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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 5
4 REPLIES 4
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 5
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 5
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 5
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. 




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