Horizon Gold/Horizon Card Services

[arizplu]

I just closed my Horizon account.

About a year ago, I had terrible credit and no money for a security deposit on a secured card. I came across an article that listed options for people in my situation and it included Horizon Gold on there. I didn't know anything about credit. I didn't know anything about credit cards. So I applied thinking I was getting a legit credit card when really I was just getting a really expensive store card. I have been paying about $25 a month for a year. I've never used the card and the lady on the phone even mentioned I looked at their website 3 times. Honestly, I just kind of forgot about it for a while and then kept putting off cancelling the card. I lost the card a long time ago and was only able to cancel it because my computer remembered my online login information when I went to their website. 

It did report on time payment history to EQ which is good and I'm sure that has helped me during the past year of rebuilding credit.

I just called them to cancel. I told them I wanted to cancel and the lady on the phone immediately started reading off of a script about all of the member benefits and how amazing this card is. She then asked me if I would like to continue my membership. I said cancel it.

She then tells me she has to transfer me to her supervisor for cancellations.

The supervisor starts going off about credit reporting and "lenders like to see high credit limits...blah blah...I can increase your limit from $750 to $1750." I said cancel it...

Then she offered me a $60 credit to shop on their store. I said, "NO. Cancel it."

She offers to decrease the monthly fee to $14.xx. I said, "No, Cancel it."

She places me on a 2 minute hold while she "updates" my account.

Comes back on the phone and said that I'm ready to get cancelled but before she does she'd like to offer a reduction in monthly fee to $6.95 plus the $60 credit plus the CLI to $1750. and oh by the way she'd like to remind me again that creditors like to see high credit limits and multiple trade lines and you can monitor your credit on our app and fix credit errors and OH MY GOSH SHUT UP ALREADY JUST CANCEL IT!

Finally....

She gave me my cancellation ID.

I hope it really is closed and I don't ever have to call them again.

If you're rebuilding credit. Don't sign up with them. It's a waste of $25 a month to "shop on their exclusive online store" Just save the money for a secured card or something. Just stay away from them. 

[DapprD]

I have a Horizon Gold Card and I have gotten my limit up to $2500, I have never used the card and I pay the $6.95 monthly fee.

You have to remember, these accounts are just tools for you to show history on your account. It's not that it's a "Bad Card" or anything, it's just a tool.  Being a Primary Account I don't think you are giving it the credit it deserves.  They gave you credit when no one else would ... that alone is worth it's weight in the overall picture.

[Anonymous]

Thanks for posting this, I was reading about for information on this card because I was interested. Thanks for saving me a headache.

[Anonymous]

A few months ago I was in a terrible place, credit-wise. A mid-500s FICO score, a debt that was late and was several times my annual income, and NOBODY would give me a card. But Green Dot Secured did. I'm sure OpenSky would have too. 

My Green Dot card has helped me establish credit, and since I got my debt down (settled—still some I'm paying off but it's MUCH better now) I have been able to get a Walmart store card, Overstock store card, and a Discover It card. (FICO was in the 610s when I qualified for the store cards, and 630-something with Discover It.) Green Dot has an annual fee of about $40 but they aren't full of extra fees and I can use it anywhere Visa is allowed.

If you get refused by Green Dot, OpenSky, or perhaps Fingerhut, then Horizon Gold might be worth a shot. But I'd exhaust all other possibilities first.

[Remedios]

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@DapprD wrote:

I have a Horizon Gold Card and I have gotten my limit up to $2500, I have never used the card and I pay the $6.95 monthly fee.

You have to remember, these accounts are just tools for you to show history on your account. It's not that it's a "Bad Card" or anything, it's just a tool.  Being a Primary Account I don't think you are giving it the credit it deserves.  They gave you credit when no one else would ... that alone is worth it's weight in the overall picture.

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They made a business decision to issue a card and get fees in return. OP made (the right) choice to stop bleeding the money. 

While any lender, including the predatory ones, can be a useful tool during a rebuild, it's also important to know when to let it go.