topic Re: First Premier...DO I in Credit Card Approvals

First Premier...DO I

annielorie — Mon, 26 Nov 2012 22:10:12 GMT

I am happy to report that I have held my 1st premie card for 13 months just got the new bill with 45$ annual fee and 6.50 monthly service fee I know its a no brainer to close but this is my goal and picture. I was at Fico 756 in July I had only one card first premie 300 limit paid on time all time since OCt 11. Got new car lease Dicover 2,000 Cl Chase Freedom cl$500 lOWES 2,400 CL jCPENNY 1,800 cl rAAISED MY LIMITS ON dISCOVER TO 3,000 THIS PAST MONTH AND cHASE 1,000 sorry about caps Want to get Amex in Jan 2013 for 30 year backdate.Held card in High scholl through Dad. I should close immediately right. My discover and chase are near limits but will be paid in full b4 end of december since I have such a thin file and no guarantee for Amex backdating should I pay the fee on this card so I have a tradeline open and reporting for at least a year as the others are only about 6 months old???????????I have zero lates or baddies on any of my credit files.

Re: First Premier...DO I

daybreakgonesXe — Mon, 26 Nov 2012 22:12:56 GMT

Since you're looking to apply for AMEX soon, then I say YES, keep it open and pay the fee (i know how annoying it is, though, to be paying annual fees on subprime cards when you're already in prime range!) If you weren't planning to apply for another 6+ months, then closing it now would be acceptable and you can just wait until the other cards reach their 1 year!

Re: First Premier...DO I

annielorie — Mon, 26 Nov 2012 22:16:36 GMT

I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

Re: First Premier...DO I

LS2982 — Mon, 26 Nov 2012 22:39:15 GMT

@annielorie wrote:
I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

There's no real valid reason to keep FP from here on out. Axe it. You have better cards and their fees are not worth paying.

Re: First Premier...DO I

annielorie — Mon, 26 Nov 2012 22:54:31 GMT

Got it schedule the burning for the 11th of December. Ls looks like the garden has been good to You nice scores keep ar it

Re: First Premier...DO I

Anonymous — Tue, 27 Nov 2012 01:37:10 GMT

@annielorie wrote:
I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

I think this idea that Amex won't approve you with a First Premier showing on your reports is overblown. I was approved for an Amex Green with two -- count 'em, two! -- First Premier cards showing on my reports. I'm sure that Amex looks at a lot of factors when deciding upon approvals, and having a FP is not automatic grounds for denial, if indeed it factors into their decision making process at all.

Re: First Premier...DO I

distantarray — Tue, 27 Nov 2012 01:39:20 GMT

@Anonymous wrote:
@annielorie wrote:
I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

I think this idea that Amex won't approve you with a First Premier showing on your reports is overblown. I was approved for an Amex Green with two -- count 'em, two! -- First Premier cards showing on my reports. I'm sure that Amex looks at a lot of factors when deciding upon approvals, and having a FP is not automatic grounds for denial, if indeed it factors into their decision making process at all.

I never got approved with good scores with first premier on the reports, They stated First Premier as a reason -_-;

Re: First Premier...DO I

LS2982 — Tue, 27 Nov 2012 01:39:54 GMT

@Anonymous wrote:
@annielorie wrote:
I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

I think this idea that Amex won't approve you with a First Premier showing on your reports is overblown. I was approved for an Amex Green with two -- count 'em, two! -- First Premier cards showing on my reports. I'm sure that Amex looks at a lot of factors when deciding upon approvals, and having a FP is not automatic grounds for denial, if indeed it factors into their decision making process at all.

It is, they approved me with an open FP account.

Re: First Premier...DO I

Anonymous — Tue, 27 Nov 2012 01:42:24 GMT

@distantarray wrote:
@Anonymous wrote:
@annielorie wrote:
I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

I think this idea that Amex won't approve you with a First Premier showing on your reports is overblown. I was approved for an Amex Green with two -- count 'em, two! -- First Premier cards showing on my reports. I'm sure that Amex looks at a lot of factors when deciding upon approvals, and having a FP is not automatic grounds for denial, if indeed it factors into their decision making process at all.
I never got approved with good scores with first premier on the reports, They stated First Premier as a reason -_-;

They specifically stated First Premier? How did they inform you of that; surely they didn't state First Premier by name directly on the denial letter, did they?

Well, if that's the case, then it still is very much a YMMV sort of thing. As I stated, I was approved with two FP cards on my reports. (Two FP cards -- what was I thinking!!! I've learned a lot since then, LOL!)

Re: First Premier...DO I

distantarray — Tue, 27 Nov 2012 01:58:18 GMT

@Anonymous wrote:
@distantarray wrote:
@Anonymous wrote:
@annielorie wrote:
I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

I think this idea that Amex won't approve you with a First Premier showing on your reports is overblown. I was approved for an Amex Green with two -- count 'em, two! -- First Premier cards showing on my reports. I'm sure that Amex looks at a lot of factors when deciding upon approvals, and having a FP is not automatic grounds for denial, if indeed it factors into their decision making process at all.
I never got approved with good scores with first premier on the reports, They stated First Premier as a reason -_-;

They specifically stated First Premier? How did they inform you of that; surely they didn't state First Premier by name directly on the denial letter, did they?

Well, if that's the case, then it still is very much a YMMV sort of thing. As I stated, I was approved with two FP cards on my reports. (Two FP cards -- what was I thinking!!! I've learned a lot since then, LOL!)

They quoted "Sub prime lenders" but besides HSBC and Achieva (local CU) reporting they were the only ones and we know those are ok =p

Re: First Premier...DO I

Anonymous — Tue, 27 Nov 2012 02:06:09 GMT

@distantarray wrote:
@Anonymous wrote:
@distantarray wrote:
@Anonymous wrote:
@annielorie wrote:
I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

I think this idea that Amex won't approve you with a First Premier showing on your reports is overblown. I was approved for an Amex Green with two -- count 'em, two! -- First Premier cards showing on my reports. I'm sure that Amex looks at a lot of factors when deciding upon approvals, and having a FP is not automatic grounds for denial, if indeed it factors into their decision making process at all.
I never got approved with good scores with first premier on the reports, They stated First Premier as a reason -_-;

They specifically stated First Premier? How did they inform you of that; surely they didn't state First Premier by name directly on the denial letter, did they?

Well, if that's the case, then it still is very much a YMMV sort of thing. As I stated, I was approved with two FP cards on my reports. (Two FP cards -- what was I thinking!!! I've learned a lot since then, LOL!)

They quoted "Sub prime lenders" but besides HSBC and Achieva (local CU) reporting they were the only ones and we know those are ok =p

Interesting. I'd really love to know exactly how they make their decisions -- would love to look at and analyze the algorithm! -- as it really seems like a crapshoot at times. I was approved with nothing BUT subprime lenders on my reports: Cap1, First Premier, Orchard; closed accounts with First Premier, Emerge, Applied Bank and SST. That and Kay, JC Penney and Dillards. Subprime and store cards as far as the eye could see... and I was approved for a Green. Go figure.

Anyway, I would urge the OP to try even with the FP on the reports. There must be a wide variety of factors that Amex takes into account and I wouldn't worry about which lenders you're showing. It's worth a shot to get in by the end of the year and establish the member date.

Re: First Premier...DO I

LS2982 — Tue, 27 Nov 2012 02:07:38 GMT

@Anonymous wrote:
@distantarray wrote:
@Anonymous wrote:
@distantarray wrote:
@Anonymous wrote:
@annielorie wrote:
I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

I think this idea that Amex won't approve you with a First Premier showing on your reports is overblown. I was approved for an Amex Green with two -- count 'em, two! -- First Premier cards showing on my reports. I'm sure that Amex looks at a lot of factors when deciding upon approvals, and having a FP is not automatic grounds for denial, if indeed it factors into their decision making process at all.
I never got approved with good scores with first premier on the reports, They stated First Premier as a reason -_-;

They specifically stated First Premier? How did they inform you of that; surely they didn't state First Premier by name directly on the denial letter, did they?

Well, if that's the case, then it still is very much a YMMV sort of thing. As I stated, I was approved with two FP cards on my reports. (Two FP cards -- what was I thinking!!! I've learned a lot since then, LOL!)

They quoted "Sub prime lenders" but besides HSBC and Achieva (local CU) reporting they were the only ones and we know those are ok =p

Interesting. I'd really love to know exactly how they make their decisions -- would love to look at and analyze the algorithm! -- as it really seems like a crapshoot at times. I was approved with nothing BUT subprime lenders on my reports: Cap1, First Premier, Orchard; closed accounts with First Premier, Emerge, Applied Bank and SST. That and Kay, JC Penney and Dillards. Subprime and store cards as far as the eye could see... and I was approved for a Green. Go figure.

Anyway, I would urge the OP to try even with the FP on the reports. There must be a wide variety of factors that Amex takes into account and I wouldn't worry about which lenders you're showing. It's worth a shot to get in by the end of the year and establish the member date.

I believe the sub prime hit has less effect if you've had the cards established over a year and in good standing. You have to start somewhere.

Re: First Premier...DO I

distantarray — Tue, 27 Nov 2012 02:11:02 GMT

i had them for 5 years at the time, but probably went to an underwritter it could be a ymmv situation. Depends who looked at your account etc.

Re: First Premier...DO I

annielorie — Wed, 28 Nov 2012 19:37:55 GMT

Thanks for the replies. I dont feel that I cant get Amex with !st premier open only that it seems frowned upon. Want to get my utility down before I pull trigger and the 4 new cards reporting at least 6 months. Not sure of actual scores right now but when I get utility to lowest one card 9% less then Ill get fico scores to see where I am at. Keep everybody posted.

Re: First Premier...DO I

trumpet-205 — Thu, 29 Nov 2012 05:44:51 GMT

@LS2982 wrote:
I believe the sub prime hit has less effect if you've had the cards established over a year and in good standing. You have to start somewhere.

We are talking about card that is aimed for bad credit (where default rate is as high as 50%, hence high APR from 36.00 to 79.99%) like First Premier, not for those who begins credit journey (thin file, little to no credit history).

Re: First Premier...DO I

Sparkz1920 — Wed, 28 Nov 2012 21:06:41 GMT

@Anonymous wrote:
@annielorie wrote:
I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

I think this idea that Amex won't approve you with a First Premier showing on your reports is overblown. I was approved for an Amex Green with two -- count 'em, two! -- First Premier cards showing on my reports. I'm sure that Amex looks at a lot of factors when deciding upon approvals, and having a FP is not automatic grounds for denial, if indeed it factors into their decision making process at all.

I got approved with a FP....That i still have....Green and Skymiles

Also have a Creditone and a 1ST Nat'l Credit card on my reports/ Got these AMEX cards in the last 3 months.

Re: First Premier...DO I

Anonymous — Thu, 29 Nov 2012 05:42:21 GMT

I got approved for an Amex with FP showing. I closed both FP and orchard last month when their annual fees hit.

Re: First Premier...DO I

creditnocash — Thu, 29 Nov 2012 05:51:37 GMT

@annielorie wrote:
I know Im in a catch 22 Amex hates first premier cardholders but Im afraid about the current administration in govt making changes to dodd frank and backdating being illegal I wonder if I get on as an AU on dads card now then try for backdate then apply in 6 months thoughts?

link please?

would this effect people already backdated or just new backdaters? hmmm

Re: First Premier...DO I

annielorie — Thu, 29 Nov 2012 18:09:30 GMT

No link but many of these things are talked about in the last six months. prior backdating would most likely not be effected. I was just stating that it seems that there will be more regulation re credit files, if I was a person on the mend or building from thin file Id be at Mach speed. Only time will tell.