The Horizon Gold Card is an unsecured shopping card. Unlike most credit cards, it is only accepted at a designated Web site.
Often, people with poor credit scores will apply for this card because it reports to a major credit bureau.
The card offers guaranteed approval. They do run a credit check, but they do not require employment verification and there are no minimum income requirements.
The initial credit limit will be $500, and they charge an application fee as well as 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.
In addition to the sale price of the item, you also are charged a processing fee for every transaction. They also have the ability to manipulate the prices for the products they sell.
Moreover, this card only reports to one of the three credit bureaus, which means that it only affects one of your credit reports. This means that the card will have no effect on your score if a potential lender happens to not check that particular bureau's report.
It is a wise decision to take steps to improve a low credit score. However this step is not one we suggest.
Instead you should get a secured credit card. It will also guarantee approval and will report to all three 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.
Positive reporting credit accounts are certainly important, but removing negative marks from your credit report is the most successful way of improving your credit score.
Many people believe that a negative item needs to stay on your credit report for seven years, but this is completely untrue.
In reality every mark can be removed from your report. You do not just have to live with the high cost of bad credit.
To protect you and your credit report from disreputable lenders and collection agencies, Congress passed the Fair Credit Reporting Act. This legislation states that seven years is the maximum amount of time that an item can remain on your credit report.
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.
Removing negative items from your credit report is the most effective way to improve your credit score. In addition to providing you and your family with a higher quality of life, you will be afforded the wonderful feeling of knowing that you can be approved for a new line of credit.
Often, people with poor credit scores will apply for this card because it reports to a major credit bureau.
The card offers guaranteed approval. They do run a credit check, but they do not require employment verification and there are no minimum income requirements.
The initial credit limit will be $500, and they charge an application fee as well as 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.
In addition to the sale price of the item, you also are charged a processing fee for every transaction. They also have the ability to manipulate the prices for the products they sell.
Moreover, this card only reports to one of the three credit bureaus, which means that it only affects one of your credit reports. This means that the card will have no effect on your score if a potential lender happens to not check that particular bureau's report.
It is a wise decision to take steps to improve a low credit score. However this step is not one we suggest.
Instead you should get a secured credit card. It will also guarantee approval and will report to all three 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.
Positive reporting credit accounts are certainly important, but removing negative marks from your credit report is the most successful way of improving your credit score.
Many people believe that a negative item needs to stay on your credit report for seven years, but this is completely untrue.
In reality every mark can be removed from your report. You do not just have to live with the high cost of bad credit.
To protect you and your credit report from disreputable lenders and collection agencies, Congress passed the Fair Credit Reporting Act. This legislation states that seven years is the maximum amount of time that an item can remain on your credit report.
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.
Removing negative items from your credit report is the most effective way to improve your credit score. In addition to providing you and your family with a higher quality of life, you will be afforded the wonderful feeling of knowing that you can be approved for a new line of credit.
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Instead of the Horizon Gold Credit Card we suggest you look at some prepaid credit cards and Bad Credit Cards. For a free credit consultation call 1-800-253-3735.
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