You can report a lost OakStone Gold Card by calling First Progress customer service at 1 (866) 706-5543. First Progress will request some security information in order to verify your identity before sending a replacement.
Inform the customer service representative that you’ve lost your credit card.
Provide any requested information, such as your date of birth or the last four digits of your SSN.
Ask the First Progress rep to cancel your old credit card and send a replacement.
You should receive a replacement OakStone Gold Card within 14 calendar days. When you receive your replacement OakStone Gold Card, you’ll need to activate it before you can make purchases. And if there are any recurring charges linked to the old OakStone Gold Card, make sure to update those accounts with your new card information.
Finally, it’s important to note that your OakStone Gold Card is covered by $0 fraud liability, which means that you will not be held responsible for unauthorized purchases made with your card while it’s lost. You should still give your card issuer immediate notice of any unfamiliar charges on your account, though.
Closing a secured credit card has the potential to hurt your score. But that’s not because it’s a secured card. You run the risk of a slight drop in your score when closing any credit card because it can make your credit history seem shorter and reduce the total amount of credit you have available. And the impact usually is most significant when you close your oldest account.… read full answer
All else being equal, it’s best to keep unused accounts open. But it’s a slightly different story if you’re paying an annual fee or leaving a deposit in the custody of your card’s issuer. That’s especially true if you don’t need your credit score to be in top shape in the very near future. You don’t want to waste money on something you never use, after all, or give your card’s issuer an indefinite loan. And since secured cards typically don’t pay interest on deposits, there are far better uses for your fee and deposit money in the long run. For example, if you placed a $200 deposit on a secured credit card in 2008 and never closed your account, that $200 would still be $200. But if you invested that money in an S&P 500 index fund, you’d have more than $600 today.
Of course, you’d need to use a secured card for a while to improve your credit score enough to qualify for an unsecured card. And if you consistently pay your secured card’s bill on time, the issuer may offer to refund your security deposit. So it’s important to weigh all the different variables before deciding whether or not to close a secured credit card. And that includes how soon you plan to apply for a mortgage, auto loan or other major financial commitment for which your credit will be checked. A bit of temporary credit score damage won’t cost you if you don’t try to borrow until your score rebounds.
Here’s what you need to know about closing a secured credit card:
If you close the card, your average account age decreases and your total credit utilization increases. This may lead to a temporary credit score drop.
If you don’t close the card, it will continue to report positive information to the credit bureaus each month, even if you don’t use it and there’s no balance.
If your card charges an expensive annual fee, you may want to close it rather than pay every year for a card you’re not using.
When you close a secured credit card, you’ll get your deposit back minus any outstanding balance.
Some issuers will let you graduate to an unsecured card after consistent on-time payments. That means you’ll get your deposit back and often receive better benefits on your card.
In all, closing a secured credit card might not be the greatest idea. But most secured card users do it at some point. And you can lessen the impact with good timing.
You should keep a secured credit card open for a minimum of 12 months, and up to several years, depending on your credit score. It’s best not to cancel a secured card until you’ve built up a fair credit score and gotten approved for an unsecured credit card with no annual fee… read full answer or great rewards. Even then, you may still want to hold onto the secured card, provided that it has no annual fee.
Why You Might Want to Keep Your Secured Credit Card for a Long Time
There are a few reasons why you might want to keep an unused secured credit card account open. First off, the secured card will have a longer account history than a new credit card. Since the length of time your credit accounts have been open is factored into credit score calculations, you might see a dip in your score if you close the card – especially if the secured card is your oldest open credit card account.
In addition, on-time payments are still reported to the credit bureaus every month when your secured card has a $0 balance. In other words, just keeping the card open is an effortless way to add positive information to your credit report, thus improving your credit score.
Finally, it’s possible that your secured card will graduate to an unsecured card as your credit score continues to rise. If your card graduates, you might not need to close it at all. You can call your card’s issuer and ask them if you’re eligible to graduate your card, but keep in mind that graduation is never a guarantee. In fact, some secured card terms even state that the card will never graduate.
To use a secured credit card with a $200 limit, first put down a refundable security deposit of $200 to establish your credit line, then use the card to make a few small purchases each month, and pay off the balance by the due date. You will get the $200 back when you close your account or receive an upgrade offer.… read full answer
Whether you’re using a secured card to rebuild or establish credit, be sure to pay your bill on time every month and try not to use more than 29% of your card’s credit limit. This will lead to the biggest credit score gains. Unfortunately, that means maintaining a monthly statement balance of less than $60 on a secured card with a $200 limit.
Tips for Using a Secured Credit Card with a $200 Limit
Use your secured credit card just like a regular card.
You can use a secured credit card with a $200 limit at a merchant’s payment terminal or website just like an unsecured card. Secured credit cards are also associated with a major credit card network like Visa or Mastercard, meaning you can use them anywhere that network’s cards are accepted.
Start small and pay the full balance by the due date.
Just making a few small purchases and paying them off every month not only establishes a history of timely payments, but it also helps you stay well within your $200 credit limit. Keeping your credit utilization below 30% is almost as important as maintaining a history of on-time payments when it comes to building or rebuilding credit.
Set up automatic payments so you don’t miss a due date.
Automatic payments are withdrawn electronically from your linked bank account every month, guaranteeing that you’ll never miss a payment – as long as there’s enough money in the account to cover the payment amount. Set up your automatic payments to withdraw the full statement balance every month, to avoid costly interest charges and help keep your credit utilization low moving forward.
Explore opportunities for a credit limit increase.
Secured credit cards typically offer two ways to raise your credit limit. Most secured cards will allow you to add money to your security deposit for a higher credit line. And in some instances, an issuer may grant you an automatic limit increase after meeting certain requirements – once you’ve paid the bill on time for at least 6 months, for example. There’s no guarantee when, or if, an issuer will grant you an automatic increase, though.
Remember, the point of a secured credit card is to help you build or establish credit. Over time, with responsible card use, you may qualify for an unsecured credit card with the potential for a higher credit limit. Plus, you’ll get your security deposit back when you close the account with a $0 balance.
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