topic Re: First Premier ridiculous offer! in Credit Cards

First Premier ridiculous offer!

Anonymous — Fri, 28 Sep 2018 23:13:22 GMT

I added the DW as AU on my Amex CE which has helped her credit tremendously. Now she is starting to get mailers and I opened one today to find the following offer. It says she is preapproved for a 700 CL. Then at the bottom is says there is an AF of $79. As im thinking how steep the AU is for such a small card I notice in small letter that $614.00 will be available immediately. Now im no mathematician but I can see that somethings wrong with somebody's math. Then I notice that there is also an $8.00 a month fee! How does one charge an AF, then charge again monthly? We have cards we dont even use, I just like looking at the offers and this one just blew my mind. Her FICO 8 is 656 up 76 since 2017. Any thoughts on this lender?

Btw, the APR was 36%!! wow, thats not helping anybody build credit, thats robbery!

Re: First Premier ridiculous offer!

pizza1 — Fri, 28 Sep 2018 23:21:05 GMT

FP and CreditOne are predatory lenders for rebuilders who can't get any other cards, or can't due to no credit history. Just throw those away, she doesn't need those lenders. In a few months, she will be able to get her own cards with better lenders. Just NO!

Re: First Premier ridiculous offer!

Anonymous — Fri, 28 Sep 2018 23:48:55 GMT

I believe there is a $12 fee for opening the mailer.

Re: First Premier ridiculous offer!

Anonymous — Sat, 29 Sep 2018 00:39:17 GMT

LOL!!! @ the $12.... I better make that payment!

Re: First Premier ridiculous offer!

HeavenOhio — Sat, 29 Sep 2018 00:54:54 GMT

@pizza1 wrote:
FP and CreditOne are predatory lenders for rebuilders who can't get any other cards, or can't due to no credit history.

If one has no history, there are better options, such as starting out with a share secure loan or self-lender. Eating a couple of denials on the way to getting one's first card also beats First Premier and banks like them.

Re: First Premier ridiculous offer!

Anonymous — Sat, 29 Sep 2018 17:34:05 GMT

If I could go back in time I would have avoided FP. Interest rates are sky high and the annual fees are ridiculous. Unfortunately I got the card right before a bad time in my life, had it go into collections but I was fortunate enough to gather enough information to email their executive office to have the baddie removed from all my reports.