The Continental Finance MasterCard is an unsecured sub prime credit card. This means that it is designed specifically for individuals with a low score. It will be issued with an initial limit of $300. However you will be able to received semi-annual limit increases, with a maximum limit of $2000.
You account will be reported monthly to all three bureaus. This will give you an opportunity to rebuild your score. It can help your score because it will improve your ratio of credit to debt. In addition by paying your monthly bill you will create a positive payment history.
These two factors have a tremendous impact on your score. It is still important to remove negative items from your reports. It is unsecured and that means that you do not have to put any money down to be extended this account. 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 a low 9.75% APR. This is way below the industry standard of 19% APR and it is accepted world wide at millions of locations.
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.
It 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. You will be responsible to keep your balance below your limit and to pay your monthly bill.
Your other option with a damaged score is a secured card. However this is reported as a secured account to the bureaus which will help your score but not as much as an unsecured account. Or you can get a shopping card. We do not suggest these because they come with monthly fees, a large deposit and often only report to one bureau.
In sum we do suggest the Continental Finance MasterCard to anyone looking for a second chance. It can be used to re-establish your score and build positive credit.