I just got an application in the mail for a First Premier Bank Gold card that says my husband was preapproved based on info (From a soft inquiry) of his credit report. So naturally after reading the fine print I thought he had a good chance. Now I am having second thoughts and here is why. The fair Credit reporting act notice included on the back of each application states that " Information contained in a credit Bureau report recieved from a credit reporting agency was used in connection with this offer of credit. You recieved this offer because that report indicated that you satisfyed certain criteria for creditworthiness used to select costumers for this offer. The credit may not be extended or you may be offered an alternative product if after you respond to this offer we determine that the credit b was incorrect, that you no longer meet the criteria used to select you for this offer. or that based upon information that you provided us in you request for credit you do not meet the criteria bearing on the creditworthiness we have established for this offer. Blah Blah Blah My concern is that I know for a fact that all three CR's contain an unpaid charge-off that would have obviously been seen by the the soft inquiry. Then I recieved a email advertisment for the same card that asks you to answer a question and if you can answer the questions, you qualify. One criteria mentioned via email and not in the snail-mail offer was that their has to be no deliquencies more than 2x 60 days past due in the last six months. Does an unpaid charge off count as a deliquency? If so why did he recieve an offer for credit when they knew full well that a hard inquiry would be generated and he would not get the card anyway. Is it legal to send out preapprovals and deny them credit based on information that has not changed? Thanks Diane
Everyone qualifies for they're card - and after you read the fees you will understand why. With that said, I still think it tis a good way to reestablish credit. -Sal
Yes that is what I am afraid of- that they will simply offer him a secured card knowing full well that he would have never have qualifyed for an unsecured.
I know the fees are steep but the APR is only 9.99% which is 50 percent lower than I have ever seen for those type of cards. We will pay the fees and keep a zero balance just to have it because my husband uses my Platinum card for purchases anyway but he really needs to reesatblish himself as in an "individual" account.
Diane- I received the offer about 3 weeks ago, and accepted. I think the 9.9% APR is great. I just got my card in the mail yesterday. I am re-establishing my credit, and aside from the high fees, it seems like a good deal. I already have the Capital One card.... Everyone says "THE FEES! THE FEES!", but for those of us with less-than-perfect (or good for that matter) credit, it's one of the only avenues we've got!! Good luck, and keep us posted!! PS- I, too, have a derogatory on my credit, but it was in dispute at the time the application went through. -Eric
Did you get unsecured or secured? I just got an offer for this in the mail today. I'm adding up the fees: $ 29.00 Account set up fee (one time fee) $ 95.00 Program Fee (one time fee) $ 48.00 Annual Fee $ 72.00 Participation Fee (paid $6.00 per month) ____________________________ $244.00 Grand Total I don't understand the interest part. Could someone please explain it to me in simple terms? They state that the annual percentage rate for purchases is 9.9%. But the fine print states this: The monthly "periodic rate" for purchases is .825%, which is equivalent to an Annual Percentage Rate of 9.9%. The monthly "periodic rate" for PENALTY PRICING for purchases is 1.992, which is equivalent to an annual percentage rate of 23.99% What is penalty pricing?
When you fail to pay on time for x times in a certain period, the cc has the right to jack up your APR. Best regards, Mirage
Hello, I was approved for this card. After that I called to cancel and retention removed all the upfront fees associated with it. I'm still paying the monthly participation and annual fee. Jeff
Hi BostonJeff - I don't need a new MC at this point, but this is a very interesting piece of information! The card isn't too bad and can rebuild, but the fees were the main negative - but they did disclose them. Waive the fees - hmmmm - new card dept get ready for calls....LOL! aarrff dogman
Did you apply online? What were your scores? What CRA did they pull? What is the CL ? lots of questions.... thanks, Ioan
they pulled my tu which was at 680 and offered me a secure card, declined me for the regular one. it pissed me off because over the last month i've gotten 1200 in unsecured credit. oh well. they keep calling me too..
