First thing is set up bill pay that way it took a day or two and my bill is paid... my credit score went up 35 points with the first card iam applying for another to see what happens.... I did go over the 30% a little.. but other than that great card
ADDITIONAL RATINGS YOU MIGHT FIND HELPFUL
- Balance Transfer Intro APR Not Applicable
- Balance Transfer Regular APR Not Applicable
- Annual Fee $49
- Purchase Intro APR Not Applicable
- Purchase Regular APR 10.49%* Variable
Most Helpful Positive Review
Most Helpful Negative Review
YOU NEED TO READ THIS IN ITS ENTIRTY!!
The balance reports to the credit bureaus prior to the card ever arriving at your door and you having a chance to pay the balance. Lets say your application is approved on January 1st, once your application is approved you have an immediate balance due of the $49 which is the annual fee. Reporting date is the 21st of every month. You recieve your card on the 24th because it takes forever to arrive (even with the expedited option). No worries because your bill isn't due until the following month on the 18th which is standard for everyone. Until you realize that your account was reported to all 3 major bureaus a few days before you ever recieved the card.
Why not just pay the balance before it reported?
Because your account number is your CC number and you can't pay without your account number. There are no other options period. You must wait for the card to arrive in the mail in order to make your payment.
Keep in mind the minimum balance you can open the card with is $200. Now $49 out of $200 is roughly equal to 25% credit usage (Experts say keep it below 30% but 0% is WAY better) which is what was reported to the bureaus. My goal was to keep my credit usage at 0% for an excellent rating and sustain this permenantly to help build my credit.
I had just gotten my Transunion score to 611 and after a month or two I decided to give this a go to continue building my credit score. Well when that 25% credit usage reported to the bureaus that score went from 611 to 505.
First Progress markets their product as credits builder cards but they damage your credit even further setting you back months, years, $100's or even $1,000s in debt payoffs or credit repair expenses.
I decided to write them and request that the first reporting date be removed from the bureaus since I wasn't provided an opportunity to pay the balance all due to the card not arriving with the information needed in order to do this. I even made them aware of how badly the early reporting damaged my credit score.
The response I recieved was that my request was "frivolous and the request has been denied".
More than 100 points down on my Transunion credit report and 50-60 points with the other two bureaus and my request is "frivolous"?! YES, that's exactly what the letter said!
If this is how they handle severe problems that can be resolved with a simple letter to the bureaus, how do you think they will handle the small to mid sized problem YOU have?
Don't do it!
Compare Holders of this Card
Sample Size: 3,617
Data Created: February 02, 2015
Note: Sample data consists of Credit Karma members who hold this card.
The following information and reviews are brought to you by Credit Karma and/or its users. Banks, issuers, and credit card companies do not endorse or guarantee, and are not responsible for this content.
See Your Approval Odds Before You Apply
Sign up for a free membership, and Credit Karma can estimate your chances of approval based on your credit profile. You’ll also get:
- Credit scores and reports
- Credit monitoring
- Personalized recommendations
See the online Provider's credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the 'Apply Now' button, you can review the credit card terms and conditions on the provider's website.
† Credit Karma looks at how your credit profile compares to other Credit Karma members who were approved for this product. Of course, there's no such thing as a sure thing, but knowing whether your Approval Odds are Very Good, Good, Fair or Poor may help you narrow down your choices.
‡ Average score refers to the arithmetic mean and typical low score to the 5th percentile of, in each case, available VantageScore 3.0 credit scores provided by TransUnion of Credit Karma members who were approved for this product from June 2014 through November 2014. Average and typical approved scores are provided as guidelines only and approval is not guaranteed. You can learn more about credit card approval through our in-depth article.
The ratings and reviews are brought to you by our users. Banks, issuers, and credit card companies do not endorse or guarantee, and are not responsible for this content.