topic Re: Should I accept First Premier Platinum Offer? in Credit Cards

Should I accept First Premier Platinum Offer?

Anonymous — Thu, 31 Jan 2013 22:39:55 GMT

Okay, so I know this cards sucks and it comes w outrageous fees. $175 out of the $700 line is charged right off the bat. My current situation is this, my wife and I are looking to buy a house this year and I need to bring up my score at least 40 points. I am currently 620-634 with only two good lines of credit. I have a student loan that is perfect for about 25 months ($9200 bal), and a Cap 1 secured w $300 line perfect for 7 months. I recently requested a CLI from Cap 1 and was denied and that's probably why I got this offer. Long story short, I need more lines, and I need to boost my score. I will have no problem making the payments and would most likely keep the card the 1st year and boost my score and close it before the monthly fees start. Should I go for it? Or do I wait a bit and maybe I will get another better offer? This is the first unsecured line (if you can call it that) I have been offered. My wife did recently add me as an auth user on a her discovery card (500) and we are in the process of adding my the Wells Visa (6000), but not sure how much that will help.

Any advice is appreciated, thank you!

Re: Should I accept First Premier Platinum Offer?

Anonymous — Thu, 31 Jan 2013 22:46:35 GMT

Please don't do it. If you are a member of a CU or have a local CU, try going through them first. FP is a flock vultures out to beat customers across the head any way possible. You can do so much better. Why not BofA or someone else? I'd take BofA over FP any day.

Re: Should I accept First Premier Platinum Offer?

Anonymous — Thu, 31 Jan 2013 22:48:39 GMT

Do NOT get a First Primier card.

The fee is outrageous.

You're better off trying for a Walmart card IMO

Free FICO and it's pretty easy to get. I got mine after 9 months with Cap1 secured, you should be fine.

Re: Should I accept First Premier Platinum Offer?

afbar1114 — Thu, 31 Jan 2013 22:48:59 GMT

The bank could red flag you for seeing it on your report. I had a FP card and was denied a recon because it was open. I closed it tried two months later and approved.

Re: Should I accept First Premier Platinum Offer?

Anonymous — Thu, 31 Jan 2013 22:51:54 GMT

I meant to add, if you aren't looking soley for major cards, GECRB accounts are fairly easy to get, and they're generous with CLI.

Re: Should I accept First Premier Platinum Offer?

Anonymous — Thu, 31 Jan 2013 23:14:43 GMT

NO WAY, should you accept !!!! I would do without a cc if that was the only one i could get

Re: Should I accept First Premier Platinum Offer?

Walt_K — Thu, 31 Jan 2013 23:25:52 GMT

You'd be better off adding another secured card, like BofA's secured card instead of getting a card from First Premier.

Re: Should I accept First Premier Platinum Offer?

09Lexie — Thu, 31 Jan 2013 23:31:27 GMT

@Walt_K wrote:
You'd be better off adding another secured card, like BofA's secured card instead of getting a card from First Premier.

Re: Should I accept First Premier Platinum Offer?

shols44 — Thu, 31 Jan 2013 23:32:35 GMT

Don't do it bro! Run for the hills. If your capone card is young, within 3 months, you will mostlikely be able to get an unsecured card with them. If you have some extra cash, then opening a second secured card is still better than accepting FP.

I CANNOT think of any reason to accept this card. FP Bank probably has a room where all monthly bloodsucking is tabulated and scored. Run!

BTW...make sure you return the prepaid envelope with a ridiculous name!

Re: Should I accept First Premier Platinum Offer?

insidious28 — Thu, 31 Jan 2013 23:33:06 GMT

I wouldn't do it. You say you are gonna buy a house this year and that you need to bring scores up 40 points and you already have a few tradelines. What do you think is hurting your score? You need to figure out what you can do first to raise your score befor you app for cc's. Most of the time but not in all cases, apping and getting approved for cc's lower yyour score first but then over time it will come back up again. What is it in your credit report that keep your scores around the 620-634 range? Might want to take a look at that first before you app for any cc's. Is it just that you are new to credit and your tradelines are young or is it other factors such as a derog, utilization, etc.... To raise a score by 40 points fast, takes someone with bad credit and able to remove a collection or 2 or judgements from the credit reports. I'm not saying this is you but I'm just saying how hard it is to raise a score by 40 points fast.

Re: Should I accept First Premier Platinum Offer?

zerobacan — Thu, 31 Jan 2013 23:52:43 GMT

NOOOOOOOOOOOOOOOO

I know how you feel after being denied a CLI from capone. and then getting a sweet preaproved 700 limit. it sound healing, but

NO, you have way better offers that do not need a pre aproved crap letter.

My advise is to go apply for, a Credit Union, they are sweet as angels, if you dont get it try Walmart, then maybe a newcommer capital one, and then if you cannot get any of those, get that FP crap.. good luck and let us know how you do.

Re: Should I accept First Premier Platinum Offer?

Anonymous — Fri, 01 Feb 2013 00:06:03 GMT

Thanks guys haha FP is not too popular around here. The offer is in the trash. My credit was really bad until a few years ago. I currently have 3 collections, although my Fico only shows the one w Ford as an open collection. They are from 2010 or before and thats why my credit is so bad. I was part of the banking bubble that exploded in 07/08. Ford charged off the debt and cavalry has the collection. Should I focus on paying off these collections before anything else?

Re: Should I accept First Premier Platinum Offer?

nuggets321 — Fri, 01 Feb 2013 00:19:42 GMT

The advice on this forum is pretty solid .... FP (in my view) would not do enough to help you to justify putting up with the drama and expense $$.... GECRB (Walmart) is known to grow with you and provides you a TU Fico each month.( May come in really handy for you, since you seem to monitor your scores) In short, If it were me , I would have a good laugh tossing ANY F.P. offers in the trash

Re: Should I accept First Premier Platinum Offer?

Anonymous — Fri, 01 Feb 2013 00:25:33 GMT

@Anonymous wrote:
Thanks guys haha FP is not too popular around here. The offer is in the trash. My credit was really bad until a few years ago. I currently have 3 collections, although my Fico only shows the one w Ford as an open collection. They are from 2010 or before and thats why my credit is so bad. I was part of the banking bubble that exploded in 07/08. Ford charged off the debt and cavalry has the collection. Should I focus on paying off these collections before anything else?

I doubt any more Credit Lines will help much. Cleaning up the collections if you can will help tremendously.

Re: Should I accept First Premier Platinum Offer?

Jkusa — Fri, 01 Feb 2013 00:26:21 GMT

I did, with a 300 CL.... closed it one year later.

My recommnedation is that if you have ANY other options then pass on FP.

Re: Should I accept First Premier Platinum Offer?

Anonymous — Fri, 01 Feb 2013 01:05:18 GMT

Thanks so much for all of your help guys. I am gonna start with the collections, and go from there.

Re: Should I accept First Premier Platinum Offer?

BearsAndTurtlesRtheBest — Fri, 01 Feb 2013 01:09:40 GMT

NOOOOOOOOOO it just shows how bad your credit is!! You can re-build or establish with better cards than FP. DONT DO IT!!! IS ALL I SAY

Re: Should I accept First Premier Platinum Offer?

cashnocredit — Fri, 01 Feb 2013 01:13:12 GMT

@BearsAndTurtlesRtheBest wrote:
NOOOOOOOOOO it just shows how bad your credit is!! You can re-build or establish with better cards than FP. DONT DO IT!!! IS ALL I SAY

I was tempted back when and I'm sure glad I didn't. Wouldn't want even a good TL from those bastards on my CR for 10 years after I closed it.

Re: Should I accept First Premier Platinum Offer?

BearsAndTurtlesRtheBest — Fri, 01 Feb 2013 01:28:29 GMT

@cashnocredit GOOD! as to everybody else if you every feel like FP or credit one is your only option GO WALK IT OUT UNTIL YOU CLEAR YOUR MIND! GO FOR WALMART OR YOUR LOCAL CU INSTEAD they will do you MUCH (5x's) MORE GOOD!!!

Re: Should I accept First Premier Platinum Offer?

Walt_K — Fri, 01 Feb 2013 02:07:18 GMT

@Anonymous wrote:
@Anonymous wrote:
Thanks guys haha FP is not too popular around here. The offer is in the trash. My credit was really bad until a few years ago. I currently have 3 collections, although my Fico only shows the one w Ford as an open collection. They are from 2010 or before and thats why my credit is so bad. I was part of the banking bubble that exploded in 07/08. Ford charged off the debt and cavalry has the collection. Should I focus on paying off these collections before anything else?
I doubt any more Credit Lines will help much. Cleaning up the collections if you can will help tremendously.

Be aware that by cleaning up collections, people mean getting them removed. Paying a collection will not improve your score. A collection is scored the same if it is paid or not. You may already be aware of that, but wanted to be sure.

For the one open collection, offer to pay in exchange for deletion (PFD) if you can. For those you already paid, you'll just have to write them asking for a goodwill (GW) deletion. For GW especially, you have to be persistent. You're unlikely to get a positive response the first time you write to them.