First Premiere and Applied Bank Secured Cards Closed

[Swapmeet]

I called First Premiere today and closed my account. The CSR was very polite and actually sounded sorry to have to close my account (I know that she probably doesn't care in reality, but she scored points with me for making the attempt). She asked me why I wanted it closed and said she hoped it wasn't something that they did. I told her that I have read a lot of bad things about First Premiere over the last few months and when I see this, I stand up for FP every time. FP charged me around 40-50 bucks when I first signed up for the card, and not one single charge after that - save interest charges that totaled less than $5 for the entire 8 months that I've had the card. I told her that FP has been perfect to me and I will continue to support them. I got the card to rebuild my credit, which I now consider rebuilt (though I still have a ways to go). She told me that I have already paid the annual fee, so I still have 4 months that are paid for and recommended that I keep it open to get the full year's worth of credit history. I told her thank you, but I think that I am just going to go on to the next level. She thanked me, said I owe nothing, and the last thing I will receive is a letter that says that my account is closed with a 0 balance and a check for my deposit in about 2 weeks.

The situation with Applied bank was similar. The CSR had an Indian accent, but she was pretty easy to understand and very courteous. Applied is going to direct-deposit my security deposit back into the same account I used to open it. The story about asking me why I wanted it closed was very similar to First Premiere, so I won't go into detail about it. Both cards served their purpose perfectly and I feel like I got a great deal with both of them -- no price gouging or anything. I am very satisfied with all aspects of both cards.

[Dustink]

I would consider $50 for a no rewards secured card price gouging, but glad you didn't feel ripped off.

[Swapmeet]

---

@Dustink wrote:

I would consider $50 for a no rewards secured card price gouging, but glad you didn't feel ripped off.

---

When one has bad credit or is in financial woes, it costs money to rebuild credit and 50 bucks is a small price to pay. It is not really fair to compare a secured card for people with bad credit to a rewards card of any kind. Let's be reasonable here. My credit score was 524 when I opened the accounts, so $50 is the price I am willing to pay to rebuild. I'm sorry if that seems like a rip off to you, but to me, it is paying for the service of reporting as a revolving account to all three CRAs every month -- well worth it.

[Dustink]

Glad you credit has improved and you are now able to get other cards

So local banks wouldn't give you a secured card back then? That's crazy that sometimes banks won't even risk a secured card. Seems like the bank you have a checking account with would always be willing to extend a secured card as long as you keep your checking in the green, guess not.

[Dustink]

Are you able to get in with NFCU?

[QueenofReinvention]

---

@Dustink wrote:

Glad you credit has improved and you are now able to get other cards

So local banks wouldn't give you a secured card back then? That's crazy that sometimes banks won't even risk a secured card. Seems like the bank you have a checking account with would always be willing to extend a secured card as long as you keep your checking in the green, guess not.

---

There are a lot of banks that don't have secured cards, like the local bank that I use. And there are some banks that don't automatically give you a secured card just because you apply  (like BofA and US Bank; especially for those with BKs). A lot of the credit unions seem to be more lenient and provide that product; whereas, it appears that a lot of larger banks don't want to take on the risks they associate with having a secured card. Just from my experience in researching all alternatives since I filed BK.

[Swapmeet]

---

@Dustink wrote:

Are you able to get in with NFCU?

---

My credit is a lot better now Dustin, this is a celebratory thread. I bank with USAA, have their Platinum Cash Rewards MC with a 4k limit, a grand at Walmart, and two Amex cards -- Delta and BCE. Amex sent me the approval letter in which my EX Fico was cited at 707. I consider my credit rebuilt, hence my closing of my two secured accounts.

[android01]

---

@Swapmeet wrote:

---

@Dustink wrote:

I would consider $50 for a no rewards secured card price gouging, but glad you didn't feel ripped off.

---

When one has bad credit or is in financial woes, it costs money to rebuild credit and 50 bucks is a small price to pay. It is not really fair to compare a secured card for people with bad credit to a rewards card of any kind. Let's be reasonable here. My credit score was 524 when I opened the accounts, so $50 is the price I am willing to pay to rebuild. I'm sorry if that seems like a rip off to you, but to me, it is paying for the service of reporting as a revolving account to all three CRAs every month -- well worth it.

---

I couldn't agree more.  Sometimes we forget where we came from.  Thanks for the reminder Swapmeet!  I hope a lot of people read this thread.  

[Dustink]

---

@Swapmeet wrote:

---

@Dustink wrote:

Are you able to get in with NFCU?

---

My credit is a lot better now Dustin, this is a celebratory thread. I bank with USAA, have their Platinum Cash Rewards MC with a 4k limit, a grand at Walmart, and two Amex cards -- Delta and BCE. Amex sent me the approval letter in which my EX Fico was cited at 707. I consider my credit rebuilt, hence my closing of my two secured accounts.

---

I understand that this is celebratory. Just think NFCU would be good for you. Might be able to get over the $10k mark with them once your USAA account ages a bit.

[Swapmeet]

---

@Dustink wrote:

---

@Swapmeet wrote:

---

@Dustink wrote:

Are you able to get in with NFCU?

---

My credit is a lot better now Dustin, this is a celebratory thread. I bank with USAA, have their Platinum Cash Rewards MC with a 4k limit, a grand at Walmart, and two Amex cards -- Delta and BCE. Amex sent me the approval letter in which my EX Fico was cited at 707. I consider my credit rebuilt, hence my closing of my two secured accounts.

---

I understand that this is celebratory. Just think NFCU would be good for you. Might be able to get over the $10k mark with them once your USAA account ages a bit.

---

Trust me, I would love to get in with NFCU and I agree that they would be awesome for me -- or anyone else for that matter. Unfortunately, I have tried and tried to find an "in". I have even went as far as asking my brother in law if anyone in his family is active so that he can be a member, then my sister can join, then me off of her..But no dice. I have not given up, but it does look a little bleak.