First Premiere ... More Like Final Ending

[Anonymous]

Hi MyFico Community,

Today I got my very first pre-approval letter since I started rebuilding my credit. It was from "Final Ending," I mean First Premiere. I'm sure you all have heard of these terms, but let's have a laugh... Shall we?

"Dear MagneticObsession, you have been pre-approved for a First Premiere card with a credit line of $400. The annual fee is $99 which will leave your available credit to $301. If you accept this offer please respond by 12/21/15."

In VERY fine print the pre-approval says "If you agree to terms there will be a $95 processing fee to open your card."

Oh & get this. You know how some you call CCs up for APR reductions? Well this one has an APR of 36%. That's just OUTRAGEOUS! What in the world?

I'm going to sock drawer this pre-approval so that in a year's time I can look back & just laugh at this letter. I'm sorry but if I'm going to pay $99 in annual fee & $95 in processing fees, I would just open up a secured card. I ain't too proud of having a secured card. You have to learn how to crawl before you walk.

Any who. Just thought I'd share that with you. Hope you're all having a great weekend!

[Anonymous]

Yea, rediculous.  Those sub-prime cards really take advantage of those that either don't know any better or just have no other option.  

[Anonymous]

It's just highway robbery at its finest Shoreguy. It's awful.

I had one of these cards when I was 18 and as soon as I found out how much I was paying, I ran for the hills. I cannot believe they can charge people 36% interest. That's just asinine.

[datrucking210]

I get those letters every three months, they don't make it inside my house. As soon as I pull up to my driveway they go in the thrash can in small tiny pieces. I'm way past that part of a rebuild. I had two first premier cards on 2013. If I were to go back in time I would just open a secured card.

[Anonymous]

Haha @ in tiny pieces. It's crazy. Today lots of Secured cards offer wonderful perks and don't make people feel ashamed that "they're rebuilding." We all make mistakes. Some of us learn our lessons harder than others, but as long as we learn that's all that matters.

These offers aren't even offers. They're horrible.

[bear812c]

yeah, don't do it. We have this First Premier card, got it years ago when rebuilding after disaster struck, and I plan on closing it immediately after we buy a home. Can't close it beforehand for fear of what it'll do to our credit scores.

[Anonymous]

It won't hurt it. If you have better credit now, give it the heave ho. Tradeline will report for 10 years.

[Anonymous]

I love your logic!

[Anonymous]

I got one today from a company that I can't remember but they are associated with Continental, I believe. It said I had a $500 credit limit but there was a one time fee of $125.00 which would leave me with $375 available credit. I just threw it in the trash because why would I sign up for their card when Capital One gave me an unsecured card months ago and my history with them is perfect.

[Anonymous]

Its923 you are absolutely right. Once you get in with at least Capital One then you don't need products like First Premiere or Continental Finance.