Thread: Line increase.

I just got a line increase to $12,500 from First National Bank, Old Kent Division. A $2000 line increase. It pays to exercise my credit with CreditWorks.

Happy 4th everyone.


www.creditsense.com

I was looking over your web site. So basically you run a company that asks us to send you cash advances from our credit cards. In return you pay us that money back with interest. You have two plans: 1) You will pay 110% of the money back in 11 monthly installments, or 2) You will pay back 120% of the money back in one lump sum in one year. You also claim that you use our money in your own portfolio and earn 25% per year. I guess I'm wondering how you're doing with that during the present credit slump. Also, what happens if you go bankrupt? I went to your web site and you offered to send your investment portfolio history since 1995. I went ahead and requested that by email. My brother is a lawyer for Merrill-Lynch and knows how to read these things, so I'm going to have him take a look and will post the results of that here later. Let me know anything else you believe will be helpful in taking both a positive and negative critical look at what you are offering. Thanks!

Doc

TYPO CORRECTION... I meant to type "during the present stock market slump."

Thanks! :-)

Originally posted by PsychDoc
I was looking over your web site. So basically you run a company that asks us to send you cash advances from our credit cards. In return you pay us that money back with interest. You have two plans: 1) You will pay 110% of the money back in 11 monthly installments, or 2) You will pay back 120% of the money back in one lump sum in one year.
Correct!

You also claim that you use our money in your own portfolio and earn 25% per year.
We invest the money for short term gains and losses. We have made all our payments on time for over 5 years.

I guess I'm wondering how you're doing with that during the present credit slump.
We are not seeing a credit slump. Just got a $2000 line increase.

Also, what happens if you go bankrupt?
Depending on which plan you have invested in, you could lose some of your principal. This question was also raised 5 years ago. We are still here and still paying over 19% APR.

I went to your web site and you offered to send your investment portfolio history since 1995.
It will be a lot of reading, but I will make it available. We are trading a lot more. Our goal is to trade for very short periods.

I went ahead and requested that by email. My brother is a lawyer for Merrill-Lynch and knows how to read these things, so I'm going to have him take a look and will post the results of that here later.
I have not received your request, what e-mail address did you use?

Let me know anything else you believe will be helpful in taking both a positive and negative critical look at what you are offering.
The positive, we have been paying over 19% APR since '96, if you adhere to our recommended payment schedule, you will see lower rate offers and higher limits within months.
The negative, this is not an insured investment.

Thanks!

Let me know if there is anything else I can help you with.


Doc

www.creditsense.com

The fact that we have continued to pay over 19% APR during the current market slump, speaks great for our trading. Imagine, how well we will do once the market turns around.

www.creditsense.com

I'm not saying this program work or this program will not work. But, this contact may be of some use:

http://sites.state.pa.us/PA_Exec/Sec...s/crdtwks.html

Interesting, Lionel. I also don't know anything about this company, but I found the introductory paragraph of the article you linked to be interesting:

"The Pennsylvania Securities Commission issued a Summary Order to Cease and Desist against CreditWorks, LLC, and Herb Larrondo, a part owner of CreditWorks, to halt the offer and sale of unregistered securities in the Commonwealth. Located in Edison, NJ, the respondents have an advertisement on the Internet relating to investing in Promissory Notes of CreditWorks (Notes). The Web Site indicates that the company intended to make use of '...untapped credit in the U.S." and claimed that an investment will "...probably result in an increased line of credit and an improvement in your credit rating.'"

I hope to learn more about this.

Doc

We, of course, know of this order. That is the reason we do not offer our program to residents of PA. We do not feel their interpretation to be correct about securities, we are strictly asking for a loan, but it is not worth our financial effort to dispute any finding by any law enforcing agency or individual. The program is there to be used, if you want to fine, if not, we will continue to use our own credit and the credit that CreditWorks has established.

www.creditsense.com

I am in the chat room. I will be more than happy to discuss our program with anyone.

www.creditsense.com

You must have not stayed in the chat room too long. The next time you post that you're available for chat, I suggest you stay for a few hours so that readers will actually have an opportunity to interact. Staying for a few minutes risks not interacting with anyone. Looking forward to interacting,

Doc