The Continental Finance MasterCard is a sub prime unsecured credit card. This means it is a card that was created for individuals with a bad credit rating. This card has an initial credit limit of $300. With semi-annual credit limit increases up to 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.
This card does offer a low 9.75% APR. This is way below the industry standard of 19% APR. Your card is accepted world wide at millions of locations.
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.
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.
You also can qualify for a shopping card. We do not suggest these cards because they often come with large fees and 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.
For more about the Continental Finance Credit Card or for a review of a suggested secured card the Orchard Bank Card you can also find a review of the popular Baby Phat Rush Card visit us.
