First Premier ridiculous offer!

[Anonymous]

I added the DW as AU on my Amex CE which has helped her credit tremendously. Now she is starting to get mailers and I opened one today to find the following offer. It says she is preapproved for a 700 CL. Then at the bottom is says there is an AF of $79. As im thinking how steep the AU is for such a small card I notice in small letter that $614.00 will be available immediately. Now im no mathematician but I can see that somethings wrong with somebody's math. Then I notice that there is also an $8.00 a month fee! How does one charge an AF, then charge again monthly? We have cards we dont even use, I just like looking at the offers and this one just blew my mind. Her FICO 8 is 656 up 76 since 2017. Any thoughts on this lender?

Btw, the APR was 36%!! wow, thats not helping anybody build credit, thats robbery! 

[pizza1]

FP and CreditOne are predatory lenders for rebuilders who can't get any other cards, or can't due to no credit history. Just throw those away, she doesn't need those lenders. In a few months, she will be able to get her own cards with better lenders. Just NO!

[Anonymous]

I believe there is a $12 fee for opening the mailer.

[Anonymous]

LOL!!! @ the $12.... I better make that payment! 

[HeavenOhio]

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@pizza1 wrote:
FP and CreditOne are predatory lenders for rebuilders who can't get any other cards, or can't due to no credit history.

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If one has no history, there are better options, such as starting out with a share secure loan or self-lender. Eating a couple of denials on the way to getting one's first card also beats First Premier and banks like them.

[Anonymous]

If I could go back in time I would have avoided FP. Interest rates are sky high and the annual fees are ridiculous. Unfortunately I got the card right before a bad time in my life, had it go into collections but I was fortunate enough to gather enough information to email their executive office to have the baddie removed from all my reports.