topic Re: Build by FS Card? in Credit Cards

Build by FS Card?

Anonymous — Sun, 21 May 2017 21:31:11 GMT

My husband just told me about an article he read on this fairly new card called "Build." Seems like it might be a legit way for those with subprime scores start a credit build or rebuild. It doesn't sound predatory, like Credit One and others on that level.

http://www.businessinsider.com/build-credit-card-helps-people-with-bad-credit-scores-2017-5

Just curious to see what everyone thinks. Move out of the way, Credit One?

Re: Build by FS Card?

Anonymous — Sun, 21 May 2017 21:44:45 GMT

It sounds like a decent offer; as long as the $75 AF is the only fee. Looks like one needs an offer code in order to see all the terms and conditions. As long as there is a grace period and interest rates are below 20% it would be a great option for some.

The card is issued by Republic Bank & Trust. Never heard of them before.

I will still guide people to a secured card from a well known bank or credit union for starting out or rebuilding. But, at least on the surface, this looks way better than Credit One or First Premier.

Re: Build by FS Card?

Anonymous — Sun, 21 May 2017 22:40:11 GMT

Looks actually like a decent card for rebuilders but there's no way to apply

this looks awesome. too bad its by invite only apparently

Anonymous — Mon, 22 May 2017 00:24:29 GMT

this looks awesome. too bad its by invite only apparently

Re: Build by FS Card?

AverageJoesCredit — Mon, 22 May 2017 01:00:27 GMT

Hopefully hope for someone. Thanks for posting Bella

Re: Build by FS Card?

joltdude — Mon, 22 May 2017 01:48:28 GMT

Their rates are on the highish side.. (wont say exactly anywhere) but i was reading about them as well.. They are trying to go into the deep subprime space.. .. They seem to want folks who show a bit of potential and some upward movement... i.e not fresh lates or baddies.. If im reading the articles correctly .. its 500$ , 75$ annual fee and a mid to high 20s APR.. but if im reading between the lines.. there is potential for upward mobility with your CR improving on both the CL and downward mobility on the score after a period of time.... Not sure of the details... but presume they will periodically review accounts... They want folks in this situation to use their card vs a predatory lender/payday loan.... It looks like an interesting product for those who are in that part of their rebuilding .... realize rebuilding doesnt necessarily mean a card its also baddies and getting things removed or settling as well...

-J

Re: Build by FS Card?

joltdude — Mon, 22 May 2017 01:51:41 GMT

I actually think this card would pair nicely with a secured product from one of the more mainstream banks... if possible.....

I could see a Build card holder growing into say.. a Cap One (if they are really deep down in the subprime space) secured then perhaps one of the more better known banks.... (Id mention NFCU around that time... but alas.. I missed the boat and think thats still going to be an issue for some going forward... Hindsight is 20/20 however)

Re: Build by FS Card?

Anonymous — Mon, 22 May 2017 03:16:24 GMT

Thanks for all the responses! I agree with what everyone has posted. It's interesting that the founder, who worked for Cap1 evidently, saw this need and created a product to meet it. Like the article says, they are a for profit company for sure, but they are a far cry from Credit One, Surge, First Premier, Blaze, etc. I hope it is a product that lasts, and that can help people get started.

Re: Build by FS Card?

Anonymous — Mon, 22 May 2017 03:29:35 GMT

Just found the Terms and Conditions on their site. High APR, but if you're rebuilding you should be PIF anyways. But no grace period? That's not cool.

Re: Build by FS Card?

Anonymous — Mon, 22 May 2017 03:37:46 GMT

No way to apply...😥Reminds me of Merrick Bank

Re: Build by FS Card?

joltdude — Mon, 22 May 2017 04:25:21 GMT

So its not better than Credit One... Not much of an accomplishment...

If something sounds too good to be true, than it probably is...

At least they are transparent about fees and such...

If it had a grace period it could have competed with the other bottom feeders...

but nope.. not at all..

Nothing to see here, move along...,,

Re: Build by FS Card?

Anonymous — Mon, 22 May 2017 04:33:44 GMT

@joltdude wrote:
So its not better than Credit One... Not much of an accomplishment...
If something sounds too good to be true, than it probably is...

At least they are transparent about fees and such...
If it had a grace period it could have competed with the other bottom feeders...
but nope.. not at all..

Nothing to see here, move along...,,

Yeah, no grace period, and the APR is 9.75% higher than my Credit One APR was. Nothing to see at all. I had my hopes up for rebuilders when I read the article, but a little more sleuthing revealed the truth.

Re: Build by FS Card?

Anonymous — Mon, 22 May 2017 11:45:52 GMT

Build Card:
$72 Annual fee

$52 "Account set up fee"

No Grace Period

29.9% APR Variable

$12 Annual Fee for Each Authorized User

What a scam. I wonder if they offer referral rewards for inviting your friends to apply with your hard to get invite code.

Re: Build by FS Card?

joltdude — Mon, 22 May 2017 11:53:45 GMT

@Anonymous wrote:
Build Card:
$72 Annual fee
$52 "Account set up fee"
No Grace Period
29.9% APR Variable
$12 Annual Fee for Each Authorized User

What a scam. I wonder if they offer referral rewards for inviting your friends to apply with your hard to get invite code.

This card had a lot of hype for being "better than all/most in the deep subprime card/predatory category... Now that the ink is dry its really not...

If it had just an AF, mid 20s APR (for this category below 30 is considered reasonable.. even though its a painful concept to swallow)., but the no Grace Period thing really does put it it right at the bottom with the predatory card issuers.. Yes you have to pay the piper but there are better options for most... that 72+52 sure buys a good size chunk on the way to a 200$ secured card...

This is for folks who are in low score land... and seriously rebuilding from the bottom...

Not really new/no score land..

-J

Re: Build by FS Card?

Anonymous — Mon, 22 May 2017 18:10:34 GMT

The blurb talks about this as an alternative to payday lenders. While it is certainly better than that, that's a very low threshold.
Another claim was that it is for those who don't have money to spend on a secured card. But the $75 fee is also a barrier