Garden Cult Meeting - November 2014

For just about anything you want to get off your chest about credit cards.
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otter
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Location: Grand Forks, ND

Postby otter » Sun Nov 09, 2014 6:53 pm

lobbythis wrote:Garden for life!

Image


popamode72 wrote:Oh no! You can never EVER cut up a card in the garden, especially if there's no annual fee. You must keep all your cards or else the credit boogie man will come after you and your family. Don't ever close your secured Cap One and Credit One cards either.


She's not cutting up her card because she's closing it... she just took advantage of First-Premier's customize-your-card option for $20/$3 per month. That's the original FP card she's cutting up.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450


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Xorand
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Postby Xorand » Sun Nov 09, 2014 8:36 pm

otter wrote:She's not cutting up her card because she's closing it... she just took advantage of First-Premier's customize-your-card option for $20/$3 per month. That's the original FP card she's cutting up.


LOL!

Sadly, we had a First Premier card years ago shortly after a BK. I remember being approved for like $300 and immediately had almost $250 of annual fees, service charges, etc. on it by the time it actually arrived.
AmEx - Platinum (NPSL) , Blue Cash Preferred ($19,000), Gold Delta Skymiles ($8,500)
Chase - Sapphire Preferred ($14,000), Disney ($11,500), Amazon.com ($9,000), Freedom ($8,000)
CapOne - QuickSilver ($7,250) / Platinum Rewards ($7,250)

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CarefulBuilder14
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Location: United States

Postby CarefulBuilder14 » Sun Nov 09, 2014 9:36 pm

Well, I'm no longer stuck again with a 720 TU! (See page 2 of this thread if you want background on that.)

I just moved up to 731. All the negative factors of inquiries, new credit, and a falling AAoA have appeared and been factored in. I've also had small balances report on four of my five cards, so it should be smooth sailing FICO-wise for a while.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Cre
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Postby Cre » Mon Nov 10, 2014 12:46 am

Xorand wrote:Sadly, we had a First Premier card years ago shortly after a BK. I remember being approved for like $300 and immediately had almost $250 of annual fees, service charges, etc. on it by the time it actually arrived.


How horrible. No wonder the banks own the tallest buildings in every city.
Current Cards:
AmEx Platinum Charge: NPSL, $450 AF
AmEx Reserve Credit: $30K limit, $450 AF
Chase Slate Visa Credit: $32K limit, No AF
Future Strategy:
Near Term: Need a good MasterCard for places that won't accept AmEx or Visa
Long Term: Will downsize out of one or both current AmEx cards to reduce AFs

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otter
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Location: Grand Forks, ND

Postby otter » Mon Nov 10, 2014 5:14 am

Xorand wrote:LOL!

Sadly, we had a First Premier card years ago shortly after a BK. I remember being approved for like $300 and immediately had almost $250 of annual fees, service charges, etc. on it by the time it actually arrived.


I live in North Dakota (and previously in Wyoming) which borders FP's home state of South Dakota and know a lot of people from South Dakota. Believe it or not, First Premier has a golden reputation in their home state. They give a lot of money away to charity, they've given a lot of money to state schools and universities, and generally do a lot for their community. The Brick and Mortar Bank associated with the credit card issuer has a better reputation among their customers than almost any bank I've dealt with (ie. Wells Fargo and Bank of America customers tend to hate dealing with their bank). Looking at First Premier Banks checking/savings accounts, they have little in the way of fees. At first, it was kind of funny and weird seeing people give me their First Premier debit cards or their First Premier Corporate cards where I work because many of those people look upper-middle class or above (I don't think they issue any credit cards to "their" customers).

I have a good friend (okay, a really cute blond girl who I'd like to know better) who banks with them. We once had a conversation about FP and I mentioned their reputation among the credit card community and she said South Dakotans love First Premier Bank. I kind of get the impression that SD peeps know their credit card division is crooked, but because of their philanthropy they look the other way. So I guess they're okay with screwing over people in the other 49 states if it helps them.

So on behalf of people in the other Dakota... thank you Xorand for helping build the Denny Sanford Premier Center, a state of the art arena, as well as numerous other buildings...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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Xorand
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Postby Xorand » Mon Nov 10, 2014 8:46 am

otter wrote:Believe it or not, First Premier has a golden reputation in their home state...


I had heard about that some time back. It is interesting. I don't knock them, necessarily, as they are filling a particular niche for people who think they just have to have a credit card. They are up front about all the fees before you even apply (or they were way back then), though I realize a lot of folks probably don't read the fine print.

otter wrote:So on behalf of people in the other Dakota... thank you Xorand for helping build the Denny Sanford Premier Center, a state of the art arena, as well as numerous other buildings...


Always glad to do my part. I'm sure a few years of 29.99% (may have even been 31.99%) interest on a continual $300 balance (they never gave a CLI - surprise) helped fund something there.
AmEx - Platinum (NPSL) , Blue Cash Preferred ($19,000), Gold Delta Skymiles ($8,500)
Chase - Sapphire Preferred ($14,000), Disney ($11,500), Amazon.com ($9,000), Freedom ($8,000)
CapOne - QuickSilver ($7,250) / Platinum Rewards ($7,250)

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otter
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Location: Grand Forks, ND

Postby otter » Mon Nov 10, 2014 9:19 am

For better or worse, First Premier has a business model that works and is very lucrative. When you think about it... it's almost a secured card which never gives you your deposit back. That $250 right off the bat is pure profit. I've heard their default rate is extremely high (over 50%) so that partially explains their excessive fees. There are actually a wide variety of people who get FP cards and for most of them there are better options to rebuild.

btw... you've done an incredible job rebuilding.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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Xorand
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Location: TX

Postby Xorand » Mon Nov 10, 2014 12:51 pm

otter wrote:btw... you've done an incredible job rebuilding.


I've seen a few comments here and there on the board that some people that are just starting out or recovering from credit issues looked forward to comments from those with more advanced credit histories. I thought it might be an encouragement to someone to see where you can go in just a few years with proper debt management, so I adjusted my signature accordingly.

I seriously still can't get over the fact that I can click a few buttons on a website and instantly get approved for a good credit card with a high limit (in the most recent case, the CSP with a $14k starting limit). Still difficult to believe that four years ago I was still making minimum payments on my maxed out credit cards and living paycheck to paycheck due to all my debt (all self-inflicted, keeping up with the Joneses type of junk).
AmEx - Platinum (NPSL) , Blue Cash Preferred ($19,000), Gold Delta Skymiles ($8,500)
Chase - Sapphire Preferred ($14,000), Disney ($11,500), Amazon.com ($9,000), Freedom ($8,000)
CapOne - QuickSilver ($7,250) / Platinum Rewards ($7,250)

Cre
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Location: United States

Postby Cre » Mon Nov 10, 2014 2:11 pm

Good post Xorand! And good signature!

It took me 50 years to accomplish what you did in 2.
Current Cards:
AmEx Platinum Charge: NPSL, $450 AF
AmEx Reserve Credit: $30K limit, $450 AF
Chase Slate Visa Credit: $32K limit, No AF
Future Strategy:
Near Term: Need a good MasterCard for places that won't accept AmEx or Visa
Long Term: Will downsize out of one or both current AmEx cards to reduce AFs

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Xorand
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Postby Xorand » Mon Nov 10, 2014 4:03 pm

Cre wrote:It took me 50 years to accomplish what you did in 2.


Well, 3 years. Or technically 30 since my first credit card arrived in my mailbox in 1984.

Changed my avatar to my CreditKarma score graph. (I know, they aren't the most accurate, but close enough).
AmEx - Platinum (NPSL) , Blue Cash Preferred ($19,000), Gold Delta Skymiles ($8,500)
Chase - Sapphire Preferred ($14,000), Disney ($11,500), Amazon.com ($9,000), Freedom ($8,000)
CapOne - QuickSilver ($7,250) / Platinum Rewards ($7,250)



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