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Frequent Contributor
mt2va
Posts: 495
Registered: ‎03-20-2009

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?



Gardening since: 4/16/14
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
7/13: EQ 517 (FICO)/TU 546 (FAKO)/EX 581 (FAKO)
Current (4/14): EQ 580 (FICO)/TU 611 (FICO)/ EX 603 (FICO)



Frequent Contributor
dizbuster
Posts: 289
Registered: ‎12-01-2008

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)
Frequent Contributor
mt2va
Posts: 495
Registered: ‎03-20-2009

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. 


Gardening since: 4/16/14
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
7/13: EQ 517 (FICO)/TU 546 (FAKO)/EX 581 (FAKO)
Current (4/14): EQ 580 (FICO)/TU 611 (FICO)/ EX 603 (FICO)



Senior Contributor
BungalowMo
Posts: 4,095
Registered: ‎05-01-2008

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 :smileymad:



Starting Score: 07/2011 TU 732 EQ 717 EX 702
Current Score: 04/2013 TU 744 EQ 720 EX 712
Goal Score: 850


Take the myFICO Fitness Challenge
Bury me in the garden...last app 03.31.13
Established Contributor
cartercorp
Posts: 851
Registered: ‎07-01-2008

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.

Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007

Re: My first pre-approved CC in years

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

Frequent Contributor
74king
Posts: 403
Registered: ‎04-08-2009

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.

:smileyindifferent: 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 :smileywink:

Equifax 787, TransUnion 793, Experian ? FAKO--> Who Cares
Valued Contributor
tray
Posts: 1,318
Registered: ‎01-29-2008

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

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