05-13-2011 11:44 AM
I got a 1st Premier Bank credit card (MasterCard). The initial deposit is $95 to open a $300 credit limit and the interest on purchases is like 49.9% (I kid you not). The annual fee is $75 for the first year and $45 for every subsequent year. My intial available balance will be about $225... so at the beginning of June, I'm planning on paying about $45 so that my credit util. will be only 10%. I know fee-based cards suck because of lousy terms, but has anyone else here had some success with rebuilding their credit using (and paying on time) a fee based credit card? Thanks!
05-13-2011 12:12 PM - edited 05-13-2011 12:13 PM
My score went up about 60pts when I got this, it showed up on my reports before I even got the card in the mail. I have no problems with it, i pay down before statement closes and leave just a few dollars on it and so far I havent see any interest charges added to my bill. So far its helping me out but I only got it to help me rebuild my credit.
05-13-2011 05:04 PM
Yeah, the fees can be pretty steep at first but the fact that my previous accounts look ugly on my credit report and the fact that I had no open revolving credit accounts, both were hurting my score. But if I keep my credit utilization at around 10% and pay on time every month (more than the minimum payment), that ought to be okay, right? Plus, as I mentioned on another thread, I got approved for my first real checking account in a long time, so no more reloadable debit cards for me. I think both of those steps are indicators of stability, right?
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