Credit has been tough to get ever since the financial crisis forced banks to tighten up policies and enforce higher approval standards. This has made it much more difficult to re-build your credit and forced many of us to take short-term payday loans with incredibly high interest rates. The worst thing about payday loans is they don’t even help to rebuild your credit. Additionally, the interest rates are so high it’s almost impossible to not need another loan before your next paycheck, forcing you into borrowing before every check. It’s not a good cycle to get into it unless your completely strapped for cash and have no other way of getting it.
I’ve got some good news for you….
After launching my blog the most common email I get is from people who have less than perfect credit and want to open an unsecured credit line. For the past few months I’ve been forced to send back a long email reply letting them know unsecured cards are no longer offered, and I go on to recommend some credit building cards (secured credit cards) to help re-establish credit before trying to apply for unsecured credit. Then I got the news, one of my trusted credit consultants sent me a link to two UNSECURED CARDS with a Guaranteed $500 Credit Limit. As usual their is an asterisk by guaranteed, so I had one of my friends with less than stellar credit apply and it worked – $500 Approval.
They don’t do credit checks or employment checks and are perfect for anyone who is trying to build their credit.
Are they better than secured cards?
It depends on your personal situation. If you don’t have the cash for a secured card, these merchandise cards are the best option as you can get approved instantly and start building your credit today. All you have to do is buy something with the card and start making payments. These payments are reported to a Major Credit Reporting Agency and will help establish or re-build your credit.
Both offers are from the same company, but you may be able to open accounts at both and have two open lines of credit with positive payment history (once you make payments). I have not tested this, so please let me know if they only approve you for one so I can update the post.
How about secured cards, why would I choose them instead?
Secured cards will give you the same credit building benefits as the above merchandise cards. The major difference is you have to fork over the cash upfront to secure your line of credit. The upside is you can use the card anywhere that Major Credit Cards are accepted. This allows you to shop around to get the best price on the products you want to buy.
Another huge benefit to these secured cards is they report to all three major credit reporting agencies, instead of just one which is more typical.
What would I do if I was just starting my credit building process?
If I had the cash I would go with the secured credit card. I’m going to be paying more in fees but I’ll make it back in the savings by being able to make purchases anywhere. If my credit was very bad I may open a secured card and an unsecured card as two accounts with positive information is going to look better than one.
Now your informed let’s get to the offers so you can start building credit today….
Horizon Gold – Guaranteed $500 Unsecured Credit Line*
No Credit or Employement Check
Fast Online Application
Bad Credit – OK
Reports to a Major Bureau
Program Specs: $500 Limit / 0% APR
Monthly Fee: See website for Details*
Click Here To Apply For The Horizon Gold $500 Credit Line
Freedom Gold – Guaranteed $500 Unsecured Credit Limit*
No Credit or Employement Check
Fast Online Application
Bad Credit – OK
Reports to a Major Bureau
Program Specs: $500 Limit / 0% APR
Monthly Fee: See website for Details*
Click Here To Apply For The Freedom Gold $500 Credit Line
First Progress Platinum Prestige Mastercard® Secured Credit Card
No Credit History or Minimum Credit Score Required
Quick Online Application
Works Anywhere Credit Cards Are Accepted
Credit Line Secured by Your Fully-Refundable Deposit of $300-$2000
Program Specs: 11.99% APR / $44 Annual Fee *See Card Terms
Not Yet Available In: NY, IA, AR, or WI
Click Here To Apply For The First Progress Platinum Prestige Secured Credit Card
First Progress Platinum Select Mastercard® Secured Credit Card
No Credit History or Minimum Credit Score Required
Quick Online Application
Works Anywhere Credit Cards Are Accepted
Credit Line Secured by Your Fully-Refundable Deposit of $300-$2000
Program Specs: 14.99% APR / $39 Annual Fee *See Card Terms
Not Yet Available In: NY, IA, AR, or WI
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