Discussion in 'Credit Talk' started by dogman, Sep 18, 2000.

  1. dogman

    dogman Well-Known Member

    Continuing with an interesting piece of info regarding the FCNB Visa.

    I have had an FCNB MC for 2 yrs (perfect). Then $1400 limit with Spiegel. Remember they unsecured me, raised my limit, and cut interest - all when I told them I now qualified for better cards - AMEX!

    I called and applied for a VISA, and they sent me an approved secured visa application for signature, and a deposit of $100 or more.
    I pitched it out.

    I called them tonight and asked why this stuff about the secured Visa?
    She looked at my MC and told me that the only NEW Visas being offered were secured - at least partially.

    She then said I approve you for 400% of whatever you deposit - BUT, like their MC, the most credit they can extend in the first yr is a max of $2500.

    I asked her the rate- she said prime + 10 -
    19-20% No fee first yr.
    I told her I will send her $833.

    At 400%, the credit limit will be $3332,
    allowing it to land at them extending $2499
    of credit the first yr.
    She was sweet - BUT - I am a great customer too; she told me they could go as high as $5000 per card.

    My $833 earns 4% - and is returned in 12 months. They did it on the MC.
    Excellent revolving credit, reported as unsecured.

    FCNB helped qualify me for the AMEX. What can I say? AMEX helped me qualify for 400%
    of deposit.

    I took the deal.

  2. mick

    mick Guest

    Dogman...she lied to you I know for a fact that they offer unsecured Visa Cards because I recieved a preapproval for a unsecured Visa card for 1600.00 2 weeks ago. Im suprised you took that offer Not only they offer unsecured Visa and Mastercard but the credit limits go as high as $10,000.00 per account. I have the unsecured Mastercard with $5000.00 and unsecured Visa with $2600.00 and I originally received the Visa unsecured with a $2000.00. The offer I received 2 weeks ago I trashed because I don't need 2Visas and 1Mastercard with FCNB.
    Im sorry that happened to you and good luck.
  3. LadyCarr

    LadyCarr Guest

    That's great!
    I plan to follow just as I did with Amex. I got a secured FCNB card in 02/00 and I have 2000 on deposit with a 3300 limit, which I am going to try some more of your negotiating techniques with them in 02/01. I also have a Newport News acct with them (11/99). They are excellent with increases, 400-2800 in 7 months, I sure can't wait to see what the limit will be on my year anniversary. I also see that FCNB go as high as 500% of the deposit, looks like you are almost there.
    Congrats, once again.
  4. dogman

    dogman Well-Known Member

    that's extremely interesting info Mick.
    Needless to say, I'll let you know my followup response.

    thx buddy - very interesting - I got sold!
  5. mick

    mick Guest

    Cool...Here is some FCNB tips what you need to do is first do not send anymore deposits unless you really want to. FCNB will make the Card Unsecured after 1 year as promised also use the card regular basis and make large payments at least 3X amount and they will give your very generous credit limit increases. I been having oldest card for almost 4 years. Also they have sent me preapprovals for unsecured Visa Card twice I sent in the 1st one for the $2000.00 limit also I have read they do send preapproval invitations on the Eddie Bauer Mastercard. They do after a period of time waive the annual fee but you must have the account for at least a couple of years before asking. I hope this will help you.
    good luck !!!
  6. LadyCarr

    LadyCarr Guest

    I wanted to already have a 5000 limit when my year came up, so that I could at least be unsecured with 7500, if possible. Do you think more deposits will make my wait longer for the unsecured status?
  7. mick

    mick Guest

    Good Question I don't know my deposit was only $400.00 and it was a CD in Provident Bank on the 11 month FCNB sent me a notice that my card was becoming unsecured and they one month later sent me my deposit back and at that time my card had a $800.00 limit.
    Since you have a high limit they may not unsecured after 12 months but I don't see why not because on the other hand the money is sitting in Provident bank unless they changed things since then. FCNB is a great bank but really stingy on lowering the APR.
    But I think you will have success:)
  8. mick

    mick Guest

    No problem....feel free to ask any questions anytime about your current situation with FCNB maybe it will help you from making a wrong decision. If you did not accept the offer that is good wait a little time and you will receive the unsecured offers. Oh and also the annual fee is $20 on the unsecured card and after time with the accounts you can call and request to waive the annual fee.
  9. justme

    justme Guest


    I have had nothing but bad experiences with this "bank." My MC was unsecured and I also had a Spiegel card which could be used at Eddie Bauer (which is ok) or Spiegel (a crappy catalog merchandiser offering crappy products at inflated prices). After a few years, I got smart and dumped these cards. Customer service is poor and uninformed. If you can, stay with the big guys: Citibank, Bank of America, Chase and dump the banks that are both "prime" and subprime (Household, Capital One, FCNB).
  10. Doyle

    Doyle Guest


    That would be great if we had that option. The reason we have sub-prime cards is because the "big guys" won't touch us. We have to pay the piper for a while before we can move on to the prime market. FCNB has been good to me considering my credit history. They gave me $1000 unsecured immediately after a BK, and every six months since then I've gotten an increase (not large, but still an increase).
  11. Michael

    Michael Guest


    Why did you apply for a Spiegal Card if you don't like the crap they sell, and what does FCNB have to do with the merchandise it sells anyway???

    At least SFNB reports to the C.B.'s which Citibank and Amex (Secured) won't do until the account is unsecured.
  12. mick

    mick Guest


    Im sorry that you had a problem with FCNB.
    This is a great bank and has SUPERIOR Customer Service also they treat you well before establish or reestablish credit and now with better credit that is the main reason I will keep at least one account(the oldest one) with FCNB. On top of that I do not have to worry that FCNB will jack up my APR or any other stupid card tricks that some of the "big guys" do behind your back.
  13. dogman

    dogman Well-Known Member


    Needless to say, I have been pissed ever since reading your VISA messages. I have not yet seen the application and deposit form
    for the guaranteed 400%.

    I do not know what I will do.
    WHAT you pointed out to me, Mick, is why would I now ever do anything but obtain good unsecured or prime offers from here out?

    Still, I have had excellent experience with them - and they did just increase my MC to 5K. I might send them the $800 to get the $3200 limit. I get 4% on the $800 -
    Visa interest 20% //// result no cost $3200 visa.

    I will decide when the paperwork shows up.
  14. FISH

    FISH Guest

    Good service from FCNB

    I agree that the customer service from FCNB has always been GREAT. Never a problem with posting payments regular increases and lowered APR low annual fee and if you TRY hard enough they will drop it from a good account, even if they don't, $20 is better than most other banks
  15. RichGuy

    RichGuy Guest


    The card you mentioned would be a "no cost Visa" only if the balance were at $160 or less. Interest at 4% on a $800 deposit could pay 20% interest only on a $160 balance.

    Interest at 20% on a $3200 balance would run $640 per year, and would have to come from somewhere besides the paltry $32 annual interest on the deposit.
  16. dogman

    dogman Well-Known Member


    agreed - was adding or displaying net cost
  17. mick

    mick Guest


    Thanks for your reply also I may have some advice for you to follow and I would like to have some feedback on what I am saying right now. Here it goes what I would do in your situation is to forget the Secured Visa Card
    keep the 5K FCNB Mastercard also the AMEX Green Card and 1 or 2 Visa or Mastercard that you may have already that you like and either obtain 2 or 1 Retail credit cards if you have them Great. Why I am saying this is because you don't want to have too many revolving accounts that may pull your credit score down. Also you may want to get a regular or secured installment loan at a regular bank I have read somewhere a good mixture of credit is what creditors are looking for. Try to get a small installment loan at a bank make sure they report it to the credit bureaus see if the loan can be for at least 1 year. If the loan is secured make sure they report it as unsecured.
    Pay off any balances to where they zero out at the time you would pay off the installment loan and keep the inquires down
    try not to apply for anymore credit or maybe
    once halfway through this project.

    Pretend this is a project or experiment you are doing

    1) Getting installment loan
    2) Having 5 or 6 Revolving lines of credit
    Mix visa, mastercard, amex, store credit
    3) Have all balances paid of in 12 months
    including the installment loan.
    4) Make sure you try to get all accounts
    their deserved credit limits. The higher
    the better.
    5) Stay off the inquires.

    by doing this you will have a good mixture of credit and not having too many accounts.
    Have all balance paid in 12 months. I think this would improve your credit score.
    This is just an idea and if anyone would like to add any suggestions feel free to do so.

    So what do you think Dogman? I think this will work for you.
  18. Parrot

    Parrot Guest


    I have always had great experiances with FCNB. They offer nice increases, and always post their payments on time. I have three accounts with them; one visa, one mastercard, and Speigel. I happen to like their merchandise. Some of it may be a bit pricey, but they are a nice store with great products. I can also use my charge at Eddie Bauer one of my favorite stores, Newport news, Clifford and Wills. And the increases on these store cards are great too.
  19. justme

    justme Guest


    SFNB? I was talking about FCNB (First Consumers National Bank). You're correct, they have nothing to do with the crappy merchandise the Spiegel catalog offers, they just manage the Spiegel credit portfolio and make it easy for people to buy their cheap products at inflated prices (like I said).

    Like any new card, you start from ground zero, in terms of experience, and go from there. I had several bad experiences with FCNB, from lost statements to inconsistent information from customer service - more than any bank I have dealt with. The reason, by the way, I got the Spiegel card was so that I could use it at the Eddie Bauer Home store, not to shop their catalog.

    My citibank accounts, incidentally, are unsecured and have been reported to the credit bureaus since day 1.

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