Good REBUILDER cards reviewed

Anonymous · ‎06-02-2007

I wanted to start a discussion on where some of our newbies can seek rebuilder cards and make them aware of the fees associated with some other rebuilder cards with enormous fees.

I wish this forum existed a long time ago before I took on rebuilder cards that are sub prime cards. They have a fee for everything and still charge high interest rates and monthly participation fees to boot.

I wish I remembered which poster suggested the bank of america card. It is a good prime starter card. If you go in and apply at the branch or online (I guess) you can get a decision immediately. If you don't qualify for the unsecured they come back with a counter offer of a secured or partially secured card. The partially secured is not bad for a beginner it carries a high int rate of approx 21% but the annual fee for this card is $29. No monthly participation fee. But it is secured with a $99 bank account which after a year is returned to you with an upgraded card as long as you pay on time and you are in good standing.

Other cards that are good is Orchard (HSBC) the int rate is high the annual fee I believe is around $29-49 and no monthly participating fees.

Capital one is a good starter card also a $29 fee, no participation starts off with $300 limit and bumps you up to $500 within 5 months if you pay the first 3 months on time and don't go over the limit.

First premier well if you can't get the above this is next it does have monthly fees I believe the annual fee is $50 for me hard to get a credit line increase but they did offer me a second card after a year of on time payments. That's right now 2 cards with participation fees and annual fees.

Aspire high starter fees and annual fees. Mine started out with a limit of $300 but the annual fee at the time was $150 and there was a setup fee, and monthly participation fee but thay were good at reducing the annual fee and increasing the limit to now over $700.

Plains commerce bank they had some starter fees, limit began at $300 you call every 3 months for a cli of $50. Annual fee is $50.

In my case, I am still in the rebuilding stage and wish to purchase a home so do to needing every point I can get my hand on I have not closed the sub prime cards due to the fact they are my oldest cards. When my other cards age enough I will because the fees are outrageous!

Good luck to all the credit rebuilders and newbies and please all the experienced contributers help me out!!!!

MercyMe · ‎06-04-2007

Good morning, Lady! I think it was NewWorldMan who mentioned the BOA 99/500. Wish I would have known about that before First Premier! But live and learn; though FP has been fairly good to me. I believe the annual fee I pay is $39. I've been with them about 4 years now, and when I inquired, a while back, about a CLI, they declined that but offered me another card, which I declined. A compromise between me and the Rep earned me a lower interest.

Orchard Bank is a good Co. to deal with. They seem to be rather forgiving, as well, and the possibility of ending up with a fairly decent CL, is better than some -- like First Premier. I wonder if anyone ever attains a thousand dollar credit limit with FP. Anyone?

If I were rebuilding, again, I'd save myself the time and embarassment of all of those dept. store, save 10% now, offers at check out. I did this a few times, like at Walmart and Target, only to have the hits on my credit and turned down at the counter, and regardless of having been upfront (Target) about my scores, and inquiring about their criteria. The cashier told me they require credit scores to be somewhere in the middle between 300 and 800, so at 586 I thought I stood a chance. Nada. Once my scores reached 600 though, they sent me a card, so I guess they were watching.

Anonymous · ‎06-04-2007

Good post. Keep in mind that the terms are always changing. Also you must read the fine print as there are a lot of extra fees. Some will bill you the annual fee and the application fee in the very first month, so you start with a large balance close to your CL and you haven't even bought a thing. Some of these banks also have the nerve to charge you when you get a CLI.

Anonymous · ‎06-05-2007

Thanks masdeocho and mercy me:

Your right I did get a cli from orchard(hsbc) and was charged $25 on one account and $30 on the other. I did it for util sake but it will not happen again. I think this goes back to rate jacking, if your pattern shows close to the limit repeatedly you have no leg to stand on. Opposite that I now pay it off and have low util so I can bargain and expect different offers to come my way.

Your right about the fees upfront so if one is getting that type of card as soon as the card arrives send the payment in to reduce the util immediately!

Not to mention I agree about the term changes, again how one utilizes th card is key also it can be an intro offer of 0-9.9% and then ~3-6 months later 20% or more, Keep your eyes open and use the crds as a mean to get better ones soon!!!

Anonymous · ‎06-05-2007

LadyFICO wrote:
Thanks masdeocho and mercy me:
Your right I did get a cli from orchard(hsbc) and was charged $25 on one account and $30 on the other. I did it for util sake but it will not happen again. I think this goes back to rate jacking, if your pattern shows close to the limit repeatedly you have no leg to stand on. Opposite that I now pay it off and have low util so I can bargain and expect different offers to come my way.

Your right about the fees upfront so if one is getting that type of card as soon as the card arrives send the payment in to reduce the util immediately!

Not to mention I agree about the term changes, again how one utilizes th card is key also it can be an intro offer of 0-9.9% and then ~3-6 months later 20% or more, Keep your eyes open and use the crds as a mean to get better ones soon!!!

I believe these card programs are purposely structured with so many upfront fees that you end up close to the CL, and because most people don't read the fine print, they charge something under $100 and WHAM! They've exceeded the CL. CCC gets an instant fee. Cardholder may continue to be over the limit (more fees!), may be rate jacked (more fees!), and the whole ugly cycle starts.