a stupid question

Discussion in 'Credit Talk' started by z.d., Jul 31, 2000.

  1. z.d.

    z.d. Guest

    Hi all,

    Sorry for my stupid question, but I'm new in this country and don't understand many things.

    I have applyed for many credit cards, but since I have lived in US only 3 month all my applications were rejected. But today I received a letter that I'm approved for credit. But I can't understand which bank is it and what are the terms of this credit.

    So this is the letter:

    credit provider: credicomp inc.
    account status: pre-aproved
    member status: pending
    credit limit: $10 000
    interest rate: 12% apr
    bank affiliation: none
    approval expires: 8/14/00


    you have been pre-aproved for a gold card membership with a $10 000 credit limit exclusively towards all credit purchases from credit provider.

    * mail your $29.95 annual fee by check or money order by august 14, 2000 along with this notice for immediate activation.

    failure ti di si may result in termination of your eligability. make check or money order payable to credicarp inc.


    robert j armstrong
    new account manager

    p.s full details of your membership benefits will be included with your new gold card. if you are not comletely satisfied, you have a 60-day refund of money guarantee.


    so what do you think? I'm a little scared of the 10k credit.

    I will apreciate any comments.

  2. Pat M

    Pat M Guest

    tear it up. call Capital One at 1-800-903-3637.

    Ask for a credit card with a $500 limit.
  3. z.d.

    z.d. Guest

    Can you please tell me why?

    I will really appreciate it.
  4. Renae

    Renae Guest

    I'm not sure, but it sounds like this is one of those scams. It's not a credit card like a visa or mc but you are given credit to purchase merchandise from their catalog. And then the prices are overinflated. You were SMART--not stupid to ask the question. That's why we're all here--to help each other the best we can and learn from each other's experiences. Don't ever feel that a question you have is stupid.
  5. Alex - Cre

    Alex - Cre Guest


    Creditcorp is not a real credit card, as you can see in the letter:
    "Bank Affiliation: NONE"

    They give you $10,000 worth of credit line but you can only use the card to buy things from their catalog of expensive merchandise.

    Try Providian, Capital One or Sterling bank, they offer secured credit cards that can help you build your credit.

    Check out or free tips page for some free info on how to start building your credit:

    Good luck!

    Credit Cards, Loans, Credit Repair Info:
  6. MS

    MS Guest

    If you are working and your emplyoer reports that in credit report agencies, you most likely could obtain a secured credit card .
  7. Hubert X

    Hubert X Guest

    This is not a real credit card for two reasons. First, you can only use it to buy merchandise from their catalog at above-market prices. Second, the "credit" alone is not sufficient payment. Every purchase requires a cash down payment or co-payment as well.

    Real banks like Capital One are indifferent to where you use your credit. They mostly want to charge you interest. Credicorp mostly wants to sell you overpriced goods, and the purported credit is just a trick to get you buying as soon and as much as possible. Throw the semi-fraudulent offer away, or keep it in your "sucker" file. Do not return it or send any money.
  8. zwq

    zwq Guest

    Believe me, Amex is the best c

    i came here in 1999. at that time i found it real hard to establish credit history from scratch. but, thanks to this helpful message board, i learned a lot and after 1 year i got what i wanted. here is my case,
    1. apple for a secured amex optima card, because amex is a great comapny and when you go shopping, it's a lot nicer to show an amex card. besides, amex green card or gold card is everyone's ultimate choice for credit card.
    2. apply for a capital one secured credit card. because amex does not report secured account to big 3's. capital one does. you need this to obtain retail cards later.
    3. pay every month's bill in full and on time.
    4. 3 months later apply for 1-2 retail cards, like jcpenny, target, etc.
    5. 11 months later, if you behave with amex, they will approve you for a greed card. go with it and then cancel the optima card immediately, they will send you back the security fund and refund you 1st year's annul fee. (unbelievable, huh?)
    6. then call capital one to unsecured your credit card. first they will reject, just tell them you are going to cancel the account, and they will give whatever you want.
    7. if everything is going right, by then you should have received at least pre-approved credit card offers. but, choose carefully. me? i chose citi bank plantium select master card.

    just remember one very important thing, PAY YOUR BILLS ON TIME. never screw up. I am very happy with every account i had. no problem at all. good luck to you. Z.D.

    all rigth. once again i thank this message board for helping me get through every thing.

  9. Hubert X

    Hubert X Guest

    The Land of Opportunity

    Your system is wonderful. Everyone should "apple" for a "greed card" just like you did. America is truly the Land of Opportunity, except for those of us born here. I think our problem is too many "annul fees." You seem to have circumvented that problem very nicely yourself.

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