Just wanted to get some quick opinions about First Premier Bank. I recently got approved for a credit card (which is a small step forward as this is the first time in 4 years I have be approved for anything) and I just wanted to make sure that they are a decent company before I start using the card. Thanks!
First Premier is one of those that charges you an arm and a leg in fees, starting from a ridiculously hiigh annual fee - which automatically reduces your available credit from the credit limit. Then comes the activation fee, followed by monthly participation fees, and of course loanshark level interest rates.
It doesn't seem like such a bad deal, especially since I don't qualify for a lot of credit cards out there. The interest rate is 9%, although if I pay my balance in full, they don't charge me any interest. The start up fee was $29 and there is a monthly fee of $7. I was going to use my bank to get a secured card, but the interest rate was going to be just as bad and I would have to put down the money right up front. This way, I don't have to do that. I just wanted to make sure they were an okay company to work with.
Well - if they changed your annual fee to only $29, and the monthly fee to $7 they must have changed BIG TIME. When I first applied way back in 2004 their annual fee was $125, their monthly fee $12. and their interest rate somewhere between 15 and 18 %.
Beware 1 year down the road in a routine review they discover that you have a late payment on a different account,goodbye 9% hello 30% if you don't think they don't do that.Hello i'm here they raised my rate rate because of a bk which they knew was on my cr!
My credit limit is only $200, but that is all I really want right now. I got myself in trouble with a $500 credit limit and that is what started this whole credit repair mess! $200 is good because I know I will be able to pay the full amount every month.
I had a First Premier card. Like you, I went into it with my eyes open. I knew that after all the fees they charged, I would have $75 credit available on my $300 limit card. But at the time my credit score was under 500 and I really wanted to have an open account reporting. A year later, with a credit score in the high 600's and a couple of much better credit cards in my wallet, I closed my First Premier account. It had served its purpose. But I was very happy with them while I had the card.
That is kind of what I am hoping for. I don't plan on having it for too long and hopefully I will have the same outcome. Thanks for the info!
How long will it take for them to start reporting to the credit agencies? Also, when should I start seeing an improvement in my credit score?
In my case, I actually found out I had been approved for the card by seeing it reported on my credit report. They reported it before I even got the card! How long it will take for your score to improve depends on what else is going on in your reports. In my case I had managed to get most of my "baddies" removed, and within a couple of months my score started going up. Just remember rule #1: NEVER be late!
