Turning a Secured Credit Card into an Unsecured Credit Card
Author: jrwilheim
PostPosted: Mon Apr 09, 2007 8:51 pm
Post subject: Strangeness with First Premier
Okay...I've recently obtained three new unsecured cards and therefore have requested First Premier to turn my secured account (for all of $500) into an unsecured card.
Tonight, I got a response back that was really no response at all. They wanted my W-2s and recent pay stubs to verify my income and employment.
Now, I have NEVER had a credit card company ask for this. Usually, they've asked for my income, but just asked me to state it. I find asking for this information highly intrusive (as well as inconvenient, since my current income is from a variety of sources, many sort of informal and off-the-books).
Has anyone else been treated this way by First Premier?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ri
PostPosted: Tue Apr 10, 2007 1:05 am
Post subject:
I am sorry to hear that you are using first premier. If it was just to get your credit established then try and get a different card now that you have been with them for a while and seem to be keeping up and all.
Sorry but I have never used them myself.
Author: sb1966
Post subject: Re: Strangeness with First Premier
Reply with quote
jrwilheim wrote:
First Premier to turn my secured account (for all of $500) into an unsecured card.
Tonight, I got a response back that was really no response at all. They wanted my W-2s and recent pay stubs to verify my income and employment.
Has anyone else been treated this way by First Premier?
I used to have a FP but the fees were just crazy for me...I would forget that in additional to my $5 candy purchase I had to look forward to at least 15 additional fees every month Sad
Anyway, they seem to be playing games with you. Actually, when I first go the card it was unsecured. Did you have to send in a deposit or are you referring to the monthly fees as being a form of secured?
If the later is true, there is NO waay they will remove those fees - it's their bread and butter. The lodgic behind the fees is if someone defaults (and they believe most will) they really have recouped their money in monthly fees.
If you've made your payments on time, why not try for an Orchard acct if you're credit is no quite where you want it to be.
If it's even better than than, try for one of these subprime cards...their fees are generally just a one time annual fee $19, $29, etc for the card. Much better by far than FP
#1 WAMU
#2 Juniper
#3 Merrick
I list these because of course they are no AMEX, Chase or Discover, but to those reestablishing they are the best with the best rates.
Good luck
Author: angelo21
PostPosted: Tue Apr 10, 2007 12:00 pm
Post subject:
Sub-prime issuer. If you already acquired 3 unsecured products FP has served its purpose. Move on. Get your $500 back. Remember tough that the information requested can be requested by a prime issuer also. Anyone can request proof of income.
_________________
www.TheCardDepot.com
Your Credit Card Source
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
PostPosted: Mon Apr 09, 2007 8:51 pm
Post subject: Strangeness with First Premier
Okay...I've recently obtained three new unsecured cards and therefore have requested First Premier to turn my secured account (for all of $500) into an unsecured card.
Tonight, I got a response back that was really no response at all. They wanted my W-2s and recent pay stubs to verify my income and employment.
Now, I have NEVER had a credit card company ask for this. Usually, they've asked for my income, but just asked me to state it. I find asking for this information highly intrusive (as well as inconvenient, since my current income is from a variety of sources, many sort of informal and off-the-books).
Has anyone else been treated this way by First Premier?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ri
PostPosted: Tue Apr 10, 2007 1:05 am
Post subject:
I am sorry to hear that you are using first premier. If it was just to get your credit established then try and get a different card now that you have been with them for a while and seem to be keeping up and all.
Sorry but I have never used them myself.
Author: sb1966
Post subject: Re: Strangeness with First Premier
Reply with quote
jrwilheim wrote:
First Premier to turn my secured account (for all of $500) into an unsecured card.
Tonight, I got a response back that was really no response at all. They wanted my W-2s and recent pay stubs to verify my income and employment.
Has anyone else been treated this way by First Premier?
I used to have a FP but the fees were just crazy for me...I would forget that in additional to my $5 candy purchase I had to look forward to at least 15 additional fees every month Sad
Anyway, they seem to be playing games with you. Actually, when I first go the card it was unsecured. Did you have to send in a deposit or are you referring to the monthly fees as being a form of secured?
If the later is true, there is NO waay they will remove those fees - it's their bread and butter. The lodgic behind the fees is if someone defaults (and they believe most will) they really have recouped their money in monthly fees.
If you've made your payments on time, why not try for an Orchard acct if you're credit is no quite where you want it to be.
If it's even better than than, try for one of these subprime cards...their fees are generally just a one time annual fee $19, $29, etc for the card. Much better by far than FP
#1 WAMU
#2 Juniper
#3 Merrick
I list these because of course they are no AMEX, Chase or Discover, but to those reestablishing they are the best with the best rates.
Good luck
Author: angelo21
PostPosted: Tue Apr 10, 2007 12:00 pm
Post subject:
Sub-prime issuer. If you already acquired 3 unsecured products FP has served its purpose. Move on. Get your $500 back. Remember tough that the information requested can be requested by a prime issuer also. Anyone can request proof of income.
_________________
www.TheCardDepot.com
Your Credit Card Source
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Labels: Secured Credit Cards, Unsecured Credit Card, What is the Difference between Secured and Unsecured Credit Cards?
posted by CardRatings.com at 3:36 PM
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