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Discover Secured Card?

Discover Secured Card?

Over the weekend I did the "shopping cart trick" for Victoria's Secret (thanks!) and I also applied for an opensky card and a discover it.

My question is: if discover it says "my credit checks out" and to make a payment to complete my application, am I approved? I was reading online that people suddenly got thrown a curve ball after paying the deposit, so now I'm afraid to pay it. Any input on this? I only have 1 card which is the capital one secured card. My credit file is extremely thin.

Message 1 of 27
26 REPLIES 26
Adkins
Mega Contributor

Re: Discover Secured Card?


@IcantThinkofAdecentNAME wrote:

Over the weekend I did the "shopping cart trick" for Victoria's Secret (thanks!) and I also applied for an opensky card and a discover it.

My question is: if discover it says "my credit checks out" and to make a payment to complete my application, am I approved? I was reading online that people suddenly got thrown a curve ball after paying the deposit, so now I'm afraid to pay it. Any input on this? I only have 1 card which is the capital one secured card. My credit file is extremely thin.


You're probably ok for the Discover secured, but I don't recommend you apply for it. You have an unsecured store card and two secured cards. You don't another secured card in your wallet. My advice is to garden for at least six months and let your new accounts age and show responsible use. After six to twelve months, try discovers pre-qualification tool again and see if you'll qualify for an unsecured card. Good luck! 

 

Last HP 09-14-2020



Message 2 of 27

Re: Discover Secured Card?

Thanks for the advice. 

Message 3 of 27
BmoreBull
Established Contributor

Re: Discover Secured Card?


@Adkins wrote:

@IcantThinkofAdecentNAME wrote:

Over the weekend I did the "shopping cart trick" for Victoria's Secret (thanks!) and I also applied for an opensky card and a discover it.

My question is: if discover it says "my credit checks out" and to make a payment to complete my application, am I approved? I was reading online that people suddenly got thrown a curve ball after paying the deposit, so now I'm afraid to pay it. Any input on this? I only have 1 card which is the capital one secured card. My credit file is extremely thin.


You're probably ok for the Discover secured, but I don't recommend you apply for it. You have an unsecured store card and two secured cards. You don't another secured card in your wallet. My advice is to garden for at least six months and let your new accounts age and show responsible use. After six to twelve months, try discovers pre-qualification tool again and see if you'll qualify for an unsecured card. Good luck! 

 


Maybe I read this wrong, but it sounds like he has a store card and maybe an Open Sky. If he did the app for discover, they already did a hp. I would go ahead and send in my deposit. The Disco card gives rewards and graduates. And he already took the hp. Op, I have a secured Disco, I got the same message about sending in my deposit. You just call and give them a debit card number and they can fund it that way. Good luck. 



Starting Fico Scores:November 2019

Current Fico Scores: January 6, 2021
Goal Scores: 700 across all three
Message 4 of 27

Discover Secured

Does Discover do a bank account verification before taking out the deposit? I kind of messed up and put savings account instead of checking. I was going to use my savings account for it and then changed my mind at the last minute. I put the right numbers but checked the wrong box. Ugh. I'm afraid to call discover because I don't want them to think I'm a careless idiot. They have been denying me FOREVER and then when they are finally like "ok, you can sit with us" I mess up. I don't even know if I got approved bc I just got a screen that said "thanks for your application" and not "you're approved". Why is all of this so stressful?42BA3A3E-1833-4CA9-8EFA-7DB0CF7192FF.jpeg

 

Message 5 of 27
GApeachy
Super Contributor

Re: Discover Secured

Call that 1-800#  and tell them you were just so excited you jumbled it up.  You don't want to start off on the wrong foot with wrong acct.  Looks like you were approved so "Congrats!!!!"

"My Take Home Pay Don't Take Me Home"
Message 6 of 27

Re: Discover Secured

Ok. I will

Message 7 of 27

Re: Discover Secured

And thank you


@GApeachy wrote:

Call that 1-800#  and tell them you were just so excited you jumbled it up.  You don't want to start off on the wrong foot with wrong acct.  Looks like you were approved so "Congrats!!!!"


 

Message 8 of 27

Re: Discover Secured Card?

lol. I'm a "she", but you're right for the most part. I went ahead and did my deposit because they already pulled my equifax report. After calling them like the peach suggested they told me I was approved and the funds will come out of my account. I wish I had seen your message before because I definitely would have taken the debit card route if I knew it existed.


@BmoreBull wrote:

@Adkins wrote:

@IcantThinkofAdecentNAME wrote:

Over the weekend I did the "shopping cart trick" for Victoria's Secret (thanks!) and I also applied for an opensky card and a discover it.

My question is: if discover it says "my credit checks out" and to make a payment to complete my application, am I approved? I was reading online that people suddenly got thrown a curve ball after paying the deposit, so now I'm afraid to pay it. Any input on this? I only have 1 card which is the capital one secured card. My credit file is extremely thin.


You're probably ok for the Discover secured, but I don't recommend you apply for it. You have an unsecured store card and two secured cards. You don't another secured card in your wallet. My advice is to garden for at least six months and let your new accounts age and show responsible use. After six to twelve months, try discovers pre-qualification tool again and see if you'll qualify for an unsecured card. Good luck! 

 


Maybe I read this wrong, but it sounds like he has a store card and maybe an Open Sky. If he did the app for discover, they already did a hp. I would go ahead and send in my deposit. The Disco card gives rewards and graduates. And he already took the hp. Op, I have a secured Disco, I got the same message about sending in my deposit. You just call and give them a debit card number and they can fund it that way. Good luck. 


 

Message 9 of 27
KJinNC
Valued Contributor

Re: Discover Secured Card?

Sounds like a good outcome. Two things that may not be obvious with Discover secured:

- You can increase your deposit and CL after the first statement cuts if you want. Call them, they will make sure it's approved, and then you fund the increase. Not all secured cards let you do this, but Discover does.

- Also after your first statement, you can product-change it to any type of Discover card if you want. A popular MyFICOer change is to turn it in the rotating 5% version. All Discover cards have the same underwriting, so they don't really care and won't do a hard pull. This is the same for secured and unsecured (ie you do not need to wait for the card to unsecure to do this). You can ask on the phone or in chat. If the first CSR says you can't do it, say thanks and try again later. You definitely can do it.

 

Discover is a great secured card, probably the best that's available to everyone in America. The only negative I'll mention is that when it unsecures, you can expect to spend a long time wondering why they won't raise your CL ... see my signature for an example (my Discover unsecured in December).

 

Congrats!


FICO Resilience Index: 66. Cards: 14/24, 0/12, 0/6. Accounts including loans: 17/24, 1/12, 0/6. At first accidentally, later deliberately, I used what I call the "thick-start" build method, which leads to heavy credit-seeking for a while with the goal of coming out of it without needing to build a thin profile for years. There are pros and cons. Thread describing method
Cards (oldest to newest)

Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $104,100, not counting the AU card. The AU card brings the total to $129,100. In March 2019, card CLs totaled $0.
CU and bank memberships: Coastal Credit Union, member since 1987, direct deposit; PenFed, member since 2019; Navy Federal, member since 2020; USAA, member since 2020; Chase Bank, member since 2020.

Closed but still on reports: American Express Delta Gold, $1,000, 09/19-10/20 | American Express Hilton Aspire, $3,100, 09/19-12/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Note: My signature is updated frequently, and updates appear on all instances of my signature including on old posts.
Message 10 of 27
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