Someone failed to make payments on a college loan for an extensive period (8-10 months). Their credit score has, as a result, dropped to 550-575. They have since paid off their overdue balance and have resumed making regular, on-time payments. Now the person wants to begin rebuilding their credit score.
How long should the person wait to apply for a secured credit card, such as the Discover it Secured Credit Card?
EDIT: To clarify, my concern is that the application will be rejected based on the recent delinquency. My understanding is that can happen, potentially resulting in a hard inquiry on the credit report without successfully obtaining the card.