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My first pre-approved CC in years

Established Contributor

My first pre-approved CC in years

I received my first pre-approved CC offer in years in the mail yesterday.  Its from First Premier.  I know they are a sub-prime lender, but looking over the terms its not quite as harsh as the usual ones I've seen online from them.

 

I finally have my first 2 CC (from CU) reporting.  I'm assuming there is not benefit at all to signing up for this pre-approved card?  Once I start growing my 2 CC & my score continues to improve I'm assuming I will attract other prime type lenders and/or maybe some store cards?

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)




Message 1 of 8
7 REPLIES
Frequent Contributor

Re: My first pre-approved CC in years

Congrates on getting the offer even though it is FP. I remember when I got a few offers in the mail after BK, I didn't care who it was from it was just nice to get offers. Having said that, I would stay far away from FP bank. They truly are the bottom feeders of the credit world. You apparently have a CU card so stick with that, the better offers will come in time. Anyway, just my advice.
A smooth sea never made a skilled mariner.
7/6/2009 Equ 664 TU 680 (15 and 19 point jump respectively this week, over 100 point increase in 6 months)
Message 2 of 8
Established Contributor

Re: My first pre-approved CC in years

Thanks that is pretty much my plan but wanted to be sure I hadn't overlooked some un-known benefit.  Yeah it is exciting that someone thinks I'm finally good enough for credit even if it is one of the sub-prime folks. 
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)




Message 3 of 8
Senior Contributor

Re: My first pre-approved CC in years


mt2va wrote:
Thanks that is pretty much my plan but wanted to be sure I hadn't overlooked some un-known benefit.  Yeah it is exciting that someone thinks I'm finally good enough for credit even if it is one of the sub-prime folks. 

I know how that feels.  About 4 years back I got my first pre-approval in years.  I think the interest was something like 19% on some bank visa something-or-other.  I didn't accept it, but it still made me feel good to get it.As I started paying things off & cleaning things up, one of my current cards was at something like 7.49 til prime went back up Smiley Mad



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

Message 4 of 8
Established Contributor

Re: My first pre-approved CC in years


mt2va wrote:

my score continues to improve I'm assuming I will attract other prime type lenders and/or maybe some store cards?


You betcha you will.I went from receiving nothing a year ago to receiving pre approval weekly.

Message 5 of 8
Valued Contributor

Re: My first pre-approved CC in years

I got one from Premier on line and one from Orchard.  Nothing decent.

Message 6 of 8
Frequent Contributor

Re: My first pre-approved CC in years


dizbuster wrote:
Congrates on getting the offer even though it is FP. I remember when I got a few offers in the mail after BK, I didn't care who it was from it was just nice to get offers. Having said that, I would stay far away from FP bank. They truly are the bottom feeders of the credit world. You apparently have a CU card so stick with that, the better offers will come in time. Anyway, just my advice.

Smiley Indifferent Congrats on getting the offer..............................BUT I think dizbuster summed it up perfectly, you don't want to get in bed with these crooks. Better offers will come with less fee's etc. Good luck

 

King Smiley Wink

Equifax 787, TransUnion 793, Experian ? FAKO--> Who Cares
Message 7 of 8
Valued Contributor

Re: My first pre-approved CC in years

Hi, congratulations on the thought of the pre-approval, but do not request the card you will regret it in the end, they are an EXTREME nightmare of a credit card company.  Good Luck on more offers.

Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800
Message 8 of 8