HELP I want to move on from First Premier

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Replied by Joeyman on topic Re: HELP I want to move on from First Premier

I also applied for a walmart card last night and got an 800.00 CL.

So ill give these a year and see if my fico score increases.


Sounds good. Because you don't want too many hard credit applications on your report, as you seem to already know. You could probably apply for something else in six months and be safe.
8 years 3 months ago #1

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Replied by cashuout on topic Re: HELP I want to move on from First Premier

I also applied for a walmart card last night and got an 800.00 CL.

So ill give these a year and see if my fico score increases.
8 years 3 months ago #2

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Replied by ColoNative on topic Re: HELP I want to move on from First Premier

When you say Best Buy no logo, do you mean it is just the store card and not the MasterCard? This is actually a good thing; you don't want a Best Buy MasterCard.

Capital One only gave you $500? Hmmmm

Honestly, I cannot think of too many other creditors to suggest to you since you have Orchard and now Capital One. Anybody else have any ideas?

At this point, you need a card that will grow with you and that you won't want to close in a few years. Do you happen to have $500-$1000 cash on hand? If you do (and you have never filed bankruptcy or defaulted with-) Citibank has a good secured MasterCard. The money you put up to secure the card will be placed into a CD and will earn interest. In 18 months the account will be reviewed to see if it can be unsecured (which it almost always is). Once the card becomes unsecured, the CD is closed and they mail you the deposit plus interst back. Bank of America also has a secured card. The downside is that you do not earn interest on your deposit but on the plus side they usually unsecure faster than Citibank. Wells Fargo and US Bank also offer secured cards. The main benefit of going this route is that you will have a big name bank card that will eventually get better (higher credit lines, lower APRs etc).

Also, check out some of the credit unions in your area to see what they may be able to offer you. Just be sure they issue their own cards; a lot of the smaller credit unions actually use FIA Card Services (BofA), First National Bank of Omaha or Elan to issue their cards; In my opinion, that defeats the purpose of getting a credit union card. Please use this link to locate a credit union near you:
http://www.creditunion.coop/

Another thing to consider is to lay low for a little while longer. It sounds like your mortgage is recent so that may have temporarily lowered your FICO. Having a mortgage is one of the best things you can do for your FICO score as it shows stability. Give your new mortgage a few months to age and when your score (use Experian as most creditors use Experian) goes above 650 see if Wells Fargo will give you a Visa since you have a relationship with them.

I hope this answers your question somewhat. The main thing to remember, and you probably already know, is that it takes years to build credit and only a few months to ruin it. This will take time to rebuild but it sounds like you are off to a great start.

PS. You can probably close one of your First Premier cards at this point (the one with the lowest credit line). But wait to close the other until you get a new card to replace the First Premier's limit. This will help in your credit-to-debt ratio.
8 years 3 months ago #3

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Replied by cashuout on topic Re: HELP I want to move on from First Premier

So I applied and got a capital one platinum card 500 cl any other cards to try that are better than first premier????
8 years 3 months ago #4

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Replied by cashuout on topic Re: HELP I want to move on from First Premier

Thank you for the reply, I had some collecions and a judgement for my student loans but theses things are not new about 5 yrs old.


What is your current approximate credit score? 618 EQ

Any recent charged off/collection accounts? not in last three years

Do you have any other credit cards besides the First Premier? yes orchard and the new best buy card no logo

If you have about a 580+ score with no recent collection accounts I would recommend Capital One or Orchard for a step above the First Premier cards. Capital One even has a feature on their website that allows you to see if you are pre-approved for one of their cards. It will only result on a soft inquiry on your bureau (meaning only you see it). This is not a guarantee of credit mind you; but it will allow you to test the waters. i did the five year opt out 2 years ago so i have not recieved any pre-approved offers.





I did just pay off the judgment for my student loans last july

I have an Orchard bank card it will be five years in Aug
I just got best buy card no logo last month HSBC - and they gave me 4000.00??

I never missed a payment with orchard card. i had a 670 before i got the best buy card, now i have a 618 THrough equifax.

I been approved through wells fargo for a home loan as well
8 years 3 months ago #5

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Replied by ColoNative on topic Re: HELP I want to move on from First Premier

5 years with First Premier is way too long. Even after you close the accounts, their history will continue to be factored into your FICO score. So closing them will not hurt you in the long run. It is unfortunate that you have been late with them; but it is not the end of the world. As Joey asked:

What is your current approximate credit score?

Any recent charged off/collection accounts?

Do you have any other credit cards besides the First Premier?

If you have about a 580+ score with no recent collection accounts I would recommend Capital One or Orchard for a step above the First Premier cards. Capital One even has a feature on their website that allows you to see if you are pre-approved for one of their cards. It will only result on a soft inquiry on your bureau (meaning only you see it). This is not a guarantee of credit mind you; but it will allow you to test the waters.
8 years 3 months ago #6

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Replied by Joeyman on topic Re: HELP I want to move on from First Premier

First, make sure you always make payments. Even if you don't have the money there's always a way to ensure they get a payment. For instance, what's something you always buy? Groceries. Buy your regular groceries on the card and then make a payment will the money you intended for the groceries. This is NOT a good practice but will allow your credit report to remain good in tough times.


What are your scores like? How many years of credit history do you have? Have you declared bankruptcy ever? How many inquiries do you have on your credit report now? We need to know these factors before suggestion a new card.

Judging by what I know now, I'd suggest going for a secured card with your main bank (preferably a credit union).

As for your opinion about a credit limit increase, they are probably skeptical about providing this because of the late payments. You need to better manage yourself.

I hope no offense is taken.



PS]
8 years 3 months ago #7

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I have been following this form for a while and decided to sign up, I feel i've wasted alot of time now. So I have 2 first premier cards and I have had them for 5+ years..:embarrassed:

I was late in 2008


FP - Gold May 30 days, June 60 days and Sept 30 days
FP - Plat
June 30 days and Sept 30 days

Nothing since then They gave me a 200 cli last oct
250-450 gold
300-500 plat

i feel i should have more credit limit than this but i think this maybe FP

i want to move on to better cards but i have a five year history with them?
any advice would help?
8 years 3 months ago #8

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