topic Re: Applied bank in Credit Cards

Applied bank

lindel — Mon, 28 Dec 2009 01:42:38 GMT

Is Applied bank a good rebuilder credit card? I was denied by several other secured card companies. Also, will Applied bank convert to unsecured?

Re: Applied bank

joeydtx — Mon, 28 Dec 2009 04:28:14 GMT

Ive heard some good, some bad about this card but they seem pretty good at accepting people. No clue on the going unsecured though, which banks have you tried to get one from? Have you tried going thru a local credit union?

Re: Applied bank

Anonymous — Mon, 28 Dec 2009 16:55:04 GMT

I started out with Applied (It was CountryCross Bank) The fees are exorbitant. You pay for every cli. It was like 100.00 each time I got one. My highest cl before closing was 1575 They wanted to charge me so much a month when I got over 1000 so I closed.

They are pretty bad but served their purpose Probably on a par with Premier.

I foound HSBC and Cap One although cheap with clis to be better with their fees.

Message Edited by casinoannie97 on 12-28-2009 08:55 AM

Re: Applied bank

Anonymous — Mon, 28 Dec 2009 16:56:06 GMT

Paying for CLI's is an old Providian trick. It's a scam.

Re: Applied bank

Anonymous — Mon, 28 Dec 2009 17:01:33 GMT

sure it's bad but when you're in trouble, it's a start.

Re: Applied bank

Anonymous — Mon, 28 Dec 2009 17:20:53 GMT

casinoannie97 wrote:
sure it's bad but when you're in trouble, it's a start.

Not for long. The fee harvester cards are going to be slammed by the Credit CARD Act of 2009 in two months. It will be interesting to see if they are able to reformulate their scam game to circumvent the new legal provisions.

Re: Applied bank

thunderxls — Tue, 29 Dec 2009 00:17:58 GMT

My experience has been good with Applied Bank, currently I have 3 cards with them. Payment posting has been excellent when done via Bill Pay at my bank, it credits the same day. The only down side is reporting to only 2 bureaus, Trans and Experian, not Equifax which is what 90% of lenders use in my state. I highly recommend Ordchard Bank, and Public Savings Bank for great secured rebuilding cards.

Re: Applied bank

lindel — Tue, 29 Dec 2009 04:49:03 GMT

How is that possible? They advertise that they report to EQ.

Re: Applied bank

lindel — Tue, 29 Dec 2009 04:53:20 GMT

I have applied to BOA and Capital One and was denied. I figured this would help me because I have no revolving accounts. But i have some baddies on credit as well.

Re: Applied bank

Anonymous — Wed, 30 Dec 2009 17:13:57 GMT

they helped me and got me started after BK. I was grateful. Orchard also. I didn't have to pay for clis with them..They were auto.

Re: Applied bank

Anonymous — Wed, 30 Dec 2009 17:23:43 GMT

The high fee cards are basically "secured cards" on lay away plans. By the time you pay the initial fees, app fees, annual fees, program fees, monthly maintenance fees, etc. by the end of 1 year they have charged you almost or as much as your CL....so from that point forward they have no real risk of a loss on the account.

This is WHY I recommend a good CU secured card. Put those fees into a savings account and build a real relationship. If you want 2 cards, go for another secured. This way you get to KEEP your fees (savings) and have the credit card. And once you get to graduate to unsecured, you have your money available in addition to your CL.

Check your local CU's. Check if you qualify with NFCU. Most CU's that offer secured cards have no fees, low rates and you get a long term financial relationship to finance autos, LOC, home, etc. Builder cards get you a TL. Secured cards get you on a road to real financial freedom.

Of course, IMO only. Feel free to disagree freely

Re: Applied bank

Jazzzy — Wed, 30 Dec 2009 17:26:30 GMT

@Anonymous wrote:
Not for long. The fee harvester cards are going to be slammed by the Credit CARD Act of 2009 in two months. It will be interesting to see if they are able to reformulate their scam game to circumvent the new legal provisions.

http://www.argusleader.com/article/20091218/NEWS/912180322

First Premier apparently intends to make their profits through a 79.9% interest rate. This is not circumventing the new legal provisions. It's just circumventing common sense.

Re: Applied bank

Anonymous — Wed, 30 Dec 2009 17:56:44 GMT

@LynetteM wrote:
@Anonymous wrote:
Not for long. The fee harvester cards are going to be slammed by the Credit CARD Act of 2009 in two months. It will be interesting to see if they are able to reformulate their scam game to circumvent the new legal provisions.
http://www.argusleader.com/article/20091218/NEWS/912180322

First Premier apparently intends to make their profits through a 79.9% interest rate. This is not circumventing the new legal provisions. It's just circumventing common sense.

This is a misinterpretation of the APR. The 79.9% APR is the effective APR including all of the various fees imposed. There are restrictions on fee harvester cards contained in the Credit CARD Act of 2009 that will substantially curtail the ability to issue this type of card in the first place and force issuers like FP to alter their game plan:

SEC. 105. STANDARDS APPLICABLE TO INITIAL ISSUANCE OF SUBPRIME OR ‘FEE HARVESTER’ CARDS.
Section 127 of the Truth in Lending Act (15 U.S.C. 1637), as amended by this Act, is amended by adding at the end the following new subsection:
‘(n) Standards Applicable to Initial Issuance of Subprime or ‘Fee Harvester’ Cards-
‘(1) IN GENERAL- If the terms of a credit card account under an open end consumer credit plan require the payment of any fees (other than any late fee, over-the-limit fee, or fee for a payment returned for insufficient funds) by the consumer in the first year during which the account is opened in an aggregate amount in excess of 25 percent of the total amount of credit authorized under the account when the account is opened, no payment of any fees (other than any late fee, over-the-limit fee, or fee for a payment returned for insufficient funds) may be made from the credit made available under the terms of the account.
‘(2) RULE OF CONSTRUCTION- No provision of this subsection may be construed as authorizing any imposition or payment of advance fees otherwise prohibited by any provision of law.’.

Re: Applied bank

Anonymous — Sat, 02 Jan 2010 20:22:27 GMT

TX JOHN:
Yes I agree. I wish I knew that 9 Years ago. However, CAP ONE started out in 2002 with A/F and deposit for a 300 cl. Now they are a rewards card with 5400 cl and they sent back my deposit a longggggggggggg time ago. Out of the three, Premier, Applied and Cap One they are only ones to do this.

Re: Applied bank

Anonymous — Sun, 03 Jan 2010 03:18:55 GMT

@Anonymous wrote:
I started out with Applied (It was CountryCross Bank) The fees are exorbitant. You pay for every cli. It was like 100.00 each time I got one. My highest cl before closing was 1575 They wanted to charge me so much a month when I got over 1000 so I closed.

They are pretty bad but served their purpose Probably on a par with Premier.

I foound HSBC and Cap One although cheap with clis to be better with their fees.
Message Edited by casinoannie97 on 12-28-2009 08:55 AM

u got that crap right....when i tried for for a cli, she said i was eligible but there was a 100 fee. so i asked her what kind of cli will i get, she stated she dont know it could be from 100 and up...i said thats ok, i will stick with my $850 limit

Re: Applied bank

Anonymous — Sun, 03 Jan 2010 14:41:13 GMT

I think I posted before. When I got to over 1000 cl they wanted to charge me so much a month. That' swhen I closed.

They actually wanted to penalize me for building my credit. Bummer!!!

Orchard treated me a lot better and gave me clis automatically. I thought they were pretty good starter card compared to those other vultures.

Re: Applied bank

Anonymous — Sun, 03 Jan 2010 18:19:03 GMT

Orchard is vastly better than FP, Applied, Millennium, etc. They are actually fairly civilized. So is HHB.

Re: Applied bank

Anonymous — Mon, 04 Jan 2010 01:46:24 GMT

@Anonymous wrote:
Orchard is vastly better than FP, Applied, Millennium, etc. They are actually fairly civilized. So is HHB.

Re: Applied bank

Anonymous — Tue, 05 Jan 2010 04:35:05 GMT

The strange thing is that while Premier and Applied were doing these awful charges Tribute (another vulture now out of business I think) offered me 3250 cl with absolutely no fees. I denied it but thought it was really strange.

Re: Applied bank

Anonymous — Tue, 05 Jan 2010 05:38:15 GMT

Tribute had serious legal problems.