Genesis Bank is an online electronic bank that provides many standard banking services to their customers that any physical bank offers. They offer credit financing options to their customers.What Credit Bureau Does Genesis Credit Use?Their cards are readily available for customers residing in any part of the United States. Genesis Financial Solutions is a subsidiary of Genesis Credit that offers financing options for customers with lower credit scores. Genesis Bank pulls credit reports from Experian and credit scores issued by FICO for evaluating applications for new credit cards as well as reviewing existing credit cards. They also report to all the major credit bureaus each month.
This is done by Genesis Credit to make sure that their customers’ credit information stays relevant and up to date. Genesis Credit cards are good for people with low or bad credit scores and are hoping to improve their FICO credit scores. However, due to their low credit score requirements, they also do not have many perks attached to them. What Credit Bureau Does Genesis Credit Use? In this article, we will go through the requirements and process for applying for Genesis Credit cards. We will also go through their pros and cons and the credit evaluation process for Genesis Credit. Finally, we will go through some credit cards that offer some alternatives to Genesis Credit some questions asked frequently by customers applying for Genesis Credit cards.
Requirements for Genesis Credit Cards
The following is the list of requirements that applicants applying for Genesis Credit cards must have:
- The applicant must be considered an adult legally in the state where they reside (18 in most states and 19 in Alabama)
- The applicant must provide valid photo identification at the time of application.
- The applicant must have a valid shipping address in the United States. Post office boxes are not considered valid addresses.
- The applicant must have a valid social security number.
- The applicant must declare their net monthly income and have proof of income (if any).
- The applicant must have a positive credit report.
- The applicant must have at least a poor credit score. Customers with poor or low credit scores can apply.
- The applicant must provide their contact information.
Applicants who meet the above requirements are very likely to get approved for Genesis Credit cards.
Applying for Genesis Credit
The following is the list of steps for applying for a Genesis credit card:
- Visit Genesis Credit’s official website.
- Click on the option for applying for their credit cards.
- You will be redirected to an online application form. Fill out the form carefully.
- After checking the boxes for terms and conditions and reviewing the application form, enter submit.
- You will be updated on the status of your application in a few business days.
There are no physical locations of Genesis Credit so applicants cannot apply offline. All work has to be done electronically.
Credit Evaluation Process
As mentioned above, Genesis Credit pulls reports and scores assigned by FICO and Experian. They do not typically use TransUnion and Equifax so applicants should keep that in mind. Genesis Credit goes through the reports and determines whether the applicant can be trusted with their credit cards. Numerous factors determine credit reports and scores. The factors that determine them include but are not limited to: customer’s card usage, spending limit, amount of money in the customer’s account, billing history, dues left, credit history, and payment history. They approve most of their applications provided they meet the requirements and the applicants want to use their cards earnestly.
It should be noted that they also report their customers’ credit card usages to all the major credit bureaus.What Credit Bureau Does Genesis Credit Use?Genesis Credit reports to the credit bureaus at the end of each month after the billing period has ended. This is done to ensure that their customers’ credit information is up to date and relevant.
Pros and Cons of Genesis Credit Cards
The following are the list of the pros and cons of Genesis Credit cards:
Pros
- Very low credit score requirements.
- These cards are unsecured.
- Are approved easily for commercial use.
- Safe for customer use.
- They are good for improving credit scores.
Cons
- There are fewer rewards for customers for shopping.
- Cardholders cannot increase their credit lines.
- Charge annual fees on their cards.
Cards Offered by Genesis Credit
Some cards offered by Genesis are:
- Destiny MasterCard: Monthly limit of $300. Annual fee of $59 to $99.
- Indigo Platinum MasterCard: Monthly limit of $300. No annual fees are required if the applicant has a credit history.
- Milestone Gold MasterCard: The credit limit depends on the applicant’s FICO score. Annual fees can be either $35 $59 or $75 depending on their credit lines.
Alternatives to Genesis Credit Card
If customers find that the Genesis Credit cards do not offer the benefits and services that they desire, they may choose to avail of credit cards from other credit financing companies. The following is a list of financing companies that provide credit cards and have similar requirements as Genesis Credit:
- Atlanticus
- Snap Finance
- Facet Wealth
- Zest Money
There are also alternative credit cards:
- Surge MasterCard
- Capital One Platinum Secured Credit Card
- Reflex MasterCard
- Total Visa Card
- FIT Mastercard
- OpenSky Secured Visa
- First Access Visa Solid Black Credit Card
Conclusion
Genesis Credit offers credit cards that can be easily afforded by most applicants. Even applicants with low credit scores that want to shop with credit cards and improve their credit scores can get their credit cards easily. They take scores from FICO and Experian and report to them and TransUnion and Equifax each month. However, their lack of rewards for shopping, lower credit lines, and lesser benefits can also turn people away. It is still highly recommended for people with bad credit scores so that they may improve their credit scores. When they have improved their scores, they can apply for other cards with more benefits.
FAQs
Q1. Where can Genesis Credit cards be used for shopping?
A1. Genesis Credit cards can be used for shopping at any place where MasterCard is accepted.
Q2. Can customers increase credit limits with Genesis Credit?
A2. No, increasing credit limits offered to customers with Destiny and Indigo Platinum MasterCard.
