First Premier Credit Card
Sunday, March 8th, 2009The First Premier card is an unsecured credit card that is meant specifically for people who have a below-average credit rating.
It is easy to be approved for the card, but the fees are rather high. Unfortunately, however, if you have a poor credit score, it may be necessary to pay these fees in order to help rebuild your credit.
If you are researching this card because you are hoping to improve a low score, I want to tell you that this card will not fix your score. It can help to create a positive trail of payments.
While negative items remain on your report, you will be unable to dramatically improve your credit score, because these items will always lower your score.
Regardless of what people think, derogatory marks can be removed from your credit report. Therefore, it makes sense to remove these negative items from your credit report before attempting to open up new lines of credit.
These items must be disputed directly with the credit bureaus. If you clean your credit report and then apply for a credit card you will by able to get approved for a card with much fewer fees or no fee’s at all.
Don’t expect this card to fix your credit score because it will not. It can help and new positive credit lines will help you earn a high score, however the negative marks are much more severe.
With the tough economic times we are facing today, many financial institutions have made their approval requirements much tighter, and just one negative item on your credit report may lead to you being denied.
This card is issued with a $250 credit limit; however when you are issued your card the fee’s are automatically deducted from your available credit. The fees include; program fee of $95, annual fee of $48, monthly servicing fee of $84 (annually), and an account set up fee of $29.
Instead of paying these high fees we feel it is much more cost effective especially over the course of a life time to repair and remove negative items. This will improve your score enough so you can get approved for a fair credit card that will not charge you any fees but will have a low limit.
You’re not alone: millions of people have poor credit, but you shouldn’t think you have to just live with it. The knowledge that you can’t be approved for anything better can cost you money and damage your self confidence.
Having poor credit doesn’t have to make you feel like a second-class citizen. Legislation has been passed to help protect you from outrageous fees. There is no better feeling than hearing a loan officer say, “Congratulations, you’ve been approved!