Continental Finance Credit Card - Review
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.
Your card will be issued with an initial credit limit of $300. However you will be able to received semi-annual credit limit increases, with a maximum limit of $2000.
You account will be reported monthly to all three credit bureaus. This will give you an opportunity to rebuild your credit score.
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.
These two factors have a tremendous impact on your credit score. It is still important to remove bad credit items from your credit reports.
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.
It does offer 9.75% APR, which is well below the standard 19% APR that most sub prime credit cards offer. It is accepted at millions of locations worldwide.
There are easy approval requirements including no minimum income. You can still qualify for this card even if you have a recent bankruptcy on your credit. They offer an instant decision if you apply 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 Card to anyone looking for a second chance with credit. You can use this card to re-establish your credit score and build positive credit because it will improve your ratio of debit to available credit and can create a positive payment history.
Your card will be issued with an initial credit limit of $300. However you will be able to received semi-annual credit limit increases, with a maximum limit of $2000.
You account will be reported monthly to all three credit bureaus. This will give you an opportunity to rebuild your credit score.
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.
These two factors have a tremendous impact on your credit score. It is still important to remove bad credit items from your credit reports.
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.
It does offer 9.75% APR, which is well below the standard 19% APR that most sub prime credit cards offer. It is accepted at millions of locations worldwide.
There are easy approval requirements including no minimum income. You can still qualify for this card even if you have a recent bankruptcy on your credit. They offer an instant decision if you apply 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 Card to anyone looking for a second chance with credit. You can use this card to re-establish your credit score and build positive credit because it will improve your ratio of debit to available credit and can create a positive payment history.
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For more about the Continental Finance Credit Card or for a review of a suggested secured card the Orchard Bank Card visit us.
posted by Credit Counseling at
4:31 PM
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