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Valued Contributor
Posts: 1,540
Registered: ‎01-29-2008
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Tribute Mastercard

Hi everyone out there, I am trying to rebuild my credit history since last year as it is not good I went online today and applied for a tribute mastercard just to see if I would get it even though I was hesitant at first and worried about the inquiry to my surprise it stated after I applied congratulations you have been approved for the $300.00 limit stating card should arrive shortly.  I feel I have to start somewhere can anyone tell me how is this card did anyone get an instant approval on line and really recived the card, any bad points, how are they with credit increases after six months any information will be appreciated.
 
7/07 TU 566  5/08 633
7/07 EQ 546  5/08 632
10/07 EX 604  5/08 681

Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800
New Visitor
Posts: 1
Registered: ‎02-17-2008
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Re: Tribute Mastercard

Three Words... Fees,Fees,Fees!
Contributor
Posts: 101
Registered: ‎04-19-2008
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Re: Tribute Mastercard

Hi,
 
I have a Tribute card.  They sent me a preapproval early last year and since I was trying to rebuild after a BK, I went for it.  The fees are high, but the CLIs come in pretty quick.  It's great for rebuilding credit but I must admit that as soon as my scores get a little higher I'm going to pay it off and sock drawer or even close it.
 
Just try to keep your balance low and remember that they will hit you with the annual fee on your anniversary date.  I had forgotten about it, and had a conniption when I saw the charge!
 
 
Starting Scores: 12/14/14 FICO EQ: 579 EXP: 586 TU: 591
Current Scores: 5/25/15 FICO EQ: 628 EXP: 660 TU: 648
Goal: 700

Senior Contributor
Posts: 3,071
Registered: ‎05-17-2007
0

Re: Tribute Mastercard

[ Edited ]
Don't activate, try to cancel and void all fees. Go to a bank and get a secured card. If you keep it cancel after 10-12 months to avoid further fees. It's not something you want to keep open only because of the FEES. Besides that its a credit card, just a very expensive card and CLs don't go that high. Another you can try for which will cost you $100 up front I think but is a much better card is the Orchard Bank card by HSBC bank. At least you can upgrade that card to a prime card with HSBC later.

In some cases credit is so bad there are not other choices if you want credit today. In this case keep it to one card and don't apply for others with fees. My friend got 6 cards and easily spent over $4,000 in a year paying all the fees. I think he got up to nearly $6,000 in fees by the time he could afford to pay off the debt. The fees pushed him over the limit each month and caused him to be late each month, on top of that he had to make last minute phone payments to prevent 30 day lates. All because he underestimated how much the fees were when he applied for all these cards. Too many fees. Smiley Sad Just keep it a short time if you must have it and try for the Orchard Bank card by HSBC. That will be a good start. SECURED is another great CHEAP way to rebuild.

Message Edited by ilovepizza on 05-10-2008 03:37 PM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Senior Contributor
Posts: 3,279
Registered: ‎08-03-2007
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Re: Tribute Mastercard

I am of the opinion that with all of the fees cards like Tribute charge, you could put that money into a secured card that will grow with you like BOA.
Here we go again...
Frequent Contributor
Posts: 280
Registered: ‎02-05-2008
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Re: Tribute Mastercard

National City Bank has a great secured card if you have low scores.  Mine were in the mid-500's when I got mine.  The fee is $36 per year which they charge on your monthly stmt - $3 per month.  The documentation I received with the card said they will review periodically for graduation to an unsecured card.   I deposited $250 into it and although the CL is low, it's still helping to rebuild my credit and I don't think the fee is too atrocious.  I agree with the other posters, I think you should dump that Tribute Card if you can.  There are other options.  Good luck!
Senior Contributor
Posts: 3,071
Registered: ‎05-17-2007
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Re: Tribute Mastercard

That's a good offer from NatCity. Good bank too. Secured cards run about $12-$39 a year in fees. Unusual to see fees higher than that from a respected bank.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Valued Contributor
Posts: 1,986
Registered: ‎08-17-2007
0

Re: Tribute Mastercard

i had a tribute with 3250 and no fees and decent interest but they wanted 14.95 for on-line payments.  I closed it the day i got it.
Valued Contributor
Posts: 1,540
Registered: ‎01-29-2008
0

Re: Tribute Mastercard

Hi casinoannie97, I feel i might have made the wrong move applying for this card, although I need to improve my credit somewhere to show that i can make my payments on time i have a poor payment hx, charge offs from credit cards in the past such as orchard, premier, providian so i am trying to rebuild my credit such as I do have a secured credit card with BOA but I wanted another card that was not secured in your commet i notice you had a high limit of credit to you did youstart off with this and was you able to mail out your payments if you wanted to, and last question other than the wasted inquiry when you did not use the card did it show up on your credit report as a closed account or never was placed on there.  Thank you any information you can give my will be helpful as I am going to look around for a card with lesser fees, once my credit scores get better, better credit cards for me. 

Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800
Valued Contributor
Posts: 1,986
Registered: ‎08-17-2007
0

Re: Tribute Mastercard

[ Edited ]
it shows up as a closed account.  i got a hard inq.  I guess i could have mailed payment or had my bank do it on-line.  But i just got mad about that payment fee.  I closed it the same day i got it but they show 8 months history.  I can't tell you what they are like as i never used the card.  But it wasa good cl for them and no fees.
have you tried merrick, cap one, juniper?  it was a preapproved offer.  Also it took me awhile to get the website to come up.  I thought they were connected to Aspire.
 


Message Edited by casinoannie97 on 05-11-2008 05:36 AM

Message Edited by casinoannie97 on 05-11-2008 05:40 AM
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