In depth review of pre-approved Platinum credit cards from CreditOne Bank (Visa) and First Premier Bank (MasterCard).
Review talks about what it really costs you to apply for one of these unsecured credit cards.
What you should be looking at when looking for a credit card that won't hurt you financially.
These are the two most popular credit cards considered the best unsecured credit card for bad credit or after bankruptcy.
But do they really help you build your credit the way they say they do? Looking to rebuild your credit score, get new credit after bankruptcy or get access to credit when your credit is in the toilet? Folks with low credit scores or recent bankruptcies are getting deluged with pre-approved credit offers that seem too good to be true, according to folks who have sent me copies of the applications recently.
So what's the deal with these offers? A pre-approved unsecured credit card should do more than just report your credit scores and help you raise your FICO score.
A good unsecured card should also make good financial sense.
Too often the FEAR of having to rely ONLY on the income that comes in makes people jump at credit card offers that financially will put them in the poorhouse.
CreditOne Bank bills itself as "one of America's leading issuers of VISA Platinum credit cards.
" That in itself tells us a lot about the current state of the US economy since they are one of the largest issuers of subprime credit cards.
CreditOne and First Premier Bank have cornered the market on credit cards for folks who have bad credit or no credit.
But how to tell if they (or other bank card issuers) are really good for your wallet and your long-term financial security? Right now, CreditOne is mailing out offers of a "pre-approved credit line up to $1,500.
" And that can be enticing...
but before you sign on the dotted line for this or any other credit card, get answers to the following questions first: 1.
What would your starting credit line actually be? 2.
What's the annual fee the first year? Some waive your first annual fee, or charge a big one and then waive later years and make up the difference with a monthly maintenance fee that makes the annual fee look like pocket change.
3.
What annual fee is charged in following years? 4.
Is there a "monthly service fee" and if so, how much? If there is one, this should be a red flag of a card to avoid.
5.
What's the interest rate? (Anything over 18% just isn't worth it, even if you are building up a credit history.
Some credit cards for "bad credit" charge 24%-36%!) 6.
When does interest start being added? Some cards start charging interest from the day you make your purchase, rather than on your balance.
7.
Is there an "application fee" or an "activation fee?" Good cards never charge you to apply for or activate your credit card.
8.
Is there a charge to raise your credit limit? Again, good cards raise your credit limit when they decide your credit-worthiness has gone up - and they do it for no additional charge.
So, how do CreditOne and First Premier stack up? Visit my blog article at http://bit.
ly/creditcardsforbadcredit and find out for yourself.
Got another bank that's sending YOU credit card offers? Send me information about them and we'll check 'em out and report back! For a personalized strategy on getting a handle on your credit and debt situation, consider a 30 minute strategy session with Paula Langguth Ryan.
Review talks about what it really costs you to apply for one of these unsecured credit cards.
What you should be looking at when looking for a credit card that won't hurt you financially.
These are the two most popular credit cards considered the best unsecured credit card for bad credit or after bankruptcy.
But do they really help you build your credit the way they say they do? Looking to rebuild your credit score, get new credit after bankruptcy or get access to credit when your credit is in the toilet? Folks with low credit scores or recent bankruptcies are getting deluged with pre-approved credit offers that seem too good to be true, according to folks who have sent me copies of the applications recently.
So what's the deal with these offers? A pre-approved unsecured credit card should do more than just report your credit scores and help you raise your FICO score.
A good unsecured card should also make good financial sense.
Too often the FEAR of having to rely ONLY on the income that comes in makes people jump at credit card offers that financially will put them in the poorhouse.
CreditOne Bank bills itself as "one of America's leading issuers of VISA Platinum credit cards.
" That in itself tells us a lot about the current state of the US economy since they are one of the largest issuers of subprime credit cards.
CreditOne and First Premier Bank have cornered the market on credit cards for folks who have bad credit or no credit.
But how to tell if they (or other bank card issuers) are really good for your wallet and your long-term financial security? Right now, CreditOne is mailing out offers of a "pre-approved credit line up to $1,500.
" And that can be enticing...
but before you sign on the dotted line for this or any other credit card, get answers to the following questions first: 1.
What would your starting credit line actually be? 2.
What's the annual fee the first year? Some waive your first annual fee, or charge a big one and then waive later years and make up the difference with a monthly maintenance fee that makes the annual fee look like pocket change.
3.
What annual fee is charged in following years? 4.
Is there a "monthly service fee" and if so, how much? If there is one, this should be a red flag of a card to avoid.
5.
What's the interest rate? (Anything over 18% just isn't worth it, even if you are building up a credit history.
Some credit cards for "bad credit" charge 24%-36%!) 6.
When does interest start being added? Some cards start charging interest from the day you make your purchase, rather than on your balance.
7.
Is there an "application fee" or an "activation fee?" Good cards never charge you to apply for or activate your credit card.
8.
Is there a charge to raise your credit limit? Again, good cards raise your credit limit when they decide your credit-worthiness has gone up - and they do it for no additional charge.
So, how do CreditOne and First Premier stack up? Visit my blog article at http://bit.
ly/creditcardsforbadcredit and find out for yourself.
Got another bank that's sending YOU credit card offers? Send me information about them and we'll check 'em out and report back! For a personalized strategy on getting a handle on your credit and debt situation, consider a 30 minute strategy session with Paula Langguth Ryan.
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