Should I: Discover Secured Credit Card?

let · ‎11-11-2017

Hi, everyone. I am rebuilding my credit score, currently my scocres are TU: 564 (53+ in 2 months) Ex: 547 (31+ in 1 month)EQ: 573 (48+ in 2 months)

I have the Capital One $200 limit and yes, the Credit One card $400 ( they gave me a $150.00 raise last month). My question is about getting the secured discover card. The pre-qualifier reccomened the secured card for me. I have no problem with that since I really need to fix my credit. But is it worth it? If I pay on time and keep my utilization down will they give me credit increases (in due time)?

My goal is to get the Southwest Airlines Credit Card, I'm wondering if having a cc like Discover with a good payment history will help me eventually get the SW Airlines card or does it really matter at all?

I have medical baddies that ar coming off in Jan, October and November of 2018. Thanks in advance!

Adkins · ‎11-11-2017

@let wrote:
Hi, everyone. I am rebuilding my credit score, currently my scocres are TU: 564 (53+ in 2 months) Ex: 547 (31+ in 1 month)EQ: 573 (48+ in 2 months)

I have the Capital One $200 limit and yes, the Credit One card $400 ( they gave me a $150.00 raise last month). My question is about getting the secured discover card. The pre-qualifier reccomened the secured card for me. I have no problem with that since I really need to fix my credit. But is it worth it? If I pay on time and keep my utilization down will they give me credit increases (in due time)?

My goal is to get the Southwest Airlines Credit Card, I'm wondering if having a cc like Discover with a good payment history will help me eventually get the SW Airlines card or does it really matter at all?

I have medical baddies that ar coming off in Jan, October and November of 2018. Thanks in advance!

Yes, if you're getting a pre-qualification on the Discover Secured, I absolutely recommend you get the card! It's a great card (I have it myself) with actual cash back and it'll graduate. If you eventually goal is the Southwest airlines card, I think that's a Chase card. I'm not sure if it's subject to Chase's 5/24 rule ,(no more than five new accounts from any issuer in the last two years), so you might want to check into that to make sure you stay under the card limit.

Last HP 08-07-2023

EAJuggalo · ‎11-11-2017

Three cards is considered ideal for FICO scoring purposes. The Discover graduates and is a card I wish I would have taken when I started rebuilding. If your goal card is a Chase SWRR than you need to get your scores above 650 with a good payment history.

EX700 TU 704 EQ 694 4/03/22
Cap1 QS-$4,500 Chase Freedom Flex- $800 Chase Freedom Unlimited- $1,000 Victoria's Secret- $1,200 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $290 Chase Sapphire Preferred-$5,000 NFCU Flagship $13,800 AMEX BCE-$1,000 AMEX Gold-$5,000 AMEX Delta Blue $1,000 Lowe's $5,000 Navy Platinum $17,000 AMEX BBP $2,000

Anonymous · ‎11-11-2017

Great card! Graduates as early as 7 months. It was my first card during my rebuild in March this year, graduated in 7 months and now I have cards with Chase, Amex and US Bank so far.

Discover is also cash back, 2% the first year on everything, 4% on gas and restaurants the first year!

Basically, get it. And send money every month by phone to increase your limit so you have a higher limit card when it graduates!

Anonymous · ‎11-12-2017

I'm not qualified to weigh in on the CLI part of your question since I haven't even tried for one yet but as for getting the discover it secured card I'd 100% say go for it, like others have mentioned at least 3 cards is ideal because then you can keep 2 of them reporting zero balances and have the 3rd report at under 9% to maximize the fico scoring algorithm (unfortunately if you're not familiar with it I can't remember the actual name of this method but it's detailed frequently on this forum)

I also have the cap1 secured card but I always use my discover as the card to report a balance, I do most all of my spending on it and run it up and pay it down multiple times every statement period, i think someone else mentioned it but all your cash back the first year is doubled at the end of the year. Their cash back is also very straightforward, no minimum redemption limits, multiple ways you can redeem it (I've only ever done mine as statement credits personally but they redeem it quickly, they also offer bonuses when you choose to redeem it for certain gift cards instead), and I've never had a problem with any sort of coding technicalities where they gave me less than the proper rate of cash back. Their customer service has always been top notch for me as well, really I could go on about discover all night if I wanted to ☺

While I don't have much to compare it to, many people with a lot more knowledge and experience than myself do, and I think a lot of them would probably agree with me here. I say you should definitely go for it, if nothing else I promise at the very least that you'll prefer it to your other 2 cards

Anonymous · ‎11-13-2017

Definitely take this offer. I did it in the beginning of my rebuild and it was a key component of the early stages. Mine unsecured at 7 months. No you will not get cli's while it is secured unless you send in more money. Worry about your rebuild for now and the better cards will come later. Dv

Anonymous · ‎11-13-2017

I'll be the dissenting voice here; Despite no new collections/late payments/negatives in 15 months of rebuilding, Discover still refuses to unsecure my card or raise my credit limit. I actually called their executive offices to raise a fuss about this last week - We'll see the results in a day or two.

Other than that, it's been a great card.

Anonymous · ‎11-13-2017

@Anonymous wrote:
I'll be the dissenting voice here; Despite no new collections/late payments/negatives in 15 months of rebuilding, Discover still refuses to unsecure my card or raise my credit limit. I actually called their executive offices to raise a fuss about this last week - We'll see the results in a day or two.

Other than that, it's been a great card.

That is strange maybe there is something in your file or your scores haven't improved enough for them to unsecure, what did calling do? Did they say they'd look into. It? . Data points for me. Once my scores hit 650s and I hit 7 months no new collections, only had 3 collections on my files my card unsecured. My eq score right now is 664 and they approved me for a chrome card for 9500. With the same 3 collections 2 marked as paid.

Discover is such a strange lender. One never knows with them. I hope your card unsecures soon. Dv

Adkins · ‎11-13-2017

@Anonymous wrote:
@Anonymous wrote:
I'll be the dissenting voice here; Despite no new collections/late payments/negatives in 15 months of rebuilding, Discover still refuses to unsecure my card or raise my credit limit. I actually called their executive offices to raise a fuss about this last week - We'll see the results in a day or two.

Other than that, it's been a great card.
That is strange maybe there is something in your file or your scores haven't improved enough for them to unsecure, what did calling do? Did they say they'd look into. It? . Data points for me. Once my scores hit 650s and I hit 7 months no new collections, only had 3 collections on my files my card unsecured. My eq score right now is 664 and they approved me for a chrome card for 9500. With the same 3 collections 2 marked as paid.

Discover is such a strange lender. One never knows with them. I hope your card unsecures soon. Dv

*Small thread highjack*

DV, you give me hope for when mine unsecures, thanks for that!

Last HP 08-07-2023

Anonymous · ‎11-13-2017

Anytime Adkins! Dv