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Hi everyone. I have been working on my credit for the past couple of years now (with lots of advice received here on Credit Magic. Thanks so much!) Recently I have received an offer from Orchard bank for a Platinum MasterCard. The form says this is a "prescreened" offer. My question is this..I have been getting some savings together to apply for the secured card. Is this card a better choice then the secured one? My only interest in this card is buliding my credit score.
I am nervous to apply only to have my credit report checked and be denied. I have been working very hard and do not want to chance any inquires lowering my score. I will be able to get my free annual report to check my progress later this summer.
improving credit
Hi amigosamiga,
Welcome to this community :)
Can you know what your credit score is? If you have a good credit score, and if you think that you will be able to maintain the card (that is your payments), you may accept the offer. However, before you can get the card, compare this card, and the features with other credit cards. The best credit card is the one which has low interest rate, 0 Annual Percentage Rate, and 0% interest on balance transfer.
If you want, you can get a secured credit card too. You can get it with low credit score. After getting the secured card, you can make small purchases with it, and then make on-time payments on these purchases. This definitely is going to improve your credit. However, you must see that this card company reports to all the three credit bureaus.
Thanks,
Aaron