U.S. Bank Cash+™ Visa Signature® Card??

[Meanmchine]

Why is you mom complaining about high fees on a credit card ??  If she has an open payday loan, she is currently paying like 750% interest.  Even First Premire or Credit One would be FANTASTIC compared to a payday loan

[Anonymous]

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@Meanmchine wrote:

Why is you mom complaining about high fees on a credit card ??  If she has an open payday loan, she is currently paying like 750% interest.  Even First Premire or Credit One would be FANTASTIC compared to a payday loan

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  Meanmchine,

She had no choice of the matter when it came to the loan.. It was make the repairs to her house or homeowners insurance would no longer cover the house.

When you shop around for a CC then its your choice just like buying a car. You find a few cars at diffrent dealers if 1 car cost more then what you want to pay after all the fees and everything you say no thanks and keep shoping around until you find a car you like and its within the price and fees you are willing to pay..

VS the payday loan all of them places around here are pretty much the same on their set rates and fees. So her choice was if you want the money to make the repairs sign here, If not then best of luck to you.

I think because Cap One gave her a unsecured card she would have more options in her hand to chose from..

I have her set now though.

~ Shawn

[AverageJoesCredit]

Good to know your Mom has a plan . Best of luck going forward

[NRB525]

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@Anonymous wrote:

Sorry for such a late reply i wound up with company from out of town.. I say payday loan because thats just what i call any of thoe places but on her reports it shows as a secured loan / paying as agreed.. She took it out due to unexpected house repairs that had to be done so her homeowners insurance would continue to cover her home.

After sitting her down and showing her other then the unsecure Cap One that she just got, No other unsecured cards was open to her at this time & there was nothing i could do about that part.. So after me showing her that and not just telling her about it & a little more talking i was able to get her to bite on a secured discover for her 2nd card and a walmart card for her 3rd..

~ Shawn

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Well, congrats on mom getting the other two cards.

I would caution her to go very slowly here. If she has trouble understanding how the cards work, and expects them to charge her interest, then she needs to work with the new three cards to get some experience with them. Hopefully she will better understand after 6 months or so.

These cards should not cost her anything, but it would help her out if you explained the Pay In Full concept.

From your other descriptions it sounds like the "pay day" or high rate loan was a one-off situation. Best of luck to her, sounds like you are giving her good advice.

[SunriseEarth]

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@Anonymous wrote:

Sorry for such a late reply i wound up with company from out of town.. I say payday loan because thats just what i call any of thoe places but on her reports it shows as a secured loan / paying as agreed.. She took it out due to unexpected house repairs that had to be done so her homeowners insurance would continue to cover her home.

After sitting her down and showing her other then the unsecure Cap One that she just got, No other unsecured cards was open to her at this time & there was nothing i could do about that part.. So after me showing her that and not just telling her about it & a little more talking i was able to get her to bite on a secured discover for her 2nd card and a walmart card for her 3rd..

~ Shawn

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Excellent work!   Those are very good cards for someone building her credit.   Perhaps in a year's time, she will have many more options from which to choose.   

In the meantime, I still recommend that she gets her credit reports.   Since she didn't get the best terms on her cards, she should at least be able to get a free TU report (and probably EQ, assuming Discover pulled that report).   Alternately, Credit Karma is a good free site for a look at your TU and EQ activity.