The Horizon Gold Card is an unsecured shopping card, meaning that it is only accepted at one specific Web site.
Often, people with poor credit scores will apply for this card because it reports 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.
As previously mentioned, this card is only accepted at one place. We do not believe that the products sold on this site are of a high quality.
In addition, there is the possibility that they could manipulate the prices for the goods that they sell. They also charge a processing fee for every purchase.
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.
Although taking steps to increase a poor credit score is a sensible decision, we do not recommend this card as one of those steps.
Instead you should get a secured credit card. It will also guarantee approval and will report to all three bureaus.
Secured cards require an initial deposit to secure the card, but the deposit is 100% refundable, provided that you close the account on good terms. In addition, secured credit cards are 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.
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.
In fact, every derogatory item can be removed from your credit report. You do not just have to live with bad credit and the high costs associated with it.
Congress has passed legislation, the Fair Credit Reporting Act, which protects you and your credit report from dishonest collection agencies and lenders. This act says that a negative mark may remain on your report 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.
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