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 it when they have a damaged credit score. That is because it will report to a major credit bureau.
They guarantee approval and do not 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 it 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.
Further your account is only reported to one bureau. This can only help one of your credit reports. 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 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 it 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 report.
There is a lot of information that says a negative mark must remain on your report for seven long years. This could not be further from the truth.
In reality every mark can be removed from your report. You do not just have to live with the high cost of bad credit.
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 the credit bearing population has a mistake on their report. This mistake is costing them hard earned money in higher interest rates.
In sum we do not suggest the Horizon Gold shopping card; instead we suggest a secured card. Additionally you do not just have to live with a damaged report, it is your right to challenge and remove these negative marks.
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.