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Miisstt12

BOA secured or Discover secured? which is better

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Hi everybody,

First of all, I am so grateful for all the insights, I am happy to report my score has already improved.  I still have a long way to go but I am in it for the long haul.   

I need to open an extra bank account to manage some of my expenses, and I figure I may as well have a secured line of credit as well.  I have narrowed down my choices to discover secured or BOA secured.  What are the pros and cons to either one?  Is one easier to approve?  I received a pre-approval from my bank for a PNC Core Visa so I wonder if I would qualify for an actual credit card but I don't want a hard pull just yet.  I would rather wait until some of the collections get deleted from my CR before applying for a credit card.  Thank you for your advice!!! I look forward to paying it forward in the future.

  

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Depending on how many revolvers you currently have (you need a medium-term plan to get to five), you might consider getting both.

 

If you have to pick one, look a couple of steps ahead and see which of the two companies have a product to which you'd want to PC after your card unsecures.

 

 

Edited by cv91915

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On 2/24/2019 at 8:43 PM, cv91915 said:

Depending on how many revolvers you currently have (you need a medium-term plan to get to five), you might consider getting both.

 

If you have to pick one, look a couple of steps ahead and see which of the two companies have a product to which you'd want to PC after your card unsecures.

 

 

This is very helpful. Thank you.  I don't have any credit cards at all. Although I have been approved for 2 secured cards last week. 

 

I actually thought it was a minimum of 3 cards; 5  cards as a medium term plan makes a lot of sense. 

Thank you for the information!   

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