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Continental Finance Credit Card - Review |
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Written by Dan Moskel
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Sunday, 30 November 2008 08:31 |
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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.
by DanMoskel
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.
You account will be reported monthly to all three credit bureaus. This will give you an opportunity to rebuild your credit score.
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.
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.
This card is unsecured which means that you do not have to put a deposit down. However you will have to pay an annual fee. This is typical with sub prime cards.
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.
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 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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