02-26-2010 05:02 PM - edited 02-26-2010 05:37 PM
I don't have one of these cards but would reapping for this card really make that much of a difference in your fico score? If you had a bad experience with this card have you thought about trying a different card company? I read some threads here where you could go through a credit union and app for a low interest unsecured card and if you do not qualify a nice secured credit union card.
Is FirstPremier your only option? Reading your threads I think I would take a few dings to maybe get a different card that you didn't have a bad experience with.
IMHO Just an additional thought not meant to taken as financial advice: Do you think that your fico score might actually go higher if you just opted NOT to even carry a low-limit card (that to me really sounds like more of a nightmare to manage than the few fico points you get with it) and instead build up a cash "emergency" fund. If you are just wanting the card for emergencies and such a cash fund works way better. When you've built up say $1000.00 you wouldn't need to "borrow" cash at subprime rates- you would actually be borrowing at 0% APR (albeit from yourself). Then any additional savings beyond that could be used to dispute erroneous and outdated information on your actual report(s). I think if you actually clean up your report first with the money you would be funneling into "annual fees" would do ALOT more to higher fico's and also when you clean up your report you would qualify for a prime card. IMHO
these are just my humble opinions and I'm trying to be helpful.
05-06-2010 01:01 PM
IMO, Reopening the account to remove negatives, and get a clean history is only reason to deal with these people. That would be the only case to justify the huge fees. You can drop it later when your credit improves.