Discover it secured credit card or wait till credit score goes up?

[grootinator]

Hello, based off my current credit score (which is a work in progress), would it be better to get a discover it secured card, or wait for my credit score to go up and then apply for a credit card? Currently, I have 0 hard inquiries posted on my credit report, any recommendations?

[Learning_Tee0225]

If you have the cash to use then it would make sense to get a secured card. This will help you on your journey as you continue to build your credit if you use it correctly. It will also help establish positive pay hitory for the next card you may want. 

[grootinator]

I guess it's better to say should I keep using credit building techniques such as chime or credit karma credit builder and wait till my score goes up or should i get the discover it secured card in addition to chime + credit karmma

[Beefy1212]

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@grootinator wrote:

I guess it's better to say should I keep using credit building techniques such as chime or credit karma credit builder and wait till my score goes up or should i get the discover it secured card in addition to chime + credit karmma

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First why is your score so low? Building new "good" credit is a decent idea, but if you dont resolve why it is low in the first place it will slow recovery.

I wouldn't waste money on a secured card if your scores wont change. Secured cards are primarily for building credit when you have no credit, not when you have bad credit. I would stick with Chime, and CK which I am guessing is some kind of credit builder loan? While focusing on getting collections and lates removed through pay for delete and good will letters.

It may also be a good idea to post in the rebuilding credit forum as opposed to the credit card forum.
https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit

[grootinator]

Well i mainly have initiated the process with credit karma and chime, so prob will get my first report in a month or less. Yeah the credit karma account is more of a credit builder loan (installment), while chime is more of a debit card/credit card that reports to the three credit bureaus (revolving). I'm just trying to initiate different ways of building my credit that only produce soft pulls for the time being, thus while I'm currently at 0 and considering if I should get a secured discover credit card. But, its prob better to wait and see the effect chime and credit karma credit builder on my credit score in a month, it may jump 20-40 points.

[mikey7932]

Did you have any success with credit karma builder with score increase

[Globetrotter79]

I had the Discover Secured card over 5 years ago when my scores were at the minimim limit to be approved, but I was putting down their maximun amount they allow secured cards with them to be which is #$2500. I was very surprised after a year or maybe 13 month receiving a check in the mail with my security deposit back and a great new card to work hard on and earning their trust. But that is how I did it and nnow they have offered me 0% for the last 10 months on new purchases and they o CLI about every 8-12 month or before if you feel you qualify. You can do it right on your Discover dashboard and I was told they pull from Transunion for CLI. Good luck. Work hrd on it and they will rewrd you. 

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@grootinator wrote:

Hello, based off my current credit score (which is a work in progress), would it be better to get a discover it secured card, or wait for my credit score to go up and then apply for a credit card? Currently, I have 0 hard inquiries posted on my credit report, any recommendations?

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[bjaminkelley88]

Honestly. I got the Discover IT secured as my first CC with a $500 limit. After a year they upgraded it to an unsecured card with no CLI and that was in 2016. They have never once given me a CLI. I've called and nobody has a clue why. I've applied once a year since and still won't.  I have a 4K Miles card with them as well. It's like that account is frozen in time. 

[FicoMike0]

sorry, I'm not familiar with chime + credit karmma. If you don't have a credit card, a secured card is a good idea. If you have an installment loan, good again.  If not look up ssl on here. I just did one, got 30-40 point boost. If course, secured card and ssl both require upfront cash.  My penfed dsl required $1500 for 60 months, you get most of it back in a month or two. Ends up costing less than $10 net.

[citymunky]

I opened a Discover It Secure card when I restarted my rebuilding phase. I opened the card with a $200 deposit, and I would add addition money to my secured fund to raise the CL. IIRC after 7 billing statements Discover graduated the card to the unsecured Discover It Chrome. 

While credit builder have their place my Self and Chime, the Discover It offer cash back rewards the credit builders don't. After the first year of spending, they will do a 100% Cash Back Match, while offering 2% Cash Back for categories like gas and restaurants.