cancel
Showing results for 
Search instead for 
Did you mean: 

Can closing my Disco Secured card cause long term damage?

Frequent Contributor

Can closing my Disco Secured card cause long term damage?

I just got off the phone with them.  They said I wouldn't qualify for a second card (unsecured at that) for 12 billing cycles. Not allowed, like some dang youngin.   I will be up for review end of June.   I'm over it.  CSR warned me not to close because it could cause a negative impact.   I pay one phone bill, and BAM!  18 pt drop....I'm over it.  I have always had a zero balance, cause I'm paying like a million times a month just so I can use it and not get caught with a high utl on report date.  It's not a tool at the moment, it's balls to the wall paying every week, sometimes twice once the pending transaction drops so I can pay and hope it doesn't get reported.  Grrrrr

Chill, chill, chill...I know.

Should I close or sockdrawer?

Starting Score: 579 EX Oct 2018
Current Score: 746EQ 739TU 728EX
Goal Score: 790



"MY TAKE HOME PAY DON'T TAKE ME HOME"
7/24 ~~~~Gardening 'til 11/2020~~~~~
Message 1 of 5
4 REPLIES
Valued Member

Re: Can closing my Disco Secured card cause long term damage?

why pay multiple times monthly?  you can have 0 util reported with one payment.

 

for example: if you are currently PIF and your statement end date is today, tomorrow you should begin with a 0 balance and 0 payment due on the next PAYMENT DUE DATE, likely 03/07 ish. your next statement end date is 03/11. just make a payment for the amount you have charged up (pending + posted as discover will let you pay a more little more) on say 03/09-03/10 ish if you want to be safe. though my discover will report a 0 balance on the date I specify the payment even if the money is not pulled from my bank account until the next day. then on 03/12, you can use your card again for the next month repeating the process.

 

so just to be clear, discover reports the balance of your account on the statement end date, no matter how high you charge it up during the month.

 

I use this method for all my cards: chase, citi, discover and never pay any interest charges with 0 util reported. I utilize AZEO with this method because it is is good to have a little usage on at least one card.

 

now if you have to pay multiple times monthly because of a limited CL, the process still is not that different.

Message 2 of 5
Regular Contributor

Re: Can closing my Disco Secured card cause long term damage?


@Laurachrissy wrote:

 I pay one phone bill, and BAM!  18 pt drop....I'm over it.

 


If that is due to a high utilization reporting, it should be temporary. If you report 0-9% next cycle you will be right back.

 

Do you have other cards that are unsecured?

Message 3 of 5
Community Leader
Senior Contributor

Re: Can closing my Disco Secured card cause long term damage?


@SlideOrInsert wrote:

why pay multiple times monthly?  you can have 0 util reported with one payment.

The OP has indicated that she has to make payments to continue using the card, i.e. the limit is low.

Message 4 of 5
Valued Contributor

Re: Can closing my Disco Secured card cause long term damage?

You should be able to get a second one 12 cycles after opening the secured card. 

 

Honestly just SD it and charge a few bucks every 3-4 months and PIF and get an unsecured card. Closing before 12 months is not advised if you’re planning on getting another card from the company, I speak from experience here, so just go for an unsecured card with another financial institution. 



Scores 1/1/19:
Scores 2/11/19:

Hover over my cards to see my limits!
Goal: Garden... and garden... and garden.
Message 5 of 5