Aspen Limited

Anyone have any good/bad Aspen Credit Card experiences?

I'm trying to rebuild my credit and received an offer from Aspen's Mastercard (issued by First Bank & Trust, Brookings, SD). They state it's unsecured. The initial credit limit is $300, but you need to send in a $20 payment before activation. After the annual fees are subtracted, I remember the paper saying that there is a $141 credit. There's also a monthly charge, if I remember correctly.

I threw out all of the paperwork (out of habit, I guess) but kept one page that doesn't have much information other than the web address (www.aspenyes.com) and my invitation code.

I know it's not a scam or anything, but I wonder if anyone has any opinions on this. Would this be better than shelling out $300 or $500 for a secured credit card? Are there other offers like this one out there, that people with under average income qualify for?

Thanks everyone!

Aspen is a "very" sub prime card that will never change or grow with you. They will sock you with fees for as long as you have the card. Plus, just by having it on your credit reports, prime lenders will note it (they know it is sub prime)

By the time you pay the fees that they require just to have the card, you will almost have paid enough to get a $300 secured card from a better company that will grow with you. Plus after having the Aspen for a few months, you will probably surpass the $300 by not only paying the start up fees, but also paying those monthly fees.

I would suggest going to the Bank of America, HSBC and Orchard Bank online sites. They have a card selector that you can do. It will let you know what you are recommended for without pulling a hard inquiry.

If they do make a suggestion and you apply for it, then you will get a hard inquiry. Keep in mind that even if they recommend a card, you still may be denied.

If they recommend a secured card, it will be much better than Aspen.

I know that BoA will usually unsecure around 9 to 12 months, as long as you keep your payments on time.

Orchard and HSBC will unsecure, but I'm not exactly sure how long it takes them.