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First Premier,properly?

Date: Tue, 05/19/2009 - 06:30

Submitted by anonymous
on Tue, 05/19/2009 - 06:30

Posts: 202330 Credits: [Donate]

Total Replies: 12


hi,
I decided to bite the bullet and get First Premier in order to get my credit going. will someone help me with my plan/questions, please? here it is:

my plan is to pay off the fees immediately; i was given 250$ credit and fees are 171$. if I do this can I just pay them extra so they can keep taking the 7$ monthly fee and so i don't have to deal with making payments every month?
if I just pay it now and don't use it will they report to the credit agencies?
which is the best way to use this card in my situation?
when should i switch from them to another bank card, after six months or a year?how?

thanks, advice appreciated!


IMHO...I wouldn't get a First Premier Bank card...with all the fees and charges it isn't worth it...
...you would be better off going to a credit union and open a secured credit card...better terms and not a rip off like First Premier...
Oh...and if you miss a payment. or go over your credit limit..you'll get whacked with hefty fees and then you'll have a tough time trying to dig out of the mess...

Trust me...go the credit union way...


lrhall41

Submitted by desperatelyseekingsanity on Tue, 05/19/2009 - 06:48

( Posts: 1129 | Credits: )


Although yes, Credit Unions are a better way to go, not everyone has access to a Credit Union. The nearest credit union that would accept me is too far and is in a bad neighborhood.

I went the First Premier route. I paid off all the fees on my first bill then set up for bill pay through my bank to automatically pay my balance each month (I would use it once a month for my transportation card so I knew what the balance would be). Yes, First Premier's fees are ridiculous, but at the time it was the only card I could get. And a secured card I couldn't get because most wanted $300 deposit which I did not have.


lrhall41

Submitted by StoneBroke on Tue, 05/19/2009 - 09:39

( Posts: 64 | Credits: )


I believe the minimum payment is $20. Yes they will report it and yes they will keep it open b/c every month they are charging you the fees and annually the renewal fee. Free money to them with no risk.

They do not offer an unsecured card so you will have to apply for a new card thru another bank once your credit has recovered. 1 year is better than 6 months.


lrhall41

Submitted by desperatelyseekingsanity on Wed, 05/20/2009 - 08:37

( Posts: 1129 | Credits: )


oh.. i hate this card i have one but it did help me i must say. they are a big rip off and i wont cancel it scince it does report to all 3 cc reporting agencies and im really trying to help my credit. listen dont send them extra pay the 170 or whatever and everymonth pay what they say you need to pay because no matter what you will always have to pay them something every month. say they send you a bill for 10.00 and you send them 20.00 so you dont have a bill next month. next month they will send you a bill for 5 0r 6 dollars, or even 3.00. you will always have a bill i called and complained but they said thats how you help the credit is by reporting that you paid something every month and on time. dont send them extra or they will screw ya.


lrhall41

Submitted by love_my_things on Thu, 05/21/2009 - 07:16

( Posts: 1434 | Credits: )


Thank you Nascar!! I can always count on you to cover my back!! ;)

As to "Switch to what?"...that's the million dollar question...First Premier doesn't offer any other credit card...you will have to apply for credit elsewhere...with another lender...the catch is, your credit needs to be much improved to get a good card.


lrhall41

Submitted by desperatelyseekingsanity on Thu, 05/21/2009 - 10:15

( Posts: 1129 | Credits: )