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01-31-2013 02:39 PM
Okay, so I know this cards sucks and it comes w outrageous fees. $175 out of the $700 line is charged right off the bat. My current situation is this, my wife and I are looking to buy a house this year and I need to bring up my score at least 40 points. I am currently 620-634 with only two good lines of credit. I have a student loan that is perfect for about 25 months ($9200 bal), and a Cap 1 secured w $300 line perfect for 7 months. I recently requested a CLI from Cap 1 and was denied and that's probably why I got this offer. Long story short, I need more lines, and I need to boost my score. I will have no problem making the payments and would most likely keep the card the 1st year and boost my score and close it before the monthly fees start. Should I go for it? Or do I wait a bit and maybe I will get another better offer? This is the first unsecured line (if you can call it that) I have been offered. My wife did recently add me as an auth user on a her discovery card (500) and we are in the process of adding my the Wells Visa (6000), but not sure how much that will help.
Any advice is appreciated, thank you!
01-31-2013 02:46 PM - edited 01-31-2013 02:46 PM
Please don't do it. If you are a member of a CU or have a local CU, try going through them first. FP is a flock vultures out to beat customers across the head any way possible. You can do so much better. Why not BofA or someone else? I'd take BofA over FP any day.
01-31-2013 02:48 PM
Do NOT get a First Primier card.
The fee is outrageous.
You're better off trying for a Walmart card IMO
Free FICO and it's pretty easy to get. I got mine after 9 months with Cap1 secured, you should be fine.
01-31-2013 02:48 PM
01-31-2013 02:51 PM
I meant to add, if you aren't looking soley for major cards, GECRB accounts are fairly easy to get, and they're generous with CLI.
01-31-2013 03:12 PM - edited 01-31-2013 03:14 PM
NO WAY, should you accept !!!! I would do without a cc if that was the only one i could get
01-31-2013 03:25 PM
You'd be better off adding another secured card, like BofA's secured card instead of getting a card from First Premier.
01-31-2013 03:31 PM
01-31-2013 03:32 PM
Don't do it bro! Run for the hills. If your capone card is young, within 3 months, you will mostlikely be able to get an unsecured card with them. If you have some extra cash, then opening a second secured card is still better than accepting FP.
I CANNOT think of any reason to accept this card. FP Bank probably has a room where all monthly bloodsucking is tabulated and scored. Run!
BTW...make sure you return the prepaid envelope with a ridiculous name!
01-31-2013 03:33 PM
I wouldn't do it. You say you are gonna buy a house this year and that you need to bring scores up 40 points and you already have a few tradelines. What do you think is hurting your score? You need to figure out what you can do first to raise your score befor you app for cc's. Most of the time but not in all cases, apping and getting approved for cc's lower yyour score first but then over time it will come back up again. What is it in your credit report that keep your scores around the 620-634 range? Might want to take a look at that first before you app for any cc's. Is it just that you are new to credit and your tradelines are young or is it other factors such as a derog, utilization, etc.... To raise a score by 40 points fast, takes someone with bad credit and able to remove a collection or 2 or judgements from the credit reports. I'm not saying this is you but I'm just saying how hard it is to raise a score by 40 points fast.