Salute Visa

[winter97]

Any one ever heard of this card? It is issued by Urban Trust Bank,FSB. I received an pre-qualified letter today from them. It says that if approved you will receive a Credit line of 1,750.00. No annual fee, minimum finance charge, but has a high APR of 29.5%. Would it be worth it if it would help me get a high balance trade line? All I have is Target 200 and Orchard 300.
Their web address is www.saluteyes.com. Any comments on them anyone? Thanks in advance,

[direred]

Looks like the same deal I got through Tribute (and their site looks a lot like Tribute), another Compucredit affiliate. If it's set up like Tribute, there will be a $4.95 charge for paying online.

[winter97]

Yep compucredit, I wasn't sure if I should try with them or not. Still not sure pretty high APR. My scores are at 665 EQ, 683 TU, and 698 EX. I had a bk in Feb 02. I was hoping to have a better chance at a better card by now. Any come to mind to try for?

[credit_junkie87]

Why don't you try a local credit union?

[jq26]

Credit unions will be a better bet. But if you are not going to use this card at all and there are no annual fees, I don't see the harm in getting it.

I am in your shoes with the BK. Mine was a BK7 in October 2004. I've probably been declined 20+ times, but these are the cards that approved me after the BK was being reported on my credit reports. Note that the Juniper & CapOne card were by invitation only.

American Pacific Secured $300 (first card 6 weeks after BK) became Elan
Orchard Bank $400
Target ($500) -> upgraded to Target Visa $1000 last year
Patelco Credit Union Platinum card (1% cash back) $3000
Providian Platinum $2500
Chase Circuit City (0%apr for 24 months) $1500
Juniper Platinum $1000 (fixed for life 9.9%)
Capital One Platinum $2000
Corporate American Express $10,000 (I had to have my VP write a guarantee- pretty embarrassing)

No personal prime cards but who cares...I still have all of these except the American Pacific Card. They wanted to charge me $20 so I canceled it. No card is worth an annual fee. Good luck.

[direred]

Originally Posted by jq26

Credit unions will be a better bet. But if you are not going to use this card at all and there are no annual fees, I don't see the harm in getting it.

Exactly why I have my Tribute card. I've gotta say, so far I've been happier with them than I'd have expected.

[winter97]

jq26 Your list is very helpful thanks for posting it. Gives me a few cards to look into. You said that Juniper and Cap one where by invitation only. Do you mean that was an offer you got in the mail? Or some other kind of pre approval offer? I see some people ask "was that a preapproval or and offer to apply" I guess I am missing the difference.

[winter97]

Oh and I forgot to say yes I am going to go to our local Credit Union.

If I do go ahead and get this card it will be only for the trade line and not for use. Thanks for the ideas guys!

[jq26]

Originally Posted by winter97

jq26 Your list is very helpful thanks for posting it. Gives me a few cards to look into. You said that Juniper and Cap one where by invitation only. Do you mean that was an offer you got in the mail? Or some other kind of pre approval offer? I see some people ask "was that a preapproval or and offer to apply" I guess I am missing the difference.

I think the "pre-approval offer" = an invitation to apply. From what I know, there were certain characteristics on the credit report that triggered an offer to apply (this gives them wiggle room to deny you should your credit be awful). But both of the "invitation" offers I mentioned were by mail with an invitation code. Applied for both and approved over the phone instantly. Even though they are not prime cards, the terms weren't bad so I took 'em.

Keep in mind that my denial list is as long as my arm. I sort of had a methodology of getting secured credit first (secured credit cards & secured loans which show up as installment accounts), then quickly jumping into target card and orchard bank and patelco credit union, then cap one, then the juniper card, etc. Along the way, I was denied for ALL store cards and gas cards I applied for except Circuit City. Wal-Mart, Banana Republic, Home Depot, Macy's, you name it. I applied and was denied. But the strategy was to take the damage on my credit reports from the many inquiries in the first 18 months following BK, first taking baby steps then applying for cards I can live with long term. Then, NO more inquiries and always, always, always, pay on time (and in full). So far so good I guess.

Good luck. I have to say that off all cards, I use my Patelco Platinum Card the most because it is free, has a limit I can live with, and with the 1% cash back feature, they deposit about $60 into my account two weeks before Christmas. If I recall, I had a 670 or so with Experian when they pulled and approved me for $1000 (though others have recently reported they were denied- maybe they are tightening their lending standards).

[credit_junkie87]

Originally Posted by winter97

If I do go ahead and get this card it will be only for the trade line and not for use. Thanks for the ideas guys!

I would suggest you get a secured card from a good lender instead... 5 years down the line when your credit is good you don't want a sub prime card showing on your reports.
Also, I'm told it's not good to have too many cards.

I'm in the process of canceling cards I don't use to make 'room' for better rewards cards.