I applied for an $11k unsecured loan at 1st National Bank back in the heyday of easy credit (2006) and loose banking standards. When I opened the account, they sent me six years worth of payment books which are used for submitting monthly payment checks on the loan. During the Financial Crisis in 2008, the bank mysteriously changed my account number on the loan, but the truly bizarre thing was they refused to give me the new account number! So I continued paying on the loan using the payment slips I was sent when the loan was opened. Fast forward a few years to the loan maturity date when I had finally made my last payment on the loan. It was then that I discovered the bank had tacked on an additional $2k in fees on my loan when the account number changed, and they had been charging me a total of $2k in interest on the fees since then! Naturally I refused to pay as this seemed like obvious fraud to me. The bank didn't seem to mind, they just wrote off the bogus amount for reimbursement from the Fed, and ruined my FICO credit score. I've tried on a couple occasions the last several years to settle the disputed amount with the bank, but they have refused all reasonable offers. I feel like a chump for paying on the loan all those years, as the effect on my credit would have been no different had I not paid them at all...
declined. They let me know the next day after applying so at least I wasn't waiting a long time to find out. I had a bk 2.5 years ago and have since resestablished my credit, but they declined me. I haven't had any lates or any degerogatory credit other that the chapter 7. I thought this might be a good card for helping to reestablish my credit, but I guess not. I have two Capital One cards one with a limit of $6500.00/owed $5000.00 on credit report and the other $5000.00/owed $500.00 on credit report plus a synchony credit line $1250.00/owed $345.00, and a student loan in good standing $9500/owe $1500. Bummed that I have a credit inquiry now for nothing.
After my BR13 was discharged I waited a few months before establishing a secured card to get me back on my way. I did a bit of research and this one seemed like my best bet.
I will say that true to most of the other reviews, its been 7 months since I made my deposit and received my card and I too got an increase. I use it once or twice a month and pay it off with the next billing date. I just logged in to check my credit on CK which I do once a week and when I saw my score went up, I clicked to see why. Sure enough FNBO had increased my credit limit. Not by much but its SOMETHING.
My credit score has gone up a few points here and there over the 7 months and I have also received a couple of other lines of credit via other cards (non-secured I might add!) so reestablishing credit in the right way WILL work.
Now I am curious to see if my initial deposit is going to be returned to me as others have stated. If I get that refunded AND my limit was increased then this has been a GREAT experience with FNBO!!!
If you live on the East coast, the mailing time from FNBO decreases over time so that you cannot return mail your bill. You are forced to use withdrawals from you checking account over the phone. If you like auto pay, sounds good otherwise there really is no grace period. They take 10-12 days to mail to you and you have 8 days to mail back. Hope you have budgeted for that!