Posted by William Charles on October 1, 2015
Credit Cards

Published on October 1st, 2015 | by William Charles

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Discover it Secured Now Reports As A Secured Card On Your Report

The Discover it secured credit card is probably the best secured credit card on the market, there is no annual fee, a great rewards program (and some crazy promotions recently) and you also get access to a free FICO score to help track your score over time. The one downside to the card previously has been that you need to first apply for the Discover it card, get denied and then hope you get an offer for the secured version – which doesn’t always happen (although there are some ways to increase your odds).

Discover has also made a number of improvements to their secured card over time, like the ability to add to your security deposit to increase your credit limit and the fact that it can graduate to an unsecured card. Unfortunately it seems that this card now shows up as a secured credit card on your credit reports according to various myFICO users.

Most secured cards don’t report as secured (for whatever reason) and when cards do it doesn’t affect your FICO score at all. The reason why cardholders don’t want it to report as secured is that if an analyst does a manual review, they might be less likely to extend credit if they see a secured card reporting as it means that card issuer didn’t want to extend you a line of credit.

I personally think this scenario is high unlikely, the analyst might also see it and a) not care or b) think that you’re somebody who is trying to rebuild their credit and is more likely to pay on time. Either way, I still think it’s the best secured card on the market. I just wish Discover would let applicants apply for it directly.

 



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Carlos
Carlos

Wow thats different

Nicole
Nicole

I just spoke with a manager who stated it SHOULD NOT be reporting as such. It should be listed as a regular unsecured credit card.

Joseph
Joseph

Would this not increase the types of credit on your FICO and therefore increase it slightly?

Mark O
Mark O

Is this site still alive…no posts in 5 days…kind of crazy for you guys usually there is at least 5 per day.

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