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-   -   Credit Card offers coming out of the woodwork? (http://www.thefinanceforums.com/showthread.php?t=131)

tater03 10-15-2006 01:24 PM

Credit Card offers coming out of the woodwork?
 
This just drives me nuts. I currantly don't have any major credit cards and don't want any. The last time I applied for a credit card I was denied do to bad credit. The thing that gets me is I just recently bought my first home and everytime I go to the mailbox there is another credit card company that wants me to sign up for their card. What do they think that because I have a house that I will now be able to afford to have a credit card? That I magically have become better at my finances. I am so glad that I have learned my lesson when it comes to credit cards or I might be enticed to accept one of them. But I know that I am not good with them so I just stay away and don't even put myself in the situation of getting in debt to credit card use.

katharina 10-18-2006 09:26 AM

Re: Credit Card offers coming out of the woodwork?
 
I've been getting more than the usual amount of offers lately, too. I suppose this time of year it's because they think people will apply for the card to do Christmas shopping. I'm expecting another onslaught of offers the first couple months of the new year when many struggle with paying off the holiday bills.

bangfor 10-26-2006 11:40 AM

Re: Credit Card offers coming out of the woodwork?
 
If you've bad credit it's tough to get mortgage loans if not impossible, and if you pass that hurdle the signal is your credit rating is good to apply for a credit card.

brian 10-30-2006 07:09 AM

Re: Credit Card offers coming out of the woodwork?
 
You can get loans and credit if you have a bad credit rating - the problem is, you get absolutely screwed for interest rates. Bad credit loans are actually one of the most profitable areas of finance, because

a) The lender wouldn't lend if they didn't think you would probably pay up
b) The lender can hit you with higher rates because of the (often slight) increased risk factor

tater03 10-30-2006 02:03 PM

Re: Credit Card offers coming out of the woodwork?
 
That is what confuses me on the whole thing though. I had been denied for a Walmart credit card do to bad credit but then three months later we get a mortgage loan. Go figure. But you are so right on the interest rates. You really have to make sure you don't get shafted on the interest rate.

kelkat 11-24-2006 10:48 AM

Re: Credit Card offers coming out of the woodwork?
 
Great site about credit cards, the interest, and the traps.

Just as the holiday season gets ready to kick into high gear, Consumers Union is warning shoppers about the increasing number of credit card traps that can trip up consumers and lead to spiraling debt. To help get out the message and mobilize support for reform, the group is releasing "It's Always Christmas Time (For Visa)," an animated satire that takes aim at abusive credit card fees and practices.

"You can find yourself buried in debt if you aren't careful to avoid the credit card gotchas," said Michelle Jun, Staff Attorney for Consumers Union. "Too many credit cards are deisgned to get you in debt and keep you there."

A must read for anyone looking to get into credit cards

Fraud, Phishing and Financial Misdeeds: Consumers Union Calls for Credit Card Reforms on the Eve of Black Friday

sweet_mayhem 11-28-2006 12:30 AM

Re: Credit Card offers coming out of the woodwork?
 
Quote:

Originally Posted by katharina (Post 722)
I've been getting more than the usual amount of offers lately, too. I suppose this time of year it's because they think people will apply for the card to do Christmas shopping. I'm expecting another onslaught of offers the first couple months of the new year when many struggle with paying off the holiday bills.

my mother has been recently getting endless calls from various banking companies, enticing her to accept their credit card offers. besides the good credit history she has, i guess it's because of what you pointed out--the nearing of christmas day.

riskey58 11-28-2006 03:36 PM

Re: Credit Card offers coming out of the woodwork?
 
I get credit cards in the mail all the time. I just throw them away. Years ago I really got into a mess by accepting all the credit cards, not looking at the high interest that they were charging, and it got me in a real bind. I will never do it again.

kelkat 11-28-2006 07:24 PM

Re: Credit Card offers coming out of the woodwork?
 
Quote:

Originally Posted by riskey58 (Post 982)
I get credit cards in the mail all the time. I just throw them away. Years ago I really got into a mess by accepting all the credit cards, not looking at the high interest that they were charging, and it got me in a real bind. I will never do it again.

Don't just throw them away. There are people who dig through the garbage just hoping for some of these "to activate your account" kind of cards. We shred or burn any thing that we don't want to use!

burfi 11-29-2006 05:05 AM

Re: Credit Card offers coming out of the woodwork?
 
This is a great stance, if you know how disciplined you are. If you think you can't handle them then you should not be trapped in their lure.

Chris 01-23-2007 04:50 PM

Re: Credit Card offers coming out of the woodwork?
 
I know what you mean Tater, everywhere you go they are trying to offer you a credit card, at the mall, in the mail, etc. The other day I went to get money out of the bank and the teller would not let me leave until I heard her give a mini credit card presentation, I'm like can I just have my money, geez, give me a break!

taiarain 01-24-2007 10:03 AM

Re: Credit Card offers coming out of the woodwork?
 
We've had that happen at the ATM. We couldn't get our card out after completing the transaction without either opting-in or opt of a CC offer. It didn't last long, though. I think a lot of people complained rather loudly.

4silverstrea 01-24-2007 01:30 PM

Re: Credit Card offers coming out of the woodwork?
 
Quote:

Originally Posted by burfi (Post 1023)
This is a great stance, if you know how disciplined you are. If you think you can't handle them then you should not be trapped in their lure.

They are giving you credit cards thinking that you need to buy stuff for your house...then they make scads of money on the interest! Thatís a good point about throwing them out. I rip mine up first...but thatís only if my name is on it.

Dru 03-25-2007 12:48 PM

Re: Credit Card offers coming out of the woodwork?
 
Credit card invitations are generated by different events, one of those being a new home purchase. As a home owner, you are now a better credit risk because you have equity which can be tapped, either through a HELOC, or through sale of the property. Believe me, they have no problem suggesting these options when you get behind.

tater03 03-31-2007 10:24 PM

Re: Credit Card offers coming out of the woodwork?
 
I would agree make sure to alway shread them up before you throw them away. You are so right about being offered them at your bank. That just happened to me the other day. I am like no thank you anyway.

mamab 04-07-2007 10:35 AM

Re: Credit Card offers coming out of the woodwork?
 
I've read someplace that this person takes her name off the application, tears the application up, and then mails it back to the company. Her reasoning, "they wanted the application back, and I hate to waste the postage." LOL

Easy To Get Credit Cards 11-18-2007 04:01 PM

Re: Credit Card offers coming out of the woodwork?
 
Read the contracts before getting them.
Read the contract before getting them.
Read the contract before getting them.

SunnyMay 12-18-2019 02:47 AM

Re: Credit Card offers coming out of the woodwork?
 
Many people underestimate woodwork telling that it is easy but in reality, it requires much effort and equipment. For example, anti-vibration gloves are necessary for every worker and we should understand it. People who work with their hands usually deserve more attention than they get.


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