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Question on Disc secured

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Regular Contributor

Question on Disc secured

Does the discovered secured normally help credit score over time? What I mean, does the cc do a monthlt tick to credit score if having a bill on auto pay and paying it on time?
Message 1 of 10
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Moderator

Re: Question on Disc secured


@duku2020 wrote:
Does the discovered secured normally help credit score over time? What I mean, does the cc do a monthlt tick to credit score if having a bill on auto pay and paying it on time?

I am not quite sure I understand your question, but ... paying cards on time is one of the largest chunks of your score.  

It does not matter if it's secured or not. Keep your utlization in check and you'll do great 

Message 2 of 10
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Regular Contributor

Re: Question on Disc secured

Was thinking whether or not a disc secured can help a credit score when having a automatic monthly bill on it
Message 3 of 10
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Moderator

Re: Question on Disc secured


@duku2020 wrote:
Was thinking whether or not a disc secured can help a credit score when having a automatic monthly bill on it

Auto pay is for your protection, in case you forget payment is due. It has no direct infuence on score, but it ensures bill gets paid, so by proxy, it's a good thing for your score. 

Message 4 of 10
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Regular Contributor

Re: Question on Disc secured

Ok, cool, thanks for the reply
Message 5 of 10
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Valued Contributor

Re: Question on Disc secured


@duku2020 wrote:
Does the discovered secured normally help credit score over time? What I mean, does the cc do a monthlt tick to credit score if having a bill on auto pay and paying it on time?

The issuer "Discover" sees everything. Any spend will make/keep them happy.

They will report on time payments every month if you pay on time.

However "Fico" uses what amount post on your monthly statement for utilization calculations.

Depending on number of cards, spend, how and when you pay, reported utilization can raise or lower your scores.

You should read "Understanding Fico Scoring" and "AZEO threads"

 

But "Yes" a secured credit card reports the same as a regular credit card and will help your scores.

My daughter got to 808 "real Fico score with one secured card.

FNBO 2% Cashback Visa (20k) / Bank of the West Cashback MC (20k) / US-Bank Cash+ (15k)
FNBO Travel Elite (15k) / Citi Double Cash (20k) / US Alliance 3% (20k)
Ficos : 830 / AAoA : 9 yrs / AoOA : 24 Yrs / AoYA : 0
Message 6 of 10
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Valued Contributor

Re: Question on Disc secured

I started with Disco secured in an empty file. Look at my siggy now.

 

Used it, kept util low, PIF'd it, and it grew.


TU FICO 8: 741 (7/19) — Ex FICO 8: 739 (7/19) — Opinions are my own and not the views of my employer
Message 7 of 10
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Regular Contributor

Re: Question on Disc secured

Wow.
How long have you had it?
Message 8 of 10
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Frequent Contributor

Re: Question on Disc secured

Any card that is showing on-time payments and low utilization.....will help your score. 

 

Take it from this guy who had a Vantage Score 3.0 of 404 nearly 3 years ago. 

 

I had 3 secured cards for about a year and then my doors started to open up. My scores were sky rocketing after just a few months of timely payments and low/no balances. 

 

I first had an OpenSky, which is about the bottom floor of secured cards, don't even need a checking account to get one. I eventually got a Discover IT Secured and it has since successfully unsecured after about 14 months of having it. 


AMEX Gold / Home Depot CC $3K/ Discover IT Chrome $2K SL / PayPal MC $2K /
BOA BankAmericard $2K / BOA Cash Rewards $1000 / Cap One Savor One $1000 / Blaze MC $1500 / Credit One $850 / OpenSky $500 / AvantCard $500 / Discover IT Cash Back (Graduated Secured) $200 CLI to $400 / EBAY MC $300
Jan of 2017 Credit Karma: 404 -SEPT OF 2018: EX 652 EQ 626 TU 604
AUGUST OF 2019 1% UTL - EX 681 EQ 667 TU 659
Total Credit Limit: $16150 -
Goal Score: 675 for all FICOS (ACHIEVED EX)
Message 9 of 10
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Valued Contributor

Re: Question on Disc secured


@duku2020 wrote:
Wow.
How long have you had it?

About two and a half years now, but I stopped asking for CLI's late last year once it hit $10k. No need to get more when the 5% category is only for $1.5k/quarter.


TU FICO 8: 741 (7/19) — Ex FICO 8: 739 (7/19) — Opinions are my own and not the views of my employer
Message 10 of 10
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