Horizon Gold Card
The Horizon Gold Card is an unsecured shopping card. This means that it is only accepted at a designated website.
Often individuals will apply for this card when they have a damaged credit score. That is because it will report to a major credit bureau.
They guarantee approval and do conduct a credit check. There is no minimum income requirement, or employment verification.
It will be issued with an initial credit line of $500. There will be an application fee and a monthly fee.
However this card is only accepted at one location. We highly doubt that the goods sold at this location are quality or durable goods.
Additionally they can manipulate the prices for these goods. You will also be charged an extra processing fee for every purchase you make.
Because the card only reports to one of the three credit bureaus, this card can only help one of your credit reports. If a potential lender does not check the report for that specific bureau, then having the card will make no difference in terms of your credit score.
While it is a good idea to take steps to improve a low credit score, this is not a step that we would suggest.
Instead, consider getting a secured credit card. Secured cards also guarantee approval, but they report to all three credit bureaus.
You will have to make an initial deposit to secure your card; however that will be fully refundable so long as the account is closed on good terms. Additionally this card will be accepted everywhere.
While it is important to have positively reporting accounts the most effective method of improving your score is by removing negative items on your credit report.
There is a lot of information that says a negative mark must remain on your report for seven long years. This couldn't be further from the truth.
The truth is that you do not just have to live with bad credit-every mark can be removed from your credit report.
Congress passed legislation to protect you and your report from unethical lenders and collection agencies. This legislation is the Fair Credit Reporting Act and it says that a negative item can be reported for a maximum of seven years.
There is nothing said about the minimum amount of time an item must be reported. Further mistakes by lenders account for a lot of inaccurate information on your report. It is estimated that 25% of people have a mistake on their report and that is costing them hard earned money in higher interest rates.
In summary, we recommend a secured credit card and not the Horizon Gold shopping card. Remember too that you have the right to challenge negative items on your credit report and have them removed. You do not need to just live with a low credit score.
This will do the most to improve your score and provide you and your family with a higher quality of life. Additionally there is not a better feeling that knowing you will be approved for a new credit line.
Often individuals will apply for this card when they have a damaged credit score. That is because it will report to a major credit bureau.
They guarantee approval and do conduct a credit check. There is no minimum income requirement, or employment verification.
It will be issued with an initial credit line of $500. There will be an application fee and a monthly fee.
However this card is only accepted at one location. We highly doubt that the goods sold at this location are quality or durable goods.
Additionally they can manipulate the prices for these goods. You will also be charged an extra processing fee for every purchase you make.
Because the card only reports to one of the three credit bureaus, this card can only help one of your credit reports. If a potential lender does not check the report for that specific bureau, then having the card will make no difference in terms of your credit score.
While it is a good idea to take steps to improve a low credit score, this is not a step that we would suggest.
Instead, consider getting a secured credit card. Secured cards also guarantee approval, but they report to all three credit bureaus.
You will have to make an initial deposit to secure your card; however that will be fully refundable so long as the account is closed on good terms. Additionally this card will be accepted everywhere.
While it is important to have positively reporting accounts the most effective method of improving your score is by removing negative items on your credit report.
There is a lot of information that says a negative mark must remain on your report for seven long years. This couldn't be further from the truth.
The truth is that you do not just have to live with bad credit-every mark can be removed from your credit report.
Congress passed legislation to protect you and your report from unethical lenders and collection agencies. This legislation is the Fair Credit Reporting Act and it says that a negative item can be reported for a maximum of seven years.
There is nothing said about the minimum amount of time an item must be reported. Further mistakes by lenders account for a lot of inaccurate information on your report. It is estimated that 25% of people have a mistake on their report and that is costing them hard earned money in higher interest rates.
In summary, we recommend a secured credit card and not the Horizon Gold shopping card. Remember too that you have the right to challenge negative items on your credit report and have them removed. You do not need to just live with a low credit score.
This will do the most to improve your score and provide you and your family with a higher quality of life. Additionally there is not a better feeling that knowing you will be approved for a new credit line.
About the Author:
Instead of the Horizon Gold Credit Card we suggest the prepaid credit card the Account Now Visa. For a free credit consultation call 1-800-253-3735.
posted by Credit Counseling at
10:28 AM
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