Should I accept First Premier Platinum Offer?

[Anonymous]

no way please dont.Your score is good enough for a ge cards

[starry1]

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@shols44 wrote:

Don't do it bro! Run for the hills. If your capone card is young, within 3 months, you will mostlikely be able to get an unsecured card with them. If you have some extra cash, then opening a second secured card is still better than accepting FP. 

I CANNOT think of any reason to accept this card. FP Bank probably has a room where all monthly bloodsucking is tabulated and scored. Run!

BTW...make sure you return the prepaid envelope with a ridiculous name! 

Bwahahaha!  That's what I say at my doctor's office.

We're gonna need four tubes this time.

WHY?  ARE YOU RAISING VAMPIRES IN A SECRET DUNGEON?!

And yeah, OP, the people on this forum are very credit-savvy.  And it seems the concensus is a strong no.  Your scores are too good for FP anyway.

[AndySoCal]

I would try for a store card like Lowes or JC Penney etc . I agree with the others on First Premier do not accept it.

[Anonymous]

that card isnt that bad it was my first card. it will be helpful but the best thing to do it to get a prime card and not sub prime

[Anonymous]

I would say no.  A score that is low in the 600 if it is a clean score I would try for discover it card.  Or invest in a secured card, even for 6 months can raise score.  United One Bank has the Unity visa.  Low fees easy to get.  100% of deposit is CL.  US BANK,, have good secured cards low fees they all report to credit bureaus.  Great Job.  Never miss a payment keep low balances.  BOA denies alot on there secured card.  If your gonna get a hard inquiry make sure it is for a approval.

[Anonymous]

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@afbar1114 wrote:
The bank could red flag you for seeing it on your report. I had a FP card and was denied a recon because it was open. I closed it tried two months later and approved.

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+1 Credit One and First Premier look terrible on a credit report! You can do MUCH better.. and honestly your scores aren’t horrendous..

[BarryNTexas]

I have CreditOne and Merrick in my history and many moons ago had FP.  Closed FP many moons ago and after reading these responses think I should close my other two even if it hurts my AAoA.  Do credit card companies really hold that against me having them.   Hasn't seem to hurt my recent approvals. 

Good luck OP on the mortgage. -Barry

[Anonymous]

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@BarryNTexas wrote:

I have CreditOne and Merrick in my history and many moons ago had FP.  Closed FP many moons ago and after reading these responses think I should close my other two even if it hurts my AAoA.  Do credit card companies really hold that against me having them.   Hasn't seem to hurt my recent approvals. 

Good luck OP on the mortgage. -Barry

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It can.. Doesn't mean that it will.. But, it can. If you recon and a credit analyst looks at your report and sees First Premier or Credit One they may mention it and it may spook them.

[Anonymous]

If the goal is to raise your scores to buy a house and not because you need credit then I think the FP option is even worse.  As others have said devote your time and money into getting the collections removed.  Those collections that are making it hard for you to get a decent CC are going to hinder your mortgage chances and rates too. 

Getting rid of the collections is going to help your credit profile faaaarrrrrrrr more than adding a new TL.  There is a lot of good info on these forums regarding dealing with collection agencies, read through them and be persistent, don't take No for an answer, keep hammering away. 

[SunriseEarth]

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@Anonymous wrote:

Okay, so I know this cards sucks and it comes w outrageous fees. $175 out of the $700 line is charged right off the bat. My current situation is this, my wife and I are looking to buy a house this year and I need to bring up my score at least 40 points. I am currently 620-634 with only two good lines of credit. I have a student loan that is perfect for about 25 months ($9200 bal), and a Cap 1 secured w $300 line perfect for 7 months. I recently requested a CLI from Cap 1 and was denied and that's probably why I got this offer. Long story short, I need more lines, and I need to boost my score. I will have no problem making the payments and would most likely keep the card the 1st year and boost my score and close it before the monthly fees start. Should I go for it? Or do I wait a bit and maybe I will get another better offer? This is the first unsecured line (if you can call it that) I have been offered. My wife did recently add me as an auth user on a her discovery card (500) and we are in the process of adding my the Wells Visa (6000), but not sure how much that will help. 

Any advice is appreciated, thank you!

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There are some folks that are of the opinion that you need good credit to help dilute the bad credit, and I'd agree to some extent.  I wouldn't do a FP card, though.  That $175 would be better spent on another secured card.  Better yet, it'd be better spent tring to settle on your collections.

If you did want to add another line, store cards are probably your best bet.  You could try the "shopping cart trick" to see if you get pre-approvals.   Wally and JCP have been good options for many of us, too.