Credit Cards

[Wolf3]

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Sparkz1920 wrote:

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Wolf3 wrote:

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Sparkz1920 wrote:

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LS2982 wrote:
Anyone can be successful with FP, you just have to be smart with usage and payment.

This should be a test for anyone looking to rebuild, if you can be responsible with this card you can be responsible with prime cards.

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Exactly! My mother thought it was absurd, the fees and stuff....Bur guess what, i jacked my credit up and i was looking for another chance. It has served its purpose. I have no ill will towards them at all because NOBODY would give me a card except them and a secured CITI...Then i got a CAP1 months later.

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You probably would have done just as well if you only took the secured CITI and you would have avoided the fees.

FP is very expensive and IMO most could find less expensive alternates. 

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Took about 6 months after i got the FP to get the secured CITI...i tried for the BOA secured and the CAP1 secured and they denied me...and then i app'd for a CAP1 regular CC and they approved me about 1 month after. CAP1 is weird

Now i will say this, I should have cancelled the card long ago. I have had it for 3 years now with waived annual fees and a slight bump is CL but now it is time to say goodbye.

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Well maybe you did need it, 6 months of good history changes things.    And at that time, there were fewer options for people with bad credit.

[EandK23]

My FP served me well during my rebuilding years. Granted, the fees are astronomical but it helped to have the card when I needed it. Looking back I should have gotten a secured card. Hindsight is always 20/20.

[princechristian]

My Experience: Two cards with them, one 18mths, one 3 mths, All reflecting PAID every month always on all 3 bureaus, If they are your only option then I would get them, but you MUST use responsibly. High APRs are relevant to people who do not PIF. If you do not plan to PIF, then I would stay away from any CC secured or not.

[cashnocredit]

I almost got a FP card. The fees were just repellent and the CL was insufficient for any significant travel or car rental and that was the only reason I needed a CC. Went with WF secured instead. Glad I did.

[Wolf3]

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princechristian wrote:

My Experience: Two cards with them, one 18mths, one 3 mths, All reflecting PAID every month always on all 3 bureaus, If they are your only option then I would get them, but you MUST use responsibly. High APRs are relevant to people who do not PIF. If you do not plan to PIF, then I would stay away from any CC secured or not.

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The Applied Bank Platinum Zero Secured Bank is perfect for people who do not PIF.   It is 0% interest, so you can carry a balance anytime you want.   This would be a good card for someone to put down a bigger deposit since you could charge some of it back and carry it at no cost.   

It does cost $10 a month in fees which is pretty high, but reasonable if you are in the very bad credit category, like most FP customers. 

The card was listed on this site as recommended for rebuilding.     But the Credit Card recomendation page seems to have vanished.    Anyone know why it is gone?

[jrcred]

I have this card.....all it's doing now is giving me a positive tradeline.  I haven't used it a lot, but when I have I pay in full every month.  I have a few more options now, so with the puny limit this thing has I don't even use it.  It served its purpose, I haven't paid a dime of interest on it....and I'll dump it right before the year mark so I don't have to pay the ridiculous annual fee.

I knew what it was when I got it, but I can't complain too much.  They extended me credit when nobody else would and started me on the rebuilding path.  

[armbenderc]

Closed the account with them not long ago. Zero balance and monthly fee of $8 plus $59 yearly fee. Have it since 2008 close.. they offer me $45 credit increase if I keep acct open. Lol.

Told them no and close it. I am very successful
with them and I now have prime card such as citi platinum and chase freedom, PayPal, and cap cash rewards.

I'm closing credit one next...

[madmann26]

Had I been more educated in the past, I would have passed on this and got a secured card.

[LS2982]

@madmann I surely would have passed up on them too if I knew better!

[maiden_girl]

OMG its so weird reading this thread because I used to GET pre approval letters from both FP bank and Credit One when I had my low limit Cap One $750 and Macys $100 cards years ago--when I was new to credit. They'd write stuff like "PRE APPROVED FOR 1,500 APPLY NOW!" with annual fees of $179. I was VERY tempted to get one of these cards even with the AF because I didn't have that line of credit I wanted or was expecting with my cards. So glad I didn't get one b/c I waited. I think these companies pray on the new to credit or rebuilding credit people b/c no other banks will give you a chance but THEY will...at $179 a year...smh