Prime versus subprime credit cards

[princessofpink]

Forgive me if this has been asked already, I didn't see a specific post concerning this.   I've been reading the posts talking about prime cards and subprime cards.  Other than the obvious subprime secured cards, how can you tell which are prime and which are subprime?  Are there advantages other than the interest rate or fees associated with the cards?   I've seen the posts regarding Jupiner, Hooters and Orchard, is there some kind of list of which cards are the best to get when trying to rebuild your credit?

[Tuscani]

FICO does not care is your cards are prime or not.

Common Sub-Primes:

Orchard, First Premier, CAP1, Hooters

Prime:

Citi, AMEX, BofA, Chase, Juniper

Just remember some of these companies offer prime and sub-prime products.

[TheNewWorldMan]

Yes...all FICO cares about is whether it revolves and it's reported.  Revolve the smallest possible non-zero balance you can, and the credit bureaus don't care.  Right now I am revolving three balances of $2, $9 and $29, respectively.

The main advantage to prime cards is you generally have better interest rates (irrelevant to me since I never revolve a high enough balance for interest rates to be relevant) and have more headroom for CLIs.

[fused]

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princessofpink wrote:

Forgive me if this has been asked already, I didn't see a specific post concerning this.   I've been reading the posts talking about prime cards and subprime cards.  Other than the obvious subprime secured cards, how can you tell which are prime and which are subprime?  Are there advantages other than the interest rate or fees associated with the cards?   I've seen the posts regarding Jupiner, Hooters and Orchard, is there some kind of list of which cards are the best to get when trying to rebuild your credit?

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CCC's scores needed for acceptance, not absolute but a good guideline, for more info go to the website: whogavemecredit.com

Ultra Prime (the sticklers):

Amex, Discover, even FIA  (mostly over 710)

Prime:

CITI, BOA, Chase (650-700)

Subprime:

Cap1, HSBC (620-650)

Very Subprime:

First Premiere, Orchard (<620)

Keep in mind some of the Chase and BOA cards are not quite prime.  Some say AMEX has some less than prime cards.  I don't believe that though.

[ilovepizza]

FIA is owned by Bank of America.

[okrogius]

"

Ultra Prime (the sticklers):

Amex, Discover, even FIA  (mostly over 710)

Prime:

CITI, BOA, Chase (650-700)

Subprime:

Cap1, HSBC (620-650)

Very Subprime:

First Premiere, Orchard (<620)

Keep in mind some of the Chase and BOA cards are not quite prime.  Some say AMEX has some less than prime cards.  I don't believe that though."

FIA is BOA's card services dept. Finally, I'll disagree putting fia/boa above citi, if anything the other direction seems more appropriate.

With respect to scores, there are companies on that list that do not use ficos and use their own scoring mechanisms, so not the most relevat. More importantly however, you can't label a company with any particular score range like that. Amex has the delta/one frequently given to those with scores like 650. BOA has a few secured and other affinity offerings given to much worse scores. Cap 1 prestige or max requires a score in the upper end of the 700 scale. HSBC's cards like the weekend 2% card also requires very good scores.

[smallfry]

I imagine some people spend a lot of money on credit cards in business or travel. some of these cards offer cash back and some great rewards. I'm normally very frugal and even if my situation were different I wouldn't use the cards to any great extent. So for me they are a convenience and a safe means of having a few extra bucks in my pocket if I ever need money. Pleasant Valley Sunday. Money is money prime or sub prime.

[fused]

ilovepizza wrote:
FIA is owned by Bank of America.

Actually, FIA has completely different standards than BOA.  I am one of the few who has an actual FIA Visa.  My wife and most people had their original MBNA card accounts transfered to BOA, not me.  I know someone very close to me with great credit scores, mid 700's, thick file with no baddies, turned down by FIA, yet gets a BOA signature card with a great rate and high cl.

[okrogius]

" Actually, FIA has completely different standards than BOA. I am one of the few who has an actual FIA Visa. My wife and most people had their original MBNA card accounts transfered to BOA, not me. I know someone very close to me with great credit scores, mid 700's, thick file with no baddies, turned down by FIA, yet gets a BOA signature card with a great rate and high cl. " Mind posting a link or the like? Or if you don't mind take a picture (just blank out the relevant details). I've yet to see a card branded with FIA or mentioned one, so pardon the suspicion that perhaps this is a confjusion of you talking about a something like a boa platinium plus or similar which does have fia logos on the back (as fia is boa's cardservices dept)

[fused]

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okrogius wrote:
" Actually, FIA has completely different standards than BOA. I am one of the few who has an actual FIA Visa. My wife and most people had their original MBNA card accounts transfered to BOA, not me. I know someone very close to me with great credit scores, mid 700's, thick file with no baddies, turned down by FIA, yet gets a BOA signature card with a great rate and high cl. " Mind posting a link or the like? Or if you don't mind take a picture (just blank out the relevant details). I've yet to see a card branded with FIA or mentioned one, so pardon the suspicion that perhaps this is a confjusion of you talking about a something like a boa platinium plus or similar which does have fia logos on the back (as fia is boa's cardservices dept)

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After the merge or takeover, I have never received a bill from BOA.  Its from FIA.  When I want to access my account online, I have to go to the FIA website.  I originally opened my card account with MBNA, its a fidelity investmenst rewards plat plus.  The TL reporting on my reports says FIA, no mention of BOA.  How can a card services department be a creditor?  My wife originally opened her account with MBNA, a world points MC, she now received a new card with the BOA logo and her statements come directly from BOA.  Nobody ever told me that FIA was simply a cardservices dept for BOA.  They sure as heck behave like a ccc.  If what your saying is true, it totally new news to me.  I guess my friend is giving me incorrect info.  He says he was denied a Visa Signature card from someone he talked with at FIA.  Later called an entirely different telephone number applied and was approved for a Boa Visa signature card.  Is it possible that their are two tiers within boa, a high and low.  I am going to call FIA and get the truth.  I will keep you advised and create a new thread called FIA/BOA.