Credit Card Bad Credit
Posted by admin on April 27th, 2009 at 12:00am
Question:
Is it a good idea to get this credit card (bad credit)?
This card is a first premier bank credit card and the credit limit is $250 then some initial fees must be paid, $182 then my available credit is $71. Then my first payment would be $20. If i was to pay the $182 and did not buy anything with the card i would be charged eight dollars a month whether or not I use it. I have poor credit and this is the one bank that will issue me credit. Should i pay that price for the card or should i just get rid of it? I want to establish my credit and then report to all the major credit bureaus once a month.
Answers:
I had First Premier credit card after my bankruptcy back in 2002 and I know the fees are quite high but if you reimburse them in full and then use the card for every day items like fuel, food etc. never exceed thirty percent of your credit limit and pay the balance in full every month you can dodge any interest and establish your credit faster.
Seeing as you claim they are the only one that would issue you a credit card, what could you lose?
After about twelve months you should not have any problems getting better cards.
You could also try H.S.B.C., Orchard Bank, and Capital One.
You don’t want to get that credit card.
You would be more likely better off going to your financial institution and obtaining a secured credit card — your pay a certain amount of money which acts as collateral on the line of credit. With a secured credit card, you eventually receive the deposit back. With that Premier card, they withhold all that down payment plus charge you will on-going fees.