First premier credit card pre-approval

[Anonymous]

I have a 1st Premier and I hate it!!!!  Never use it and they charge me like $9 per month!!!!!  Them and Credit One.  I got those when coming out of a BK so I didn't really have a choice but now scores are up in the high 600's so no need for them.  I never really used those cards just needed to rebuild.  I need to cancel them.

[financialfreedom777]

Sound advice, thanks a bunch

[financialfreedom777]

Thanks! I wasn't able to get the self lender card seeing as I live in Puerto Rico. I opened the account with a US address (🤭🤫🤫🤫🤫) but couldn't do the same for the card.

Nevertheless, the advice of most here is to steer clear from this offer so I'll kish the first premier snail mail.

[financialfreedom777]

You always offer sound advice.

Thank you credit-recovery sensai

[financialfreedom777]

So here's the update, I've read all your rwplies, thought I must admit I sat on the advice before actually replying. But, you guys are right, as usual and I am so grateful.

I have trashed the offer. No offer is better than a terrible offer.

You guys rock!

J

[Jeffhacker]

I'm sitting here laughing.  And agree fully with most.  First Premier is not a predatory lender, but a sub-prime lender.  They charge high fees but if you need a card (I think they're primarily MasterCard these days) at least you will have one (if you're traveling and need to rent a car, for example).  Otherwise, I'd stay away from them, Credit One, or First National South Dakota.  They all work the same way.  The only good thing is that they do report to the Credit Reporting Agencies.

BTW, one poster suggested paying off your Charge Off in a lump sum so it would go away.  It won't.  The Charge off will stay on your credit report for seven years, BUT it will show as  paid.  If you get it paid off, you may see most of the negative effects go away after a couple of years, but the CO will remain for the full seven years.

[Anonymous]

Oh, hey! Late to the party but here's my two cents. Stay away from First Premier, I read more times than I can count to avoid them and of course I made the poor decision to still take one of their offers. We were still new in the re-build process and still learning to handle our money but we were going on vacation, so you know the wise thing was to get another card. - insert eye roll and intense sarcasm- As someone who has been in your shoes and still struggling with my scores, I can tell you, don't take every offer you get. Stay the course and you will be rewarded. When DW and I started our rebuild process her scores were barely 500, mine were high 500s. Here we are four years later, a year and a half of strict credit watch - DW's scores are all within 10 pts of 700 and mine are mid-high 600s. From our experience, I can tell you that being in the low end of credit scores, every little thing hits your score and the growing process is so SLOWWWWW. Now DW's score barely sees any movement. We purchased a house in August of last year, her score took a 2 pt hit; we purchased a camper in November, her score grew 5 pts. My scores which are still trailing behind still see hits every time we make a move, the house cost me 13 pts and the camper another 11 pts. Stay the course! You got this!