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Established Contributor
kobe2012
Posts: 690
Registered: ‎03-16-2012
0

Re: Wow, I got a preapproval!!!!!!


JonStur wrote:

kobe2012 wrote:

JonStur wrote:

Now you just need credit one to complete the trifecta.....


lol....  credit one gave me my first preapproval in 6 yrs last yr before I started rebuildin..... I did apply but closed the account a few days after I got preapproved for Cap one.... lol


Ohh..didn't know that, you really are a hot commodity!!!! Lol.....


lol!!!.... yes, I am so hot I attract "them" cards! :smileyvery-happy:


Starting Score: TU: 598 03/23/2012 EQ:607 05/24/2012 EX:607 04/26/2012 (lender pull) EX FAKO:522 03/2012
Current Score: TU(Myfico)04/2013:689 EQ(Myfico)04/2013:701 EX(AMEX pull)04/01/2013:675 (CreditSecure FAKOS) 5/14/2013 EX:726 EQ:701 TU:730 TU(Walmart):699
Barclay Rewards:5k/Cap1:$3.5k/Cap1:$2.5k/Citi TYP:2k/Freedom:$5k/Slate:3k/Marriott visa sig 5k/BCE:$1k/Zync: $500 PSL/Discover IT:$1.9k/Walmart:$8k/Chevron:$5k/Gap:$5k/Kay:$3.4kk



Blogger
HiLine
Posts: 2,850
Registered: ‎10-19-2012
0

Re: Wow, I got a preapproval!!!!!!


newportguy wrote:

First Premier vs. the Fed: a cat-and-mouse game

 

Before the Credit CARD Act, First Premier’s terms were even more egregious. An unsecured Visa with a $250 credit limit included:

  • • A $35 processing fee
  • • A $119 acceptance fee
  • • A $6 monthly fee ($72 a year)

That adds up to $276 in fees – more than the credit limit. The CARD Act stipulated that the first year’s fees can be, at most, 25% of the card’s credit limit, prohibiting this practice. The Visa could cost, at most, $62.50 in the first year.

Not to be deterred, First Premier issued a set of $300 credit limit cards with a $75 annual fee: identical triplets Aventium, Centennial and Classic. In addition, 1st Premier began charging $95 in processing fees, which were assessed before the card was approved and therefore technically did not count towards the first year limit.

“Nice try,” said the Fed, which clarified earlier this year that all processing fees are indeed part of first year’s costs. First Premier moved on to Plan B: the $95 processing fee took on its current incarnation, a security deposit.

What’s more, the Credit CARD Act regulates how much issuers can levy in fees for the card’s first year: 25% of the initial credit limit. After Year One, however, all bets are off. Because 1st Premier charges the maximum allowed fee upfront, the bank is barred from levying further charges the first year. However, as soon as the CARD Act’s protection expires, a number of fees and charges crop up:

  • • A 3% foreign transaction and cash advance fee, which are industry standard but are notable because they only take effect the second year, after the fee cap expires
  • • A $3.95 one-time fee to access online banking, whereas most banks actually reward e-statements
  • • A $6.50 monthly fee, which doesn’t seem like much but adds up to $78 a year

Did you really type all this? That's a looong post that contains a lot of technical info. :smileyhappy:

 

Frequent Contributor
newportguy
Posts: 351
Registered: ‎11-11-2012
0

Re: Wow, I got a preapproval!!!!!!


HiLine wrote:

newportguy wrote:

First Premier vs. the Fed: a cat-and-mouse game

 

Before the Credit CARD Act, First Premier’s terms were even more egregious. An unsecured Visa with a $250 credit limit included:

  • • A $35 processing fee
  • • A $119 acceptance fee
  • • A $6 monthly fee ($72 a year)

That adds up to $276 in fees – more than the credit limit. The CARD Act stipulated that the first year’s fees can be, at most, 25% of the card’s credit limit, prohibiting this practice. The Visa could cost, at most, $62.50 in the first year.

Not to be deterred, First Premier issued a set of $300 credit limit cards with a $75 annual fee: identical triplets Aventium, Centennial and Classic. In addition, 1st Premier began charging $95 in processing fees, which were assessed before the card was approved and therefore technically did not count towards the first year limit.

“Nice try,” said the Fed, which clarified earlier this year that all processing fees are indeed part of first year’s costs. First Premier moved on to Plan B: the $95 processing fee took on its current incarnation, a security deposit.

What’s more, the Credit CARD Act regulates how much issuers can levy in fees for the card’s first year: 25% of the initial credit limit. After Year One, however, all bets are off. Because 1st Premier charges the maximum allowed fee upfront, the bank is barred from levying further charges the first year. However, as soon as the CARD Act’s protection expires, a number of fees and charges crop up:

  • • A 3% foreign transaction and cash advance fee, which are industry standard but are notable because they only take effect the second year, after the fee cap expires
  • • A $3.95 one-time fee to access online banking, whereas most banks actually reward e-statements
  • • A $6.50 monthly fee, which doesn’t seem like much but adds up to $78 a year

Did you really type all this? That's a looong post that contains a lot of technical info. :smileyhappy:

 


LOL !!!!!! Yeah my fingers are still hurting  :smileyindifferent:

 

Just kidding , i found it on a web site


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 *
****** Garden Club Member -- Last HP Jan 3rd 2013 *******
*** Amex - BCP 10 K * PenFed - CR 5 K * Amex - GDSM 5 K *
Discover - IT 5 K ***** NO MORE APPS FOR ME IN 2013 *****
Blogger
HiLine
Posts: 2,850
Registered: ‎10-19-2012
0

Re: Wow, I got a preapproval!!!!!!


newportguy wrote:

BEWARE of First Premier !!!!!!!!!!

 

The two credit cards come with an astronomical interest rate: 49.9% the first year, with the possibility of a minor reduction to 39.9% thereafter. For comparison, the industry average for those with poor credit is 23.95% – less than half of the Aventium/Centennial’s. First Premier is notorious for its high interest rates: previous iterations of the Aventium and Centennial came with 79.9% and 59.9% APR’s, but were yanked after public pressure.


The average APR for those with poor credit is 24%? I got really close to that on my Visa Signature card :smileysad:

 

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: Wow, I got a preapproval!!!!!!

LOL $175 annual you can get a Amex PRG for that

 


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Frequent Contributor
newportguy
Posts: 351
Registered: ‎11-11-2012
0

Re: Wow, I got a preapproval!!!!!!

[ Edited ]

HiLine wrote:

newportguy wrote:

BEWARE of First Premier !!!!!!!!!!

 

The two credit cards come with an astronomical interest rate: 49.9% the first year, with the possibility of a minor reduction to 39.9% thereafter. For comparison, the industry average for those with poor credit is 23.95% – less than half of the Aventium/Centennial’s. First Premier is notorious for its high interest rates: previous iterations of the Aventium and Centennial came with 79.9% and 59.9% APR’s, but were yanked after public pressure.


The average APR for those with poor credit is 24%? I got really close to that on my Visa Signature card :smileysad:

 


Yeah i know, My  AMEX BCP is high too :smileysad:((((  I will never carry a bal. on it either. I do see the New AMEX BCP is 12.99 %  to 21.99%  back when i got my card it was 17.99 to 22.99% !!!!  just my luck , they lower the APR after i get my card.

 

I do have a 9.99%  APR on  my PenFed CR card if i need to carry a bal


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 *
****** Garden Club Member -- Last HP Jan 3rd 2013 *******
*** Amex - BCP 10 K * PenFed - CR 5 K * Amex - GDSM 5 K *
Discover - IT 5 K ***** NO MORE APPS FOR ME IN 2013 *****
Blogger
HiLine
Posts: 2,850
Registered: ‎10-19-2012
0

Re: Wow, I got a preapproval!!!!!!


distantarray wrote:

LOL $175 annual you can get a Amex PRG for that

 


Not with a 550 FICO score.

 

Valued Contributor
creditnocash
Posts: 2,196
Registered: ‎07-23-2012
0

Re: Wow, I got a preapproval!!!!!!


HiLine wrote:

newportguy wrote:

BEWARE of First Premier !!!!!!!!!!

 

The two credit cards come with an astronomical interest rate: 49.9% the first year, with the possibility of a minor reduction to 39.9% thereafter. For comparison, the industry average for those with poor credit is 23.95% – less than half of the Aventium/Centennial’s. First Premier is notorious for its high interest rates: previous iterations of the Aventium and Centennial came with 79.9% and 59.9% APR’s, but were yanked after public pressure.


The average APR for those with poor credit is 24%? I got really close to that on my Visa Signature card :smileysad:

 


all of my store cards have an apr of 23%+ i only let my best buy report since it has 0% financing and all others might report one month but get pif so no interest paid. 

 

my two citizens cards (right now) one has 0 for the first year not sure whats after and the second is 17.99% 

chase freedom is 0 until 11/13 and then 22

Current: Discover Fico 689 7/14 Walmart Fico 697 8/14

Inquiries (24 Months): EQ 6 TU 3 EX 4 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000

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