If you're looking for a secured credit card to build good credit habits and boost your credit score, consider the Discover it Secured card. With no annual fee, it offers valuable cash back rewards and a lucrative bonus for new cardmembers.
Secured cards require a security deposit when you're approved for the account. They're meant for people with limited or bad credit, meaning a FICO Credit Score of around 660 or below. You'll need to make a deposit to get this card, but there is no annual fee after that.
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.
Editorial and user-generated content is not provided, reviewed or endorsed by any company. Yes, the Discover it® Secured Credit Card will do a hard pull. ... You can prequalify for the Discover it Secured Credit Card on Discover's pre-qualification page, which will not affect your credit score as it will be a soft pull.
Secured credit cards can be a good option for building or rebuilding your credit. ... A secured credit card can help you establish or re-establish your credit. Since payments are included in your credit report, paying on time and managing your balance will help improve your credit score.
Discover does not disclose a maximum credit limit, but there are reports of some cardholders receiving credit limits between $10,000 and $20,000. As with all credit cards, an applicant will need to exceed the Discover it Cash Back card's approval requirements in order to get a credit limit above the minimum.
You need a 700+ credit score to get most Discover credit cards, but there's no minimum credit score needed for three Discover cards. You can get the Discover it® Secured Credit Card with a bad credit score (below 640).
Centurion® Card from American Express
Why it's one of the hardest credit cards to get: The hardest credit card to get is the American Express Centurion Card. Known simply as the “Black Card,” you need an invitation to get Amex Centurion.
The best credit cards for a 550 score:
The Centurion® Card from American Express (Review) is generally considered the most expensive credit card; it charges a $10,000 initiation fee and a $5,000 annual fee. It's only available by invitation. The Mastercard® Gold Card™ (Review) is the priciest card that anyone can apply to thanks to an annual fee of $995.
Re: How Often Does Discover Improve Credit Limit? Technically, you can get one every 30 days.
Most secured credit cards require a deposit of $200 to $300. The more you deposit, the higher your credit limit will be and the more flexibility you'll have in using your card.
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