...and I thought my credit was getting better???

toi34 · ‎06-16-2014

I got a pre-approval today from First Premier Bank. I was approved for $700 with a $175 annual fee; my starting credit limit would thus be $525.

Are they crazy??!!!

Even when my credit was baaaad... I never received offers like this. Am I doing something wrong? :/

mongstradamus · ‎06-16-2014

@toi34 wrote:
I got a pre-approval today from First Premier Bank. I was approved for $700 with a $175 annual fee; my starting credit limit would thus be $525.
Are they crazy??!!!
Even when my credit was baaaad... I never reveived offers like this. Am I doing something wrong? :/

I get emails from them every week about applying for their cards, so don't feel bad

EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16

coldnmn · ‎06-16-2014

Credit reporting agencies get a kickback for referring people that meet lending guide lines. It has nothing to do with how your doing. Trash it you will get more garbage in the future.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17

Loques · ‎06-16-2014

@toi34 wrote:
I got a pre-approval today from First Premier Bank. I was approved for $700 with a $175 annual fee; my starting credit limit would thus be $525.
Are they crazy??!!!
Even when my credit was baaaad... I never reveived offers like this. Am I doing something wrong? :/

Just throw it awaaaaay!! I think they will still send those offers out to people in the high-600s, just to extend their reach a little.

Current Score (11/2020): EQ: 753 | TU: 731 | EX: 749---Starting Score (3/2010): EQ: 522 | TU: 525 | EX: 520---Goal: All 3 FICO 800+
------------- NFCU cashRewards VISA | $25,000

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ExplicitElicit · ‎06-16-2014

Don't even pay attention to it. You've come along way on your journey!

Energy One FCU $5,000 (Now Elan Financial)

TheConductor · ‎06-16-2014

No, you're not doing anything wrong. I got stuff from them steadily every couple weeks for about 6 months.

I think they deliberately solicit people who are in a certain sweet spot of "relatively low credit risk, but possibly not aware of that and therefore susceptible to being convinced they are riskier than they actually are". i.e. 620-700s means they get to charge their usurious fees with much less risk of default.

You're a far more profitable potential customer than someone for whom FP is the only card they could possibly get.

I think my favorite was the day that I got a preapproval from FNBO Maximum Rewards Card (premium), First Premier (damnable bottom feeders), and One Main Financial (also pretty close to the bottom of the barrel) in the mail all on the same day. I put those on the fridge for a few days and laughed at them every morning.

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12), Total CL $1k on 2 TLs
Current: EQ 709 (CCT 2/4/15), EX 704 (CCT 2/4/15) , TU 702 (CCT 2/4/15), Total CL $110.3k on 14 TLs Goal: 740+ x3
My Wallet: Amex BCP $30k, Chase United Explorer $16k, Amex SPG $13.5k, Barclaycard Ring MC $12.5k, Chase CSP VS $12.2k, Discover it $10.5k, C1 Venture VS $6.5k, Chase Slate $3.5k, Amex Hilton Surpass $2k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Citi BestBuy $500
My Loans: ~~Prosper $25k/36mo~~, Prosper $17k/36mo
My Business: Chase Ink VS $5k, Amex BRG NPSL (> 10k),

IamB2 · ‎06-16-2014

@toi34 wrote:
I got a pre-approval today from First Premier Bank. I was approved for $700 with a $175 annual fee; my starting credit limit would thus be $525.
Are they crazy??!!!
Even when my credit was baaaad... I never reveived offers like this. Am I doing something wrong? :/

LMAO - I got the exact same offer a few weeks back. The APR was 36%. I saved it and each time I need a laugh, I just look at it.

FICO® EQ 717 (3/5/15); TU08 732 (3/5/15); EX: 723 (3/5/15) - Last app 3/15/15; Inquiries: A TON!

Starting Scores: 590s on 12/2013. Hover over card image to view details! *After Amex approvals - [I was supposed to be] Gardening!*

Carrie_in_Pa · ‎06-16-2014

I am shocked they are willing to start someone off with such a high limit. Now i know i was in a really bad place when i took their card in 2007 and my limit was $300. 7 years later i only had a $750 limit and finally cancelled the card last week. Just think of all the money i wasted on fees for so many years...

Starting Score: 382 - 418 (2005) -- Current Score: 628 (TU08) -- 661 (Beacon 5.0) -- Goal Score: 750+
Into the Garden 6-15-2014 -- Digging in the dirt until 6-2015

bada_bing · ‎06-16-2014

"Opting out" is easy to do online in two minutes and its free.

https://www.optoutprescreen.com/?rf=t

If you are reading this forum, you don't need unsolicited junk mail offers

to know what the best options out there are for your situation. Since I

opted out a couple years ago my junk credit card offers went from

10-12 a week to a couple a month. It makes the inquiry section of

a credit report a lot easier to read as well.

+

850 FICO8 since 2015, Thanks MyFICO - 5+ years since last HP

gh17 · ‎06-16-2014

@toi34 wrote:
I got a pre-approval today from First Premier Bank. I was approved for $700 with a $175 annual fee; my starting credit limit would thus be $525.
Are they crazy??!!!
Even when my credit was baaaad... I never received offers like this. Am I doing something wrong? :/

That's ridiculous, ignore it.

However, just a note about how to think about credit cards - the annual fee has nothing to do with your limit. Having a $525 limit would be a thousand times better than having a $700 limit with a $175 fee. in one case you owe $175, in the other, you owe $0. I'm sure you realize this, but it's good to make sure you don't get in the habit of equating credit limits with money.