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Are they a better rebuilding card than Orchard/First Premier? I'm just trying to find a back-up option in case my gf doesn't get approved with citi/boa (first cc in years, only has closed citi AU accounts)
Thanks
I'm assuming you mean Applied Card Bank. And ACB is violently unacceptable.
If you don't believe me, I put a copy of the cardholder agreement they sent me back in 2007 on my blog:
http://blog.360.yahoo.com/blog-Jf4mY2ojfqNmrw9RAnqt342.pgc-?cq=1&p=57
The fees alone should make you steer clear of these jabronis. Between ACB, First Premier and Orchard Bank, I'd take Orchard Bank, although I thought Wells Fargo and Bank of America (among others) also had secured cards.
Mark is right on all counts
Back in 2000 when I was looking for a credit card I received an invite from Cross Country Bank (What applied card bank used to be known as)
I was so happy to finally get a pre-approval offer that I never stopped to look at the fine print.
The initial limit was $ 300.00 however there was an account access fee of $ 100.00 and a one time account origination fee (What on Earth is this?) of $ 50.00
So even before I activated the card there was already a balance on it. Fortunately I did not have a monthly account fee but with no grace period and the high interest rate there might as well been one.
Of course I used the card thinking I couldn't get anything else and I paid the BS fees. I always paid on time but one day I received a letter in the mail that said my card's Credit Limit had been increased by $ 100.00. I was happy until I received my monthly statement. Yes they gave me a credit increase but then they charged me $ 100.00 for the increase I was livid and to make matters worse because I was still carrying a balance from the initial fees and some items I charged this new fee put me over my credit limit and I was charged another fee
I called and spoke to these people and was basically told sorry you're SOL. If I had known about the fee for the CLI I never would have agreed to it. Of course once I saw the initial fees for the card I never should've used it.
I paid what I had charged on the card but not the fee so it eventually went into default and was charged off. ACB Collections office called every hour on the hour for months and months. I even sent them a cease & desist letter but they still called including my neighbors and employer. I almost lost my job over these jokers. I am surprised they did not sue but fortunately they didn't. This was almost seven years ago now. They are still on my CRs but come January 2009 I will finally be rid of them.
Please do yourself a huge favor and stay away from them. FAR AWAY!
I paid all the fees for applied bank (cross country then). They charge 100 for 250 cli but the biggest joke of all is when you get your cl over 1000 they throw in a monthly charge. I was at 1575 when I closed it. It is my oldest account. If you go out of town they do not honor your card, Very embarrassing.
BTW i got one cli because of a class action suit against them. I think it was 450.
Premier is out of their mind. 300 cli with 178 in fees right off the bat.
Orchard is probably the best but the a/f is not good. But you gotta start somewhere.
If I had to do over I would do BofA secured.