cancel
Showing results for 
Search instead for 
Did you mean: 

HELP! No credit a couple of derogs totaling $1500, First premier credit Card. I want a real CC!

tag
Anonymous
Not applicable

HELP! No credit a couple of derogs totaling $1500, First premier credit Card. I want a real CC!

HI

 

I have no credit score except experian who states it is 547 which is its plus score. I have just received a day or two days ago a First Premier card. I immediately paid off the balance. I have a few derogs none of which are credit cards. More Misc:

 

BOA $715 (boyfriend let checks bounce with fees

Tmobile$180

Book Club (not mine but refused to be disputed) $295

Sprint $605

 

I really want a "real credit card" A credit score because I would love to buy a house! I have at least 7-8 inquiries before I realized I needed credit to get credit. Smiley Sad BUT what can I do? how long should I wait to apply for credit. I hope you dont say 6 months....UGH any derog friendly credit cards and for the most part all of these items are any one credit report. For example Equifax only has BOA $715 and Tmobile $180...TU and EX seems to be the worst.....HELP! thanks!

Message 1 of 13
12 REPLIES 12
Anonymous
Not applicable

Re: HELP! No credit a couple of derogs totaling $1500, First premier credit Card. I want a real CC!

In my experience with that card, I will tell you that I hated it, customer service sux, no online payments, just terrible. I would try for the Orchard bank card, they approved me 19 months ago with a low score and a recent bankruptcy. It will probably be $300 but pay your bill on time every month and you will get a CLI of $100 in 6 months, online payments and very nice helpful customer service, I spoke to one just a little while ago, she wished me a happy birthday and gave me $100 CLI.

 

Score Watch 638 yesterday.

Message 2 of 13
kyobakes
New Contributor

Re: HELP! No credit a couple of derogs totaling $1500, First premier credit Card. I want a real CC!

I hate to tell you this, but improving your credit is going to be a lengthy, stressful and time consuming process. 

 

First, you should get your debts paid.  Make sure you make all your payments ON TIME.

 

You won't be able to fix the damage done and get a nice credit card with a nice line over night.  You're going to have to wait a year for your inquiries to fall off from the day they appear, and even longer for the derogs to go bye-bye.  Both of these should give you a nice score boost...just make you make all your payments in the mean time!

 

You've come to the right place, though.  The people here are very friendly, and with the knowledge you gain, you're on your way to recovery.

Message 3 of 13
Anonymous
Not applicable

Re: HELP! No credit a couple of derogs totaling $1500, First premier credit Card. I want a real CC!

Don't go to 1st Premier.  It was the BIGGEST mistake that I have ever done.  First off, they have ridiculous fees......like I said in another post, "Who else charges $7 for paying your credit card bill online?"  I plan on cutting up my 1st Premier card up soon and apply for the Orchard Bank card.  Also, try the Indigo card.  They charge $40 each month for minimum payment, but their fees are not that bad--I only pay $10 per month and no annual fee.  You might want to invest in a secured card also. 

 

I wound up mailing off my payment to 1st Premier this month because I didn't want to pay a $7 internet fee.  Most likely, you'll get a $250 credit line with 1st Premier and you have to pay $25 each month as a minimum.  Out of that, if you're lucky, you'll have $15 left from your payment (if you mail in your payment) towards your credit.  I have one derog that is $123 (in which I will pay off this month with a settlement of $62) and another that was more recent for $303 (I talked them down to $228) and both will send me a letter saying that I paid it off. 

 

My plan is to get either a secured $500 BofA credit card or a student BofA card, but i'm thinking that if I pay off my derogs and pay off both 1st Premier and Indigo (and close both cards out), I should be able to get the student BofA card or a 99/500 offer.

 

Another way to get some credit in my opinion is to get a store card.  Try to get something that you can easily pay off then pay it off and try not to carry a balance.

Message 4 of 13
Anonymous
Not applicable

Re: HELP! No credit a couple of derogs totaling $1500, First premier credit Card. I want a real CC!

Sorry for the double post, but I'm at about a 600 fico right now....i'll make sure when I get my financial aid money from school.  I might invest in the Suze Orman Fico Kit Platinum to find out my fico score throughout the next 12 months.  I think my worst score is from TU and my highest is EX.  Right now, i'm rebuilding my credit situation after having credit in the 300's-400's in the past 8 years and not filing bankruptcy. 

 

But i'm sure that when the derogs that remain disappear and I do things right, next year I should be able to get rid of credit cards with crazy minimum payments and crazy fees each month, get higher credit limits on my Belk card, and even try for a Student Discover card just for S& Giggles.

Message Edited by did2009 on 07-13-2009 10:31 PM
Message 5 of 13
nothingman02
Valued Contributor

Re: HELP! No credit a couple of derogs totaling $1500, First premier credit Card. I want a real CC!

Carefull there did2009...read the stickies here before you go ahead with your plans....essentially dont close your cards. and study your debt options..
Message 6 of 13
Anonymous
Not applicable

Re: HELP! No credit a couple of derogs totaling $1500, First premier credit Card. I want a real CC!


@Anonymous wrote:

HI

 

I have no credit score except experian who states it is 547 which is its plus score. I have just received a day or two days ago a First Premier card. I immediately paid off the balance. I have a few derogs none of which are credit cards. More Misc:

 

BOA $715 (boyfriend let checks bounce with fees

Tmobile$180

Book Club (not mine but refused to be disputed) $295

Sprint $605

 

I really want a "real credit card" A credit score because I would love to buy a house! I have at least 7-8 inquiries before I realized I needed credit to get credit. Smiley Sad BUT what can I do? how long should I wait to apply for credit. I hope you dont say 6 months....UGH any derog friendly credit cards and for the most part all of these items are any one credit report. For example Equifax only has BOA $715 and Tmobile $180...TU and EX seems to be the worst.....HELP! thanks!


Unfortunately, one goes with the other.  Real credit cards require real credit (meaning reasonable good credit).  There really is no such thing as a derog friendly card.  There are CCC's who offer cards to bad credit, but they are exactly what you say you don't want.  Those cards are LOW CL, High Rates/Fees, won't grow and poor service.

 

Right now your best option for a "derog" friendly card would be to find a good secured card.  And even many ccc's won't issue a secured card with much derog.  BoA has been known to deny.  So I would check with a local Credit Union and talk to them about your plans. I would put savings and make regular deposits and put a direct deposit on paycheck to them.  Get their secured card.  And possibly a secured personal loan for a short term.  These will add positive TL's to your CR and build a relationship with a long term financial and credit partner.  Then begin working on the old derogs (read the stickies on this forum and my sign line) and don't quit till you are looking "pretty" to the lenders again.

 

Good luck.  Smiley Happy

Message 7 of 13
xkaosx
Regular Contributor

Re: HELP! No credit a couple of derogs totaling $1500, First premier credit Card. I want a real CC!

I have the first premier card and use BofA Bill Pay to pay them. its free and it posts right away.

I pay em all with Bill Pay and its great lol

 

Message 8 of 13
Anonymous
Not applicable

Re: HELP! No credit a couple of derogs totaling $1500, First premier credit Card. I want a real CC!

Those of you who pay with billpay to FP. Do they hold the payments for 20 days?
Message 9 of 13
Anonymous
Not applicable

Re: HELP! No credit a couple of derogs totaling $1500, First premier credit Card. I want a real CC!


@Anonymous wrote:
Those of you who pay with billpay to FP. Do they hold the payments for 20 days?

 

Billpay payments should not have that type of hold.  The payment is being issued directly by a banking institution.  If you mail a check, they may hold it, but if they are holding BillPay for that long, then they are just screwing you, ESPECIALLY if your bank is paying them electronically.  Electronic/ACH payments have no hold time.  When they hit the payee, they have the money, period.

 

I suppose if your BillPay is paying with a physical check, then they might hold, but nothing takes 20 days to clear, unless it's drawn on a foreign bank possibly.

Message 10 of 13
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.