Tell Your (Bad) Experiences With Credit Cards, Be Famous
Posted on March 16, 2007 by Him and tagged media
We received an email request from a guy who we've worked with before. Read it and participate, you'll be FAMOUS...or NOTORIOUS.
I'm reaching out to you today in hopes that you can help me contact other people who have wrestled with debt. I'll ask people to use their names this time, but the articles will look at more limited slices of their financial lives.
I'm looking for a few specific scenarios:
-- People hit by universal default clauses on multiple credit cards.
-- People who answered low-rate "pre-approved" credit offers but
actually received cards with higher rates or lower credit lines.
-- People who put their education expenses (or their children's) on
their credit cards and then struggled to pay all the finance charges.
As you can see, these are ordinary experiences. Have you come across
people dealing with one or more of these, either through the blog or
just in daily life? Maybe it's a reader; maybe it's a friend or
colleague. If so, are you willing to play matchmaker? I promise to
treat everyone with respect.
If the above sounds like something you'd be interested in, please email us at lovenotdebt@gmail.com (or use our swanky contact form) and we'll forward your info to our inside man.
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the partner financed his college degree with credit cards -- and took 10 years to complete the degree (10 years, full-time) no less. needless to say, we're still paying for it 20 years later at a much higher interest rate than what a student loan would have been.
CapitalOne is notorious for sending out pre-approved offers then changing the deal when you accept.
For instance, on two different occasions I got offered a card with no fee. I apply, I get approved, and I get the card. When I call to activate the card, I get told the details of the account and informed of the fee. They wouldn't waiver on it, so I closed the account on the same call. A month or so later, same thing, CapitalOne, no fee, yada yada. I take it, again, again call to activate, again informed of a fee. This time they offer to waive the fee for 6 months. No dice.
CapitalOne are scoundrels.
H | Mar 17, 2007
I've never applied for a preapproved card... but I've read the offers that I've received. It clearly states that the preapproval is based off of preliminary information, until an applicant applies and gives permission to pull a credit bureau, the company doesn't know if they are truly credit worthy. Thats why the wording says "preapproved for up to $x.xx". Obviously preapproval wording could be clearer, but you are not guarenteed a rate, limit or term (if its a loan) without a credit check. So I dont think that you're being shafted if the limit is lower than you requested. I do think that the rates should be more favorable on these offers though.
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