Continental Finance Credit Card – Review
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.
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.
Your card will report monthly to all three major credit bureaus. Thus providing you a way to re-establish and rebuild your credit score.
This card can help your credit score because by paying your monthly bill you will create a positive payment history. In addition by opening this account it will improve your ratio of credit to debt.
These two factors carry a lot of weight when your credit score is being calculated. We do encourage you to remove any derogatory items on your credit report too.
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.
With this card you will have free online account access. You will be responsible to pay your monthly bill and keep your balance below your limit.
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.
Or you can get a shopping card. We do not suggest these cards because they come with monthly fees, a large deposit and often only report to one 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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