The Oportun Credit Card is one of the best choices for people who are looking to either establish or rebuild their credit history.
It is considered a secured credit card as it does not require any credit history, a US ID, a bank account, or a social security number.
The main feature that sets it apart from other competitors is that it does not require any credit history. Oportun uses its proprietary technology to help you make payments for rent and much more.
Lacking a credit history should not be a reason to get this credit card. There are also other credit cards available that can add some value. But if you do not have a bank account or social security card number then you should choose Oportun Visa, Credit Card.
Here are a few important things that you should know about the Oportun Credit Card before applying for it.
No credit history, Social Security number, U.S. ID, or bank account is required
As per LifestyleUG’s recent post on Oportun Credit Card Login details, “one of the biggest advantages of an Oportun Credit Card is that it does not require any sort of documents or credit history. “
This makes it one of the best choices for US citizens who have a limited credit history or are looking to build one. It offers a great way to rebuild or establish a credit history and get on the way to financial success.
To qualify without the Social Security Number, it is important to have a legal house address in the US, where the card can be offered.
Oportun would also accept a valid government-issued identity card such as a driving license or passport. Without a US ID or bank account, the Oportun Company considers different factors to evaluate your application.
It has a credit limit of up to $1,000
The Oportun Credit card offers a credit limit of up to 1000 USD. The credit limit is quite low when compared to different secured credit cards.
However, this is a good starting point for people who want to build their credit history. Based on your credit history improvements, you would be able to increase your credit limit.
You can also consider talking to the company spokesperson to determine your eligibility for the limit increase. However, having a low credit limit can help you increase your credit score, as it is considered one of the key factors.
Payments are reported to all three credit bureaus
The Oportun Credit Card reports the payment history to all three well-known credit bureaus – TransUnion, Experian, and Equifax..
This is quite essential because it helps determine the credit score. By making on-time payments for your credit card bills, you can eventually improve your credit score.
All the Credit bureaus would issue you the report that can help prospective lenders to determine how likely you are to pay back the borrowed sum.
The high APR might be expensive
One of the limitations of using the Oportun Credit Card is the high APR. The APR, or annual percentage rate, is nearly 30 percent. This is quite higher than the average APR for the different secured credit cards, which is in the range of 19 to 22 percent.
If you carry a balance on your credit card, then the APR is quite expensive. To avoid any high-interest charges, it is recommended to make full payments each month.
The APR is usually charged because it helps the issuer to mitigate any sort of risk associated with lending. Also if you are looking to have a good credit score then this should not be a deal breaker.
There is no security deposit, but there may be an annual fee
The Oportun Credit Card does not require any sort of security deposit, which is quite common for other secured credit cards. However, there is an annual fee that can range from 0 USD to 99 USD.
The fee is assessed annually. It is an important factor to consider in your budget when you decide to apply for the Oportun Credit Card.
In summary, the Oportun Credit Card is the best choice for people who are looking to rebuild their credit history or improve it.
It is a secured credit card and does not require any bank account, US ID, or social security number. The credit limit is quite low, but the payments are always reported to the three main credit bureaus which are important for building the credit score.
The high APR can be quite expensive but if you pay the balance on time, then you can avoid any high-interest charges.
There might be an annual fee, so it is quite important to consider this in your budget. With the responsible use of the Oportun Credit card, you can rebuild your credit history and achieve financial success.