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Good deal or bad deal...

Regular Contributor

Good deal or bad deal...

Ok so I just appied for Horizon Gold $500 limit then withen 5mins I decided to cancel it before they report to all 3 bureaus I called them and she is not wanting me to close it out so she gave me a $2,000 credit limit I understand the only way i can use it is by there own website no big deal ill just make sure im only spending $20 bucks lol,,,first time user so im not sure whats on there website,,anyways was it a good deal or still in the sh*t hole???? I still have 30days to cancel.. 

As of 9/13"
Starting Score: 600
Goal Score: 740
Garden till 10/14"
Message 1 of 20
19 REPLIES
Valued Contributor

Re: Good deal or bad deal...

Sounds like a catalog card.  Do they even report to credit bureaus?  No idea on the terms on that card etc.  Do you?   Can you list fees and terms?  Also what does your credit look like now?

               LIMITS IN CARD DESCRIPTIONS
Message 2 of 20
Senior Contributor

Re: Good deal or bad deal...

They do have a less than stellar reputation...are you seeking to purchase something especially from them, or just trying to grow your credit?



Zero percent financing is where the devil lives...

10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
Message 3 of 20
Established Contributor

Re: Good deal or bad deal...

Stay away. They're like fingerhut whereby they offer overpriced products in exchange for easy financing.

 

Also:

 

$5 one-time set up fee, $24.95/mo membership fee, and $6/mo inactivity fee and they only report to 1 bureau if any at all.

AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 4 of 20
Regular Contributor

Re: Good deal or bad deal...

@ tcbofade & Crashem

Thats the thing when I did the app. I tho it was a visa/mc credit card 500 limit..come to find out its a

catalog card and its not a visa/mc... yes it does report to all 3 credit bureaus every month, ill pay 14.00 amonth to have a membership with them, I did it to grow my credit being that I only have 1 credit card on file so my credit report is thin, I just want to pay maybe $60 bucks on the catalog card every month and keep it open for 6 months....

As of 9/13"
Starting Score: 600
Goal Score: 740
Garden till 10/14"
Message 5 of 20
Established Contributor

Re: Good deal or bad deal...

From website:

Credit Bureau Reporting: Horizon Card Services™ will report your new Horizon Card Services/Horizon Outlet Account to at least one major credit bureau upon receiving positive confirmation of your identity. In order to confirm your identity, you may be required to send Horizon Card Services™ additional information. The Horizon Card Services Account does not guarantee aid in building or re-building credit, or to the posting of any positive references to any credit report. Due to circumstance beyond our control, it may take up to 60 days for your Horizon Card Services information to appear on your credit report.

 

Close this bottom feeding trash.

AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 6 of 20
Regular Contributor

Re: Good deal or bad deal...

im guessing you had horizon gold?

As of 9/13"
Starting Score: 600
Goal Score: 740
Garden till 10/14"
Message 7 of 20
Established Contributor

Re: Good deal or bad deal...

No, I'm just able to spot their strategically hidden Terms & Conditions.

AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 8 of 20
Senior Contributor

Re: Good deal or bad deal...


Jlu wrote:

Stay away. They're like fingerhut whereby they offer overpriced products in exchange for easy financing.

 



 

Slightly off topic, but my DW is one of you.  (FH haters...) 

 

Nearly two years ago, I got a Fingerhut catalog in the mail...was somehow bored enough to look through it, and found an item that I had never before or since seen available anywhere else....and at a decent price...so I purchased it.

 

DW lost her mind about my opening a FH account....she said that they're overpriced and low quality merchandise.

 

After nearly two years, the product is still serving its purpose well, I can't really compare the price anywhere else, but I've been thrilled.

 

With all of that being said, I wouldn't open a credit account with them "just to have it", but it served me well.



Zero percent financing is where the devil lives...

10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
Message 9 of 20
Valued Contributor

Re: Good deal or bad deal...

Sounds like these guys are worse than Fingerhut.  Fingerhut isn't too bad as they at least report to bureaus and give decent credit lines compared to what else someone can get at the time so looks good on credit report.  Given the fees someone else mentioned earlier, I would STAY AWAY from these guys.  You don't want or need the easy credit they are offering.  If you need to build your credit, go for some of the crappy subprime cards out there as even they are cheaper than these guys.

               LIMITS IN CARD DESCRIPTIONS
Message 10 of 20