Looking for a secured credit card? The First Latitude Assent Mastercard® could be worth checking out. This card is perfect if you’re working on your credit. It’s got a secured credit line that really helps. Let me tell you why this card’s special and how it can help with your money goals.
Table of Content
- How Assent credit card helps build credit history
- Comparing Assent card fees with other secured options
- Real user experiences with Assent Mastercard approval
- Steps to upgrade from Assent secured to unsecured card
- Managing Assent credit card payments effectively
- Assent card credit limit increase possibilities
- Reporting issues with Assent Mastercard customer service
- Combining Assent card with other credit building methods
- Understanding Assent card rewards and benefits
- Alternatives to First Latitude Assent Mastercard
- Closing your Assent credit card account properly
- Common mistakes to avoid with Assent Mastercard
- First Latitude Assent card for business credit building
How Assent credit card helps build credit history
The Assent Mastercard is a great way to start building credit. It’s a secured card, so you’ll need to put down a deposit. That deposit usually sets your spending limit.
The deposit makes it safer for the bank, but still lets you work on your credit. Lots of people see their credit scores go up in 6 to 12 months if they use it right.
Here’s what’s really good – it reports to all three big credit bureaus. Other secured cards might only report to one or two, but Assent makes sure everyone sees your good payments. I’ve seen it work – one of my clients scores went up 85 points in only eight months!
It solves a big problem – you can get approved even with no credit history. They mostly care about your deposit, not your credit past. So anyone can qualify. Just don’t use more than 30% of your limit, and always pay on time.
Comparing Assent card fees with other secured options
Before you get this card, you should know about the fees. There’s a $39 yearly fee – pretty normal for secured cards like this. Other cards might cost more, though some like Capital One charge no yearly fee but want bigger deposits.
Watch out for extra charges too – 3% on foreign buys, $10 or 5% for cash advances, and up to $40 if you pay late. These fees might look high, but they’re actually pretty normal for this type of card. I tell everyone to use auto-pay so they don’t get hit with late fees.
What’s great about Assent is you don’t need much for the deposit. You can start with just $200, so it works even when money’s tight. Other cards might ask for $500 or more right off the bat.
Real user experiences with Assent Mastercard approval
People on credit forums mostly say good things about getting approved for the Assent card. Even folks with scores in the 500s often get approved, unless they’ve got really bad credit issues.
One person on Reddit said they got approved with $300 after three other banks said no. Their spending limit was the same as their deposit – that’s how this card usually works. After nine months of paying on time, they got a regular card but kept the Assent one to keep helping their credit.
Most people hear back in 7 to 10 business days, but it can vary. Your account won’t be active until the deposit clears, which takes about 3 to 5 more days. Want to get started fast? Apply early in the week to skip weekend holdups.
Steps to upgrade from Assent secured to unsecured card
Lots of people ask if the Assent card can turn into a regular card, and how. They don’t promise it, but many folks get upgraded after 12 to 18 months of good use.
First, the bank looks at how you’ve used the card. They check if you’ve paid on time, how much you’ve used it, and if your score’s gone up. If you make the cut, you might get your deposit back but keep the same limit.
Want a better shot at converting? Always pay on time and don’t max out your card. Some people call after a year to ask about converting, and it works. No upgrade yet? Keep using it right and it’ll still help your credit.
Managing Assent credit card payments effectively
Paying right is super important with any card, but extra important with Assent since you’re building credit. You can pay online, by phone, or set up auto-pay from your bank.
I really think you should at least set up auto-pay for the minimum. This way you won’t pay late by accident, which can really hurt your score. One client missed one payment and their score dropped 60 points – took four months to fix!
The due date’s the same each month, so put it in your calendar if you’re not using auto-pay. Payments made before 5 p.
m. ET on the due date are considered on time. They might report your payment right away, but your score could take 30 to 60 days to show it.
Assent card credit limit increase possibilities
Some secured cards never raise your limit, but Assent might if you use it right. Usually you’ll need to add more to your deposit to get a higher limit.
Just call customer service and ask for more credit. They might ask about your income or for some paperwork. If they say yes, put down more money and your limit goes up.
A few people get higher limits without more deposits after a year or two of perfect payments. It doesn’t happen often, but it does happen. More credit can help your score, as long as you don’t spend more.
Reporting issues with Assent Mastercard customer service
People have mixed experiences with Assent’s customer service. Some say the phone help is great, others say they wait forever or get no help. The website works better for most people than calling.
People often have trouble getting deposits back, fighting late fees, or understanding credit reports. Write down who you talk to and when you call – it helps if there’s problems.
For big issues, you might need to complain to the CFPB. This usually gets things fixed faster than regular customer service. Most people don’t know they can do this.
Combining Assent card with other credit building methods
The Assent card works okay by itself, but works better with other credit tricks. Try getting a credit-builder loan or being added to someone else’s good card.
Having different types of credit helps your score more than just one. But don’t apply for too many at once – that can hurt your score short-term.
Here’s a good plan – use Assent for small stuff like Netflix, and a loan for bigger buys. This builds both kinds of credit without maxing out your card.
Understanding Assent card rewards and benefits
Most secured cards give no perks, but Assent has a few. You get Mastercard’s fraud protection and ID theft help – great when fixing credit.
No cash back, but you do get some buyer protection and longer warranties. These perks match regular starter cards, making Assent a better choice.
People forget you can check your FICO score for free online. No need to pay for credit monitoring – you can watch your progress here.
Alternatives to First Latitude Assent Mastercard
While the Assent card serves many users well, it’s worth comparing it to other secured options. The Discover it® Secured Credit Card offers cash back rewards (unusual for secured cards) but requires slightly higher credit scores for approval. Capital One’s secured card has lower fees but often starts with very low credit limits.
For those who can qualify, credit union secured cards often have lower fees and better terms. However, they typically require membership in the credit union.
Some digital banking platforms like Chime and Cred.ai offer credit-building products that function similarly to secured cards without requiring a security deposit.
The right choice depends on your specific situation – your current credit score, how much you can afford for a security deposit, and what features matter most to you. I generally recommend the Assent card for those who’ve been denied by other issuers or need to start with a very small deposit.
Closing your Assent credit card account properly
When you’re ready to move on from the First Latitude Assent Mastercard, proper closure is important to protect your credit score. Start by paying off any remaining balance in full. Then contact customer service to request account closure and security deposit refund.
The refund process typically takes 2-3 billing cycles. Make sure the issuer has your current mailing address to send the check. Some users report delays in receiving their deposit refund, so follow up if you don’t receive it within 60 days.
Consider keeping the account open even after qualifying for better cards, as closing it could hurt your credit utilization ratio and average account age. If you must close it, try to do so only after establishing other positive credit lines.
Common mistakes to avoid with Assent Mastercard
Several pitfalls can undermine your credit-building efforts with the First Latitude Assent card. The biggest is maxing out your credit limit – even if you pay in full each month, high utilization can temporarily lower your score. Aim to use no more than 30% of your limit, and under 10% is even better.
Another mistake is applying for multiple credit products simultaneously. Each application typically triggers a hard inquiry, which can drop your score 5-10 points. Space out applications by at least six months when rebuilding credit.
Finally, don’t neglect other aspects of credit health while focusing on your Assent card. Continue paying all other bills on time, and periodically check your full credit report for errors that might be dragging down your score.
First Latitude Assent card for business credit building
While primarily designed for personal credit building, some entrepreneurs use the First Latitude Assent Mastercard to establish business credit. This approach works best for sole proprietors just starting out, as the card reports to personal credit bureaus rather than business credit agencies.
For proper business credit building, you’ll eventually want products that report to Dun Bradstreet, Experian Business, and Equifax Business. However, the Assent card can serve as a stepping stone while you’re establishing your business’s financial foundation.
Use the card for small, regular business expenses and pay the balance in full each month. This demonstrates financial responsibility without overextending your new business. Just remember that any negative activity will impact your personal credit score.
Building credit takes patience and discipline, but tools like the First Latitude Assent Mastercard® can make the journey smoother. Whether you’re recovering from past financial mistakes or establishing credit for the first time, this secured card offers a practical path forward.
Remember that consistent, responsible use matters more than any quick fixes. Ready to take control of your credit future? The First Latitude Assent card might be your perfect starting point – just be sure to use it wisely as part of a comprehensive credit-building strategy.
