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Should I never authorize my First Premiere Card?


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Hi everyone.

 

On Friday of this week I'll be paying all revolving debt balances to 0, ... zero utilization!

 

The problem is, I have really bad scores. 590 TU is my best FAKO ( how much difference is there between a FAKO and myfico? )

 

Anyways, I thought establishing more credit would be the best bet, so I signed up for a First Premiere Bank credit card.. and was approved. I got a letter in the mail saying it won't be authorized and won't report to the CRA's until I call them or try and use it for cash forwarding.

 

I came on here and everyone says First Premiere is the devil, to steer clear!! ( is this only because of high APRs and finance charges? or is it really negative in the CRA's minds? )

 

What should I do :angry:

 

Thanks :angel:

 

 

PS: I don't have any collection/charge-off accounts.. just high utilization and scattered late payments :lol:

Edited by sureshot
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Call them and tell them you don't want the card. You must find out if any fees have been attatched to it or not. If they have, you may have to pay them but you shlould not if the card has not been activated. Be sure to get in writing that you owe nothing.

You do NOT want this card. Get a National City secured card to begin revolving hx.

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Have you called them or used it yet?

 

If not, call and cancel.

 

 

If yes you have called them then call back and cancel. I called and told them I did not want the card and they waived all of the fees (I had not made any personal purchases with it) and closed the account.

 

If you've used it, then just keep it but try to get another card very soon. Then call in a couple of months and close it to avoid all of the annual and monthly fees they charge.

 

BOA 99/500 is good. Hooters is suppose to be easy to get as well.

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Thanks for all the replies everyone.

 

So the main reason not to use it is because of the fees, or is it because of how the card is viewed by the CRAs?

 

I'm at the point where i'm willing to spend money to get my credit rating up.

 

I have not used it yet, but they say there will be almost $200 in fees already on the card when I activate it.

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I'd call and DECLINE the card, get in with a good CU (Navy, Nasa, Penfed, local one, etc), get your scores up around 600, then get a better card with a better limit/APR. Also, buy your FICOs so you know where you stand and what you have a shot at. They could be 100 pts higher for all you know.

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It might seem like a good trade off for a credit line - but it's not.

The ~200 in charges just for GETTING a card, plus a $6 a month fee, and another fee if you want to pay online, etc. This card is to be avoided. You sound like your credit isn't all that bad - no charge offs or CAs, I'd definitely go either the secured route, Orchard route, or even better than these - a local or national Credit Union.

 

Call them up and cancel, now!

 

ETA - I was a FP cardholder, don't make the same mistake I did. Money down the drain.

Edited by foxmid
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I did the same think when I started out working on credit. I cut the card up and wrote them a letter stating I did not authorize and did not want the account and sent the letter CMRR.

Never heard from them again and that was 3 years ago. GL OP!

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Thanks for all the advice/opinions everyone!

 

I just called First Premiere and told them I wasn't interested and that I wanted it cancelled etc. The person I spoke with tried to keep me around by removing the upfront fees ( ~$200 ) and by giving me a 9.99 APR. I almost second guessed myself and gave in, but then said:

 

"Hey hey, ho ho, First Premiere has got to go!"

 

The rep I spoke with said to cut up the card when I recieve in and the card will never be activated and will never report to the CRAs.

 

I'll keep an eye out anyways.. we'll see.

 

Anyways, I'm going to pay off all my revolving debt. tomorrow, wait for the impact on my FAKOs through truecredit, then pull my FICOs from myfico.. and apply for Hooters!

 

As Michael Scott would say.. I'll order the chicken breast.. hold the chicken. :P

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good idea, you can alos try orchard, household, or a simple secured card with citi for $200 and they report to all three credit burears if not, then try store cards i heard their easy if this doesn't work try and hold out and pay some of your debt down, or use your stimulas to do a secured card!

GL

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As Michael Scott would say.. I'll order the chicken breast.. hold the chicken. :swoon:

 

YES! YES! I LOVE THE REFERENCE! I can't wait to get home and watch the latest episode on hulu, missed it last night.

 

I currently have a FP card, have had it since Dec 03, it is showing 2 years of positive payment history on it. I just need to get it down to 0 utilization and kill it.

 

Congrats on your 0 utilization! As someone else here said FICO can be different than FAKO but as much as 100 points or as little as none. Varies person to person even I think.

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The rep I spoke with said to cut up the card when I recieve in and the card will never be activated and will never report to the CRAs.

 

 

I'm in a similar boat. I thought having some tradelines would be a good thing, regardless of the fees that some of these cards charge. I applied for the First Premiere card, and got a message that I'd get something in the mail. It wasn't an instant approval so I assumed I'd been turned down.

 

Well, I have TrueCredit and I see that First Premiere is already reporting the new card to all three bureaus and I have yet to receive the card.

 

When the card does come I'll call them. If they offer to waive the upfront fees I might just sockdrawer it for a year or so before canceling it. I mean, they're already on my reports.

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