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Ist Premier CLI


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I have a 1st Premier Bank Platinum MasterCard unsecured. It has a starting CL of $700 and I have had it for 6 months. All payments have been made before the due date and I will be paying it off this week. In reading the terms and conditions on this card I see that to get a CLI I am subject to a fee of up to 1/2 the amount of the increase. Does anyone know how the CLI works? I want to get this card up to $1000 CL. Will I need to do several small increases of $100 each? If so how soon and how often can I request a CLI? Is it possible to write to them rather than doing the online CLI and ask them to increase it right to the $1000 and pay the $150 fee?

Because I am just out of BK7 2 yrs in Oct I am not being swamped with card offers in this tight credit market. I listed HSBC on my BK7 and they have turned me down for the Union Plus card even though I was a union member for many years. I am now a little leery of applying to any other cards because I don't want the inquiry and I am not wanting to lower the average age of my accounts either. This whole mess was caused by a divorce and the financial turmoil that goes along with trying to separate your finances after they have be so deeply and totally intertwined for so many years. I don't want to make any mistakes in rebuilding my credit. I would like to buy a small house the beginning of the year. (FHA of course) I have on my reports now my car loan that I reaffirmed it was originally $22,500 balance now is $8500 and this 1st Premier card. My FICO scores are EQ 609 TU 629 and no idea on EX. Those scores are from MyFico. I have 4 mortgage loans paid off, a car loan paid off and 2 credit cards that were paid off before the BK 7. I also have a furniture loan that was paid off before the BK and is being reported on EX and TU as such but EQ has it as IIB. Any advice on the best way to proceed on my credit repair journey?

Thank you all for your input! :smile:

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If you call the customer service they will tell you how often you can get a CLI. I think it is only 1x/yr, but I'm not sure. It is best just to ask them directly.

Also, if you are looking to build your credit after BK, check out Best Buy Master Card. It is issued by HSBC, but they are forgiving. I had them in my BK and they just issued me a BB card with no annual fee and a decent interest rate. It doesn't matter, I don't carry balances. :)

If you search for the BK friendly cards, you will find the Sterling cards are excellent for rebuilding: this would be Jareds/Kays and JBRobinsons.

Of course the best way is simply time to rebuild. You already have one subprime card, First Premier, so it is probably best to not get anymore of the subprime cards. You are right about not being bombarded with card offers in this market. That is not necessarily a bad thing. It gives you time to research the better post BK cards and plan accordingly. BTW, I had to apply online for the cards I wanted rather than waiting for an invitation.

Once you are two yrs post BK, you can go to a credit union and get a regular cc. Every cu has its own rules, but many seem to go by that 2 yr rule for unsecured cc lines. Then you will have a regular card with regular increases and can dump the subprime card.

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Thank you Denita for your help and guidance. I will call first premier and ask about the credit line increase.

On the Best Buy card, you are saying that even though it is an HSBC card and I included them in my BK 7 they will not automatically turn me down the way Union Plus did? I would like a Best Buy card as they have good electronics. Any idea what cra they pull from and what scores they are looking for?

I have joined a credit union but haven't done any application for credit yet, just been sending regular deposits to a savings account. Should I hold off applying for a credit card until the end of year or apply now for a secured card or wait until after I purchase a house after the new year? I don't think opening a new account at the end of the year is going to help any with getting a mortgage early 2011.

I had to file BK 7 because my ex filed and we had joint accounts that I would have become solely responsible for once his BK 7 was discharged. We had alot of debt when we were married most of it his but I was listed as joint on all the accounts. So I would have been saddled with more debt then I could handle. The only choice was to file BK7 also. I want to move slowly in rebuilding so I don't make any big mistakes but I also don't want to miss the extremely low prices on houses in my area and the low interest rates.

Once again thank you for you most valued advice. xdancex

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Since you will be applying for a mortgage early 2011, you will need to show at least 3 tradelines that are open and paid on time since the BK. Do you only have one open tradeline (First Premier)? Or do you have an auto loan or student loans or anything else?

HSBC was in my BK too ...I don't know which CRA they pull from, but they approved mine and I was discharged Jan '09. Someone recently posted the link (spunky99 I think is her screen name).

If you don't want to try them, def try your CU.

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Since you will be applying for a mortgage early 2011, you will need to show at least 3 tradelines that are open and paid on time since the BK.

I would like more information on this statement. I've had one loan officer tell me that, while another said its not needed. Really unsure who to believe here.

:)~k

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Ok, a little clarification here: I'm a Realtor and not a lender/loan officer/mortgage broker. BUT, I work with lenders/loan officers/mortgage brokers every day. We discuss underwriting criteria for specific instances on a regular basis. :)

So the best source of information is the lender that is issuing the loan because they have their own underwriting criteria for the particular loan you seek.

The statement above comes from FHA underwriting and I'm in Fl, so it may be a little more strict here because of the housing situation we have right now. HERE, we have to have 3 tradelines and at least one of the tradelines needs to be 2 yrs old. Although FHA will finance you if your score is 580, the lenders here want a min of 620.

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