DO NOT Break These 5 RULES With the Discover It Secured Credit Card
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- čas přidán 9. 07. 2024
- Do not break these 5 rules with the Discover it secured credit card. If you're someone who was just approved for the Discover it secured credit card or you're contemplating applying for it, I listed 5 rules to not break with the Discover it secured credit card. Secured credit cards are intended to be a temporary solution used to increase your credit score and improve your credit report. I believe the Discover it secured credit card is the best secured credit card on the market and this video will provide you with 5 rules to graduate the card.
#credit #creditcard #creditcards #discoversecuredcard
CREDIT CARD UTILIZATION EXPLAINED: • Credit Card Utilizatio...
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CHECK OUT THE CREDIT CARD HELP FOR BEGINNERS PLAYLIST:
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As someone who also graduated a Discover Secured card I agree 💯! Budget and utilization are extremely important. Great information and video! Keep up the great work!👍
Definitely. Thanks for watching, Cesar.
Use it to pay off a regular bill, Pay off the card , Never go over 30% of your limit 10% is better, pay off your debt! You want to strive to have a LOW to NO Debt to Income Ratio, it means your payin your stuff off Rinse and Repeat do not stray...
Remember just cause THEY say you "do" You do NOT actually have that money! Stay the course!
Thanks for watching.
@@WaterYourSoil and thank you, I didn’t know about that 10% thing till after I watched!
These videos are more helpful to people than you realize and I’m so thankful for them! Definitely gonna check out the utilization video. !! Thank you
I appreciate it. Thanks for watching, Jade.
Agreed. My current problem is patience. But good things come to those who have patience. Don't rush.
Yep. Patience is required on the credit journey. Thanks for watching.
Thank you for fully explaining this. I plan on getting this secured credit card to build my credit.
It's a great card. Thanks for watching, Courtney.
Great video thanks for working so hard for all of us
Thanks for watching, Betty.
Capital One, was my first.. but.. I love my Discover Card… the graduate fast.. it took my capital one like 5 years to Graduate me.. Discover took 7 months.
Congrats on graduating. Thanks for watching.
They gave me credit limit increase within my 3rd month of havin the card. I probably graduate here soon
Thanks for watching.
Even w the secured card? That's great!
What was your utilization?
This video is 1 of the reasons why i got the discover IT cashback cards
Congrats on getting the card. Thanks for watching, Kevo.
New subscriber and thank you so much for providing this information in easy to understand format. Can utilization still help credit card with a 300-500 deposit? I am on a fixed income after my husband passed. I'm 59 and cannot collect his SS until I reach 62 and at that point I hope to have my credit issues in order. Thank you.
As long as you have a credit limit on your card, utilization applies. I had a $200 limit on my secured card. Thanks for watching.
Thank you so much for this!! Ladies, you can get your Discover It card in Pink! So cute! I plan on paying my monthly home tax installments w this card. I put $500 down and the tax bill ea month is around $300 for the next 8 months. If that's all I use it for, will my credit still build? I have a 710 score w Experian but poor/non- existent w the other two. I hope this will help!
It's a great card. Thanks for watching, Kimberly.
Just subscribed...Definitely need these videos/help...I'm basically starting my life over. My Clean and Sober life.... I'm leaving that life in the past I'm looking towards the future...I really want to get my credit going but idk where to start....🙏🏻🍀💯 Thanks
Welcome to the channel, Tommy. Congrats on your sobriety. There's a playlist on this channel titled 'Credit card help for beginners.' Its a good reference point to start. Thanks for watching.
@@WaterYourSoil Appreciate it
How to check whether discover CC covers car rental insurance
Contact Discover. Thanks for watching.
Definitely sharing this video 💥👍💥
Thanks for watching.
Great video 📹. Thanks.
@@mygodisable2 Thanks for watching, Deborah.
Hey. My credit score is 720 ,I just graduated my navy federal to the cash rewards card. My capital one secured platinum hasn’t graduated but I was approved for the unsecured platinum (so I don’t know how graduation will go🙄) and I just got rid of a credit one account. I wouldn’t mind a good secure card that’ll graduate into a quality unsecured line of cards Would you get a secured card in my position?
That's strictly your call. I don't want to get into hypotheticals because I can't say what I would do under those circumstances. Thanks for watching.
Do you have a video on removing charge off your account?
Removing a charge, as in a charge that you personally made?
If you're referring to removing charges that you made on your account, definitely not. There will be no videos on this channel for that. Thanks for watching.
Do I need to have a bank account with discover to get their card ?
For the Secured card. Thanks for watching.
If I’m spending less than 6% on the card, Will they still grant me a credit increase? I thought they wanted to see you use a large amount of the card and paying it off in full.
There are a lot of things that goes into them giving increases. I have some videos on it in my 'Credit card help for beginners' playlist. Thanks for watching, Trinette.
What if I got approved but have 7 hard inquiries? Do you think my credit will go up ?
I don't have the answer to that. Thanks for watching.
Peep the response but homie sells a credit increase book. 🫠
It depends, on whether you are new to credit cards or you are trying to rebuild.
If you are a beginner, it's best to get the Discover It Secured CC, the Capital One Secured CC, the Bank of America Secured CC( the BOA secured card used to be trash, with an annual fee, but they have actually become one of the Top 3 secured credit cards on the market. If you are new to credit(beginner) then a large numbers of inquiries will negatively impact your credit score, plus it makes you look extremely desperate. I agree 100% with Water Your Soul, this game requires patience! Discipline, but more than anything patience.
If you are rebuilding, then inquiries are a double edged sword, meaning you need credit trade lines, regardless if it's credit cards, installment loans or whatever, to get the ball rolling to rebuild your credit, but keep in mind, rebuilding your creit, but maintain the same habits that garnered you bad credit, makes zero sense. You must attempt to repair the negative aspect of your credit report.
Shannon Sharpe said, "You cannot out work a bad diet." Meaning you can work out four times a week, if you are not eating right you will never get ahead.
That's the same with credit cards if you have poor spending habits, and zero discipline, then nothing you do will correct, nor improve your credit.
IMHO, the least negative aspect of a credit report is inquiries, but if you need to rebuild your credit than you must decide between too many inquiries and very limit trade lines. I, personally when I started my rebuild journey, I had as many as 32 inquiries, but I needed trade lines, and I sat on those numerous credit cards for sixth months to a couple of years and all but two of them(USAA/TD Bank0 both issuers, who changed their TOC a couple of months after I was approved for their secured card, advising us that they no longer graduate secured credit cards, but these two cards are five of my oldest trade lines, so I keep them. of them graduated. TD Bank was actually sued in a class action lawsuit, because of their practices of misleading clients, issuing new secured cards knowing they'll never graduate. Since late '21, I have had just four inquiries and each inquiry was an approval for unsecured credit cards with 10 to 20 times the original secured credit limit as my secured card, those are good inquiries.
Like this content creator states, there are no shortcuts, and if a content creator tells you otherwise, or attempt to sell you a pipe dream, stay clear of them.
I started my credit repair journey back in 2018, after college, with the only negative impact being student loans and i was still able to rebuild my credit over time and have two cards of the Chase Trifecta.
What do you mean by graduated with the card? Lol I’m new
Graduation means the card goes from being a secured credit card to an unsecured credit card. You usually get your deposit back as well. Thanks for watching, Brii.
@@WaterYourSoil I got pre approved if I get this card will I have to put money down?
@@gangland5045 Discover will give you the option on how much you have to put down, if you do.
I just got mine activated at 07/15 with $300 deposit. Just spent the $50 on it, should i pay it instantly or should I wait for the payment date to come out? It says "No payment due"? Thank you in advance for the response bro!!
Congrats on getting approved. I have a video that specifically answers your question. Give it a watch: czcams.com/video/-TAyhRiyMjk/video.html
Did they ask you for IRS verification?
Discover is the worst card ever I’m suffering
Thanks for watching.
In my opinion, as of 2021, the Bank of America secured credit card was the second best secured credit card on the market, behind Discover.
Is there a pre approval ?
Yes. It's on Discover's website. Thanks for watching, Corey.
Thanks my brother. Keep working 🫡
Thanks for watching, Sledge.
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Thanks for watching, Kevin.