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Gold Horizon Credit Cards
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, because this card is accepted at only one location, we have considerable doubts regarding the quality of the goods sold on this site.
Additionally they can manipulate the prices for these goods. You will also be charged an extra processing fee for every purchase you make.
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.
While it is a good idea to take steps to improve a low credit score, this is not a step that we would 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.
It is important to have positive reporting credit accounts, but the best way to improve your credit score is to remove the derogatory marks from your credit report.
It is widely believed that negative items must stay on your credit for seven long years. This is completely false!
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.
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.
However, no mention is made of a minimum amount of time. In addition, there may be mistakes and inaccurate information on your credit report. In fact, it is believed that one-quarter of the population have incorrect items on their credit reports that could be costing them a lot of hard-earned money in higher interest rates.
To conclude, we do not recommend the Horizon Gold shopping card, we suggest getting a secured credit card instead. Also keep in mind that you do not need to live with a poor credit score. It is your right to contest derogatory items on your report and have these marks removed.
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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