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.
This card has an initial credit limit of $300. With semi-annual credit limit increases up to 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.
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.
In addition you will receive online account access. This card works just like any other credit card, you will be responsible to pay your monthly bill.
Your other option for a credit card with a damaged credit score is a secured card. However this card is reported as a secured line of credit to the bureaus which will help your score but not as much as an unsecured account.
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.
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