The Master Don't Get These Cards For Any Reason Thread

[mendelssohn]

This thread is to compile a list of cards that you should not get for any reason. People often come to CB with really low scores thinking that they have to settle for sub sub prime cards, when there is no reason to add these cards. I made the same mistake myself opening a Credit One account early on in rebuilding. One of the main problems, other than the fees often associated with these cards, is that they will leave evidence of credit problems once your reports are clean. Even after they are closed, they will continue to report for 10 years.

 

 

 

Fingerhut, so I guess that's something.

 

so is Ebola...

 

 

Let's keep this thread focused on specific cards. General advice can be found in these threads:

 

ADVICE: How to avoid toy card hell

 

The Master Secured Credit Cards Thread

 

Cards to avoid for any reason:

Credit One

First Premier Bank

Fingerhut

Continental Finance

Horizon

Edited September 8, 2014 by mendelssohn

[almostanonymous]

Discover

[mendelssohn]

Discover

Although there is a lot of hate for Discover here, it doesn't fit in this list. No AF, has a grace period, no maintenance fees, and other creditors will not look negatively to it being on your reports.

[almostanonymous]

Orchard Bank

Merrick

[mendelssohn]

Cards to avoid for any reason:

Credit One

First Premier Bank

Fingerhut

Continental Finance

Horizon

Merrick

 

Orchard Bank
Merrick

Orchard Bank is now Cap1

[ManofB]

I see you have Fingerhut on here. Feel the same about Gettington?

[mendelssohn]

I see you have Fingerhut on here. Feel the same about Gettington?

I've never heard of Gettington. Someone else will have to make a judgement call on that one.

 

I'm also wondering if Merrick belongs on the list. Opinions?

Edited September 8, 2014 by mendelssohn

[Goose123]

I regret Merrick. Got it for the double your limit promotion, and Fico score. No AF, but no reason to use it either. It's in the sock drawer.

[shifter]

Orchard Bank is now Cap1

yep I got lucky on that one.

 

my only rebuilder card with an original $500 limit

 

has now transitioned into a 15k QS card.

 

very lucky.

[mendelssohn]

I regret Merrick. Got it for the double your limit promotion, and Fico score. No AF, but no reason to use it either. It's in the sock drawer.

There are certainly plenty of cards that become useless. I don't use my Cap1 or DCU cards at all, just enough to keep them active. The question is whether or not they fit into this category of cards to NEVER get.

 

Orchard Bank is now Cap1

yep I got lucky on that one.

 

my only rebuilder card with an original $500 limit

 

has now transitioned into a 15k QS card.

 

very lucky.

 

Same here. I had one of them that started out at $300 and is now a $4000 QS. Even though I'm not a fan of Cap1, it looks better than it did before.

[cashnocredit]

 

I regret Merrick. Got it for the double your limit promotion, and Fico score. No AF, but no reason to use it either. It's in the sock drawer.

There are certainly plenty of cards that become useless. I don't use my Cap1 or DCU cards at all, just enough to keep them active. The question is whether or not they fit into this category of cards to NEVER get.

 

Orchard Bank is now Cap1

yep I got lucky on that one.

 

my only rebuilder card with an original $500 limit

 

has now transitioned into a 15k QS card.

 

very lucky.

 

Same here. I had one of them that started out at $300 and is now a $4000 QS. Even though I'm not a fan of Cap1, it looks better than it did before.

 

 

I seriously looked at Orchard (before Cap1 sale). It was right after getting offers from First Premier with a big, flashy, 9.9% APR pitch. I looked at FP details and it became clear they made their money by charging ridiculous setup and monthly fees. Something like getting a $300 LOC involved giving them $225 first. Insane.

 

So then I started looking around and saw Orchard. They seemed much less nuts and they had a secured card that looked interesting though with low limits. Eventually, and largely from reading CB and other web material, I settled on WF and Citi secured as they offered the cheapest (WF, $19 AF) and, at the time best return, (Citi, 4.07% APR on the security deposit). But I had come very, very close to getting an Orchard or possibly even FP if Orchard had rejected me.

 

Lady Luck is sometimes the best of friends. OTOH.....

[cyberone28]

Applied Bank visa gold.... annual fee of $125 for the "privilege" of first year, after that $180... 29.99% apr.....

Besides I read they go up to $500 in CL.....

 

galaxy s5 ---- Tapatalk

Edited September 8, 2014 by cyberone28

[Cappy]

HSBC was pretty bad in the day

[Guest]

Just to reiterate:

 

Credit One

First Premier Bank

 

Thank you.

[Cappy]

Just to reiterate:

 

Credit One -

First Premier Bank

 

Thank you.

I was pre-approved for both

 

Should I do it?

[Guest]

 

Just to reiterate:

 

Credit One -

First Premier Bank

 

Thank you.

I was pre-approved for both

 

Should I do it?

Are you "rebuilding" ?

 

^^ scratch that.. Don't do it!

[mendelssohn]

Cards to avoid for any reason:

Applied Bank

Continental Finance

Credit One

Fingerhut

First Premier Bank

Horizon

Merrick (up for debate)

Edited September 8, 2014 by mendelssohn

[whipster]

Orchard now CapOne gave me credit when nobody else would, and they have grown with me significantly. The best main-line MC/Visa starter/rebuilder out there IMO. They will give you a frigging chance. Barclay comes in a close second.

[Cappy]

 

 

Just to reiterate:

 

Credit One -

First Premier Bank

 

Thank you.

I was pre-approved for both

 

Should I do it?

Are you "rebuilding" ?

 

^^ scratch that.. Don't do it!

I am pre-approved

 

What the heck.. Why not?

 

What do you think Mendel?

[shifter]

Your attempt at satire

 

is misguided.

[mendelssohn]

Orchard now CapOne gave me credit when nobody else would, and they have grown with me significantly. The best main-line MC/Visa starter/rebuilder out there IMO. They will give you a frigging chance. Barclay comes in a close second.

Orchard, no.

Cap1, yes.

 

The conversion from Orchard to Cap1 opened the door to more possibilities.

[futurehomeowner?]

Give me a reason why Merrick should be on this list?

 

When I started my rebuild it was my biggest help. They started me out at $700 with a promise to double the limit in X amount of time. I had no annual fee for the first year.

 

Sure they now charge me $39 a year, interest rate is horrible, and no rewards but they also raise my limit every 6 months. This card has definitely helped me get better cards.

 

As soon as we buy a house it will be cancelled but as of right now I am happy that I have had it.

[mendelssohn]

Give me a reason why Merrick should be on this list?

 

When I started my rebuild it was my biggest help. They started me out at $700 with a promise to double the limit in X amount of time. I had no annual fee for the first year.

 

Sure they now charge me $39 a year, interest rate is horrible, and no rewards but they also raise my limit every 6 months. This card has definitely helped me get better cards.

 

As soon as we buy a house it will be cancelled but as of right now I am happy that I have had it.

I questioned earlier whether or not it should be on the list. Do you think it should be removed?

[Cappy]

Your attempt at satire

 

is misguided.

Who said I wasn't being serious?

[mendelssohn]

 

Your attempt at satire

 

is misguided.

Who said I wasn't being serious?

If you are serious, you need a kick in the pants.