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Regular Contributor
Posts: 190
Registered: ‎11-27-2011
0

Matrix Card

Does anyone know anything about this card? I am looking for another card and was wondering if anyone had any information about card. I do know that it is an usecured card.


Starting Score:Equifax 543
Current Score:EQ665 TU 663 EXP625 updated 12/6/2014
Goal Score: 650


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Contributor
Posts: 211
Registered: ‎07-02-2012
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Re: Matrix Card

Why you need this card. Any special benefit?

Walmart TU-724 on 12-2012
EX-707 on 08-2012
EQ-668on 08-2012
_________________________________
Wallet - Discover 1500 | Chase Freedom 1500 | OldNavy Visa 2750 | Walmart 2000 | Amex BCE 6000 | BoA Visa Sig 5000 | Chase Marriott 5000 | Amex Hhonor 2000 | CSP 5000
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Super Contributor
Posts: 5,278
Registered: ‎12-11-2011
0

Re: Matrix Card

[ Edited ]

The matrix card is basically below first premier. They try to entice you because it's a discover card , but there is like a 75$ AF and a monthly maintenance fee. and the APR is probably like 99.9999% 

 

Edit: There, I finally found the T&C link. 

https://www.matrixcardapply.com/pages/termsus

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Regular Contributor
Posts: 190
Registered: ‎11-27-2011
0

Re: Matrix Card

Thanks for the info. Was looking for another card to help with my rebuilding process. Was turned down by both BoA and Wells Fargo for a secured card. Already have 2 cards, one secured (Cap 1) and unsecured (Orchard Bank). Tried to get a limit increase on Orchard and was denied. Denial letter stated that a increase was not available at this time. No late payments on either card and pay balances off regulary, and very low utilization.Just want a reliable card that will help increase my scores.


Starting Score:Equifax 543
Current Score:EQ665 TU 663 EXP625 updated 12/6/2014
Goal Score: 650


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Super Contributor
Posts: 5,278
Registered: ‎12-11-2011
0

Re: Matrix Card

The boa secured is one of the harder ones to get, so don't feel too bad. I would just suggest gardening for a little bit. I know it's tempting to reach for that other card, but you just gotta wait it out. 

 

Good Luck! 

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Contributor
Posts: 211
Registered: ‎07-02-2012
0

Re: Matrix Card

At this time u shud try few store cards. Store cards are easy to get and help building credit file. After some time u can try amex, discover and chase.

Walmart TU-724 on 12-2012
EX-707 on 08-2012
EQ-668on 08-2012
_________________________________
Wallet - Discover 1500 | Chase Freedom 1500 | OldNavy Visa 2750 | Walmart 2000 | Amex BCE 6000 | BoA Visa Sig 5000 | Chase Marriott 5000 | Amex Hhonor 2000 | CSP 5000
__________________________________________
Established Contributor
Posts: 766
Registered: ‎01-16-2012
0

Re: Matrix Card

Two cards are more than adequate to grow your scores. While it is possible that a 3rd card might increase your score, the inquiry would certainly hurt. You can certainly get to 620 with 2 cards and the cards you are likely to get at 583 are going to cost you a ton of money for very little benefit. The matrix card, like first premier, charges a fee for credit limit increases ($30 for every 100 increase), so not really a card to grow with.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Senior Contributor
Posts: 3,671
Registered: ‎01-10-2008
0

Re: Matrix Card


Cdnewmanpac wrote:

Two cards are more than adequate to grow your scores. While it is possible that a 3rd card might increase your score, the inquiry would certainly hurt. You can certainly get to 620 with 2 cards and the cards you are likely to get at 583 are going to cost you a ton of money for very little benefit. The matrix card, like first premier, charges a fee for credit limit increases ($30 for every 100 increase), so not really a card to grow with.


+1000

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