First Premier Bank MasterCard

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unlikeu
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First Premier Bank MasterCard

Postby unlikeu » Sat Apr 16, 2016 2:01 am

Apologies if this is in the wrong section. If so mods, feel free to move.

A few years ago my credit was ruined due to a job loss and lack of income. I'm sure we've all heard the story before. Luckily, I've turned that around and my income is now stable and consistent. For the past 18 months, I've been trying to raise my credit score and clear all my debt. One of the cards I applied for a little over a year ago was the First Premier MasterCard. I was approved with a limit of $800 and would use the card and pay it off every other month. What I've noticed, however, is that after a year I was charged the annual fee of $75 and have been getting charged a monthly maintenance fee of $12.50. Despite having a 0 balance, I am still assessed this fee every month, which is frustrating.

I've tried calling their customer service line and was told that there was nothing they could do about that fee and was told it was indicated on my initial application. I was offered a CLI of $200 as a sort of compensation (with a $35 CLI fee, go figure) which I promptly declined. Since then I've paid roughly 75% of my overall debt down and honestly don't really need this card. My concern is if I cancel this credit card after having such a short history with it, it would affect my credit score adversely. I'm intent on improving my credit score and will grudgingly pay the $12.50 if it's absolutely necessary in preserving my credit.

I'd appreciate any thoughts or suggestions. Thank you.
Last edited by unlikeu on Sat Apr 16, 2016 9:39 pm, edited 1 time in total.


Tubpbs
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Re: First Premier Bank MasterCard

Postby Tubpbs » Sat Apr 16, 2016 1:34 pm

unlikeu wrote:Apologies if this is in the wrong section. If so mods, feel free to move.

A few years ago my credit was ruined due to a job loss and lack of income. I'm sure we've all head the story before. Luckily, I've turned that around and my income is not stable and consistent. For the past 18 months, I've been trying to raise my credit score and clear all my debt. One of the cards I applied for a little over a year ago was the First Premier MasterCard. I was approved with a limit of $800 and would use the card and pay it off every other month. What I've noticed, however, is that after a year I was charged the annual fee of $75 and have been getting charged a monthly maintenance fee of $12.50. Despite having a 0 balance, I am still assessed this fee every month, which is frustrating.

I've tried calling their customer service line and was told that there was nothing they could do about that fee and was told it was indicated on my initial application. I was offered a CLI of $200 as a sort of compensation (with a $35 CLI fee, go figure) which I promptly declined. Since then I've paid roughly 75% of my overall debt down and honestly don't really need this card. My concern is if I cancel this credit card after having such a short history with it, it would affect my credit score adversely. I'm intent on improving my credit score and will grudgingly pay the $12.50 if it's absolutely necessary in preserving my credit.

I'd appreciate any thoughts or suggestions. Thank you.



We would need more info on what other accounts you have opened at the moment etc etc but unless you need the credit line, I would drop the card. What other cards do you have? Will it greatly adversely affect your overall utilization ratio?

That's some toxic lending there.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
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Nixon
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Re: First Premier Bank MasterCard

Postby Nixon » Sat Apr 16, 2016 8:26 pm

Cancel it.
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TXviking
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Re: First Premier Bank MasterCard

Postby TXviking » Sat Apr 16, 2016 9:17 pm

If you're worried about the effect on your credit, you may want to apply for another (better) card BEFORE dropping this one, but don't keep paying their extortion fees. Do you know your FICO or even VantageScore?

unlikeu
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Re: First Premier Bank MasterCard

Postby unlikeu » Sat Apr 16, 2016 9:38 pm

Tubpbs wrote:
unlikeu wrote:Apologies if this is in the wrong section. If so mods, feel free to move.

A few years ago my credit was ruined due to a job loss and lack of income. I'm sure we've all head the story before. Luckily, I've turned that around and my income is not stable and consistent. For the past 18 months, I've been trying to raise my credit score and clear all my debt. One of the cards I applied for a little over a year ago was the First Premier MasterCard. I was approved with a limit of $800 and would use the card and pay it off every other month. What I've noticed, however, is that after a year I was charged the annual fee of $75 and have been getting charged a monthly maintenance fee of $12.50. Despite having a 0 balance, I am still assessed this fee every month, which is frustrating.

I've tried calling their customer service line and was told that there was nothing they could do about that fee and was told it was indicated on my initial application. I was offered a CLI of $200 as a sort of compensation (with a $35 CLI fee, go figure) which I promptly declined. Since then I've paid roughly 75% of my overall debt down and honestly don't really need this card. My concern is if I cancel this credit card after having such a short history with it, it would affect my credit score adversely. I'm intent on improving my credit score and will grudgingly pay the $12.50 if it's absolutely necessary in preserving my credit.

I'd appreciate any thoughts or suggestions. Thank you.



We would need more info on what other accounts you have opened at the moment etc etc but unless you need the credit line, I would drop the card. What other cards do you have? Will it greatly adversely affect your overall utilization ratio?

That's some toxic lending there.


I don't need the credit line at all, I simply applied after reading somewhere (maybe credit karma) that at the time I'd have a good chance of getting approved, which I did. I have the following cards:

Sears card: $900 bal - $3000 limit
Capital One MC: $0 bal - $750 limit
Capital One Visa: $0 bal - $500 limit
Amazon card: $920 bal - $1400 limit
Discover IT: $612 bal - $1000 limit
Credit One visa: $400 bal - $1050 limit
Verve Cad: $0 bal - $500 limit
Merrick Bank: $0 bal - $500 limit
Target Visa: $570 bal - $850 limit
Best Buy visa: $0 bal - $300 limit
Milestone card: $0 bal - $400 limit
Blaze MC: $0 bal - $350 limit
Walmart Visa: $1760 - $2000 limit

I also have a car loan with wells fargo for ~21k. Credit Karma shows my score as 678 for TU and E.

Thanks for the reply.

Tubpbs
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Re: First Premier Bank MasterCard

Postby Tubpbs » Sat Apr 16, 2016 11:18 pm

Get rid of that shit immediately.

Also, if you can, pay down your balances ASAP ( unless those are just live balances and not ongoing carried balances).

Once you close the account you'll have at least an additional $12.50 a month to put toward those balances.

I'd drop that ish.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

unlikeu
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Re: First Premier Bank MasterCard

Postby unlikeu » Sun Apr 17, 2016 12:48 am

Thanks, I'll do that then. I try to alternate between cards and carry a balance. I read an article saying in order to establish credit, it wasn't a good idea to pay off the balance every month? I usually pay off the balances every other month and alternate credit cards. If that's a fallacy I'll stop doing that.

Nixon
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Re: First Premier Bank MasterCard

Postby Nixon » Sun Apr 17, 2016 12:56 am

Sears card: $900 bal - $3000 limit
Capital One MC: $0 bal - $750 limit
Capital One Visa: $0 bal - $500 limit
Amazon card: $920 bal - $1400 limit
Discover IT: $612 bal - $1000 limit
Credit One visa: $400 bal - $1050 limit
Verve Cad: $0 bal - $500 limit
Merrick Bank: $0 bal - $500 limit
Target Visa: $570 bal - $850 limit
Best Buy visa: $0 bal - $300 limit
Milestone card: $0 bal - $400 limit
Blaze MC: $0 bal - $350 limit
Walmart Visa: $1760 - $2000 limit


Dude. You must have fell off the subprime tree and hit every bird shit covered branch on the way down.

Close the highlighted and stop paying beaucoup bucks for scum lender credit cards.

If you can afford to, pay some of those high balances down.
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Tubpbs
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Re: First Premier Bank MasterCard

Postby Tubpbs » Sun Apr 17, 2016 8:34 am

Nixon wrote:Sears card: $900 bal - $3000 limit
Capital One MC: $0 bal - $750 limit
Capital One Visa: $0 bal - $500 limit
Amazon card: $920 bal - $1400 limit
Discover IT: $612 bal - $1000 limit
Credit One visa: $400 bal - $1050 limit
Verve Cad: $0 bal - $500 limit
Merrick Bank: $0 bal - $500 limit
Target Visa: $570 bal - $850 limit
Best Buy visa: $0 bal - $300 limit
Milestone card: $0 bal - $400 limit
Blaze MC: $0 bal - $350 limit
Walmart Visa: $1760 - $2000 limit


Dude. You must have fell off the subprime tree and hit every bird shit covered branch on the way down.

Close the highlighted and stop paying beaucoup bucks for scum lender credit cards.

If you can afford to, pay some of those high balances down.


I second and third this.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

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Vattené
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Re: First Premier Bank MasterCard

Postby Vattené » Mon Apr 18, 2016 10:00 pm

I'll add my voice to the choir telling you to dump them. I cringe at the thought of paying that much interest just for the purposes of credit building, but monthly maintenance fees on top of annual fees and CLI fees? That is utter bullshit, and you do not need to put up with it.

You have a lot of accounts now. Don't miss any payments and they will all report positive history on you. Paying in full vs. leaving a balance won't have an impact on your credit (assuming you make the minimum payments on time and don't let utilization get out of hand). Always pay in full and you'll build good credit while not paying any interest. You could close every account suggested and they will continue to report in your history for 10 years. Then you can worry about utilization if need be. People on forums like to talk about "building relationships" with lenders; you are in an abusive relationship with First Premier. It is not your fault (you have been operating on misinformation). Dump the scumbag and move on - you don't need to have perfect credit to get into a relationship with a lender that will treat you decently.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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