First Premier.. Really?

[Tommy5746]

Why in the world would anybody ever choose a First Premier card? I understand that some people are desperate to rebuild credit but you have so many more options out there! It absolutely blows my mind when anybody says they have a First Premier card.. There are so many other cards out there and yet you choose a card with the sole intent of draining every last cent from you with an astronomically high interest rate to top it off.. Absurd to say the least!

[webhopper]

I agree, but some folks think that first premier is better than no credit card at all for rebuilding. I personally used a secured.loan, and cap1

[Tommy5746]

Both of those sound 100 times better than the "best" FP card!

[Cdnewmanpac]

Because when b of a, orchard and cap 1 said no to a secured card, they said yes. $59/year was a small price to pay for the 30 pts that card gave me during my first year. I shredded mine this month, but I doubt I would have the mortgage or cards I have now without It.

[Tommy5746]

I've never heard of a person being declined for a Secured card... I'm sure it's happened but that sound unlikely.. Especially from Cap One!

[DanielF]

I have the card because they gave me an initial CL of 700 and the annual fee was 59. I've seen way worse offered to others from them, but its like anything else, know what you are paying for. I dont use this card at all so the interest rate is irrelevant. The tradeline helped me after my BK and it has just about served it's purpose and be closed. I could have opened a secured card, but the 700 was way better spent settling the old accounts and getting my credit report cleaned up.

[Wolf3]

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@Tommy5746 wrote:

I've never heard of a person being declined for a Secured card... I'm sure it's happened but that sound unlikely.. Especially from Cap One!

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It happens a lot, some secured cards are designed for people with no or limited credit, rather than bad credit.

US Bank turned me down for a secured card when I first started rebuilding with lots of charge-offs.  Wells Fargo, BofA, CITI secured cards are not easy to get if you have bad credit.

[Wolf3]

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@Tommy5746 wrote:

Why in the world would anybody ever choose a First Premier card? I understand that some people are desperate to rebuild credit but you have so many more options out there! It absolutely blows my mind when anybody says they have a First Premier card.. There are so many other cards out there and yet you choose a card with the sole intent of draining every last cent from you with an astronomically high interest rate to top it off.. Absurd to say the least!

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IMO, First Premiere is for the those with very bad credit.   I think many who get FP could do better.   I think a lot would rather pay big fees than put together a deposit for a secured card.  

[Tonya-E]

From my own experience, it was being naive to credit.  I honestly didn't even begin paying attention to my credit until the past couple of years.  And after having poor credit for some many years early on, I fell prey to the offers I could get at the time.  Even after a mortgage approval I was convinced that I couldn't qualify for a decent credit card. I was just oblivious. I didn't educate myself on what was available or what I needed to do to improve my scores or anything.  I still have that thing 10 years later...but fortunately this will be the last year.  I honestly wish I had gotten up here many years ago or at least taken a step to really understand what my options were.  However, I have certainly found it's never too late to learn!

[LS2982]

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@Tommy5746 wrote:

I've never heard of a person being declined for a Secured card... I'm sure it's happened but that sound unlikely.. Especially from Cap One!

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It really does happen, Baddies play a big role in it.