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Tuesday, January 20, 2009
The Tribute MasterCard is a bad credit unsecured card. It is frequently used to rebuild a low credit score.
This card is issued by the First Bank of Delaware. This bank has been in the sub prime lending business for years.
With responsible use of your card it can help to improve your credit score. This is because with on time monthly payments you will be able to create a positive payment history on your credit report.
When your score is calculated this is one of the biggest influences on your score. In addition this will help to improve your ratio of available credit to debt. This ratio is how much debt you have compared to how much credit you have that is not being used.
There will be an annual fee; however every sub prime card carries an annual fee. You will have an APR of 19.50% which is standard for these cards.
Your card does report monthly to all three major bureaus. It will be issued with a $300 credit limit.
However if you have very low credit score you can still be issued a card instead of the $300 limit is will have a $70 limit. This is done because the First Bank of Delaware wants to provide a second chance to as many people as possible.
It will still report to the bureaus and the limit can increase to $300 with responsible use. There are no finance charges and no account set up fees.
There is no application fee and you have free online account access. In addition there is no minimum income requirement and easy approval.
With both the $300 credit limit and $70 credit limit card you will be eligible to receive periodic credit limit increases. In addition you will have a 30 second online decision when you apply.
To get the most benefit on your credit report from your card you should try and keep the balance at approximately 25% of you credit limit. This is because it shows the bureaus that you do use your card and you are using it responsibly.
In sum if you need a second chance with credit then we do suggest the Tribute MasterCard. It can help your score by improving your available credit to debt and creating a positive payment history.
This card is issued by the First Bank of Delaware. This bank has been in the sub prime lending business for years.
With responsible use of your card it can help to improve your credit score. This is because with on time monthly payments you will be able to create a positive payment history on your credit report.
When your score is calculated this is one of the biggest influences on your score. In addition this will help to improve your ratio of available credit to debt. This ratio is how much debt you have compared to how much credit you have that is not being used.
There will be an annual fee; however every sub prime card carries an annual fee. You will have an APR of 19.50% which is standard for these cards.
Your card does report monthly to all three major bureaus. It will be issued with a $300 credit limit.
However if you have very low credit score you can still be issued a card instead of the $300 limit is will have a $70 limit. This is done because the First Bank of Delaware wants to provide a second chance to as many people as possible.
It will still report to the bureaus and the limit can increase to $300 with responsible use. There are no finance charges and no account set up fees.
There is no application fee and you have free online account access. In addition there is no minimum income requirement and easy approval.
With both the $300 credit limit and $70 credit limit card you will be eligible to receive periodic credit limit increases. In addition you will have a 30 second online decision when you apply.
To get the most benefit on your credit report from your card you should try and keep the balance at approximately 25% of you credit limit. This is because it shows the bureaus that you do use your card and you are using it responsibly.
In sum if you need a second chance with credit then we do suggest the Tribute MasterCard. It can help your score by improving your available credit to debt and creating a positive payment history.
posted by Credit Counseling at
12:24 AM
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