Secured Discover IT approval

[RaiseMyFicoScore]

I just wanted to report that I was approved for a secured DISCOVER IT card yesterday.  Yay!  I've heard so many good things about this card, and I can't wait until it actually transitions to an unsecured card in 8 months! 

I was kind of nervous that I might not get it, after reading about denials from some of the people with scores higher than mine, but the credit card gods were with me.  I received an instant approval message that I had met their credit guidelines.

Here's my question-after it transitions to an unsecured card, what kind of credit limit can I expect?  Does my initial security deposit drive any of this?  I'm just going with the minimum $200.  What type of Discover products can I, and should I look forward to after I transition.

I started my journey at the end of September, so about 5 months ago.  My scores havent gone up as much as some other people, because my utilization is too high.  I'm working on getting that down, so I can start seeing some big jumps in my #s. 

Thanks to everyone who posts questions, and those that answer.  I have learned so much for all of you. 

Thanks again!

[Anonymous]

Congratulations for getting a discover card and with patience and time your card will grow! First, you it will go from secured to un-secured ( you will get your deposit back). Second, dont get discouraged if you get small CLI, while your card matures and grows (it all adds up) as others may get bigger CLI. As time moves on, try to lower your ULT percentage and great things and more doors will open for you.

 

[Anonymous]

I love my Discover Card. I have had zero issues and although it's a secured card, I get cash back every month (not much but whatever!)

[AverageJoesCredit]

Congrats. Remember you can actually increase your secured card up to $2500 so when it graduates you have a higher sl.

This is a great card to kickstart your credit journey. Im in my second go around and i love that as soon as i but something, instant text and email from usage. Have fun

[ShatteredK]

Congratulations on moving forward with your credit journey and the approval!

[RaiseMyFicoScore]

So you do recommend adding to the security deposit? I was wondering if that would help my future credit line, once it unsecures.

[Anonymous]

It really is all preference. I chose not to do that because I didn't wanna jump into spending a lot of money on putting towards a secured card. Plus I was slowly getting back into having a credit cards. Having really high CL's is what got me here in first place. LOL🤷🤔😕

[RaiseMyFicoScore]

I didn't want to tie a lot of cash up, since I need it to pay down other debt. I would like a decent unsecured credit limit in 8 months. Just wondering how best to play this.

[Anonymous]

That was exactly my issue. The money I did have left over, I didn't wanna tie a lot up in a secured credit card as I was making settlements/paying off collections, charge offs, OC's etc. Don't do anything that will make you uncomfortable. Better to be safe than sorry.

[RaiseMyFicoScore]

I think you're right. Thanks for the advice. It is really appreciated.