First Premier for Rebuilding--opinions?

[Jon85]

Hi all,

I applied for the FP card yesterday and got approved (no shocker there since they cater for those with my low credit scores lol), because that's the only kind of card I can get right now..I have another revolving account but only as an AU through Barclays. 

I know the fees with FP are high, but I wouldn't be using it as an everyday card--pay off the fees that come with it the first month (I just interpret it as a penalty for screwing up my credit years ago) so my util on it would be low, but I don't think it would ever be a zero balance because of the $4.95 a month fee or something...

Do you think it could help me rebuild? 

[new_earth]

I just got it too it was my only choice. the fees and terms are way better than they used to be. just have to stay on top of it. a lot of people here seemed to have used it to rebuild then cancel after the first year moving on to better cards. that is my aim too

[chevyman]

U could just send more then the minimum payment

[dodfire]

If you give more of what your credit profile looks like there are many here that can help guide you.

As for FP, it is an expensive card to maintain. 

It can certainly help you to build your credit scores, I know first hand because that was my only choice 2 years ago. 

[chevyman]

Had 2 FP cards but when I did the card were at 30% util right away due to the fees

[dddewdrop]

  Try for a capital one card. if you cannot get that and have even a little money, try for a secured card with someone. Try for a walmart card maybe. Be really really careful with first premier because they could potentially nickel and dime you to deal. Use it only as a last resort if you absolutely cant get anything with less fees....

[Jon85]

Thank you.

They're already sending me the card, because they said I was approved, but if I don't pay the processing fee or anything, it doesn't count as an open account right? I would have to activiate it?

Because in the process I discovered a secured card that reports to all 3 CRAS and doesn't report as secured and has no credit check either. Open Sky secured Visa... and the fees are resonable. 

[RTOrockstar]

Someone can correct me if I'm wrong, but you owe the fee regardless of if you activate the card or not and it will show on your CRA as a new tradeline. Often times a card will report to the CRAs even before the physical card arrives so card activation doesn't change that.

[new_earth]

you don't have to pay the fee...it will remain available to pay for 85 days. if you don't pay the fee, the card is not activated....I already paid, received mine and the first statement's cut and it's not on my report as of yet. Should be in a few days. I don't think they report it as open that soon.

Also if you do pay the $95 fee and receive the card, and decide you don't want it, you can call and opt-out and they will refund the $95. AS LONG AS You do not make any purchases with the card, OR make any payments for the annual fee.

Looking back I'm kind of wishing I just waited another month or so and got a $300 secured elsewhere, considering I've already spent almost $200 on the processing fee and annual fee. But too late now, I will manage this one and work towards a secured. I wonder how long after keeping up with this one I'd be approved for a Capital One card secured? or even unsecured.....

[Lasardo]

Bad choice for ME. ., now I'm stuck with it and getting a CLI is like pulling teeth.
May be a great option for you though.