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Just paid off my car... time for a 2nd

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meeklo062704
New Contributor

Re: Just paid off my car... time for a 2nd


@StartingOver10 wrote:

3 inqs isn't bad at all. You are safe to make application for a card or two. I don't think you need to go the secured route either. I would stay away from First Premier though. Try Cap One (not secured). Look in the rebuilding thread for some suggestions. I think you will be surprised at what you can get now.


That's surprising. I tried for cap one a little over a year ago and got denied. The only thing that's changed since then is my ER visit that was split into 3 separate collection accounts is a judgement that I'm making payments on now. Is making "as per agreed" payments on a judgement viewed more favorably than the collections? Just out of curiosity, why stay away from first premier? I'm expecting to catch a bad deal on my first card, I just wanna get my wallet in the door. So I'm setting my sites low and going for the easy yes.

Message 11 of 12
StartingOver10
Moderator Emerita

Re: Just paid off my car... time for a 2nd

First Premier is what is known as a 'fee harvester card' 

 

The rate is high. The fees are high. The limit is low. If it is the only card you can get, then you can use it to get started on your cc rebuilding process as long as you remember it comes loaded with a bunch of fees on the very first billing (which is immediate). Pay those fees and then it will show a zero balance.  If you know what you are getting going in, and use it as a tool to get your score to where you will get other cards then cancel it can work. Just trying to save you some frustration with the card.

 

Your scores don't seem bad enough to just have a FP card though.

 

Card requirements have loosened up in the past 12 months so you may find that you are eligible for cards this year when you weren't last year. I mention the rebuilding forum because over there they list specific cards and how easy or hard they are to get.

Message 12 of 12
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