Does your FICO score or credit report look any better than it did a year ago when you first applied for a Discover card? Do you remember that one time that card said you wouldn't qualify for an account because of your credit report? Don't remember that and never received a statement from PNC Bank after applying for your new card. Credit rating went up but once again, credit card payment history didn't improve.
In January, got Discover card and the bill showed no monthly payment from PNC Bank. It dropped over 100 points! I then called the customer service number and spoke with a fraud investigator. The representative assured me that this was an isolated incident and it was not indicative of anything wrong with my credit report. I was a bit disappointed but kept hoping that it would improve.
In April, the same things happened. I called the same fraud investigator and she confirmed that it was the same type of incident. They both confirmed that it was again an isolated case. But now my FICO is plummeting! How can this be? This was definitely not my experience.
I know credit cards can help me build credit but I also know they are not worth it if I am not going to keep my credit cards under control! In order to determine what type of credit card can hurt your FICO score the best way is to look at the different types of credit cards that Discover offers. When searching for a card from Discover, keep in mind that the fees and interest rates will affect your credit report. Here are some of the cards that Discover offers:
If you want a low-interest rate card, go with the standard Diamond Preferred Card or Diamond Premier Card. These cards have zero percent APR for the first year. On the downside, the low interest rate lasts only for 3 years! I don't see any reason that you should put yourself into a bind by going with the low-interest rate cards when you can transfer your high balances to the Discover Low Rate Card to reduce your monthly payments and save more money!
Do not stop looking for a credit card from Discover because if you want to improve your credit rating and save money, you need to avoid the charge offs and late fees. You must also look over your credit report for errors. Credit reporting bureaus are required to send you a free copy of your credit report once per year. The time to act is now. Get copies of your credit report and dispute anything on it that doesn't agree with you.
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