Good to rebuild credit
Written: Sep 22 '02
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Pros: Helps you establish credit
Cons: High fees
The Bottom Line: If your credit is bad to poor, this card may be a good tool for you to help you rebuild your credit.
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| gocowboys's Full Review: Cross Country Bank |
I was "pre-approved" for the Cross Country gold card. I accepted the card because my credit was not very good at the time(it still isn't terrific, but it is MUCH, MUCH better than before).
They are good to you if you make sure you pay your bill on time every month; I have never been late. However, I have known others who had the card, and they told me that if you are ever late, Cross Country will hound you til doomsday (I'm not saying that they shouldn't, just that they do more "hounding" than others).
Advantages:
1. The card helps you rebuild your credit. They report your payment history to the three major credit bureaus each month.
2. They will raise your credit limit often, if you pay your bill on time each month. I have had the card for over a year, and I have received 2 credit limit increases in that time.
3. Internet access to your account. You can view your account online (transactions, available credit, recent payments, etc.), as well as pay your bill online. To pay your bill online, you give them your bank routing number and account number, and they turn the "virtual check" into an ACH debit. This is the only way I have ever paid my bill, and in the over a year I have had the card they have never made a mistake, and they have never sent through a payment without explicit instructions from me (I have heard that some credit card companies have done this).
The one good thing about paying your bill like this is that the payment is credited to your account that same night (if made by a specific time), so they receive the payment much quicker.
4. You can choose your own User ID and password - you don't have to use your social security number.
5. There is an annual fee of $50.00, which isn't bad for a "sub-prime" credit card (Orchard Bank charges $79.00).
6. Other than the $50.00 annual fee and the $100.00 account origination fee, there are no other fees to set up the account (some, like Plains Commerce Bank, charge almost $300.00 in setup and "origination" fees).
Disadvantages:
1. There is no grace period for purchases. You are charged interest from the day a purchase is posted to your account.
2. The interest rate is a bit higher than others (currently 20.99%).
3. They charge a one-time fee of $100.00 for each credit limit increase.
4. They charge a one-time $100.00 "account origination" (setup) fee.
If your credit rating is "fair" or better, this isn't the card for you. However, if your credit is bad or poor and you are in "credit hell," this card, while charging higher than normal fees, is good to help you get back on the road to good credit.
Recommended:
Yes
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Epinions.com ID:
gocowboys
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Location: Waco, TX
Reviews written: 6
Trusted by: 3 members
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