topic Re: First Premier CL Increase? in Credit Cards

First Premier CL Increase?

Anonymous — Tue, 14 Aug 2012 01:25:16 GMT

Was wondering if anyone has had success with CLI with First Premier? I have noticed many who have them with same CL as me($300), but these same people have other cards with $750, $1k, $2k limits!? How is this possible?

I have had them just over 18 months with no late payments ever. Was actually declined CLI 6 months ago with 590s credit score, but then offered another separate card from them 2 months ago with 540s credit score and was approved, so now I have 2 $300 CL First Premier credit cards.

Re: First Premier CL Increase?

LS2982 — Tue, 14 Aug 2012 01:33:35 GMT

@Anonymous wrote:
Was wondering if anyone has had success with CLI with First Premier? I have noticed many who have them with same CL as me($300), but these same people have other cards with $750, $1k, $2k limits!? How is this possible?

I have had them just over 18 months with no late payments ever. Was actually declined CLI 6 months ago with 590s credit score, but then offered another separate card from them 2 months ago with 540s credit score and was approved, so now I have 2 $300 CL First Premier credit cards.

What are the APR's on those things?? AF's???

With 18 months history you need to AXE FP for good!!!!

-What are your current scores??

-AAoA?

-Any Baddies?

Re: First Premier CL Increase?

Anonymous — Sat, 18 Aug 2012 17:44:27 GMT

What are the APR's on those things??

18.99%, however I have hardly paid much as I usually PIF

AF's???

$6.25 or so a month

With 18 months history you need to AXE FP for good!!!!

They are listed as second longest account I have! Also 18mths is only on ONE card, just got other a couple months ago

-What are your current scores??

Current scores are Eq 557 Ex 611 Tran 540

-AAoA?

2 1/2 years

-Any Baddies?

Yes many of which I've been attempting PDFs and GWs, 7 total collections(sent PFDs on all 2 weeks ago) and 5 total late payments on 48mths auto loan that will be paid off this month, but sent GW letter for those 2 weeks ago as well.

Goodies include 5 revolving(including 2 FPs($300 each), Kay Jewelers($500), Fingerhut($400), Gettington($300) All always paid on time, 43mths on time auto loan($10,000) payments, current $2000 installment loan, always paid on time, a $1500 closed installment loan always paid on time, and a small student loan paid off from 2004.

So please advise as I'm open to any considerations or advice?

Thanks

Re: First Premier CL Increase?

Jlu — Sat, 18 Aug 2012 18:03:28 GMT

Don't do it. They charge like 30% of the CLI amount. Re-dic-u-lous. Not worth it. Keep em for a year and drop em before the AF hits.

Just re-read your post - you have 2 separate FP CC's with AF's? And you still don't have good enough credit for a Cap1 or semi-prime Barclaycard/GE card? That is insane - you are paying $150 in AF's plus there was probably a $95 one-time set up fee for each card. Plus 4.95 internet access fee, plus 30% CLI increase fee plus 25-40% APR ..are you seeing what I'm saying? Cap1 is $19 or $29 AF or $0 AF promo. The semi-prime cards I talked about are also $0 AF.

Re: First Premier CL Increase?

youngandcreditwrthy — Sat, 18 Aug 2012 18:01:45 GMT

Except Kay's, it doesn't seem like those lenders will grow the limits with you... I'd get some GECRB accounts.... Limits willl grow! You might try just straight up disputing ALL of those collections, even though you already sent PFD letters!:-)

Re: First Premier CL Increase?

Anonymous — Sat, 18 Aug 2012 18:31:18 GMT

They charge like 30% of the CLI amount.

25% actually

Keep em for a year and drop em before the AF hits.

They charge the AF in monthly installments

Just re-read your post - you have 2 separate FP CC's with AF's?

Yes! lol

And you still don't have good enough credit for a Cap1 or semi-prime Barclaycard/GE card?

18mths on first FP card, just two months on second. Note my credit scores in reply, already applied for Cap1 and Chevron GE card, didn't think I'd get approved for either

That is insane - you are paying $150 in AF's

That is correct

plus there was probably a $95 one-time set up fee for each card.

Negative, $0, set up fee waived

Plus 4.95 internet access fee,

Waived as well, it seems as if all these 'extra' fees are negotionable

plus 30% CLI increase fee

again, 25%

plus 25-40% APR ..

18.99%, although I hardly ever carry balance

are you seeing what I'm saying?

Yes! Bad credit equals high fees! Lol

Re: First Premier CL Increase?

Anonymous — Sat, 18 Aug 2012 18:34:28 GMT

Well from my research my other 4 revolving accts are proven to be very generous with CLIs, which is why I didnt ask about them. FP have seemed stingy from my research. Yes I do plan to just dispute them all if no response by next week. Just figured it would be easier to simply PFD since all 7 collections only total around $750.

Re: First Premier CL Increase?

Anonymous — Sat, 18 Aug 2012 18:35:02 GMT

Oh and what are GECRB accounts???

Re: First Premier CL Increase?

youngandcreditwrthy — Sat, 18 Aug 2012 18:44:40 GMT

General Electric Capital Retail Bank.... Basically, GE's retail financing division/arm. Usually store cards that are moderately easy approval. If they all delete, you should be golden for a prime lender's card. In either situation, a card backed by GECRB would still be beneficial.

Re: First Premier CL Increase?

Jlu — Sat, 18 Aug 2012 18:49:57 GMT

It would seem as though you are answering our answers. So I will provide a question to your question. What are you asking us? I too have a FP with a $300 limit, but yet I also have a Chase Freedom with a $2k limit. It just means that I am a bit farther along the rebuilding process than you, that's all. You must have more recent baddies since my last 2 are aged 5+ years.

Re: First Premier CL Increase?

Anonymous — Sat, 18 Aug 2012 19:00:02 GMT

Thank You Jlu! That was exactly what I was asking, although indirectly. Sorry. But yes that is what was confusing me. FP $300 limit with $2k limits on other cards seemingly means two things. As you stated, you are farther along with credit rebuilding, obviously based on scores. And that FP doen't give CLIs often, or many don't accept based on high fees. Thanks again. I understand now. For now I will focus on cleaning up baddies, keep my low limits on the 2 FPs, and re-app with other card companies maybe 3-6 months from now assuming all or most of baddies are gone.

Would be awesome if all 7 PFDs and the GW letter are successful! That would mean a huge jump! Lol

Re: First Premier CL Increase?

Jlu — Sat, 18 Aug 2012 19:28:09 GMT

Ah you're welcome! I was beginning to wonder, haha. I had 6 or 7 baddies too when I started and managed to GW/PFD down to 2 - so it is definitely worth the effort. Once you're firmly in the 600 club I'd get a GECRB backed card (Walmart, Amazon, Old Navy etc). Then when you're in the mid to upper 600's you can test your hand at a Zync or Freedom card. At least that is what I would do.

Re: First Premier CL Increase?

Anonymous — Sat, 18 Aug 2012 19:54:03 GMT

Yes, I will definitely be following that advice!

I wrote everything is negotionable because of the following:

I read somewhere that FP reps give out credits for higher payments, so I stopped paying in full via automated system a couple months ago and started calling in to reps a couple days before due date, and 'asking' what my balance and minimum payment is as if I didn't know, then telling them I will simply pay the minimum through the automated system to avoid their fee. Surprisingly, the rep offered to waive the fee($11) AND add a $50 credit to my payment if it is $125 or more! For both cards! Did it last month and thought that would be it, but just got off phone with rep after doing it again! Balances on both cards are usually $225-$275 monthly, but I usually always PIF. But these past two months I've been paying $50 less on each card saving $100! Its like I've been given $200 over the past two months, which is great because technically my yearly fees just paid for themselves and more! Lol. Don't know how long it will last though..

Re: First Premier CL Increase?

Jlu — Sat, 18 Aug 2012 20:08:15 GMT

Wow I will have to remember that. On a $200 balance that is like getting 20% cash back!

Re: First Premier CL Increase?

Anonymous — Sat, 18 Aug 2012 20:19:59 GMT

Exactly! Will ride that wave while its high!

Btw, how long can I expect to deal with these collections? Looking to clear ASAP, for new auto loan that will be needed soon.

Re: First Premier CL Increase?

Jlu — Sat, 18 Aug 2012 20:22:28 GMT

7 years + 180 days from date of first major delinquency unless you can get them to PFD or GW.

Re: First Premier CL Increase?

Anonymous — Sat, 18 Aug 2012 20:34:36 GMT

Oops, rephrasing the question...

How long did it take you to get YOUR accounts PFD and GWed? Ive already started the process.

Re: First Premier CL Increase?

nicholasyud — Sun, 19 Aug 2012 08:23:01 GMT

They sent me a offer for $750 and 150 fees and annual fees and monthly service fee add up after a years is 300 fees with 36% ApR and my credir score is 657 . I were like heo to the nooooooooooooo.............rip off card....stay away from them....

Re: First Premier CL Increase?

Anonymous — Sun, 19 Aug 2012 12:21:25 GMT

150 in fees for a CC? No way

Re: First Premier CL Increase?

LS2982 — Sun, 19 Aug 2012 14:36:55 GMT

Have you tried getting in with Cap1 OP?