Review Of The Green Dot primor Visa Gold Secured Credit Card
Obtaining a secured credit card and using it wisely could be one of the better ways to build credit for someone who has faced financial difficulties. A history of on-time payments and maintaining a balance below the credit limit could help increase your credit score over time. But this will only pay dividends if the issuer of the secured card reports to all three national credit bureaus. If you are in the market for such a card, the Green Dot primor® Visa® Gold Secured Credit Card is a solid choice and one that should be seriously considered.
What Company Issues The Green Dot primor Visa Gold Secured Credit Card?
Green Dot Bank issues the Green Dot primor® Visa® Gold Secured Credit Card. The Green Dot Corporation is one of the world’s largest prepaid debit card companies and their products are available at thousands of retails stores including Walgreens, Rite Aid and CVS. The company is located in Pasadena, California and was formed in 1999. It serves the unbanked and underbanked consumer. Green Dot also serves as the technology platform used by Uber and Apple Pay Cash.
About The Green Dot primor Visa Gold Secured Credit CardGreen Dot primor® Visa® Gold Secured Credit Card with an APR of only 9.99% is very rare. That APR also happens to be a fixed rate. Secondly, Green Dot Bank does not require a minimum credit score or credit history to become a cardholder, so this is also welcome news to consumers who may have struggled with their past finances. A third benefit is that all three major credit bureaus will be informed about your account activity on a monthly basis, so responsible use of your account could help increase your credit profile. Fourth, the card is backed by Visa so consumers will not have any problem using the card throughout the United States. Finally, the card has absolutely no processing fees or application fees.
The security deposit you make will determine the amount of your credit line. But Green Dot Bank requires a minimum deposit of $200 and a maximum deposit of $5,000. As with other secured cards, your security deposit is refundable when you close your account and pay off your balance in full.
There are some drawbacks. Consumers will not be able to be upgraded to an unsecured card if their credit score begins to rise. At this time, Green Dot Bank does not offer an unsecured credit card. And the card does come with a fairly significant annual fee of $49.
Is The Green Dot primor Visa Gold Secured Credit Card Right For Me?
The Green Dot primor® Visa® Gold Secured Credit Card is one of the better secured cards on the market and can certainly help people rebuild or establish their credit. The issuer reports to the three major credit bureaus so cardholders have the opportunity to improve their credit profile with proper use of the card. Consumers will have very little difficulty qualifying for the card since Green Dot Bank does not require a minimum credit score or established credit history. You simply need to be able to afford the security deposit. The card is more affordable than a number of other secured cards with its attractive 9.99% fixed APR and no processing or application fees. The one concern is the $49 annual fee.
Tips On Building Your Credit Score
If you are applying for the Green Dot primor® Visa® Gold Secured Credit Card, you may have experienced some financial difficulty in the past and be saddled with a low credit score. If you find yourself in that situation, you should commit to doing everything possible to build your credit score. Credit card issuers use a credit score to determine the level of risk of approving you for this loan, so increasing your credit score is one way of decreasing your risk factor.
To begin the quest of building your credit score, start by doing an honest assessment of your financial situation. Obtain a copy of your credit report which is free each year from the three major credit reporting agencies. Take a detailed look at what is on the report. If you spot something that is inaccurate or do not remember opening an account that is listed, then contact the credit bureau and file a dispute. After an investigation, the credit bureau will remove any inaccurate information.
Also, take a look at your monthly budget. See where you are spending your money and analyze if there are areas where you can cut expenses. Any money you save can be used to immediately pay down your debt.
There are five different components of your credit score, but two are areas where you can start to take immediate steps to improve your standing.
The most important area of a credit score is your payment history. It is absolutely essential to make at least the minimum payment every month by the due date on each of your bills. If you have trouble remembering the due dates on your bills, there are tools available that can assist you. Set up automatic bank payments of the minimum payment on your credit card so every due date is met. Another idea is to have the credit card issuer send an email or text reminder about the account’s due date. Whatever strategy you employ, just make sure you make at least the minimum payment each month well ahead of the due date.
Another critical factor in a credit score is your debt utilization percentage. This is simply the amount of debt you have on all your credit card accounts divided by the amount of available credit. If you have $5,000 in available credit on all your cards and $3,000 in credit card debt, you have a debt utilization of 60%. Financial experts say debt utilization above 30% will start to impact your credit score in a negative way. Therefore, it is wise to keep that percentage as low as you possibly can. Cut your monthly expenses to the bare bone and pay off your credit card quickly.
On-time payments for a number of months and lowering your debt as quickly as possible will be helpful in building your credit score over time.