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Discover IT Secured...Take it or Leave it?

Jasonlivesit
Member

Discover IT Secured...Take it or Leave it?

Hi everyone, 

 

I havent posted in years since I started my credit rebuilding journey.  Ive worked hard on my credit and im in the mid 600s with all 3 CBs.  I currently have a Capital One card with a 4k limit, an Apple card with a 2k limit, and I have a card with my parter that has an 20k limit (he has much better credit then myself).  I recently (2 months ago) took out a Discover IT card with a $200 limit to help my credit but Im having buyers remorse.  Of course it hurt my score to have this card considering its a new card and ive had the others for years.  Should I keep the discover card or close it and just work on paying down other debts?

Message 1 of 14
13 REPLIES 13
joltdude
Community Leader
Senior Contributor

Re: Discover IT Secured...Take it or Leave it?

You took the HP, keep it for a year and see if it graduates....

(note I said keep it a year, even though you might have seen and can likely get a graduation in 7+ months... keep it the full year if it doesnt graduate, then revise your plans according to where your score is at the end of the year)

 

-J

 

Message 2 of 14
ElleCee
Established Member

Re: Discover IT Secured...Take it or Leave it?

I say keep it. I've had mine about 8 months? and they just graduated it from $200 to $1000. Nice little score increase. 

Message 3 of 14
tehdrizzle
New Contributor

Re: Discover IT Secured...Take it or Leave it?

I just got the same card.  I'd keep it for a year and close it out, that's what I plan to do anyway.  You already have a few other cards, and honestly the fewer the better.  No need for a high CLI, if you can't afford to pay cash, you don't need it is something I like to live by.

Message 4 of 14
quikj9
Regular Contributor

Re: Discover IT Secured...Take it or Leave it?

I'd absolutely keep the card. Your score decrease is only temporary as it lowered your AAoA, reset your AoYRA and took an inquiry. All of those things will be rectified in time. Mine was one of the cards that went from $200 secured to $1800 unsecured in 8 months. Discover's customer service/support is fantastic.

 

You can also change the rewards structure to the 5% rotating categories, after your first statement, if that suits you better. 




Message 5 of 14
Mr_Glass
Established Member

Re: Discover IT Secured...Take it or Leave it?

Disco is a SOLID card even the secured one, it will help you establish a relationship and they seem to show love to those that show them love. As long as you keep your file clean and put a il spend on it periodically and don't carry a balance you will most likely get it graduated to unsecured and a limit bump.


Message 6 of 14
KLEXH25
Valued Contributor

Re: Discover IT Secured...Take it or Leave it?

You've already taken the hit. Keep it and let it graduate. Discover has the potential to really grow. 





Message 7 of 14
JamP
Valued Contributor

Re: Discover IT Secured...Take it or Leave it?

My DW IT card was a $200 secured card.  1 year later it graduated and she received $300 to a cl of $500.

Now, this card is at $9800.

 

Her second non-secured IT card started at 1k and after a year it is now at 3k.

 

I would say keep it. Discover is known to grow for most.

250k+ CL and climbing.
Message 8 of 14
JakeRogue
Valued Member

Re: Discover IT Secured...Take it or Leave it?

Keep it! DISC may give you increases faster and higher than other cards, you can upgrade to a non secured product, and their customer service is top notch. You're on the journey, I think you'll be glad you keep this one in the long run Smiley Happy



FICO 8 March 2021 - EQ: 806 EX: 791 TU: 800
Message 9 of 14
JayMac704
Member

Re: Discover IT Secured...Take it or Leave it?

Never carry a balance? Not even <10% ?

Message 10 of 14
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