 1 installent were good for rebuilding.  I'm planning on cycling as much of my bills through the discover, while making payments on all cards weekly to keep util between 5 and 9%.  A lot of graduation threads here for Discover that include a decent CLI state that they ran a lot of money through the discover card, but always paid it off by statement date.  I figure I have 7 months to get my score above 630 (which seems to be where people are above for graduation.

Starting Scores (5/8/19)

(9/2/19)
(10/10/19)

First Premier (unsecured) $425
OpenSky (secured) $200
Discover It (secured) $300
Self Visa (secured) $150
SelfLender Installment Loan (secured) $500
8 baddies (4 charge-offs), 2-3 Inq, AAoA 5 mo, AoOA 7 mo, 1 30d late on 3/15/19
Message 3 of 13
Community Leader
Super Contributor

Re: Discover It Secured


@Ericguest wrote:
Congratulations. This is definitely a good step forward but in order to graduate you need to improve your scores or you will get stuck with secured Discover and not getting approved for anything else.
Search this forum on how to work on your baddies. It might seem hard or complicated at first but set your goals straight.
In the meantime don’t apply for anything else or you will just be waisting HPs.
Good luck

Congrats Op on your new secured cardSmiley Happy

 

@Ericguest , nice positivity but i think its avit premature to tell someone they wont graduate  or get approved for anything else based off score alone. Every profile is different and of course improving ones score is paramount but is quite possible Op could unsecure just based of using the card for next several months by using it snd paying on time. Discover marches to its own beat sometimes . 

#ChaseCreditCardHobby Enthusiast
2022
!
Message 4 of 13
Valued Contributor

Re: Discover It Secured


@Extra_Credit wrote:

I'm stoked, as it's now my only current card that has a chance of graduating (if I don't shoot myself in the foot).

Congrats on the new addition to your lineup @Extra_Credit! What you said here says it all! You're self-aware that your credit is contingent on you keeping a solid cadense of "buy something, pay it off". That is the part a lot of folks struggle with. For you, half the battle is over Smiley Happy now crack a drink open, shop a little, pay your bills and watch the doors open up!  

Message 5 of 13
Senior Contributor

Re: Discover It Secured

Congrats!!

Message 6 of 13
Valued Contributor

Re: Discover It Secured

Congrats on the card and upcoming progress!



Message 7 of 13
Established Member

Re: Discover It Secured

Thanks everyone. I'm stoked!

Starting Scores (5/8/19)

(9/2/19)
(10/10/19)

First Premier (unsecured) $425
OpenSky (secured) $200
Discover It (secured) $300
Self Visa (secured) $150
SelfLender Installment Loan (secured) $500
8 baddies (4 charge-offs), 2-3 Inq, AAoA 5 mo, AoOA 7 mo, 1 30d late on 3/15/19
Message 8 of 13
Member

Re: Discover It Secured

Woohoo! Congrats!







My Cards (Total CL: $37,600)


Starting Score: 655
Current Score: 670
Goal Score: 700


Take the myFICO Fitness Challenge
Message 9 of 13
Regular Contributor

Re: Discover It Secured

Congratulations! I am fond of discover as they took a risk on me and recently approved me for the student it via prequalified offer (6/24) with a EQ score of 566. I had insane utilization across all my cards since I am a medical student just trying to get by but have 100% on-time payment history; they essentially are the reason I found this forum and started working on my credit. 

 

I was so pleased with the approval that I turned things around in a hurry. As you can see by the updated scores (from today) in my sig I am now just shy of showing a 100 point improvement since that approval and possibly passing 700 on one of my scores for the first time... ever. My third statement cuts for Discover on the 6th. This forum has been so valuable and motivating, I am honestly very grateful to all of you. 

 

Point of the story... Keep up the good work, use and PIF, and let it grow. Congratulations again. 


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Message 10 of 13
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