Discover it Secured Credit Card Review

Your Discover it® Secured Credit Card approval odds are pretty good, even with bad credit. Discover it Secured Credit Card was designed for building or rebuilding credit, which means you can get it despite being a newcomer or having a bad score. As long as you have at least $200 to put down for the mandatory security deposit, which serves as your credit line, your odds are very good. But nothing is guaranteed. In particular, Discover names three reasons why you might not be approved: not enough income, too much debt, or a pending bankruptcy. You can look into whether those exclusions apply to you by checking both your latest credit report and your personalized credit analysis, which you can get by signing up for a free WalletHub account.

In general, secured cards have the highest approval rates of any credit cards because there's little to no risk to the issuer. They can just keep your security deposit if you don't pay your balance, after all. If you do get denied, Discover will tell you exactly why in their response. But you don't necessarily have to give up there. You're allowed to call Discover at 1-800-347-2683 and ask them to reconsider your application.

And if you're still denied after reconsideration, you're not completely out of options. Becoming an authorized user on a friend's or family member's credit card account can help improve your credit, at least to the point where you can qualify for your own card. You may also want to check out our ”guaranteed approval” credit cards page to see if there are any offers available that don't require a credit check. ​

Your Discover it® Secured Credit Card may graduate to unsecured as soon as eight months after account opening, assuming you pay your monthly bills on time and otherwise manage your finances responsibly. But there's no guarantee when, or if, it will happen. It all comes down to Discover's determination of your creditworthiness. After the seven-month mark, Discover's credit analysts will periodically review both your account and your overall credit history to see whether it's appropriate to refund your security deposit, thus graduating you to an unsecured card. But there are some steps you can take to improve your odds.

Here's how to become a Discover it Secured Credit Card graduate:

1. Pay on time. This is probably the most important part of the process. If you don't pay your Discover it Secured Credit Card bills by the due date, you won't even be considered for graduation.

2. Use your card responsibly. Maintaining low credit utilization will indicate to Discover that you can handle an unsecured card. So aim to use only 30% or less of your “it” Card's limit.

3. Improve your other finances. Adding to your income and paying down debt will improve your creditworthiness as a whole, making you a better candidate for an unsecured card.

If you do graduate, you'll receive your full deposit back. But that could take as long as two billing cycles to happen, so don't get worried if you don't get it right away. You can call Discover customer service at 1-800-347-2683 to be sure, if the two-cycle period elapses without a check being sent.

And lastly, if it's been over a year and you've always paid on time but haven't heard from Discover, you should give them a call to inquire about graduating. Even if they say no, it doesn't hurt to ask.

You can check your Discover it® Secured Credit Card status online or by phone: 1-800-347-2683. You'll need to provide at least your Social Security number (SSN) to help Discover locate your application. And your status will be one of three things: approved, denied or pending. We'll walk you through the full process for each method below.

Here's how to check your Discover it Secured Credit Card status:

1. Online: Visit Discover's “Check Status” page, and enter your SSN and zip code in the provided fields. Click “continue,” and Discover will take you to a page listing the status of any applications you've made.

2. By phone: Call Discover customer service at 1-800-347-2683 and navigate the menu until you hear “check the status of a pending application”. Currently, you want to press “#” and then “4,” but that could change. After providing your first and last name, SSN and zip code, you'll be able to hear your application status.

These instructions apply to any Discover credit card, not just Discover it Secured Credit Card. And if you find out that you've been rejected, you can also call Discover and ask for reconsideration. But this is unlikely to work unless there's been an important change related to Discover's stated reason for rejecting you.

Discover does not have a secured business credit card. Its only secured card is the Discover it Secured Card, which is designed for consumers with bad credit. Discover's lone business offering, the Discover it Business card, is unsecured. It is available to small business owners with excellent credit.

Business owners are allowed to use a personal credit card for business purposes. So if you have bad credit, you could opt for the Discover it Secured Card even though it's not a business credit card. This card, however, is better suited for small businesses that don't require much spending power. You will have to put up a security deposit of at least $200. The amount of the deposit will determine your credit limit. You can add to the security deposit, up to a $2,500 maximum to raise your credit limit.

You will get your Discover it Secured Credit Card deposit back before closing your account, once you pay your balance in full. You should receive your deposit refund within two billing cycles plus 10 days of doing so. Any unpaid balance will be subtracted from your security deposit refund.

There's a possibility you will get your Discover it Secured Credit Card deposit back while your account is still open, if you use the card responsibly. After the first 8 months of account activity, Discover will review your account on a monthly basis to determine if you're eligible for a refund.

You can submit a Discover Secured credit card application online, by telephone, at a local branch or by mail. For a speedy application process and a prompt response, applying online is the way to go.

If you're approved, you should receive your card in 3 to 5 days.

The Discover it Secured Credit Card phone number is 1 (800) 347-3085. This is the general customer service number for all Discover credit cards. Live customer service representatives are available to answer account-related questions 24 hours a day, 7 days a week. For calls from outside the U.S., the Discover it Secured Credit Card number is 1 (801) 902-3100.

When you call, a U.S.-based customer service representative will route your call to a department specific to your account issue. You can also contact Discover it Secured Credit Card customer service via live chat, secure message, or regular mail. Visit the Discover Help Center for a complete list of contact information.

The Discover it Secured Credit Card deposit amount is $200 to $2,500. But not everyone approved for a Discover it Secured Credit Card will be able to deposit the $2,500 maximum. Discover approves individual maximum deposit amounts based on each applicant's creditworthiness and ability to pay. Applicants will not know their maximum deposit amount until the application is approved. At that point, they will be directed to a page to set up the deposit payment. This page will include the approved maximum deposit amount.

Discover it Secured Credit Card deposits can be made through an electronic transfer from your bank account. This is currently the only way to pay the security deposit. Be sure to provide both your bank routing number and account number. You must also agree to transfer at least $200 toward your maximum deposit amount. The application is not considered complete until you submit the deposit information. Discover will initiate a transfer for the deposit amount after the application is completed. You should receive your Discover it Secured Credit Card within 14 days from the date you paid the deposit.

The amount of your Discover it Secured Credit Card deposit determines the card's credit limit. You can increase your credit limit by adding funds to your security deposit, up to the maximum amount you were approved for when you opened the account. The account must be open for at least 31 days before you can make additional deposits. To add funds to a Discover it Secured Credit Card deposit, call customer service at 1 (800) 347-3085. Be prepared to verify your bank account information when you call.

​There are two ways to get a Discover Secured Card credit increase: 1) add money to your security deposit or 2) graduate to an unsecured card after consistent on-time payments. But depositing more money is certainly the easier and more immediate way to get a Discover Secured Card limit increase. You're unlikely to graduate to an unsecured card (i.e. get your deposit back) for at least 7 months.

You can find more info on both options below, starting with the more accessible of the two.

Here's how to get a Discover Secured Card credit limit increase:

1. Add to Your Deposit – Discover it Secured's deposit can be as little as $200 or as much as $2,500. And your spending limit will equal whatever you put down. So if you deposited less than $2,500 at the start, adding to you security deposit will result in a credit limit increase. Specifically, your limit will increase by the amount you add.To deposit additional funds, you'll need to log in to your Discover account or call Discover customer service at 1-800-347-2683. Bear in mind it's possible that Discover could deny your deposit if you haven't been paying on time.

2. Pay On Time for 7+ Months – Starting 8 months into your account, Discover will take a basic look at your credit and payment history. If they like that they see, Discover may choose to graduate you to an unsecured card. If that happens, they'll return your security deposit and you'll have an equal or higher unsecured credit limit.Exactly how high that credit limit will be depends on Discover's evaluation of your credit. And if a year has gone by and you've been consistently paying on time but haven't been contacted by Discover, there's no harm in calling them up and inquiring about graduation.

Finally, you can always apply for another card from a different issuer. Your credit line will be separate, but you'll have a higher amount of total credit.