The First National Credit Card also issues the Legacy Visa card, both these credit cards are for people with bad credit. Often you will get this credit card offer in the mail. In the letter, it will say that you simply need to visit a website online http://www.firstnationalcc.com. You can also call a phone number to accept your pre-approved credit card.
The First National Credit Card appears to only advertise using direct mail. In other words, they purchased your name and address along with other people’s names and addresses from a list. There are consumer reports that claim the First National Credit Card is a financial nightmare.
They claim their is a $50 annual fee, a $119 acceptance fee, and a $72 participation fee! The idea behind the First National Bank Credit Card and the Legacy Visa is to give consumers credit cards to help build credit. This credit card will report monthly to all three major credit bureaus.
One of the most effective ways to build credit is to create positive listings on your credit report. This is easily done by opening new lines of credit such as a credit card. We caution you because there have been some major changes with unsecured bad credit lending.
There is a legal gray zone that some credit card issuers have started exploring. The changes with bad credit lending is exactly what led to the prepaid credit card explosion. As mentioned it is important to build new positive items on your credit report and you don’t have to pay an arm and a leg to do it.
Instead, we would encourage you to consider a secured Visa credit card or MasterCard. With a secured credit card you must first make a deposit with the credit card company, then you are issued a Visa or MasterCard. This deposit simply secures the credit card company in case you default and stop making payments on your account.
Your account will be reported monthly to all three major credit bureaus. Because the bank is not taking such a big risk due to your security deposit, you will pay a much lower annual percentage rate (APR) and minimal fees. This is typically a $50 annual fee with about 15% APR. Your deposit is fully refundable and FDIC insured.
Are you ready to fix your credit score?
This a two-step process which includes building positive credit and removing bad credit on your credit report. We would advise you to stay away from getting an unsecured credit card for bad credit. The fees and interest rates are just to expensive!
We have even seen some credit card companies at least temporarily sidestep the new federal laws by issuing a partially secured credit card. But the fees with a partially secured credit card are astronomical! At one point in time we saw an APR% of over 36%! No matter how low your credit score is, you do not have to pay such a big expense.
We encourage you to review a secured credit card or prepaid credit card. And consider getting professional credit repair help with a free, no obligation, credit consultation by calling toll-free 1-877-418-7596. For more tips with Dan Willis sign up for our free newsletter.
Get a FREE Credit Consultation