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Frequent Contributor
Posts: 403
Registered: ‎04-08-2009
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Cards to stay AWAY from.....Run when you see these.

From what i have gathered from looking in this forum and others as well are a few Credit Card issuers that you should run away from as soon as you see them. My information comes from myFICO, Creditboards.com, and The Rip-Off-Report.com. These are some of the worst offenders.


First Premier Bank: This company issues only sub prime credit cards that I wouldn't recommend anyone carry. They charge over the top processing fees, and annual fees that rival a mortgage payment. Fees $72.00 they call a participation fee. Credit Line maybe $250 with a 28 to 29.9%APR

Other cards they go by: Centennial Gold, Centennial Classic mastercard

 

Orchard or Household / HSBC bank: This bank offers the same thing as above, but a little different. They have a $79 annual fee and a $49.00 processing fee. What are you processing? opening the account as you are supposed to do and they extend the same types of credit lines sub prime only with a starter 8% but when you get the card they change the rate on you to 28 or 29.9%  Credit Line maybe $300 with few increases.

 

Plains Commerce bank: This bank issues the card "TOTAL Visa" they are another violator that charge people outrageous fee the get their cards. $96.00 programming fee, $56.00 set up fee, $48.00 annual fee, $9.50 charge to close your account. Yes, they charge you to close it. Credit lines will be $150.00 to $200.00 fee's are due when you get your card with your paltry credit line.

 

Capital One: I'll go somewhat easy on them as they are not too bad in their practices BUT, they have gotten in the weeds with the sub prime credit cards that they offer cards with paltry credit lines, and annual fees of $19 to $39 for cards they state are Platinum cards but in name only as these cards have $150.00 to $300.00 credit lines with APR of 17.8% to 29.9% variable. 

 

New Millennium Bank: This bank is at the bottom of the barrel, they offer both Visa and Mastercards, they not only charge you to set the accounts up at $129.00 for their processing fee, but require a deposit of funds so you can set your credit limit with a APR of 19.9% and to close the account they require three form of I.D. to get your money back from the security deposit being held. And that take 3 to 6 month's to process.

 

So i have laid it out for everyone to see, I don't have any experiences with these banks as i would never get into bed with these crooks. The bottom line is this ladies and gentleman, NO ONE should ever have to pay to get some credit established.....credit problems or not. Go to you local bank or Credit union....preferably a credit union and explain your situation and the a small line established and you will be on your way back.

 

So if you see these banks in your rear view.......put your foot on the gas and get outta there. :smileyvery-happy:

 

Equifax 787, TransUnion 793, Experian ? FAKO--> Who Cares
Established Member
Posts: 30
Registered: ‎03-10-2008
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Re: Cards to stay AWAY from.....Run when you see these.

I would agree about First Premier and Orchard, but disagree about Cap 1.

 

My first card was Cap1 - unsecured right away, no AF, $750 CL. Very decent.

Frequent Contributor
Posts: 403
Registered: ‎04-08-2009
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Re: Cards to stay AWAY from.....Run when you see these.


Hashish wrote:

I would agree about First Premier and Orchard, but disagree about Cap 1.

 

My first card was Cap1 - unsecured right away, no AF, $750 CL. Very decent.


Can you read?......this is not from my experiences, these are what other people are saying. Everyone is different and i know Capital One has no annual fee cards. That's why i said i wasn't going to hit them too hard. But they are in the weeds.....that is for sure.

Equifax 787, TransUnion 793, Experian ? FAKO--> Who Cares
Super Contributor
Posts: 6,026
Registered: ‎09-18-2007

Re: Cards to stay AWAY from.....Run when you see these.

These are all credit builder cards and they serve the purpose for who want to build credit or bounce back from bad credit. You can add CreditOne Bank also to this list of entry level cards with high fees.
Contributor
Posts: 107
Registered: ‎12-05-2008
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Re: Cards to stay AWAY from.....Run when you see these.

Those are all cards of last resort, for the most part. They are attractive after a BK or similiar economic meltdown as they beat having to resort to a Debit card, whose total cost of usage can get very high if you accidently hop on the overdraft fee merry-go-round. Ironically enough if your economic situation has you resorting to a debit card, you are probably more likely to get taken on the ride whether you mean to or not
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Established Member
Posts: 24
Registered: ‎04-21-2009

Re: Cards to stay AWAY from.....Run when you see these.

My Applied Bank Visa card is pretty bad too. It has a monthly fee of $10.00+. I believe it has an AF and to top it off if you make an online payment they charge you $6.00+ (cant recall the exact change but the dollar amounts are correct). One of the very first cards I got and I appreciate them giving me credit and helping me out but waiting for it to report for a little while longer before I cancel them.

Valued Contributor
Posts: 1,986
Registered: ‎08-17-2007
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Re: Cards to stay AWAY from.....Run when you see these.

[ Edited ]

i agree that cap one can be difficult. On the other hand, over time you can establish a relationship with them that is decent.  They probably have the lowest cash advance rate if  you have an emergency.  I started with that low cl OF 200.00 and finally got a decent offer from them which i accepted.  they are no where near tribute, new millenium, applied bank. 1st premier, centennial, merrick (30%) and i've had their card since '05.  Orchard is not bad.  they gave me two unsolicited clis.  I closed them out.  wish i had closed HSBC instead.

 

Applied bank even charged extra each month when i got my credit limit over 1000.

 

Merrick or New Millenium issues Hooters.

 

If there's a bad card out there I've tried it.  Due to BK

Message Edited by casinoannie97 on 04-23-2009 10:18 AM
Established Member
Posts: 30
Registered: ‎03-10-2008

Re: Cards to stay AWAY from.....Run when you see these.


74king wrote:
Can you read?......this is not from my experiences, these are what other people are saying. Everyone is different and i know Capital One has no annual fee cards. That's why i said i wasn't going to hit them too hard. But they are in the weeds.....that is for sure.

 


The only problem with Cap1 entry-level cards is CLIs - they aren't very generous and sometimes the cards have cap. Everything else is fine - AF is reasonable, no extra fees, APR is a bit high (but that really doesn't matter since CL is tiny and cards are clearly marked as "rebuilder" - I doubt someone is carrying balance on those).

 

Unlike other lenders on your list, they offer decent cards too with backjack rewards and high CLs.

Valued Member
Posts: 38
Registered: ‎04-15-2009
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Re: Cards to stay AWAY from.....Run when you see these.

74king

 

I understand your frustration with people who don't demonstrate rudimentary reading and comprhension skills, it happened to me earlier this week.

 

If we say anything to suggest someone missed the point of a thread/posting, a moderator will be sure to PM you and suggest you "play nice".

 

This is a great resource and a fantastic board but I learned you must be absolutely tolerant of dullards and those who don't read the entire posting. I also learned that they keep you on a short leash when you point this out

 

I am not the smartest person here, but I know how to read

 

Thanks for the info, I took it as you intended

New Contributor
Posts: 73
Registered: ‎03-26-2009
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Re: Cards to stay AWAY from.....Run when you see these.

I Have a Cap1 card that i am approaching 2 years on, they have been very nice cs and even lowered my apr to 13.33 last year, however my card apparently has a cap of $500, although the sr. acct supervisor was nice enough to suggest that i sign up for a new card with a better limit and then consolidate the 2 cards into one and keep the age of the older one
ch7 BK 09/2011

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