The Tribute MasterCard is often used to help rebuild a low credit score. It is an unsecured bad credit card.
This card is issued by the First Bank of Delaware. This bank has been in the sub prime lending business for years.
Your card will help to increase your score. This is because with on time monthly payments you will create a positive payment history on your credit.
This factor is heavily weighted when your score is being calculated. In addition it will improve your ratio of available credit to debt. This ratio is how the bureaus decide if you are in over your head or can afford the new credit line.
You will have an annual fee with this card; this is common with bad credit cards. Your APR will be 19.50% which is the industry standard.
Your initial credit limit will be $300. Your card does have monthly credit reporting to all three major bureaus.
The First Bank of Delaware is committed to helping consumers so they have created an additional Tribute MasterCard for those with a very low score. When this card is issued instead of a $300 credit limit it comes with a $70 credit limit.
This card will report monthly to all three bureaus and works just like the card with a $300 limit. You will be eligible for limit increases. There are no finance charges and no account set up fees for both cards.
You will not have to pay an application fee and there is no minimum income requirement. They offer easy approval and free online account access.
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 we do suggest the Tribute MasterCard. When used properly it is a very effective tool to rebuild a low credit score.
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