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

[quikj9]

@JayMac704 I think the OP was saying that they'll let a balance post, then pay it off completely by their due date. That way they don't carry/revolve a balance and pay any interest.  

[JakeRogue]

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@JayMac704 wrote:

Never carry a balance? Not even <10% ?

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You can carry a balance of less than 10% as long as you pay the statement balance when it's due. Otherwise you'll pay interest and that's throwing away money. As long as we're making that distinction then, yes it's fine to carry a 10% balance. 

[JayMac704]

Ok, honestly I'm a bit new to all of this so I'm learning. So it's best to let the statement close with a balance to show that you're using the card but paid said balance off by the due date to avoid paying interest and carrying over a balance the following month? 

[KLEXH25]

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@JayMac704 wrote:

Ok, honestly I'm a bit new to all of this so I'm learning. So it's best to let the statement close with a balance to show that you're using the card but paid said balance off by the due date to avoid paying interest and carrying over a balance the following month? 

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Hi @JayMac704 that is correct. Credit cards have a grace period between the statement date and your due date, in that you don't pay interest as long as you pay the balance due in full. Any new charges made after your statement aren't due until the next statement period. Occasionally cards will offer a 0% introductory period, where you can carry a balance for X number of months interest free, however its best to keep track and pay in full as soon as you can. I have a couple of these but prefer not to get in the habit of carrying a balance if I can help it.

[Anonymous]

Hey Everyone!

So here is the update to my IT secured card.  I decided to keeep it and on month 7 just after the payment it graduated to an unsecured card!  I have been working hard to pay down down debt and my Apple card CL has increased as well.  I closed my capital one card because I had a bad habit of paying it down and then charging it back up again.  I also closed all my cards that had annual fees and that were new which gave me a longer credit history.  When I wrote this original post my FICO with EXP was 659 (fair) now my FICO is 675 and it says good!  I'm still working to the 700 club and hopefully its just paying down debt and raising my credit limits!  Thank you for all your help!

[Remedios]

Congrats and thank you for the update.

Did you receive increase when card graduated? 

[Anonymous]

Yes, originally I put in $200 and it graduated to 1k unsecured.  I did use the card and paid it off every month.  Once it got to month 6 I used the card very little and paid it off quickly when I did.  On month 7 I didn't use it at all and let it sit for with a zero balance.  

[Remedios]

That's great, glad it all worked out for you. 

[Creditin]

 Congrats in your progress.

That's what I like of this forum. Very instructing.

When you think you know enough, there's something called graduation.

My cards should be extremely dumb, because none has graduated.

The few increases I have got, it's fighting with them to the death.

And to be honest, it has been only Synch.

Three long years pressing the key for increase every 1st of the month.

They denied quite a few,  but also raised a few.

My PayPal acc went from 3k to 7k.

The paypal MC is 5k now.

And the Amazon prime also 5k.

I won't mention CAP1. Well, yeah, a 100 dollars increase in one of three cards.

Disco opened at 5k, and remains that way, 11/2  year later. No graduation.

So did  Comenity. Well, 5200 is enough from them.

Come Monday, I'm calling all of 'em and ask when my caeds are goingf to graduate.

Disco is a good bank. They gave the shirt I'm wearing today, hahaha!.

Cheers.