Tired of being rejected for credit cards because of your bad credit score? Don't worry, Flik Eco has got you covered! We will provide you all the essential information and tips on First Premier Credit Cards for Bad Credit, which might just be your ticket to achieving financial stability and independence.
First Premier Credit Cards For Bad Credit Table of Contents
Understanding Credit Cards for Bad Credit
Credit cards for bad credit are designed for people with poor or no credit history and typically offer lower credit limits and higher interest rates than traditional credit cards. While this might not sound too appealing, these cards serve as a stepping stone to improve your credit score and access better financial opportunities.
Why First Premier?
First Premier Bank is one of the leading providers of credit cards for people with bad credit. They offer several credit card options, each designed to help you rebuild your credit while providing essential financial services. Below, we will explore some of the leading First Premier credit card options for bad credit and their features:
First Premier Aventium Classic Card
- Designed for people with poor credit
- Low initial credit limit: $300
- Annual fee: $75 for the first year, $45 onwards
- Monthly fee: $6.25 after the first year
- APR: 36%
First Premier Bank Classic Card
- Designed for people with fair to poor credit
- Initial credit limit: $500
- Annual fee: $85 for the first year, $75 onwards
- Monthly fee: $8 after the first year
- APR: 36%
First Premier Bank Secured Card
- Helps to establish or rebuild credit
- Initial credit limit determined by a refundable security deposit ($200 to $2,000)
- No annual or monthly fees
- APR: 19.9%
Improving Your Credit Score with First Premier Credit Cards
While it is true that First Premier credit cards come with higher fees and interests, they can still help you improve your credit score if utilized responsibly. Here are some essential tips for using First Premier Credit Cards to build your credit:
Make Payments on Time
One of the most critical factors affecting your credit score is your payment history. Late or missed payments can significantly lower your credit score. Therefore, always make sure to pay at least the minimum amount due on your First Premier credit card every month and do so on time.
Maintain Low Card Balance
Your credit utilization ratio, which is the percentage of your available credit that you are using, has a significant impact on your credit score. Keep your card balance low, ideally below 30% of your credit limit, to help improve your score.
Monitor Your Credit
Regularly checking your credit report can help you spot inaccuracies and work on areas that need improvement. First Premier Bank offers free online access to your credit report, making it easier for you to keep track of your progress.
First Premier Credit Cards For Bad Credit Example:
Meet John, a young professional with a credit score of 560. He applied for a traditional credit card but got rejected due to his poor credit score. Determined to improve his credit score, he applied for the First Premier Aventium Classic Card.
John received a card with a $300 credit limit and started using the card wisely by making small purchases and paying off the balance in full every month. By making timely payments and keeping his card balance low, John was able to improve his credit score to 650 within a year. With his improved credit score, John now qualifies for better credit cards with lower fees and interest rates, giving him more financial flexibility.
In a nutshell, First Premier Credit Cards for Bad Credit provide you the opportunity to rebuild your credit over time. Remember to stay disciplined and proactive in managing your credit card usage and payments, and you'll be on your way to better financial health in no time. Are you ready to take the first step towards financial stability? Share this article with your friends or explore other helpful guides on Flik Eco to kickstart your credit improvement journey!
