Continental Finance MasterCard - Bad Credit MasterCard
The Continental Finance MasterCard is an unsecured sub prime credit card. This means that this card is designed specifically for individuals with a low credit score.
When this card is issued it will give you an initial limit of $300. You will be able to receive semi-annual increases to your limit, with a maximum limit of $2000.
This card does report monthly to all three credit bureaus. It is frequently used as a second chance credit card.
This card can help your credit score because by paying your monthly bill you will create a positive payment history. In addition by opening this account it will improve your ratio of credit to debt.
If you can improve these two factors you will improve your score. This is because these two factors are weighted almost as much as derogatory items on your credit report.
Your card is unsecured and that means that you do not have to put any money down to be extended this credit line. However you will be charged an annual fee, unfortunately with a damaged score every card that is available will have some fees.
The benefit of this card is the very low 9.75% APR. The industry standard on sub prime cards is just under 20%. Your card can be used at millions of locations across the globe.
There is an easy approval process, and can be used by people with a bankruptcy on their credit history. You will get the results of your application with seconds of completing it online.
The card is issued by The First Bank of Delaware. This bank has been a leader in sub prime lending for years.
You will also have online account access with your card. You will be responsible to keep your balance below your credit limit and to pay your monthly bill just like any card.
With a sub prime credit rating your other options include a secured credit card. This is a good choice however the account is reported to the credit bureaus as a secured account and you will receive less benefit to your score because it is secured.
Or you can get a shopping card. We do not suggest these cards because they come with monthly fees, a large deposit and often only report to one bureau.
In sum we do suggest the Continental Finance MasterCard to anyone looking to re-establish their credit rating. This card will help by improving your ratio of debt to available credit and can build you a positive payment history.
When this card is issued it will give you an initial limit of $300. You will be able to receive semi-annual increases to your limit, with a maximum limit of $2000.
This card does report monthly to all three credit bureaus. It is frequently used as a second chance credit card.
This card can help your credit score because by paying your monthly bill you will create a positive payment history. In addition by opening this account it will improve your ratio of credit to debt.
If you can improve these two factors you will improve your score. This is because these two factors are weighted almost as much as derogatory items on your credit report.
Your card is unsecured and that means that you do not have to put any money down to be extended this credit line. However you will be charged an annual fee, unfortunately with a damaged score every card that is available will have some fees.
The benefit of this card is the very low 9.75% APR. The industry standard on sub prime cards is just under 20%. Your card can be used at millions of locations across the globe.
There is an easy approval process, and can be used by people with a bankruptcy on their credit history. You will get the results of your application with seconds of completing it online.
The card is issued by The First Bank of Delaware. This bank has been a leader in sub prime lending for years.
You will also have online account access with your card. You will be responsible to keep your balance below your credit limit and to pay your monthly bill just like any card.
With a sub prime credit rating your other options include a secured credit card. This is a good choice however the account is reported to the credit bureaus as a secured account and you will receive less benefit to your score because it is secured.
Or you can get a shopping card. We do not suggest these cards because they come with monthly fees, a large deposit and often only report to one bureau.
In sum we do suggest the Continental Finance MasterCard to anyone looking to re-establish their credit rating. This card will help by improving your ratio of debt to available credit and can build you a positive payment history.
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For more about the Continental Finance MasterCard or for a review of a suggested secured card the Orchard Bank MasterCard visit us.
posted by Credit Counseling at
5:57 PM
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