topic Re: First Progress in Credit Cards

First Progress

Anonymous — Thu, 03 Apr 2014 16:39:29 GMT

I just got preapproved for a first progress secured credit card. My question is, is this an actual credit card with a credit limit or is this a prepaid card? I have to make an initial deposit of $300, which is fine. However, I want to know if this is prepaid or will my credit limit increase every month/6 months, etc.

Re: First Progress

gdale6 — Thu, 03 Apr 2014 16:53:51 GMT

@Anonymous wrote:
I just got preapproved for a first progress secured credit card. My question is, is this an actual credit card with a credit limit or is this a prepaid card? I have to make an initial deposit of $300, which is fine. However, I want to know if this is prepaid or will my credit limit increase every month/6 months, etc.

A secured CC is a real CC with a limit (the amount you deposit in the bank). To increase the limit you would need to deposit more money. Very few secured cards will give you an unsecured CLI.

Re: First Progress

Anonymous — Thu, 03 Apr 2014 17:04:29 GMT

Thanks for the response! Do you know any of the secured ones that will give you an unsecured CLI?

Re: First Progress

gdale6 — Thu, 03 Apr 2014 17:23:19 GMT

@Anonymous wrote:
Thanks for the response! Do you know any of the secured ones that will give you an unsecured CLI?

I have read on this board of BoA doing $100 unsecured CLIs on secured CC.

Re: First Progress

mongstradamus — Thu, 03 Apr 2014 17:31:27 GMT

@Anonymous wrote:
Thanks for the response! Do you know any of the secured ones that will give you an unsecured CLI?

When i was in my rebuilding phase, Cap one gave me an sp cli on my secured card. Wasn't an whole lot but it was something.

Re: First Progress

Creditaddict — Thu, 03 Apr 2014 17:33:54 GMT

Capital One gives unsecured CLI but it will never actually unsecure.

BofA is by far the best secured card if you can get it, I have not heard of them giving unsecured CLI because they unsecure the entire card in usually 9 months and give at least $1k upon unsecuring and many of the times you can CLI thousands with credit analyst if you have repaired your credit by then.

Re: First Progress

Anonymous — Thu, 03 Apr 2014 18:08:25 GMT

Thanks all! I will inquire and let you know of my findings, if any! Lol. Thanks again!

Re: First Progress

spencerbetz — Fri, 02 May 2014 00:31:41 GMT

My FICO score was 725 before getting Synovus Bank’s First Progress's Mastercard. The broker that handled the loan in July 2013 had suggested that it would increase my credit score even more if I were to obtain a couple of more credit cards. I had one BofA Visa card at the time... So I applied for a $300 secured card from First Progress and did so simply to increase my score not because I actually 'need' a credit card.

That was maybe three months ago and I have used the card and paid it off within a few days every time... And everything seemed fine..... Until today. I received a notice from Experian that my credit score dropped significantly... 26 POINTS to be exact... I signed on to Experian (I pay for the monthly Membership) and sure enough, there it was... Notice that my credit score dropped by 26 Points thanks to First Progress and it changed my FICO score from Excellent to Fair.

Not sure why or how, I look at the emailed statement just in from First Progress and see the First Progress statement says Previous Balance $0 (I pay in full every statement) and that this statement I just received shows a new balance of $270.85 with a payment due on or before 5/19/14. I literally just got this statement and am paying the full balance off which in the next month or so when First Progress reports a $0 balance, should bring my score back to where it was, but that's not the point. Using this card and not paying the balance the same day or day after you make a purchase it will actually take your credit score down by HUGE points...

This card is not worth having... Go to a reputable bank...

Re: First Progress

MidnightJester — Fri, 02 May 2014 01:03:08 GMT

I think your drop in score was due to a high Credit Utilization. It would of happened with anycredit card you would have if your balance was that close to your limit

Re: First Progress

TiggerDat — Fri, 02 May 2014 01:06:20 GMT

@spencerbetz wrote:
My FICO score was 725 before getting Synovus Bank’s First Progress's Mastercard. The broker that handled the loan in July 2013 had suggested that it would increase my credit score even more if I were to obtain a couple of more credit cards. I had one BofA Visa card at the time... So I applied for a $300 secured card from First Progress and did so simply to increase my score not because I actually 'need' a credit card.

That was maybe three months ago and I have used the card and paid it off within a few days every time... And everything seemed fine..... Until today. I received a notice from Experian that my credit score dropped significantly... 26 POINTS to be exact... I signed on to Experian (I pay for the monthly Membership) and sure enough, there it was... Notice that my credit score dropped by 26 Points thanks to First Progress and it changed my FICO score from Excellent to Fair.

Not sure why or how, I look at the emailed statement just in from First Progress and see the First Progress statement says Previous Balance $0 (I pay in full every statement) and that this statement I just received shows a new balance of $270.85 with a payment due on or before 5/19/14. I literally just got this statement and am paying the full balance off which in the next month or so when First Progress reports a $0 balance, should bring my score back to where it was, but that's not the point. Using this card and not paying the balance the same day or day after you make a purchase it will actually take your credit score down by HUGE points...

This card is not worth having... Go to a reputable bank...

It really wasn't Synovous that caused that score drop, it was the utilization which was reported. If you limit is only 300 and your util was 271 then this means that 95% of the available limit was used. At such a high amount, it means a hard hit to your report even if it was just on this dne card. My score drops when this happen. Overall utilization is important, but even one card can impact it. Depending on what the BofA card is, it might lessen the blow a little.

Re: First Progress

TiggerDat — Fri, 02 May 2014 01:09:52 GMT

To the OP;

Merrick's secured card gives CLIs, but can never graduate.

I think Wells Fargo and US Banks secure cards can graduate and then later become unsecure.

Re: First Progress

spencerbetz — Fri, 02 May 2014 01:13:58 GMT

Well, ever part of me wanted to cancel it when I paid it in full... but the right brain said don't cancel it, just don't use it... Thank you for telling me it's not just me that it's happened to others... I bought an $780K home in July (closed escrow August 6, 2013) and probably should have just left it at that...