So our chapter 7 closed a little over a month ago, and I have received multiple offers from first premier bank....frankly their rates are appaling...$25 processing fee, $175 annual fee 36% APR and a credit limit of $700. I understand that credit can be difficult to rebuild but honestly....
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Filed 9/14/2012 341 10/23/2012 Discharged 01/02/2013 Closed 01/07/2013 -
You have a choice.... -
I realize this an in no way feel inclined to get back in bed with cc's. My statement was reflecting shock that there was even an offer like that out there.Originally posted by Logan View PostFiled 9/14/2012 341 10/23/2012 Discharged 01/02/2013 Closed 01/07/2013Comment
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People get mad at 1st Premier but nobody forces anyone to apply for these cards. I think it's more ridiculous that there are people who get these cards more than the fact that it's even offered.Originally posted by clunk View PostComment
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Highway robbery...Comment
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I think part of the reason people go for these crazy cards, is state of mind fresh out of BK. Most of us feel like we're at rock bottom when filing, but these cards are NOT the light at the end of the tunnel. There is no reason to be this desperate. It gets better every day. Take things one day at a time. If one really can't wait a bit to get that plastic again, there a couple of good secured cards to start with, a much better alternative.Comment
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I wasn't even aware that 36% interest was even legal......actually we were looking at doing a secured card but via credit karma we applied for a capital one card and were approved 2 weeks out of bk...I would have ven been looking but I need one for work expenses. All the same, I was just in awe in regards to this offer.Filed 9/14/2012 341 10/23/2012 Discharged 01/02/2013 Closed 01/07/2013Comment
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I received one like that from First Premier and similar offers from Credit One, but I didn't accept them. I just received a letter today from Merrick Bank (a pre-selected Visa card) with no fees, and it's a "Double Your Line" card, so the credit limit doubles after seven months of on-time payments. The APR % is in the low 20s. My BK was discharged a little over two months ago. You'll probably receive better offers after another month (or less), and then probably much better ones another few months down the line.
And I agree about the ridiculous APRs like First Premier's - I guess they're hoping people are desperate for any credit card they can get, and/or they're hoping people don't realize they'll probably get better offers if they can wait a little longer.Last edited by SadPanda; 02-07-2013, 09:21 PM.Comment
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We received 1st P. pre-approved app. a few months ago, it went right into the shredder. sammie
Plan Completed 10 months early 09/24/2014
Discharged 11/04/2014 
Filed Ch 13 Aug. 2012 341 Meeting 09/12/2012 Confirmed 10/23/2012Comment
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