A few days ago, someone suggested that DMB would be a good place to start building up a credit score. But I've been researching them, and everything I'm reading is negative...they sound like loan sharks. Does anyone else know anything about this company? Thanks.
I've had my acct for 3 years this month. Everything has gone just fine; my limit has been increased from $1K to $6200, and my current APR is 10.74%, cash 13.74%. I haven't had any problems with their online payment system, customer service, or billing. Someone else here has had a good experience with them, but I can't remember who. If it matters, I have the Direct Rewards card.
I have no direct knowledge of how DMB operates, but I do have a wallet full of other subprime cards with which I have never had a single problem. If I were to look on the internet for opinions about these companies (Providian, Capital One, Orchard, Household, etc.) I'm sure I'd find lots of bad stories about these companies. I've always paid on time and stayed under my limit and I've never had a serious problem with a subprime lender. Granted I've had to put up with higher than normal rates, customer service numbers that are long distance, and customer service that is not available evenings and weekends, but when I was rebuilding my credit all of these things were less important than having a credit card that worked when I bought things. Now that I'm beginning to get prime cards I don't have to put up with those subprime "features" if I don't want to. As long as a particular card isn't an outright scam and you need the credit, you should feel secure.
DMB was the only one that sent me a pre-approval to get started. I started with a $500 CL, kept the account for a year, when I requested a CL increase and APR decrease from 21.9%,they denied. I had to request they report to CRA, but they did. I then got a pre-approval from Providian, and they treated me a whole lot better. I was able to get my CL up to $3400, and get a M/C with CL of $1000, and get both accounts down to 16 .9 APR. DMB enabled me to get a positive credit line at the CRAs...that is the only thing good I can say. When I appealed through PlanetFeedBack for CL increase, they raised my limit to a princely $750. I closed the account. The secured $500 CL for a $100 deposit wasn't bad. Don't expect to ever get a prime offer from DMB if you start out with a secured card.
Calmest_LA, I have had my DMB mastercard since September 2000, My offer was for the secured account, $99 deposit, $500 credit line. The only problem I noticed was when you pay your bill DMB would freeze part of your credit line for 14 days, even after your check cleared the bank. Very strange but I was told they do this to the secured accounts only. After one year I called and asked if they could waive the $30 annual fee. Retention said NO WAY JOSE !!!! He was pretty firm about it. I then told him to unsecure the account and he said he would submit a request and I would hear within 30 days. I waited 3 weeks and called and the lady said it had been unsecured. Three days later I got my new card. I got a gold mastercard and a $250 credit line increase. My next increase will be in march and I will post what kind of an increase I will get. Over all this is an o.k. bank. I prefer my Capital One accounts to rebuild because as time goes by and you manage your accounts properly Capital One rewards you with lower a.p.r., higher limits, upgrades, no annual fee. One more thing, If you get a secured account from DMB you cannot get a credit line increase or the annual fee waived. Once the account is unsecured they can give you credit line increases avery six months and you can called them and they will waive the annual fee.
I've had a pretty good experience with them too. PFB'ed them and they game me 500 of my 600 deposit back. Told me to try in a year to get totally unsecured. Decent card to rebuild or start with. Has online payment too.
I received a pre-approved offer. My scores were in the low 500's. I was approved for $250 limit with $99 deposit. I am now at $800 limit after 2 increases. The account was unsecured after 1 yr. They report regularly to all 3 CRA's. I love the online bill pay and customer service has been alright.
That would be me! I only have praise for DMB...and no, I don't work for them! 5/99 they sent me a no BS letter offering 4K credit line guaranteed, no security deposit. I was skeptical, but I applied anyway and got the 4K CL. It got me on the road to rebuilding my credit after it was bruised in college due to an illness & my falling behind in payments. Initial Terms: CL =$4,000 w/ $2,000 avail for cash advance. Purchase APR =22.99%, Cash APR =26.99%. Current Terms: CL = $11,700, with $5,800 avail as cash advance. Purchase APR = 9.24%, cash APR = 12.24%. Most of the negative feedback I've read are from people who don't: 1. Bother to read the terms of their cardmember agreement about cash advances, etc. 2. Keep track of their outstanding balance & go over the limit "by accident". 3. Keep up with the minimum payments and accuse DMB of charging "criminally high" over the limit & other fees. Give me a break! I got sick once & called them from the hospital to tell them I would mail a payment when I got home; they waived the late charge. If you don't understand something like APR vs nominal APR, average daily balance computation call and ask! The following can also help you: 1. Ask when your billing cycle ends; call the automated # to find out amount & date due the day after your billing cycle ends & pay even before you get the bill. 2. Log on & make a payment by 4PM CST & your account is credited @ midnight that night. 3. Keep a folder with your communications with them and your bills. 4. Negotiate! 9 times out of 10, they'll give you some perk, even if it's not what you were after. 5. Opt out of marketing campaigns and ask them to not mail you cash advance checks.
My experience with them has been terrific. My card was like Rina's - the Titanium card. Regular increases, lower interest rates, good BT deals. They are prime as far as I'm concerned, and they like me!!
Geez! I never imagined I'd get so much detailed info. THANKS! I think I'll try them...and now I'll feel much better about it....thanks aggain
I have the Titanium card. I pretty much use it only for online purchases and have never had a problem I have yet to open an actual statement as I review my account online, download transactions into Quicken and pay them electronically via my bank's web site. Someone mentioned they freeze your CL when you make a payment but I have never had that happen when the payment comes electronically from my bank. When I hit one year, I'll call for a CL increase.
PS The Western Union (yes, the money transfer people) Mastercard is issued by DMB https://www.westernunionmastercard.com/ No annual fee 2.9% fixed intro goto of 12.24% variable APR after 5 months up to $10k CL
Hubby got a pre approval offer (ch 7 bk 3/01) for a gold m/c limit up to 10K, no annual fee, 0% APR on purchases for 5 months. I would have had him apply for it but he has two Orchards, a Providian and Target so I thought that might be enough to rebuild. The highest APR (based on credit) is 23.99%. Which I'm sure he'd get. Hey, this doesn't sound too bad if there's no annual fee, maybe i can get Providian to budge....Orchards APR is better but then there's that annual fee... decisions, decisions.... I believe that we have to look at these for the "tools" that they are depending on where we stand credit wise. No one says you have to keep them forever, you rebuild and you move on. We know some are strictly sub prime so it's not worth getting all riled up about if they won't change your tems because you pay on time, just move on. Good luck, hope you get it!!!
I had Exxon Mastercard from them for two months and GE Capital sold to him two yrs ago. I have to mail the payment to Baltimore MD.They credit my payment slowly because it may be Christmas time. I closed my Exxon Mastercard because I heard a lot of people had bad experience with them. I closed my account until they sold it to Associates National Bank. I told everybody that Stay away from them. Ron.
I've had mine for two years now. They've doubled my creditline and decreased the APR. $2000 now and 14.8% APR. Never a bit of trouble, no slow posting of checks, nothing. I usually just pay online now. It's just easier anymore.
My DMB Platinum @ 8.77% best ! Better than.... BOA Platinum @ 9.99% Citi Platinum @ 9.99% Good Bank! Never had any problem whatsoever!! Herman
