Just Say No-To Tribute Mastercard

[StaciMM]

Arrived in the mail today:

You're Pre-Qualified for Tribute Mastercard.
Unsecured Mastercard
Credit line increase within 6 months
Rebuild your credit

The only thing I can say positively about them is that the fees, etc. are indicated in the first paragraph.

Annual Fee $150
Account Opening $29
Monthly Maintenance Fee $6.50 ($78 per year)

All for a $300 credit limit... The $257 (1st year cost) would be better spent by putting it into a savings account and getting a secured card.

[robivi3]

Hi Stac. I did the same thing with Aspire Visa, same fees. One thing I'll say for them, they dropped the fee to 50.00 and increased the credit line to $1000.00 after six months. They have been great so far. They report to all three CRA's. I only have that Visa and my Credit Union's Visa, I use them a little and pay them each month.

[StaciMM]

I was able to open a $59 annual fee card, unsecured, so see no reason to pay that much in fees. I know that plenty of people use it as a stepping stone, but there are options on secured cards that start at $200-300 deposit, and then you get the money back.

[Minnymouth]

Carefull folks,

Notice that the interest rate on some of these new cc cards is as high as 29%, including their annual and monthly fees.

If you shop around you can find one around 14% or 16%, no annual fee, and no monthly charges...... You may start out with a low balance at first, but it will increase gradually..... ANYWAYS - you only want it to help build your credit back up - NOT FOR EVERYDAY LIVING................

[robivi3]

I haven't run a balance with Aspire so honestly, I don't know the rate. I was in that post BK panic when i applied for it. I got it and thought what've i done, but it turned out OK so far.

At first the low limit WILL lower your rating but as the limit goes up and your ratio stays low it will help it.

I am hovering in the low to mid 600's but there afew errors yet to be ironed out. To be honest, I'm a bit overwhelmed these last years and have let stuff go. Just tired of day to day issues so i haven't done much as far as correcting all the reports. I just need a break.

[StaciMM]

I got the Orchard because I will need a 3rd account (have 2 student loans) that is at least 6 months old when its time to try for the home loan in the summer. The APR is 16.4%, though I'm not really concerned w/ APR as I won't be carrying a balance. I realize that I could have perhaps gotten a better APR had I waited a few months, but getting the extra age could make a difference in FICO score and therefor home loan APR.