topic Re: First Premier Bank, Would it be a good addition? in Credit Cards

First Premier Bank, Would it be a good addition?

Anonymous — Sat, 02 Mar 2019 00:01:51 GMT

Hey all im currently working on building my credit. I never had any credit cards in the past and last november i started taking building my credit seriously. So i opened a capital one account ( Limit currently $400 ) A Discover secured card ( Limit $200 ) And a Navy Federal Secured Card ( Limit $200 ) today i got a pre approved offer from First Premier bank for a 700$ line of credit. Is it worth getting? Im not entirely excited about the 79$ annual fee but im just wondering if there would be any benefit in me accepting this offer aside from have a bigger limit to keep my utilization down?

Also the only other thing i have currently reporting is student loans.

Thanks for any and all advice!

Re: First Premier Bank, Would it be a good addition?

Jnbmom — Sat, 02 Mar 2019 00:05:19 GMT

Nope, I would pass on that. Keep rebuilding on what you have, it takes time for your credit profile to improve

Re: First Premier Bank, Would it be a good addition?

Anonymous — Sat, 02 Mar 2019 00:05:53 GMT

No, there are a lot of negative stories about that lender. Plus, you have installment loans and 3 cards. That’s all you need to build a solid history. Look up AZEO on here and follow that for the next 6 months and you should see excellent gains.

Re: First Premier Bank, Would it be a good addition?

CreditInspired — Sat, 02 Mar 2019 00:09:58 GMT

First Premiere is a predatory lender. Absolutely don’t apply. You now have 3 great CCs for scoring purpose. Let these age and you’re on your way.

Re: First Premier Bank, Would it be a good addition?

Anonymous — Sat, 02 Mar 2019 00:24:40 GMT

Thanks guys. Just threw away the letter, Problem solved!

Re: First Premier Bank, Would it be a good addition?

Blackswizz750 — Sat, 02 Mar 2019 03:03:52 GMT

You have what you need to build on and have a great score. Pass on that offers AFs at this moment is an extra expense you don't need for what younger.
Also, you don't need all the hard pulls right now chasing cards: it's a marathon.

Re: First Premier Bank, Would it be a good addition?

Streetervillelady — Sat, 02 Mar 2019 03:30:16 GMT

Re: First Premier Bank, Would it be a good addition?

RickNATL — Sat, 02 Mar 2019 08:43:04 GMT

Nope...pass on Premier, CreditOne, Indigo, etc.

Re: First Premier Bank, Would it be a good addition?

CreditInspired — Sat, 02 Mar 2019 11:38:24 GMT

Add Merrick Bank to the predatory lending list.

Re: First Premier Bank, Would it be a good addition?

padme — Sun, 03 Mar 2019 01:59:50 GMT

3 credit lines are enough to pop you into primes in like a year. just dont go over 50% on any card, and ur scores will skyrocket in a short time

Re: First Premier Bank, Would it be a good addition?

Gollum — Sun, 03 Mar 2019 09:32:26 GMT

@padme wrote:
3 credit lines are enough to pop you into primes in like a year. just dont go over 50% on any card, and ur scores will skyrocket in a short time

Nice pep talk, but I wouldn't expect any skyrocketing of FICO scores in a short time.

Re: First Premier Bank, Would it be a good addition?

Anonymous — Sun, 03 Mar 2019 12:20:29 GMT

That card is not worth it at all. The 3 cards you already have are good enough as starter cards. There's a fee to sign up, between $55 and $75. This is rare and only exists for these subprime cards, ones for people with poor/fair credit, builder cards basically. But there's better options for building credit. It also carries an annual fee, depending on you credit score. Interest rate is ridiculously high, 36%, no grace period. No rewards either.

When you are eligible, upgrade your Discover card to one of the unsecured ones, probably the Discover It Cash Back, but they might automatically do it. Capital One may also automatically unsecure your Capital One Secured Card at some point. Navy Federal Secured Card, probably same thing.

If you want another card, think about opening up a retail card, like JCPenney, wherever you shop a lot and if there's a card available.

When your oldest card hits 1 year old, you can think about applying for a Chase card. There is a 5/24 rule. You must have opened less than 5 credit cards in the last 24 months in order to apply for a Chase card, and this applies to all personal cards, not just ones you have with Chase. Retail cards don't count though. Or perhaps you could stick with one of the current creditors. If you want a Capital One card, say the Quicksilver or SavorOne, wait until your credit score is at least 710 and make sure there are no bad marks on your profile.