topic Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee in Credit Cards

Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

Iamien — Tue, 26 Jun 2012 20:51:29 GMT

Checked the mail for by BCE or for Freedom, was dissapointed by finding this "Offer" in my mailbox alone. How many people accept these offers. $175 in annual fees?

Oh well, I have now Opted out of pre-approval offers for 5 years. The number for that if anyone is curious is 1-888-567-8688

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

Datx — Tue, 26 Jun 2012 20:54:12 GMT

Unfortunately there are folks out there that would jump on that offer. These are the folks that have yet to join this great forum.

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

Iamien — Tue, 26 Jun 2012 20:58:35 GMT

Can those people read? I'd like to know if there is an upper bound to credit offers. If I had an 800 score would these companies know better than to waste postage sending me a copy of the offer.

Though I guess most people with sense opt out of these offers.

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

Walt_K — Tue, 26 Jun 2012 21:16:56 GMT

@Iamien wrote:
Can those people read? I'd like to know if there is an upper bound to credit offers. If I had an 800 score would these companies know better than to waste postage sending me a copy of the offer.

Though I guess most people with sense opt out of these offers.

For the most part, yes. Anyone who has been through the rebuilding journey can attest to the fact that you get bombarded with the FP and similar offers at the beginning and then they fall off as your credit improves. I'm not saying they never send them to people with good credit, but it is definitely much rarer to receive them after a certain point. I don't think I've received anything from them in years.

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

Anonymous — Tue, 26 Jun 2012 23:43:10 GMT

175 annual fee? wow smh

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

Revelate — Tue, 26 Jun 2012 23:50:02 GMT

Sometimes FPB and similar (CreditOne is the one that keeps sending me junk offers) are the ones who will offer unsecured credit to the very subprime strata.

If you can't come up with the deposit for a secured card (though given it's only like $100 for multiple lenders and I would suggest to re-evaluate your financial life before worrying about FICO in that case) then there's not a lot of choice... plus some people do get denied for secured cards if they have outstanding judgements and other big derogs on their reports.

Really, $175 in fees per year is a lot, but I've spent way more than $175 in the last six months even financing subprime tradelines with a long-term goal of improving my FICO score... have to start somewhere.

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

tmbr10 — Wed, 27 Jun 2012 00:00:28 GMT

@Anonymous wrote:
175 annual fee? wow smh

Been there before. FP was once the only creditor that would even look in my direction.

Thanks for the courtesies but I hope to NEVER do business with them again.

Sorry FP

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

Anonymous — Wed, 27 Jun 2012 00:40:39 GMT

@Iamien wrote:
Can those people read?

I'm sure they can; unfortunately, many are focused on the prospect of a $700 spending spree...

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

Anonymous — Wed, 27 Jun 2012 23:07:20 GMT

I wouldnt be happy with a 59 AF, but to each his own

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

scottwagnon — Wed, 27 Jun 2012 23:22:26 GMT

@Anonymous wrote:
@Iamien wrote:
Can those people read?
I'm sure they can; unfortunately, many are focused on the prospect of a $700 spending spree...

It is quite sad that there are those that see this as an opportunity to have a shopping spree with no thought and perhaps intention of paying it back. When we receive a prime card offer in the mail, we are thrilled because we have a new opportunity to advance ourselves and increase our score in order to pay the way to better future opportunities. When these non self respecting folk open their mail, they long for any opportunity to receive a card offer as if it were free money to spree at Walmart to buy things they really don't want or need.

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

Anonymous — Thu, 28 Jun 2012 00:40:37 GMT

@Walt_K wrote:
@Iamien wrote:
Can those people read? I'd like to know if there is an upper bound to credit offers. If I had an 800 score would these companies know better than to waste postage sending me a copy of the offer.

Though I guess most people with sense opt out of these offers.
For the most part, yes. Anyone who has been through the rebuilding journey can attest to the fact that you get bombarded with the FP and similar offers at the beginning and then they fall off as your credit improves. I'm not saying they never send them to people with good credit, but it is definitely much rarer to receive them after a certain point. I don't think I've received anything from them in years.

+1

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

Anonymous — Thu, 28 Jun 2012 02:56:42 GMT

I gladly pay the BCP AF.

There are definitely better cards available than FP but a lot of people start off rebuilding with bad cards. Four or so years ago I had a co-branded card from 5th/3rd bank with a whopping $500 limit, LOL! FWIW, the low limit kept me focused on not spending too much.

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

CreditScholar — Thu, 28 Jun 2012 02:58:45 GMT

@Anonymous wrote:
@Walt_K wrote:
@Iamien wrote:
Can those people read? I'd like to know if there is an upper bound to credit offers. If I had an 800 score would these companies know better than to waste postage sending me a copy of the offer.

Though I guess most people with sense opt out of these offers.
For the most part, yes. Anyone who has been through the rebuilding journey can attest to the fact that you get bombarded with the FP and similar offers at the beginning and then they fall off as your credit improves. I'm not saying they never send them to people with good credit, but it is definitely much rarer to receive them after a certain point. I don't think I've received anything from them in years.

+1

It's rarer but still happens occasionally. My FICO has been ~800 for the past 5 years or so, and I'm still occasionally getting spam from First Premier.

I've never had to rebuild, so I'm not sure where they're getting my their info from. My guess is they also purchase people's details from places they deem to have a higher proportion of their target clientele.

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

JusdoNit — Thu, 28 Jun 2012 03:08:59 GMT

No cards with fees except Amex and maybe a couple of others in that same league as the BCP and of course JP Morgan Plaw-dow card.

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

negg — Thu, 28 Jun 2012 04:13:18 GMT

How's this get my mail today. Offer from credit one and pre approved discover. Guess which one got a response ?? That's right I took the credit one offer. Haha just kidding. Shredded the credit one. Got approved for 1500 on discover. Thanks discover. My last FP letter was last week. $700 limit blah blah.

Re: Hot offer from First Premier Bank. $700 CL, $175 Annual Fee

Anonymous — Thu, 28 Jun 2012 11:44:04 GMT

I'm pretty sure the credit card act made the maximum annual fee 25% of the initial credit line so 170/700 is the maximum you will ever see. I'm not sure how that helps consumers to cap it at 25%...