New First Premier Bank Offer !

[Anonymous]

I got approved for a FP card Monday and the card is on its way.  It has a $95 activation fee and a $75 annual fee the first year. I know that SUCKS but I thought "hey why not need to rebuild my credit" but after these reviews not sure I want this card. My bank offers a secured card.

My question is, will it lower my score that I applied and got approved but didn't go thru with the account?

[atarvuzdar]

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@Anonymous wrote:

I got approved for a FP card Monday and the card is on its way.  It has a $95 activation fee and a $75 annual fee the first year. I know that SUCKS but I thought "hey why not need to rebuild my credit" but after these reviews not sure I want this card. My bank offers a secured card.

My question is, will it lower my score that I applied and got approved but didn't go thru with the account?

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The inquiry that was pulled on one or more of your credit reports may ding your credit a little, but that should pretty much be the extent of it. I had similar misgivings in Dec 2011 when I applied and was approved for a Credit One (NOT Cap One) credit card with a $75 annual fee for $400 limit. I decided I didn't need it that badly since I had Cap Ones in my wallet already. After reading up on secured cards, my opinion is that once annual fees start reaching near $100 it's probably better to put that money into a secured card that will accrue interest while I use the secured card, and that I'll get back after closing the secured card or graduating to an unsecured. But everyone's situation is different. Think about it some more and go with what works best for you, but $170 in total fees just to get the card seems steep to me!

[Anonymous]

Thanks

[Anonymous]

I had my experience with Worst Premiere and I would stay away unless you absolutely need a cc reporting.. Their awful and it should be illegal the fees they charge.. 

[traveler2005]

I have had a first premier card  2 times, first time I defaulted and it became a charge off, I paid it off and they were nice enough to let me re-establish a second card non secured. I have had that card now for about 10 months. I have always paid it on time. The thing about them is that there is NO GWl. I have sent several GW letters to the higher uppers, and they will not GW delete my first account even though I have a perfect record with my second one. I will be closing account at 1 year mark. But they have helped me re-establish my credit in some ways!  

[Anonymous]

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@waqaszm1 wrote:

helping DW improve her scores. She just received a pre-approved offer from First Premier. As sorry as this bank is, i figured we should get some advice here before deciding. It offers a guaranteed $700 limit with a $175 annual fee leaving an initial available cl of $525. No other fees for the first year. A 35.9% apr, and a 27 day grace period.

after the first year, its a $14.50 monthly fee - no other annual fee.

my DW usually pays in full and very rarely carries a balance. any advice ?

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Please for the love of God stay away from First Premier. There is better and cheaper ways to improve credit. For one there are credit unions that help people rebuild credit. Also Capital One would be a suitable choice any day over First Premier or Credit One. Another thing if your credit is good add her as an AU on some of your established cards and that will help boost her score. 

[mgs2010]

I hate First premier. They are horrible. BUT - here's a tip for those of you that have little to no options aside from them....I applied for and was approved in june for that 700.00 limit card with the 175.00 startup fee. I activated the card then I instantly called to close it. The rep waived the fee and closed the account. Now, if you call back a day or two later like I did and request that it be reopened the rep just clicks a button i'm guessing because they reopened my account and the fee was still waived LOL! love it. Anyways, I've had it ever since and they never applied the fee back on the card so it does work! I would never ever ever carry a balance on it, 36% is just insane. I will be closing it in May just before the 1 year mark when they start charging that 14.50 fee each month - Mod Cut  Don't want it, and certainly don't recommend it - unless you screw them over on the setup fees like I did ;-)

[lithium78]

If you have $300 in cash on hand, you can get a secured CC which will be much kinder to you than a First Premier card.  With some banks, as your credit improves, you can graduate your secured CC to an unsecured CC and get your deposit back.  Meanwhile, I believe you earn interest on your deposit.

[LS2982]

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@mgs2010 wrote:

I hate First premier. They are horrible. BUT - here's a tip for those of you that have little to no options aside from them....I applied for and was approved in june for that 700.00 limit card with the 175.00 startup fee. I activated the card then I instantly called to close it. The rep waived the fee and closed the account. Now, if you call back a day or two later like I did and request that it be reopened the rep just clicks a button i'm guessing because they reopened my account and the fee was still waived LOL! love it. Anyways, I've had it ever since and they never applied the fee back on the card so it does work! I would never ever ever carry a balance on it, 36% is just insane. I will be closing it in May just before the 1 year mark when they start charging that 14.50 fee each month - Mod Cut Don't want it, and certainly don't recommend it - unless you screw them over on the setup fees like I did ;-)

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For some reason i feel FP will get the last laugh on that one, they cover their bases extremely well with fine print.

[Anonymous]

Unless you have a really bad credit report i would stay away from Worst Premier ... They are by far the most unpopular and worst reviewed creditcard company
you can do business with..