January 25, 2013 at 6:43 am #2186mcmillanParticipant
Ok since my credit score sucks and I can’t get any great credit cards, here is a listing of my beautiful fee sucking cards for those who are curious about obtaining them…
Capital One Secured Mastercard: $200 CL…actually a pretty good card not a fee sucker, but where is my CLI dammit?
Credit One: $300 CL…$75 application fee…high interest rate 23.90%, but what can you expect from a subprime card? They did give me a CLI of $150…
Applied Bank Business Visa: $500 CL…the real bloodsucker…an application fee of $125…23.99% interest and a monthly maintenance fee of 9.95…what the hell was I thinking?
Matrix Discover Card: $300 CL…$75 upfront fee which they make you pay when you activate the card…25% interest rate, and a monthly fee at $12 a month after the 1st year…yeah I know I was crazy to get this card, but I was sooooo upset that my credit isn’t good enuf to get a “real” Discover card…
Am I crazy? After taking a look at my three fee laden credit cards I must have been drunk when I applied for them…I think the only good decsion I made was the Capital One card…SMH:-(January 26, 2013 at 10:33 pm #3068fontanamanParticipant
An application fee of $125 and a monthly fee of $9.95??? That has to be one of the worst cards I’ve heard of, if not the worst. The Matrix card sounds awful too. And I thought Credit One was a bad deal, but these other two sound even worse. For sure…
The Capital One secured is a good card to rebuild, but It will never unsecure. If you get lucky and all your stars align, you’ll get a $100 CL increase, but that’s it. I’ve had mine for two years and I’m getting ready to close it in the following months. I think it has served its purpose and I’m ready to move on.
Why would you get these crappy cards? BOA and Citi offer fully secured cards (as well as a few other banks) and you don’t have to pay monthly fees or high annual fees. Even if you got denied for the secured cards I just mentioned, you could’ve kept only the Capital One card, then wait a year and try to apply for unsecured cards.
Yes, I think you are crazy. Why don’t you use that money you’re paying in application and monthly fees to up your Capital One credit limit? You’ll eventually get your deposit back and the higher limit will look good on your report. I think having one or two decent cards with higher limits is much better than having 4 or 5 crappy cards with low limits.
How long have you had these cards for?January 29, 2013 at 5:06 am #3069mcmillanParticipant
Yeah, ur absolutely rite…I’m really regretting the choices made. I had these cards only a few months and I’m getting eaten up by fees. These cards are only good if u pay in full every month, if u can’t the fees will destroy u. Its sad but I will be using most my tax refund to pay off each one.
I guess when I was applying for them I was thinking since they are “unsecured” cards they will help me get my credit score back on track faster…honestly I should have take ur advice!!!
But if there is anyone out there desperate for an unsecured card and ur credit score sucks stay away from these cards…
Next year I will definitely apply for the citi secured card…do u believe I have the application just collecting dust?January 30, 2013 at 3:05 am #3070fontanamanParticipant
Well, hang in there. As long as you don’t get into debt because of your cards you’ll be fine. But if you think they’re getting you into more trouble, close the ones with the higher fees and garden one or two until you are ready to apply for better cards. Don’t keep them for more than a year.
Keep us posted!
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