sjokinley Posted February 26, 2007 Report Share Posted February 26, 2007 I don't know if this is news or not, but if anyone is trying to rebuild their credit and you have a bank acct. with at least $5.00 in it (for processing fee) you can almost certainly get a credit card at Imagine Mastercard (I think it's at imagine.com). I just got one and my credit scores range from 493-544. It's worth a try anyway. Hope this helps. Link to comment Share on other sites More sharing options...
thomassl Posted February 26, 2007 Report Share Posted February 26, 2007 I don't know if this is news or not, but if anyone is trying to rebuild their credit and you have a bank acct. with at least $5.00 in it (for processing fee) you can almost certainly get a credit card at Imagine Mastercard (I think it's at imagine.com). I just got one and my credit scores range from 493-544. It's worth a try anyway. Hope this helps. Did you get a chance to read the terms of this card? On the $300 card, there is a $150 annual fee, 19.75% APR and $78 yearly maintenance fee! The $70 card has a $15 annual fee with.... and I can't believe this... a $228 maintenance fee at 19.50% APR! The interest rate raises to 25.75% if delinquent. This card is from HSBC. You would be better off getting a secured card. Link to comment Share on other sites More sharing options...
SecretAgentWoman Posted February 26, 2007 Report Share Posted February 26, 2007 Same with First Premier. It maybe "unsecured" but you are paying for this card to the tune of hundreds of dollars of fees per year.At least with a secured card, the secured savings are yours to keep and will eventually come back to you. Link to comment Share on other sites More sharing options...
Nikro Posted February 26, 2007 Report Share Posted February 26, 2007 Ouch! Id much rather wait until I am able to get an orchard card with much better "disclosures".These companies prey on the FICO challenged. Link to comment Share on other sites More sharing options...
sjokinley Posted February 26, 2007 Author Report Share Posted February 26, 2007 Sorry-I don't know enough about this stuff-I thought the fees were just a one-time thing, not yearly!! Link to comment Share on other sites More sharing options...
divemedic Posted February 26, 2007 Report Share Posted February 26, 2007 Even if it is a one time thing- here is how it works:You get a card with a $300 limit. Charged to you is:$5 processing fee$150 annual fee$6.50 per month maintainance fee (total $78 per year)19.75% interestSo you get the card, after paying $5 to get it- and it already has $150 charged on it. Then they charge you $6.50 a month in maintenance fees, plus (since the balance is $156.50) interest in the amount of $2.58.The card also requires that they be able to automatically withdraw your monthly payment from your bank account each month. Link to comment Share on other sites More sharing options...
sjokinley Posted February 27, 2007 Author Report Share Posted February 27, 2007 OUCH is right!! So, if I stupidly did get this card what can I do to fix this without hurting my credit even more? Is there any way to cancel without it being reported or something? I know you live and learn but some of us are slower than others. Link to comment Share on other sites More sharing options...
divemedic Posted February 27, 2007 Report Share Posted February 27, 2007 Return it to them CMRRR, along with a letter telling them you do not want the card (unless you have already used the card, then you are gonna have to pay it) Link to comment Share on other sites More sharing options...
keith Posted February 27, 2007 Report Share Posted February 27, 2007 I would'nt think you'd want a cigarette after this...... This is more like rape, looting and plunder. With friends like that, who needs enemas. OOOPS, make that enemies. Wow, what you don't know can hurt you, and hurt you, and hurt you..... I hope everything works out for the best. Good luck! Link to comment Share on other sites More sharing options...
TxStorm Posted February 28, 2007 Report Share Posted February 28, 2007 At least with a secured card, the secured savings are yours to keep and will eventually come back to you.A good way to go if you have or can get the $200+ at hand to open the account with. I didn't have that kind of money at the time otherwise Orchard would've been my first choice. Link to comment Share on other sites More sharing options...
SecretAgentWoman Posted February 28, 2007 Report Share Posted February 28, 2007 If you don't have that kind of money, in my opinion, you don't have the money to pay those impossible fees. Sounds like the reason you needed to improve your credit in the first place.If you don't have the money now, "pretend" you are paying those nasty fees for a few months, save up the dough, and get the secured.Also, look into a savings account. No one should be without one.Repairing your credit isn't just about a FICO score, it's also learning fiscal responsibility, or you will just be right back where you started again in a few years! Link to comment Share on other sites More sharing options...
sjokinley Posted March 25, 2007 Author Report Share Posted March 25, 2007 While my ignorance won the day when I accepted this card, I am very proud of myself (and thankful to all of you) for learning to understand the "terms" of these offers. I have twice received "offers" for an Aspen CC with nearly the same terms as the one I started this thread about in the last two weeks (only $6.00 per month) and since I know now what I should have known then, I happily declined their offer. I am eternally grateful for all of those on this forum who stick around to teach the rest of us what they already learned the hard way. Link to comment Share on other sites More sharing options...
direred Posted March 25, 2007 Report Share Posted March 25, 2007 As someone who once had two First Premier cards (and therefore qualified for the free All Day Sucker), you're welcome. Link to comment Share on other sites More sharing options...
rmuse00 Posted March 25, 2007 Report Share Posted March 25, 2007 In the very beginning while I spent most of my time threads on this board. Whenever I had an offer for a CC I posted and got feedback. LNY and Cav convinced me NOT to get First Premier even though I thought that was all I could ever be worth. Thanks to this board I now have 3 CC's 3 store cards and 2 lines of credit (CJ, Dell) also have a prime card (chase) I am working on letting these TL's age and hope to raise my scores so I can get more prime cards and then use the subprime cards less and less. It's important to continue reading the posts on this board and continue asking for feedback. Good luck! Link to comment Share on other sites More sharing options...
direred Posted March 26, 2007 Report Share Posted March 26, 2007 How bad was my credit when I started?I'd gone overlimit on one First Premier card, and they re-opened one when I paid it down, but wouldn't open the other.That is the event that got me searching google and eventually brought me to the old Art of Credit (then to here, CreditNet, and Creditboards). Link to comment Share on other sites More sharing options...
bigboyinc Posted March 26, 2007 Report Share Posted March 26, 2007 I too feel in the first premier trap, was iresponsible and now paying for it. Now I have gotten a $500 CD and took out a secured loan with a credit union, then took that $500 and got a secured credit card. 2 positive trade lines will result. When u a reasonable amount of money, make it work to your advantage. Link to comment Share on other sites More sharing options...
sjokinley Posted March 26, 2007 Author Report Share Posted March 26, 2007 Funny enough, I have an old First Premier on my CRA's but they gave me a new card last summer that I have never been late on. That was way before I found this forum, but was thinking if I established on-time payments it would help my credit. I guess now I'm stuck with these 2 horrible "terms" cards but at least I am establishing perfect pay on them.Moral-I guess 1st Premier will trap anyone, even if you never paid the first time. Link to comment Share on other sites More sharing options...
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