topic Re: First Premier - is it worth it? in Rebuilding Your Credit

First Premier - is it worth it?

Anonymous — Thu, 20 Jun 2013 20:09:16 GMT

In my efforts to try and rebuild my credit I have managed to get all but 3 baddies wiped from all 3 CRAs (they are all medical collections and I have paid the OC - just haven't done the follow up with the CRAs to DV) and have opened up a secured visa with my CU at a $450 CL and a $200 CL Secured Capital One card. I currently have a Fingerhut account that is open with a $200 CL and a $35 balance. My question is, should I stick to the cards I have recently obtained or is the First Premier card worth having? I was approved for a $300 CL but the processing fee and annual fee for first year seem pretty steep. Can anyone provide details of their experiences with First Premier? I have some time to decide if I want to pursue the card and I want to make an informed decision as I am attempting to clean up my credit not make it worse.

Thanks in advance

Re: First Premier - is it worth it?

ktm214 — Thu, 20 Jun 2013 20:14:19 GMT

NO! Stay far far away from them!

Re: First Premier - is it worth it?

tbucket101 — Thu, 20 Jun 2013 20:28:27 GMT

DO NOT GET that card.......lol......especially if you have established revolving accounts already....its not worth it....crazy interest rates, fees and whats worse....IF you ever default on it, you will NEVER EVER get it off until it drops off....they wont budge at all.

Even as a customer......forgiveness, on lates and the fees is basically non existant to them...its the worse card in my opinion....I should know, I have had 2 of them and its killing me now.....dont do it.

Re: First Premier - is it worth it?

p- — Thu, 20 Jun 2013 20:38:25 GMT

Nooooooooooooo!

Re: First Premier - is it worth it?

doc101 — Thu, 20 Jun 2013 20:39:38 GMT

By all means please heed the warnings of the other posts and stay far away from First P. I made that mistake years ago by applying and so wish I had researched them a little more before applying. Believe me, you can do a whole lot better going with someone else

Re: First Premier - is it worth it?

p- — Thu, 20 Jun 2013 22:27:56 GMT

doc101 wrote: ...stay far away from First P.

Yes. There can be only one p.

Re: First Premier - is it worth it?

new_earth — Thu, 20 Jun 2013 23:35:44 GMT

I haven't had any issues with them so far. They were my first card when I started in March and once I had that one I was approved for a lot of other things.

I pay either in full or let a tiny balance show on the statement to avoid interest. I pay (with debit card) on the automated phone system which is free. The payment is posted by midnight the next day, and posted back to the balance the following day, if not the same day as that.

I haven't been charged any weird fees other than that initial $95 processing fee. I will most likely close it before the one year to avoid that ridiculous monthly fee, though.

But other than that it has been fine for me.

Re: First Premier - is it worth it?

doc101 — Fri, 21 Jun 2013 00:13:10 GMT

Its just ridiculous to be approved for a $200-300 limit and before you even activate the card, you already have charges against you lowering your limt

Re: First Premier - is it worth it?

newhouse2013 — Fri, 21 Jun 2013 00:21:20 GMT

I haven't had any problems with them BUT I do not carry a balance at all to avoid the crazy interest and when I called last week to ask for a CLI they couldn't even tell me if it would be a hard or soft pull and said that whatever the increase was there would be a 25% fee. Of course I declined to process it and needless to say they are the first to go when I get some prime cards.

Re: First Premier - is it worth it?

Anonymous — Fri, 21 Jun 2013 00:34:28 GMT

I agree the fees are a little excessive but they gave credit to me when no one would and the positive tl is definitely helping my credit. I plan on cutting it loose before the year is up to avoid the af.

Re: First Premier - is it worth it?

doc101 — Fri, 21 Jun 2013 01:35:06 GMT

I agree they will help when no one else will , but those fees are outrageous

Re: First Premier - is it worth it?

Anonymous — Fri, 21 Jun 2013 15:04:52 GMT

Thanks all. I think I will just stick to the secured cards I have recently obtained. I have a $650 total limit and if I stumble upon some extra cash, I can always increase the Cap1 on my own by putting more funds in (which is what I may do every 3 months or so even if its only $100). I thought the First Premier was too good to be true. I guess it is the best option for people who are rebuilding and don't have the immediate funds to make a large deposit on a secured card.

Re: First Premier - is it worth it?

doc101 — Fri, 21 Jun 2013 22:00:05 GMT

now you're thinking smart.......stick with Cap 1 ...........very good to help rebuild credit......they certainly have helped me

Re: First Premier - is it worth it?

p- — Sat, 22 Jun 2013 14:30:52 GMT

doc101 wrote:...stick with Cap 1 ...........very good to help rebuild credit......they certainly have helped me

Ditto. Lot's of people hate on Cap1 here because they don't like to raise the limits on sub-prime cards. But they were my first no annual fee card, my first 4 figure limit, and eventually did let me PC to a prime product. They may not come close to Chase in the rewards department, but are definitely a good piece of a rebuilder's portfolio.