Friday, February 27, 2009

First Premier Card - Review

By Dan Moskel

The First Premier credit card is an unsecured card designed expressly for people who have a poor credit score.

It offers easy approval, but does carry some large fees. However if you credit is in the dumps many of these fees are necessary expenses for new credit.

You may be looking into this card because you are hoping to improve a low credit score. However, you need to be aware that this card will not fix your score; it will only help to create a trail of positive 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.

To remove negative marks from your credit report, you may dispute them directly with the credit bureaus. By removing these items from your report, you may open the door to receiving a new card with lower fees or no fees at all.

Positive lines of credit can help to improve a poor credit score, but you need to know that this card will not automatically fix your score. It is important to remember, however, that the negative marks on a credit report are much more damaging.

In these tough economic times, most financial institutions have made their approval standards must stricter. Often, a single negative item on your credit report could be the difference between being approved and not being approved.

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.

Considering these high fees, we think that it is more cost effective, particularly over the course of a lifetime, to improve your score by repairing and removing negative items from your credit report. This may allow you to be approved for a low-limit, no-fee credit card.

You are not alone having bad credit but don't just live with it. It costs you money and self confidence knowing you can't be approved for anything better.

You don't have feel like a second class citizen, there has been legislation passed to help protect you and prevent you from paying outrageous fees. Further there is not a better feeling in the world than hearing those three little words "you are approved" from the loan officer.

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