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First Progress Platinum Secured Credit Card

Valued Member

First Progress Platinum Secured Credit Card

Hi all!

 

I was recently declined for a Bank of America secured credit card. I'm looking to rebuiled my credit as quickly and effectively as possible, so I shook of this embarrassing setback and looked for another option. The First Progress secured credit card got relatively high marks from posters here, so I decded to give it a try. I was approved pretty much instantly and my card should be arriving early next week. I have a two questions about this card:

 

1) The confimation emai mentioned up to two secured credit cards can be held by an individual. It goes on to suggest that I apply for another to speed up the credit rebuilding process. Should I? Has anyone here done that?

 

2) Almost immediately I started recieving "pre-approved" offers from other credit card companies. I applied late monday night and by the time I woke up early on Tuesday morning, I had 2 of these offers in my inbox. It's late Wednesday night and I've recieved 10 total in the past 24 hours! What is the deal? Are any of them legit? Can I apply with no hard inquiry? Or should I just unsubscribe to block these offers? For those of you wondering which cards they are, I'll list a few of them

-Venture One

-BankAmericard (which I find quite peculiar, since I got a snail mail letter telling me I was declined earlier in the week!)

-CitiCard

-I'm too lazy to list the rest...most of them are pretty vague ("click here to apply for your new pre-approved mastercard!", etc)

 

Thanks for taking the time to help!

8 REPLIES
Moderator Emerita

Re: First Progress Platinum Secured Credit Card

Welcome to the forum and congratulations on your approval. I'm not familiar with FP so I cannot answer specific questions regarding their product. I would like to know a little about your credit history and why BoA denied your app.

I am also requesting that this post be moved to our Credit Card forum for more help on which cards might work for you.
Super Contributor

Re: First Progress Platinum Secured Credit Card

I have the First Progress secured card its not that bad, only thing is you have to deposit at least 300 if that matters to you. You can also try cap one secured, i only had to deposit 49 for 200 CL. The other thing i would be careful about with first progress is when you push online to pay your bill sometimes its an bit slow , so i usually do it few days early, and it doesn't always show up on their online account. 



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Valued Contributor

Re: First Progress Platinum Secured Credit Card

Are you sure they dont say pre-slected? Theres a big difference between that are pre approved. 

AMEX PRG NPSL,Lowes $17000,Capital One venture card $12,000,Us Airways mastercard $9500,Fidelity Amex $9000, Discover it $8000, Capital One Venture One $7500, BOA 123 rewards $7500 CSP $6000, Capital One Quicksliver $5500, Amazon Store card$5000,Barclay
Card Ring $5000 Chase Marriott $5000,Chase Hyatt $5000, Sallie Mae Mastercard $4400, Paypal smart connect $4000,Chase Freedom $3200, Capital one Quicksliver visa $3000, Chase IHG Rewards $2300, Chase Southwest Premier $2000, Citi Double Cash $1500, AMEX BCE $1000

Last app July 22nd 2015- No apps for two years.
Valued Member

Re: First Progress Platinum Secured Credit Card

@Lexie:

Bank of America stated these reasons for denying my application:

<Derogatory public record or collection filed (I currently have three accts that have been in collection since 2008. I'm working on PFD-ing all of them and waiting on on replies to my initial contact)>

 

<Lack of recent revolving acct info (My last two credit cards were closed in good standing in 2008-2009. I have not opened another account since then)>

 

<Too few accounts currently paid as agreed (I have three students loans that were consolidated into one also in 2008-2009. As I have no other installment debt and no credit cards this is really the only active accoun in my credit report. Unfortunately I was 30 days late in March of 2009, so this negatively stands out quite a bit. At the same I time I sent out my certified Pay for Deletion letters, I sent a Goodwill request to American Education Systems asking them to remove this singular late payment from my record. Since 2009, I've never been late.)>

 

<Proportion of loan balances to loan amouns is too high (Not really sure what this means, but I'm assuming it has to do with the fact that my student loan is my only open and active account on my credit report)>

 

@Monstrogdamus

I put up $500 to secure the loan with this card. I'm glad to hear you're having some success. How are their reporting habits? Would you get another card with them to speed up the credit rebuliding process? I'm considering doing so.

 

@BigBlue:

LOL you're absolutely right. Nearly all of them indicate "pre-SELECTED" rather than "pre-Approved". Rookie mistake on my part! However, should I give any of them any attention?

Super Contributor

Re: First Progress Platinum Secured Credit Card


thesecondtimearound wrote:

@Lexie:

Bank of America stated these reasons for denying my application:

<Derogatory public record or collection filed (I currently have three accts that have been in collection since 2008. I'm working on PFD-ing all of them and waiting on on replies to my initial contact)>

 

<Lack of recent revolving acct info (My last two credit cards were closed in good standing in 2008-2009. I have not opened another account since then)>

 

<Too few accounts currently paid as agreed (I have three students loans that were consolidated into one also in 2008-2009. As I have no other installment debt and no credit cards this is really the only active accoun in my credit report. Unfortunately I was 30 days late in March of 2009, so this negatively stands out quite a bit. At the same I time I sent out my certified Pay for Deletion letters, I sent a Goodwill request to American Education Systems asking them to remove this singular late payment from my record. Since 2009, I've never been late.)>

 

<Proportion of loan balances to loan amouns is too high (Not really sure what this means, but I'm assuming it has to do with the fact that my student loan is my only open and active account on my credit report)>

 

@Monstrogdamus

I put up $500 to secure the loan with this card. I'm glad to hear you're having some success. How are their reporting habits? Would you get another card with them to speed up the credit rebuliding process? I'm considering doing so.

 

@BigBlue:

LOL you're absolutely right. Nearly all of them indicate "pre-SELECTED" rather than "pre-Approved". Rookie mistake on my part! However, should I give any of them any attention?


They are good about reporting to all of them , i think it did take two months for them to report for first time but after that they have reported fairly consistently on all 3. If you got denied by boa for secured card, i think maybe you should try cap one also . Cap one for me i only had to deposit 49 dollars and I got 200 CL, i don't know of any other card where you can deposit under 300 dollars. Also they have free creditinform service that gives you free fako every month and you can get credit reports from them as well.



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Valued Member

Re: First Progress Platinum Secured Credit Card

Which CapOne card? Is there only one secured card available, or are there a few to choose from?

Super Contributor

Re: First Progress Platinum Secured Credit Card


thesecondtimearound wrote:

Which CapOne card? Is there only one secured card available, or are there a few to choose from?


There is only one secured card offered by capital one that I know of 



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
New Member

Re: First Progress Platinum Secured Credit Card