Continental Finance MasterCard - Review
January 6th, 2009The 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.
This card does report monthly to all three credit bureaus. It is frequently used as a second chance credit card.
This will help your score because it will improve your ratio of debt to available credit. In addition you can create a positive payment history by paying your monthly bill.
These two factors have a tremendous impact on your credit score. It is still important to remove bad credit items from your credit reports.
This card is unsecured which means there is no initial deposit, however because of your low credit score they will charge you an annual fee. Unfortunately this is an unavoidable cost and you will have a fee with any credit card you open with a damaged credit score.
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.
They do offer easy approval and there are no minimum income requirements. You can still be approved for this card even with a recent bankruptcy on your credit history. They offer an online application decision within seconds of submitting an application.
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.
The alternative is a secured credit card. However with this card it will take you longer to rebuild your score because this card is reported to the bureaus as a secured line of credit.
The other option is a catalog card. This is a credit card that is only accepted at a specific location. Do not use these credit cards as they often come with large upfront fees and typically only report to one credit 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.