Tinuviel:
Have you tried other cards apart from AMEX? Discover? Your EX score is good.
Is your AMEX the type that you have to PIF every month?
@CS800 wrote:Tinuviel:
Have you tried other cards apart from AMEX? Discover? Your EX score is good.
Is your AMEX the type that you have to PIF every month?
Yes, it's one of their charge cards; the Amex Green.
I've been rebuilding my credit over the course of the past year. Getting an offer and approval from Amex was a huge milestone for me. I have a particular BoA MC that's on my wish list and am considering apping for it towards the latter part of the year. I was going to wait until next year, but I might decide to go for it in a few months. I still think that my scores, including EX, are so-so. But, the Amex approval has really encouraged me. In the meantime, I have some recent accounts (JC Penney, Dillard's Amex) that I want to age a little while before doing anything else.When my Amex Green reports, it SHOULD be backdated to 1987, which will give my AAoA a boost, so that will help.
Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
@Alcibiades wrote:
@LS2982 wrote:Don't see why all the praise of getting rid of FP, if you didn't use them for however long you did, you wouldn't be reaping the benefits of better cards. You have to crawl before you walk, and while your crawlin' your payin' too!!
Yes, Its good to get rid of the high fee card, but remember where your bread was buttered!!!!!
The problem is that these card companies don't want to grow with you as your credit gets better, so you essentially have to kick them out as quickly as possible. It doesn't make much sense, for example, to have banks like First Premier and Household charging peope $25 for $100 credit limits when banks like Chase, Discover, etc are giving the same individuals thousands in new credit. The First Premiers of the world should quickly adjust their fees, credit limits, etc as your credit improves. Instead, their goal is to extract every possible penny out of you until you shred their cards.
This!
Yes, FP will give credit to folks that wouldn't ordinarily qualify. But, they've become much worse over the years, IMO. Their rates have gone sky high, and they are no longer competitive with other subprime lenders. Orchard Bank also targets folks who are rebuilding, but their fees are much more reasonable. I'll be saying goodbye to an Orchard Bank card (depending on what happens with the buyout), but it will be more of a fond farewell; FP is more a matter of good riddance.
And yes, those of us who have had their cards made the decision of our own free will to do so. Some folks regret the choice, some don't; but that's true of a lot of things in life. I got my original FP card a long time ago and hung onto it for longer than I should have -- that was the card that I cancelled back in April. The APR and fees on that card were not nearly as outrageous as the ones for newer accounts. I went ahead and accepted an offer for a second one last fall when I was at a low point emotionally regarding my credit and was starting to rebuild. I regretted having done so the moment I pulled the trigger -- the AF was outrageous!!! -- but it was a choice that I made and I've lived with it. I'm taking the AF and the inquiry on the chin, but will certainly be cancelling when it comes up for renewal.
In any case, I think that there is justifiable cause for celebrating when an individual's credit has improved to where they have the option of saying goodbye to a subprime card. It means that one is moving forward towards achieving a positive goal. 
Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
@LS2982 wrote:Don't see why all the praise of getting rid of FP, if you didn't use them for however long you did, you wouldn't be reaping the benefits of better cards. You have to crawl before you walk, and while your crawlin' your payin' too!!
Yes, Its good to get rid of the high fee card, but remember where your bread was buttered!!!!!
My son started walking 4 months ago. We gave him plenty of praise when he did. He had to crawl to learn to walk, but walking is still better than crawling.
As to FP, they're pretty horrible. A lot of people could do better by getting a secured card or going with one of the other rebuilding companies, but they may not realize they have other options when they sign up for an FP card.
Starting Score: ~500 (12/01/2008)
@Walt_K wrote:
@LS2982 wrote:Don't see why all the praise of getting rid of FP, if you didn't use them for however long you did, you wouldn't be reaping the benefits of better cards. You have to crawl before you walk, and while your crawlin' your payin' too!!
Yes, Its good to get rid of the high fee card, but remember where your bread was buttered!!!!!
My son started walking 4 months ago. We gave him plenty of praise when he did. He had to crawl to learn to walk, but walking is still better than crawling.
As to FP, they're pretty horrible. A lot of people could do better by getting a secured card or going with one of the other rebuilding companies, but they may not realize they have other options when they sign up for an FP card.
Absolutely! A lot of people are unaware of their credit choices. I would dare say that most people don't understand what factors are calculated into their FICO scores (well, none of us really knows, because they won't tell us!) and how that affects their financial options.
I think that understanding credit scores and how to handle one's credit should become a standard part of a high school education. Credit has become so ubiquitous, with everything from renting and apartment to buying insurance to getting a job depending upon one's credit rating. This has become an area that has become so important to our lives, and yet most people are woefully ignorant about it.
Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
<Snip>
- Set-up fee
- Processing fee
- Monthly fee
- Annual fee
- Internet access fee
- Online payment fee
- Credit line increase fee
- breathing fee
<snip>
LOL >>>> Breathing fee? Feels like it doesn't it?! LOL
Tinu:
Backdated to 1987?? holy guacamole. That's should raise you AAoA.
My AAoA is 4 years, so I'm hoping to get an AMEX also soon once I get my EX FICO. My AMEX was opened in 2001 and the rest in 2008. So i'm hoping they backdate mine.
Your FICOs are pretty close to mine. I have hope
FP takes advantage of people in poor credit situations. Must have felt great! I can't wait to stick my Orchard and Crap1 in the shredder. Good work
Transunion - 820 (9/8/21)