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Regular Contributor
TATATA
Posts: 153
Registered: ‎02-24-2010
0

DO NOT APPLY FOR FIRST PREMIER BANK TO RE-ESTABLISH CREDIT. WHAT A RIP-OFF!!

IF you want to re-establish credit.....

 

Do NOT apply for "First Premier's Bank" credit card. What a rip-off!!! Their fees are OUTRAGEOUS!! Don't get excited by their rate of 9.9%. After paying all of their ridiculous fees, you're better off getting a credit card with a rate of 29.99% or higher with no fees. There is no need to throw money away.

 

Apply with your local credit union or Orchard bank for a secured credit card (1st year annual fee is waived and they report to all 3 bureaus) or shared secured installment loan. This is the least expensive way to re-establishing credit.

 

P.S.. Applied bank does not report to all 3 credit bureaus. They only report to Experian and Transunion.

 

Best Wishes.

 

Total CL's combine: $141,800.
Valued Member
enragedjerry
Posts: 36
Registered: ‎10-06-2010
0

Re: DO NOT APPLY FOR FIRST PREMIER BANK TO RE-ESTABLISH CREDIT. WHAT A RIP-OFF!!

Thank you Tatata, im in desperate need of a secured card as I only have one active account helping my score, I need to open a new acc.  I heard Orchard is pretty good. The only thing i dont like is that you have to print a form online and send it along with a $200 min check or money order via mail, why cant we just transfer the money online? 

 

 

Good luck to everyone.

_____________________________________
TU: 613 3/6/2011
GOAL: 700
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008
0

Re: DO NOT APPLY FOR FIRST PREMIER BANK TO RE-ESTABLISH CREDIT. WHAT A RIP-OFF!!


TATATA wrote:

IF you want to re-establish credit.....

 

Do NOT apply for "First Premier's Bank" credit card. What a rip-off!!! Their fees are OUTRAGEOUS!! Don't get excited by their rate of 9.9%. After paying all of their ridiculous fees, you're better off getting a credit card with a rate of 29.99% or higher with no fees. There is no need to throw money away.

 

Apply with your local credit union or Orchard bank for a secured credit card (1st year annual fee is waived and they report to all 3 bureaus) or shared secured installment loan. This is the least expensive way to re-establishing credit.

 

P.S.. Applied bank does not report to all 3 credit bureaus. They only report to Experian and Transunion.

 

Best Wishes.

 


+1,000.  Great post!

 

Remember, though, there's a world of difference between having a revolving account and an installment account.  If you're rebuilding, you'll want a bank/national cc revolving account (you only need one).  Orchard fits the bill just fine.  Like you, I'm also a fan of Orchard for rebuilding.  When they've done their work and you qualify for non-annual fee credit cards or other revolving accounts, it's time to close the rebuilder annual fee cards.  I was able to close my Orchard before its first anniversary.  I thought they were very easy to work with and manage online.

Just puttin' syrup on something, don't make it pancakes.
Contributor
introvert
Posts: 107
Registered: ‎09-18-2009
0

Re: DO NOT APPLY FOR FIRST PREMIER BANK TO RE-ESTABLISH CREDIT. WHAT A RIP-OFF!!

[ Edited ]
I've had my First Premier card for just under a year. I will agree that the fees are outrageous. They load up your initial $250 with fees. Some time during the year they switched up to a lump annual fee. Now this coming year they are breaking it up into a monthly thing again.

 Now for the good. First Premier gave me a card when I thought it was impossible. Orchard, BofA and basically every other secured card out there denied me even when I would be depositing $500 to $1000. I was denied every time. First Premier gave me a chance with an unsecured card and I've been greatful. It's helped me rebuild quite a bit. I've applied for and received a CLI after 6 months and will be applying for another one soon.

 

I'd also like to point out that they report to all 3 bureaus monthly.

 

I pay my bill every month, usually in full, sometimes leave a balance under 10%. They pay 5% of your payment back to you, so I actually have had a negative balance reported. Aside from the fees, I have no complaints about them whatsoever. The card is serving it's purpose and is a legitimate beginner/rebuilding card.

Regular Contributor
TATATA
Posts: 153
Registered: ‎02-24-2010
0

RE-ESTABLISH CREDIT. PLEASE READ. DO NOT APPLY FOR FIRST PREMIER BANK'S CREDIT CARD. RIP-OFF!

Introvert:

 

I agree with you that, "the card is serving its purpose and is a legitimate beginner/rebuilding card." HOWEVER, there are other lenders that offer similar, if not the same, secured products to re-establish credit at a lower cost (fee and interest rate). For example, a week after my BK was discharged (01/09) I applied for the Orchard Bank secured card, I mailed in a 1k deposit and they opened the account with an annual fee of $35 (which was waived the first year) and my rate was 7.90%.

 

Mind you that, my wife and I had over 42 creditors included in our BK (2 of them were HSBC). I don't understand why you didn't get approved for that card. All you need is a SSN and a minimum deposit of $200 to open the account. In addition, if they are paid on time for 12 consecutive months, they will cut the annual fee in half - which is great! All you have to do is, call customer service on the 13th month with your account in good standing and request this to be done. They will credit your account $17.50.

 

On the other hand, with First Premier Bank, you pay a processing fee of $45, a first year annual fee of $75, and a subsequent year annual fee of $75 (which is billed at $6.25 per month) AND the interest rate is: 59.90%

 

All I'm saying is that First Premier Bank is NOT a good option, if you want to save money. I've done well without them.

 

It will be 2 yrs since our BK on 01/11. Our credit (and scores) has improved quite drastically in such a short time. The trick is to have at least 2 revolving trade-lines (never carry a balance of more than 10%) and an installment loan (this can be a share secured loan) and bingo! You're on your way to having excellent credit. Also, try to get a credit limit of $500 or more on your secured credit cards.

 

My current fico score is 667 and my wife's is 666. They would've been higher if it weren't for the 15+ inquiries (and new accounts) that we have on our credit reports (testing the waters to see who would approve us AND to start a business relationship rather quickly).

 

I'm glad to report that we now have the following accounts open/active:

 

NFCU auto loan (original amount 14k, now 12,600) Rate: 11.49%

NFCU 2nd auto loan (original amount 6k, now 5,100) Rate: 8.49%

NFCU personal loan unsecured 6k

NFCU 5k credit card

NFCU 3k credit card

NFCU LOC 3k

NFCU 1k credit card

Capital one 500 1st

Capital one 500 2nd

Capital one 1250 3rd

Wells Fargo 500 - secured credit card. (12 months after BK needed to open this acct). This is who with do our banking with. They offered me a 2nd chance checking account when no else would open an account because I was reported to Chexsystems.

Target 200

Walmart 200

Chevron 400

GEMB/Pay Pal 300

JC penny 150

LFCU 500 credit card 1st

LFCU 1k credit card 2nd

FIngerhut/MetaBank 1k

Daniel's Jewelers 200

 

Accounts that were open after the BK and for one reason or another are now closed:

 

HSBC BestBuy 300 credit card

HSBC Platinum 500 credit card

HSBC American Dreamcard 450 credit card

HSBC secured card 1k

NFCU 2k share secured installment

NFCU 1k share secured installment

NFCU 1500 share secured installment

NFCU 700 share secured installment

NFCU personal loan unsecured

Applied Bank 500 secured card

Applied Bank 700 secured card

Kaiser Permanente FCU 800 share secured installment

Kaiser Permanente FCU 2900 share secured installment

Kaiser Permanente FCU 700 share secured installment

Kaiser Permanente FCU 600 share secured installment

Kaiser Permanente FCU 500 share secured installment

Matador's FCU 500 share secured installment

 

Perhaps my technique is extravagant; however, my goal was and still is to establish an excellent credit history with credit limits of 20k or higher rather quickly, as I am planning to start my own business soon (hopefully, by that time the economy is doing better). This is what has worked for me so far (a lot of it was trial and error).

By no means, am I suggesting for anyone to do the same thing I did. I simply want to share my success story with all of you that are struggling to get your credit back on track. I understand how difficult it can be to start all over again. But here I am, 1 yr and 9 months post BK - working my way up again. If everything goes as planned, I will eventually get there again.

 

I wish all of you the best. Don’t give up.

 

 

Your FICO® score at Equifax is

667 as of October 7, 2010

Score percentile

A score of 667 is better than 31% of U.S. consumers
PoorExcellent
Total CL's combine: $141,800.
Regular Contributor
TATATA
Posts: 153
Registered: ‎02-24-2010
0

Re: DO NOT APPLY FOR FIRST PREMIER BANK TO RE-ESTABLISH CREDIT. WHAT A RIP-OFF!!

BeamMEup:

 

Thank you. I've done my homework (a lot of it using the trial and error method). I wish I would've known about this forum when I was clueless on how to re-establish my credit. After reading several websites, I was fortunate to find this one. Having bad credit may seem like the end-of-the-world for some of us. That is not the case! I like to think of it as a new beginning or a second chance to get it right this time.

 

 

Total CL's combine: $141,800.
Regular Contributor
TATATA
Posts: 153
Registered: ‎02-24-2010
0

Re: DO NOT APPLY FOR FIRST PREMIER BANK TO RE-ESTABLISH CREDIT. WHAT A RIP-OFF!!

 

Enragedjerry:

 

I'm not sure why...but it's worth it.

Total CL's combine: $141,800.
Valued Member
enragedjerry
Posts: 36
Registered: ‎10-06-2010
0

Re: DO NOT APPLY FOR FIRST PREMIER BANK TO RE-ESTABLISH CREDIT. WHAT A RIP-OFF!!

Hey TATATA yeah I know in my situation it would only do good for me, the thing is that I dont have a printer to print the form  lol, but I will have to find a way to print that out and mail it with the required min. to help boost my score a bit. Thank you guys,

_____________________________________
TU: 613 3/6/2011
GOAL: 700
New Visitor
peaceofmind69
Posts: 1
Registered: ‎05-27-2014
0

Re: DO NOT APPLY FOR FIRST PREMIER BANK TO RE-ESTABLISH CREDIT. WHAT A RIP-OFF!!


TATATA wrote:

IF you want to re-establish credit.....

 

Do NOT apply for "First Premier's Bank" credit card. What a rip-off!!! Their fees are OUTRAGEOUS!! Don't get excited by their rate of 9.9%. After paying all of their ridiculous fees, you're better off getting a credit card with a rate of 29.99% or higher with no fees. There is no need to throw money away.

 

Apply with your local credit union or Orchard bank for a secured credit card (1st year annual fee is waived and they report to all 3 bureaus) or shared secured installment loan. This is the least expensive way to re-establishing credit.

 

P.S.. Applied bank does not report to all 3 credit bureaus. They only report to Experian and Transunion.

 

Best Wishes.

 


I agree completly. Stay away from this card and bank. I closed my account as they are not forthcoming with terms and fees. I strongly recommend going elsewhere.


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