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59.9% APR

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haulingthescoreup
Moderator Emerita

Re: 59.9% APR

 


@Bcunniff9 wrote:

I have it. No problems with it so far. The 59.99% means nothing to me if I pay the balance off every month. Be responsible with credit and you wont be hit with apr and fees. 


 

I've never heard of anyone being able to avoid the First Preemie fees simply by PIF'ing.

 

Sure, you don't pay interest, but you still have the fee for breathing in and the fee for breathing out and all the rest.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 11 of 16
stan_the_man
Established Contributor

Re: 59.9% APR

Technically, the fees are finance charges even though they aren't levied as a percentage of debt.

Message 12 of 16
Wolf3
Senior Contributor

Re: 59.9% APR

Some of the cards had a 50% finance charge on CLI.   IMO, that is the most outrageous fee they have,

Message 13 of 16
Bcunniff9
Regular Contributor

Re: 59.9% APR

Well thats the price I pay for screwing up my credit. 

BK7 Filed | 3/25/2016 | EQ: 530 | EX: 526 | TU: 505
BK7 Discharged | 7/11/2016 | EQ: 535 | EX: 574 | TU: 506
Current FICO 8’s 10/28/2017 | EQ: 680 | EX: 680 | TU: 665
Message 14 of 16
JayRizzo
Established Contributor

Re: 59.9% APR

I don't accept that 'price to pay' answer.  I'd rather start with a secured card from my local Credit Union before I get bent over by a company known to withhold payments beyond due dates to collect late fees; charge waaaay over the top fees 59.99% -- I'd take my chances owing the Sopranos; and they charge you a cli fee which is half of the amount of the cli and charge 100% interest on that!  I posted a video link in the 'Credit News' section.  Check it out and see what the former CEO of these companies have to say about what they do to customers to collect those fees -- totally illegal!!!  I started the traditional way, with a department store card and built up slowly.

Message 15 of 16
haulingthescoreup
Moderator Emerita

Re: 59.9% APR

+1

 

Seriously, there are better ways to rebuild credit out there.

 

If you genuinely can't find anything better than First Preemie, either hold off for the time being while you work on your credit, or keep them for as short a time as possible until you improve enough to get something better, and then kick them to the curb.

 

They do a nice business by convincing people that this really is the price to pay for past problems. But that's not necessarily so.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 16 of 16
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