Your credit history matters, whether you’re getting a credit card or buying a home. And understanding how to build credit can give you the confidence you need to broaden your financial opportunities.
Your credit history is the record of your borrowing and repayment activity over time, reported by your lenders to the credit bureaus and recorded in your credit report. Your credit score is a three-digit number (usually between 300 and 850) that quantifies the information in your credit report and indicates to lenders how likely you are to repay what you borrow. A good credit score can help you qualify for higher credit limits and lower interest rates. A low credit score has the opposite effect. So what can you do to ensure your credit health? Here are some tips on how to build good credit.
How Do You Build Good Credit?
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Secured Card Deposit Range: You must make a minimum security deposit of $200 (or more, in increments of $100 up to $2,500), which will equal your requested credit limit. Discover will determine your maximum credit limit by your income and ability to pay.
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Getting your deposit back: Monthly reviews start your seventh month as a customer. We will refund your security deposit if you have made all payments on time for the last six consecutive billing cycles on all your Discover accounts including any loans, and you've remained in "good status" on all credit accounts you are responsible for whether they are Discover accounts or not. "Good status" means: (1) your credit report shows no delinquencies, charge-offs, repossessions, or bankruptcies for the six months prior to our review; and (2) your Discover secured card is not in a prohibited status at the time of our review, including, but not limited to: closed, revoked, suspended, subject to tax levy, garnishment, deceased, lost/stolen, or fraud. Monthly reviews may be delayed if you change your payment due date. We typically process your refund in 2-3 business days based on your delivery preference. If you close your account and pay in full, we'll return your deposit within two billing cycles plus ten days.
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Legal Disclaimer: This site is for educational purposes and is not a substitute for professional advice. The material on this site is not intended to provide legal, investment, or financial advice and does not indicate the availability of any Discover product or service. It does not guarantee that Discover offers or endorses a product or service. For specific advice about your unique circumstances, you may wish to consult a qualified professional.