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Established Member
Posts: 16
Registered: ‎01-27-2013
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Should I accept First Premier Platinum Offer?

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!


Starting Score: 634
Current Score: 642
Goal Score: 700


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Frequent Contributor
Posts: 262
Registered: ‎03-07-2009
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Re: Should I accept First Premier Platinum Offer?

[ Edited ]

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.


Starting Score: 686 TU / 683 EQ 01/17/2013
Current Score: 703 TU / 691 EQ 10/04/2013 / 688 EX 11/12/2013
Goal Score: 700 across all three


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Contributor
Posts: 253
Registered: ‎08-06-2012
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Re: Should I accept First Premier Platinum Offer?

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. 


Walmart Discover ($5000) - Amazon ($5500) - Cap1 Cash Rewards ($2000) - Meijer ($5000) - Discover More ($1800) - Car Care One ($2100) - Amex Delta Skymiles ($2000) - Citi Thank You Preferred ($2000) - Chase Freedom ($500) - Sam's Club, GE ($1237?)
Valued Contributor
Posts: 2,179
Registered: ‎01-09-2012
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Re: Should I accept First Premier Platinum Offer?

The bank could red flag you for seeing it on your report. I had a FP card and was denied a recon because it was open. I closed it tried two months later and approved.

In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
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Frequent Contributor
Posts: 262
Registered: ‎03-07-2009
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Re: Should I accept First Premier Platinum Offer?

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.


Starting Score: 686 TU / 683 EQ 01/17/2013
Current Score: 703 TU / 691 EQ 10/04/2013 / 688 EX 11/12/2013
Goal Score: 700 across all three


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Frequent Contributor
Posts: 351
Registered: ‎11-11-2012
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Re: Should I accept First Premier Platinum Offer?

[ Edited ]

NO WAY,  should you accept !!!! I would do without a cc if that was the only one i could get


Current Score: myFico EQ - 794 ( 11/ 29/2012 ) amexFico EX - 787 (10/15/2012) myFico TU - 780 (11/29/2012) Credit Sesame - 809 (02/04/2013) Goal Score * 800 Club *
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Senior Contributor
Posts: 3,065
Registered: ‎11-02-2009
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Re: Should I accept First Premier Platinum Offer?

You'd be better off adding another secured card, like BofA's secured card instead of getting a card from First Premier. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Moderator
Posts: 27,206
Registered: ‎09-13-2012
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Re: Should I accept First Premier Platinum Offer?


Walt_K wrote:

You'd be better off adding another secured card, like BofA's secured card instead of getting a card from First Premier. 


+1

Frequent Contributor
Posts: 402
Registered: ‎11-03-2012
0

Re: Should I accept First Premier Platinum Offer?

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! 


Starting Score: 501
Current Score: 706 EQ,TU 689,EX 686
Goal Score: 720

Valued Member
Posts: 48
Registered: ‎10-27-2011
0

Re: Should I accept First Premier Platinum Offer?

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.


Starting Score: EQ 686, TU 722, EX 702
Current Score: EQ 838 (01/08/14 MyFico), TU 836 (01/14/14 Wally), EX 832 (01/14/14 FNBO)
Goal Score: 800+ Across The Board


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