First Premier Pre-Approval - OW!

[SunriseEarth]

This is a rant that I was going to post in the Garden, but this really needed its own thread.

I'm at the beginning of my first real efforts to rebuild.  As such, my scores are definitely in rebuilder territory, so I've been getting some ugly pre-approval offers (and lots of insurance offers, too).   But this FP one I got today is just horrifying...

I was offered a $700 CL.   However, there's an AF of $175 which is charged immediately.  In year two, it goes down to $49.  However, they'll then assess a monthly servicing fee of $14.50.   You might get a CLI after 13 months, but they'll charge a fee of 25% of the CLI.   Want to run a balance?  APR is 36.0%!

Honestly, Credit One doesn't look bad compared to this!  Fingerhut looks far more viable, even. I think that if this offer is even in consideration, you'd be far better off just getting a secured CC.  At least if you give them $175, you'll eventually get it back.  

[myjourney]

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@SunriseEarth wrote:

This is a rant that I was going to post in the Garden, but this really needed its own thread.

I'm at the beginning of my first real efforts to rebuild.  As such, my scores are definitely in rebuilder territory, so I've been getting some ugly pre-approval offers (and lots of insurance offers, too).   But this FP one I got today is just horrifying...

I was offered a $700 CL.   However, there's an AF of $175 which is charged immediately.  In year two, it goes down to $49.  However, they'll then assess a monthly servicing fee of $14.50.   You might get a CLI after 13 months, but they'll charge a fee of 25% of the CLI.   Want to run a balance?  APR is 36.0%!

Honestly, Credit One doesn't look bad compared to this!  Fingerhut looks far more viable, even. I think that if this offer is even in consideration, you'd be far better off just getting a secured CC.  At least if you give them $175, you'll eventually get it back.  

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Garden safe for sure LOL

The shame is it's all legal to......Sad to say

[mrsjr]

Don't take it!!!!!!!!!  Totally not worth it!

[SunriseEarth]

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@myjourney wrote:

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@SunriseEarth wrote:

This is a rant that I was going to post in the Garden, but this really needed its own thread.

I'm at the beginning of my first real efforts to rebuild.  As such, my scores are definitely in rebuilder territory, so I've been getting some ugly pre-approval offers (and lots of insurance offers, too).   But this FP one I got today is just horrifying...

I was offered a $700 CL.   However, there's an AF of $175 which is charged immediately.  In year two, it goes down to $49.  However, they'll then assess a monthly servicing fee of $14.50.   You might get a CLI after 13 months, but they'll charge a fee of 25% of the CLI.   Want to run a balance?  APR is 36.0%!

Honestly, Credit One doesn't look bad compared to this!  Fingerhut looks far more viable, even. I think that if this offer is even in consideration, you'd be far better off just getting a secured CC.  At least if you give them $175, you'll eventually get it back.  

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Garden safe for sure LOL

The shame is it's all legal to......Sad to say

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Oh, I'm gonna mulch this pre-approval and use it to fertilize my seedlings!   LOL

[SunriseEarth]

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@mrsjr wrote:

Don't take it!!!!!!!!!  Totally not worth it!

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Oh, this DEFINITELY would not get me to step out of the Garden!!!

[myjourney]

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@SunriseEarth wrote:

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@myjourney wrote:

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@SunriseEarth wrote:

This is a rant that I was going to post in the Garden, but this really needed its own thread.

I'm at the beginning of my first real efforts to rebuild.  As such, my scores are definitely in rebuilder territory, so I've been getting some ugly pre-approval offers (and lots of insurance offers, too).   But this FP one I got today is just horrifying...

I was offered a $700 CL.   However, there's an AF of $175 which is charged immediately.  In year two, it goes down to $49.  However, they'll then assess a monthly servicing fee of $14.50.   You might get a CLI after 13 months, but they'll charge a fee of 25% of the CLI.   Want to run a balance?  APR is 36.0%!

Honestly, Credit One doesn't look bad compared to this!  Fingerhut looks far more viable, even. I think that if this offer is even in consideration, you'd be far better off just getting a secured CC.  At least if you give them $175, you'll eventually get it back.  

---

Garden safe for sure LOL

The shame is it's all legal to......Sad to say

---

Oh, I'm gonna mulch this pre-approval and use it to fertilize my seedlings!   LOL

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Good use for it ROFLOL

[09Lexie]

Myjourney, you know you are jealous SunriseEarth got that offer!

[SunriseEarth]

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@09Lexie wrote:
Myjourney, you know you are jealous SunriseEarth got that offer!

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I literally LOL'ed at that!  

[Darksyde25]

First Premier was offering my something ridiculous.  I have a lot of credit, but it's all subprime and I have a high UTIL % (well 38% over all my cards), and loads of INQs.  So I'd never go with them.  I did however try a CreditOne card, just for u know what n giggles and they approved me for a $300 CL with a $35 AF.  Not too bad since I have AFs on most of my cards that are more than that or near it.  No monthly billed amounts ever etc.  And the APR was 17.49 which is actually lower than a lot of my cards so I can't really complain.  I called and asked about CLIs and how they work and he said auto CLI are not charged a fee but they do have offers to raise your CL and will charge a fee if you accept so I'll either wait for the auto CLI or eventually close it down the road.  This will be a buy a pack of smokes pay it off and repeat card. 

[FinStar]

I want an FP pre-approval    LOL