First Premier rocks!

[Anonymous]

The first rebuilder card I got was First Premier, just a little over a year ago. Since then I've been able to get a couple of better cards with decent limits and no annual fees, so today I called First Premier to close my account.

Their customer support was AWESOME! She noted that the annual fee had just billed in August, and she credited that. She also noted that I made a payment online in August, and she credited the $7 they charged for making the payment online. That left me with a zero balance, and she closed the account without me having to make any payment!

I have to say First Premier has been very good to me. They gave me a card (sold me a card would be more like it) when my credit score was in the low 500's. They increased my credit limit after only a few months of good payment history.

The drawback to this card is the fees -- a $48 annual fee, plus a $7/month fee for just having the account, plus a $7 fee if you make a payment online through their website. And they charge $25 for a credit limit increase. It's definitely a card you'll outgrow. That's why I closed it, but overall my experience with them was positive. They helped me get through a bad time in my life and rebuild my credit, and the fees they charged were worth it at the time.

[Anonymous]

Okay, I wouldn't go as far to say that they rock, but I really don't think they are as evil as everyone makes them out to be either. If you need to apply for FP in the first place, there is a reason for it and we can't be mad at them for wanting to make their money when they are taking a risk on us in the first place. I also didn't find them to be bad, they did charge $25 for each CLI, but they always tacked that $25 onto my CLI. So, if they told me I was approved for $150, they gave me $175 instead. I noticed this the last time and then went back and looked through old statements and they did that everytime. They also waived my AF the year before I cancelled. And, when I did finally close it, they also credited me the $6 monthly fee I had already paid, leaving me with a credit balance on my final statement.

I also have to agree that at the end of the day, a couple hundred bucks is nothing if it helps you rebuild your credit!

Message Edited by UpUpUp on 09-10-2008 10:37 AM

[Anonymous]

They're a subprime predatory lender that has been in legal trouble countless times for unsound lending practices, so...no, no they don' rock.

[Anonymous]

I don't have a problem paying the fees. After all, I'm the one that screwed up on my credit and I can't blame them for making a few bucks on me. They gave me credit when no one else would and I'll give them a little money in return. Even trade.

[creditreformer]

Not sure I’d say they rock, but for those with NO other options, they do ok.  I got them to rebuild and BEFORE I got them I had a CLOSE DATE in mind and BEFORE I closed them I made sure I had OTHER ccs lined up to replace the cl I’d lose by closing them.

First premier did its job for me after my credit was so bad that even first premier rejected me initially LOL  Literally I had NO other options for rebuilding my credit and so I had to ‘bite the bullet’ and take first premier.

btw, here’s something funny- my AF just came up, so I emailed them verifying that ‘hey, IF (note, I said IF) I close this acct, do I have 30 days to do so from the date the AF hits?’  I also paid them the $7/mo. fee just in case they never answered my email.  Today, they emailed back saying they closed my account ‘as I requested’ (mind you I said IF I close my acct LOL) and they refunded the AF.  They also refunded the $7, but now there’s a CREDIT balance on my acct of $7 LOL I wonder if they’ll send it back?

Ficos have gone from ‘too embarrassingly low to post’ to ‘nearing 700s’ (should hit by early 09) from starting out w/first premier and orchard.

[jmbfl]

They are evil, predatory, bottom feeding gansters. Avoid at all costs.

creditreformer:

Make them send you a check. Dun them if they don't!

[creditreformer]

I already emailed them j, and hopefully they’ll honor it.  For some of us, our credit was so thoroughly ruined that fp was the ONLY option.  You can sit and wait until a prime cc pulls up to your door offering you a $10K cl (unlikely if you’ve mucked up your reports), or you can bite the bullet and settle for a subprime cc.  I chose the latter and it led to better things- cap 1 (1.1k cl), hooters (500 cl), and my pride and joy, BA 99/500.  After nearly 2 yrs of subprime ccs, it’s finally nice to have some ccs w/o monthly fees, high AFs, ridiculous APRs, etc.  By early 09, ALL my ccs will be at least 4 digit CLs…AND all of my subprime ccs will be CLOSED.

I know something like closing fp may not seem like a big deal to some, but I looked @ my reports from the ‘dark days’ a few years ago…nothing but lates, chargeoffs, collection agencies, etc.  I was reminded of all the stress, fear, and failure I felt…reminded of having just pennies (literally) in my bank account and how it seemed so dark and like I’d NEVER dig myself out of that hole.  My reports still have a few baddies now (I’m working on them as they’re reporting WRONG), but my ficos are WAY up since I started rebuilding in early 07 and finally, the unthinkable happened- I was able to CHOOSE to CLOSE a cc on my own b/c I hit the point where I no longer NEEDED to cling to it like a life preserver b/c NO ONE would give me a cc.  Like I said, to most, closing fp seems like no big deal, but to me, it feels like a HUGE victory.

Most importantly, I’m now able to PIF, NEVER late, NEVER pay interest, etc.  The dark days are seeming more and more like a distant memory/another lifetime ago.

[score_building]

Re:  The OP and creditreformer totally rock!!

if you can't avoid fp at all costs (hopefully you can though, because boy do they cost!!) they can serve a valuable purpose but i think anyone in all fairness would be hard pressed to claim that they rock!  umm, yeah: no.  i do think they deserve a nod for refunding some of their fees for good customers on a sorta gw basis. 

You however, and the OP certainly do ROCK!  Well done.  Bravo and cheers to you both! 

Having the presence of self to persevere through a dark sided subprime meltdown:  priceless.  Rock on...

[creditreformer]

Thanks score_building..this forum's been a blessing to me.  It all seemed so incredibly hopeless years ago and there were days I felt like giving up (and some ‘life things’ interrupted my rebuilding efforts a few times).  I’m kind of stagnant fico wise right now and that’s been a little frustrating and I feel a little bit in ‘limbo’.

It’s horrible to stumble so badly w/credit, but in a way, it’s been a blessing as it MADE me become more fiscally responsible.  Had I just ‘kept on’, I think I would’ve been stuck in the land of minimum payments/racking up cc debt/stressing out over $.

I still get a little kick each month when I log on to BA and can pay ALL my ccs in full and early…and have $ left to put into savings.  I keep binders of my reports from the ‘dark days’ to remind me of where I’ve been and to keep motivated to NEVER go there again.    

For anyone who is rebuilding and think things will never get better, let me assure you they can and will.  Keep your eyes on the long term goal and don’t obsess over FICOS (I had to cancel mine b/c it became a little addictive worrying about whether they were up or down daily haha)- just keep on paying your bills (in full, never late, never overlimit) and good things will come.

[heirophant]

Shoot, even the fees I pay with my Prime cards are expensive.  $95 for my AMEX green.  You can't always get away from fees when you move away from sub-prime cards.  But the benefits and rewards are really nice.  Since you get nothing out of a FP card (i.e. no rewards), I don't think it is ever worth it paying their fees.  I think you should always go for a secured over a FP card.  You will get that money back minus their minimal AF's.  Even when my credit was bad, I never took the bait.  I think they are a predatory lender that should be shut down.  Just my opinion.