What banks to avoid?

[hernaemm90]

Hello everyone,

I wanted to ask what banks I should avoid when seeking credit, like a credit card or loan? I know for example to avoid Credit One since they are a known predatory bank, what other ones are there that I should know about?

[Anonymous]

A glance at somone's profile is helpful in guiding them towards suitable FI's. 

But yes, in general stay away from the likes of Credit One. I'm guessing since you're concerend about this, you're either just starting out or rebuilding?

[FinStar]

You're likely to get a spectrum of responses depending on where you are in your credit journey. 

Save for any lenders who may be known as fee-harvesters (First Premier, Credit One, etc), unless those are the only options until credit profile improves.  So, you'll see responses anywhere from I love Capital One/Barclays/BoA/Chase/Citi/SYNCB/Comenity and others that dislike them, for instance.  It's a matter of personal experiences and preferences. 

I would definitely evaluate any potential lender with things like accessibility, online/fraud support, payment flexibility, customer service, product diversity and options, rewards and benefits (if applicable), tech platform, etc. 

[Stralem]

Aside from obvious fee harvesters or other predatory banks, it's really hard to say that you *must* or *should* avoid any particular bank. It's all subjective and based on individual experiences.

Personally, because of bad history and actions that smack of corporate malfeasance, I won't go within a hundred feet of TCF Bank or Wells Fargo. But that's just me.

[hernaemm90]

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@Anonymous wrote:

A glance at somone's profile is helpful in guiding them towards suitable FI's. 

But yes, in general stay away from the likes of Credit One. I'm guessing since you're concerend about this, you're either just starting out or rebuilding?

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I'm not rebuilding but I am helping my parents build, they are getting offers in the mail and I want to warn them to stay away from few harvesters like Credit One

[hernaemm90]

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@FinStar wrote:

Save for any lenders who may be known as fee-harvesters (First Premier, Credit One, etc),

 This is the answer I was looking for, besides First Premier and Credit One, what else should I avoid?

[hernaemm90]

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@Stralem wrote:

Aside from obvious fee harvesters or other predatory banks,

 Like which banks?

[AverageJoesCredit]

UMB

[Anonymous]

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@hernaemm90 wrote:

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@Stralem wrote:

Aside from obvious fee harvesters or other predatory banks,

 Like which banks?

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If they charge an annual fee and they're not offering rewards that can offset that fee, avoid them.

Listing out every bank isn't necessary with that one specific filter.

If they offer rewards and don't charge an annual fee and have a grace period, its a card worth considering. The next step is to come here and search that issuer and see what people think about them.

Annual fees are never worth it without rewards unless you're talking about a secured card when you're just starting.

[FinStar]

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@AverageJoesCredit wrote:

UMB

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OP clarified fee-harvester types.

UMB is not a horrible FI (in general) for those who have their products.  They're simply conservative.  It's just not for the MF crowd, big difference.