I just got approved for a Discover credit card and I’m looking to build credit. It’s a secured card, so I have to deposit $200. Is Discover a good card to start with? Any advice would be appreciated.
Yes, Discover is a great card to start with. Just make sure to pay off the balance on time every month and in full. After about 6 to 12 months, the card will likely convert to an unsecured card, and you’ll get your $200 deposit back.
@Sayer
Thanks for the advice!
If you’re looking for card recommendations, you might want to fill out a template. Here’s a quick version:
- List of current cards with limits and opening dates
- Your FICO score
- Oldest account age
- Chase 5/24 status
- Monthly spending categories and amounts
- Income
- Purpose for the new card (credit building, cashback, etc.)
I started with Discover over 10 years ago and they’ve been great the whole time. It’s definitely a solid place to begin your credit journey.
Bevan said:
!basics
Credit Card Basics:
Check out theCredit Card Basics guide_basics to learn the fundamentals. Quick summary:
- Credit cards are revolving loans.
- You’ll get a statement each month showing your balance and what you owe.
- Always pay at least the statement balance by the due date.
- The statement date is at least 21 days before the due date.
- It’s best to pay off the entire statement balance each month.