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Established Member
Posts: 31
Registered: ‎07-05-2012
0

First premier actually helped me!

Hi all, im new, and my credit is probably by far the worst here on these boards.. but im working as hard as i can to get it fixed.. im at a 490 Smiley Sad i wen't nuts when i graduated highschool. and now, regardless of how much money i make, it's going to take forever. although, most of the debt is almost 7 years old.. so i hope that helps.

 

anyhoo, i had a first premier card a few years ago with a 300 dollar limit. They closed it, then about 3 years later sent me a letter saying they wanted to open another card for me, with a 400 dollar limit, and transfer the balance from the closed account to that account and it would start off with the old balance ( which was now 400 )... it sounded kinda shady, but honestly, they did it, and they gave me the 0% APR they promised.. ( i know right ?!?! ) i paid off the 400 dollar balance immediately, and i STILL have 0% APR.. it's actually kinda amazing, considering the card isn't secured, and i have a 490, and i still have a 0% apr. so not only do i get something to add to my report showing im doing -semi decent- but i have an old debt paid off.

 

Unless... im just kinda slow and im actually being screwed some how.. could someone chime in please ?

 

thanks for all the useful posts you guys make too. i learned a few things i had no idea i was doing wrong.

Contributor
Posts: 108
Registered: ‎06-24-2012
0

Re: First premier actually helped me!

Hey Don't be so hard on yourself.  We all made mistakes and you are working to make changes just like the rest of us.  I had scores like 490 and make very good money, so I got a $500 secure card from Bank of America and I hired lexington law to work to get some of those items off my report.  Well after 3 months of paying BofA on time and more then my balance.  The flood gates opened.  First it was a Credit One Card for $1,000.  I figured that I press my luck and in June I went on an application Spree with a Chase $5,000, Target $1,000 and Macy's $300.  I wanted to strike before something caused my credit score to drop.  While I got credit cards my score took a hit from all of the inquiries and AAoA which I am upset about because I wanted to apply for a mortgage in 3 months.  I still feel good to know that I will never abuse my credit again.  I don's care if I have to eat tuna fish out of can for dinner those credit cards will be paid on time LOL!!! God luck and keep trying and get a secured card because they don't require a hard pull to your score.

Established Contributor
Posts: 726
Registered: ‎05-12-2012
0

Re: First premier actually helped me!

[ Edited ]

umm, I'm not sure about all, but most secured cards that I have any experience with or have read about all required a hard credit pull to acquire.  I have BOA secured and Cap1 secured.  BOA did a hard pull on EX and Cap1 did a hard pull on all three credit reporting agencies.  Just wanted the OP to be aware.


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Established Member
Posts: 31
Registered: ‎07-05-2012
0

Re: First premier actually helped me!

i keep seeing people that are basically saying what your saying.. unfortunately, i have 30k in debt. Im actually looking at my report now ( just got it today ) and it honestly makes me want to lock myself in a box and never come out. Im 24, baby on the way, and i couldn't buy a can of tuna without paying 29% APR on a typical day. Granted, i can use cash. which i don't mind doing.. i just need something in terms of being able to buy a house ect. i have a new car which i paid cash for, and none of the lenders care about. 

 

and on my credit inform account i keep seeing this - You are using 150% utilization on your revolving accounts

 

Some of the accounts it's taking consideration into, are from 2006/07/08 Smiley Sad

 

i pay my capital one bill two weeks early each month, but it's still always close to max, and they usually report it that way. Ive only been "rebuilding for about 6 months though" so i guess i just need to be more patent. The problem is.. my score was a 515 6 months ago lol.. so it appears to just be going down hill..

 

i don't think it helps i have all these doctor bills that keep getting reported ( just got insurance yesterday so that should stop )

 

thank for the kind words though Smiley Happy

Established Member
Posts: 31
Registered: ‎07-05-2012
0

Re: First premier actually helped me!

i didn't know about the Hard pulls actually. But i just got a BOA card with a 300 limit ( secured ) and a bbva compass card with a 500 dollar limit ( secured ) . these are all less than a week old. I hope by using them and paying them off 2 weeks early each month will be a saviour .. but who knows.

Established Contributor
Posts: 726
Registered: ‎05-12-2012
0

Re: First premier actually helped me!

[ Edited ]

The best way to use your cards to increase your score is not to just pay on time.  But to keep your utilization for sure below 10% each month before your statement cuts.  This means that you need to pay down your balances before statement cut, which is usually 3 days following last months due date.  This way you are not getting charged interest on your accounts.  When the statement cuts, then pay off the remaining balance immediately, then that leaves a 0 balance to carry into the new billing cycle with.  Utilization plays a huge role on FICO scoring, so it's a must to keep it reporting low.  Most CCC's report the statement balance within a few days after your statement cuts.  You will find alot on this forum, that the suggestion is, to keep all cards but 1 reporting a 0 balance, and then have that 1 card report <9% utilization for the best score results  YMMV.


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Contributor
Posts: 108
Registered: ‎06-24-2012
0

Re: First premier actually helped me!

I understand because I have 170,000 in student loan debt.  I pay every month and that's the price I had to pay to get a decent job.  My family was poor and I grew up in the projects bad area most people don't know what credit is about so I know that while I will always pay a student loan monthly this is the price i had to pay to get out of the projects.  If you can work a second job to pay down the debt, send GW letters, whatever it takes to turn your circumstances around because we all should be entitled to the American dream of owing a home and car.  I wish you the best of luck.

Established Contributor
Posts: 726
Registered: ‎05-12-2012
0

Re: First premier actually helped me!

Amen to that!


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Established Contributor
Posts: 665
Registered: ‎08-02-2011
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Re: First premier actually helped me!


praise123 wrote:

I understand because I have 170,000 in student loan debt.  I pay every month and that's the price I had to pay to get a decent job.  My family was poor and I grew up in the projects bad area most people don't know what credit is about so I know that while I will always pay a student loan monthly this is the price i had to pay to get out of the projects.  If you can work a second job to pay down the debt, send GW letters, whatever it takes to turn your circumstances around because we all should be entitled to the American dream of owing a home and car.  I wish you the best of luck.



Amen! I grew up poor as well, and didn't learn about credit until well into my adult life...Nevertheless, we you learn better, you do better.

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Contributor
Posts: 208
Registered: ‎05-28-2012
0

Re: First premier actually helped me!

Glad to hear FP helped you!

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