HI!
I can tell you my experience. I opened a first premier card 6/09 to get a credit score, I had zero credit and could not get anything! It is now 5/10 and my score on my EQ is 681 no baddies, on my other reports I have 3 baddies and and first premier reporting and my score was 619 when I had a LO pull my scores a couple of weeks ago. I also have a credit one card that is 2 months old. When I opened the credit one, they reported a $75.00 fee so my score tanked 49 points (at one point my EQ was 699 once it dropped I have only gotten back up to 681) . Yes FP and Credit one help, but I applied for a mortgage because a wells fargo loan officer said I was pre approved. What he did not tell me until after I paid for an inspection, and $1400 for an old defaulted loan was that I should have waited for my cards to report for 1 year minimum. Now I have to find 3 alternative forms of credit. (utilities, phone ect) and provided 12 months of canceled rent checks in order to possibly be approved. They cant even use the First Premier or the Credit One card because neither are a year old. Also, if you have $200 bucks get a secured card because Credit One and First premier are VERY expensive. They are doing the job, but now I am afraid of the day I will close them because I have heard horror stories of people who have had issues. I do know Wells Fargo has stated they can take a 600 credit score, but what else you will need is the question.. I hope this helps!
