"Mixed Feelings/Just To Rebuild"

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Written by: boobie1998 on 2015-01-15

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boobie1998's review: I recently obtained this card a few days ago. Applied on December 12, 2014...was approved on December 31, 2014, and received the card on January 12, 2015...so a one month turnaround. I thought that was a little long, but I will admit I had one of these years ago, and I defaulted on the account, so I believe they were contemplating whether or not to give me second chance. I am grateful that they did... This is the standard card. It came with a $75 processing fee, which I had to pay to open the account, which now I see at there website the fee is $95, so they must of just raised it or I just got lucky and saved $20...also a $75 annual fee for the first year, which was billed to my account, which I already paid via debit card, so now I have the full $300 starting credit line available to me and a zero balance. The debit card payment I did over the phone and it was free, you just can't set up the same day, or there is an $11 fee for that(ouch), so I just picked the following day, and it posted at midnight, and is available to use, no payments holds. That is how I'll make future payments, as their website says EFT payments can take up to 20 days to release your available credit...way to long! No other fees for the first year. Can't carry a balance at 36% APR...always Pay in Full. Year 2 annual fee drops to $45, but then the good old monthly participation fee kicks in at $6.25 a month...I just bit the bullet on the fees to rebuild credit. It is already reporting on my credit report! Score has risen 60 points this past month, as I have opened a few new accounts to start to repair poor credit. I am done for now, satisfied with the accounts I have obtained. I will have 4 major credit cards reporting, plus a Fingerhut account as well. It looks like I can get a CLI after month 13, but a fee will be charged, 25% of what ever it is...oh well, but bad credit is MY FAULT, I accept that, so I have to pay the price, but I am grateful for the second chance. I will use the card for everyday items and see how it goes. I didn't like the fact that my card come to be ALREADY ACTIVATED. I didn't have to call them at all...that just seemed odd to me, not very secure in my opinion, but nothing happened fortunately I received it just fine. Also it said they will charge me a one time fee of $4.95 to access my account on-line, although that has not occurred as of yet... this was an expensive card, but a lesson to me for past bad behaviors. I hope my review helps someone out there, and I will certainly report future experiences.

5 Comments

Comment 1 by wanderer
Re: Mixed Feelings/Just To Rebuild on 2015-01-15

Understand you mixed feelings. You have a grasp on this card. Many people have used it for a year to build a good record with the credit bureaus. As you know it is an expensive option. In the event you need more and may need secured cards Bank of America has a reasonably priced card and people do graduate. Wells Fargo has one but graduating with them is more of a challenge. Citi and Capital One have cards for people building or rebuilding credit. So there are options.
Comment 2 by boobie1998
Re: Update On Fees on 2015-01-28

Just to report that so far, I haven't been charged the one-time online access fee on my account. This is good, so maybe they don't do this anymore(hopefully!). I paid enough fees already, no issues with account so far...
Comment 3 by boobie1998
Re: Year 2 Looking Up With First Premier on 2016-02-05

Have had the card 13 months now, and was eligible to request a CLI. And I got it $125...so limit was raised to $425. And they said due to my excellent history with them, I was guaranteed approval for their Platinum card, with a starting limit of $700. So I will have Total available credit of $1125 with them...pretty good for First Premier, so I think I will hang around a little longer. Zero problems with the card...but they did charge me the 25% CLI increase fee...not a fan of that one, it was $31.25, but it is clearly spelled out in the terms...
Comment 4 by boobie1998
Re: Onto Year 3... on 2017-02-01

Today marked the anniversary date of my account. Was awarded a $100 CLI...new limit $525, with a $25 fee. I hate that fee, but at least my limit grows...slowly that is.
Comment 5 by moco
Re: Mixed Feelings/Just To Rebuild on 2018-10-10

I had this card, I wasn’t happy with fees but it was credit all the same, when I filed bk 7 in 2015 I put them in, it’s been discharged but this credit card and credit one are unforgiving like capital one is, I wasn’t keen on color of card, fees were high but I had to file bk and my lawyer said throw them in even if they’re up to date, I had gotten a CLI to 500 in less than 6 months and was proud, now I’m afraid to apply
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