babymakes5 Posted March 27, 2007 Report Share Posted March 27, 2007 Here is the offer I received:Your Card: Aspen MasterCard Credit Line: $450 Current Annual Percentage Rate for Purchases: 11.99% Current Annual Percentage Rate for Cash Advances: 17.99% Annual Fee: $150 Monthly Maintenance Fee: $6.50 Account Opening Fee: $29 I know this isn't great but I have a score under 600 that I am working on getting built up. I have an unsecured Orchard Bank card with a cl of $300 that I have had for about 2 months now. I am trying to obtain some positive TL's and dispute some old collections and charge-offs. Some I may just have to wait on.I don't have the money to do a secured card right now.Any thoughts? Link to comment Share on other sites More sharing options...
direred Posted March 27, 2007 Report Share Posted March 27, 2007 In one year, you'll have paid a minimum of $257 in fees. I think it's better to open a savings account and apply for a secured card when you have that money set aside than send it to vultures like this. The second year would cost you $78.If you don't have the $ for a secured card, you sure don't have the $ for a vulture card like this, especially since you've got an Orchard card already (so you have one card).Instead, I'd get some store cards (e.g. Target, Wal*Mart) at places you're likely to shop. Link to comment Share on other sites More sharing options...
babymakes5 Posted March 27, 2007 Author Report Share Posted March 27, 2007 That's what I thought. I don't think I could qualify for store cards right now with my score still so low. But I may just wait it out and see. Link to comment Share on other sites More sharing options...
babymakes5 Posted March 27, 2007 Author Report Share Posted March 27, 2007 You said I'd pay $78 the second year....you don't think the $150 is for every year? Plus it said that if I make the first four payments on time, I'd qualify for a cl increase but didn't say how much. This is sooooooo tempting!!! Link to comment Share on other sites More sharing options...
pjfan Posted March 28, 2007 Report Share Posted March 28, 2007 Hi-Have you thought about getting a secured card?By doing so you would eventualy get the money back.This card is going to charge you fees upon fees.I went the secured route because I did not want to throw my money away:Orchard and Wells fargo are the two secured cards I got. Very low annual fee and free online acount access Link to comment Share on other sites More sharing options...
direred Posted March 28, 2007 Report Share Posted March 28, 2007 You said I'd pay $78 the second year....you don't think the $150 is for every year? Plus it said that if I make the first four payments on time, I'd qualify for a cl increase but didn't say how much. This is sooooooo tempting!!!Sorry, you're right. $228 the following year.You could have two small secured cards by year two, and still have actual money left in deposit accounts.Don't be tempted. It's a bad deal. Link to comment Share on other sites More sharing options...
direred Posted March 28, 2007 Report Share Posted March 28, 2007 Hi-Orchard and Wells fargo are the two secured cards I got. Very low annual fee and free online acount access The OP's already got one Orchard card, they don't permit opening a second for 18 months.I'd suggest National City or Elan first. Wells Fargo secured cards are harder to get. Link to comment Share on other sites More sharing options...
pjfan Posted March 28, 2007 Report Share Posted March 28, 2007 I'd suggest National City or Elan first. Wells Fargo secured cards are harder to get.Really-I did not know Wells Fargo was hard to get. I had a BK 14 months ago and they gave one to me I feel special8-) Link to comment Share on other sites More sharing options...
JustaTexan Posted March 28, 2007 Report Share Posted March 28, 2007 I know it is tempting, but try to hold out. What other tradelines and/or baddies do you have on your report? If I were you, I'd open up a Crown Jewelers account. That is what really opened the door for me for places like Target, Macy's, etc. Link to comment Share on other sites More sharing options...
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