Howdy! I was woundering if anyone knows about a company called Creditcorp Inc. out of Texas. I recieved a pre-approved letter for 10K at an APR of 12%. However they wanted the $30 annual fee up front. The letter also said the annual fee was completly refundable if not completly satisfied. I'm not very credit smart. Is this for real? Is it real credit or do I have to make payments before I can use it? HELP! It souds like a good deal.
Catalog Marketing Company catalog company... credit line is only good for merchandise in their catalog. http://www.creditmania.com/alerts.htm And review the hundreds of posts about them on this bbs. Peace, BarryN
I just logged on this website for the first time to see if anyone knows anything about this 'Credicorp' I received the same letter. I have good credit, and I am PYSCO when it comes to maintaining my credit, that's why i'm always leary when i receive some pre-approved statement in the mail. I believe I am 'credit-smart' and I believe that anything you receive that has a 'one-time processing fee' or you have to send them money to get a card that they want you to have, if they want you to have it, they should send it to you, not tell you that you have to send money to accept an offer you didn't even request. I throw all of those offers away, they are never good deals, and it's a way for them to make money on one-time fees and high interest rates, also think about this, whenever you apply for a credit card, always look at the 'terms and conditions' it is always attached to the application, there you will find out about APR, any annual fee (which there should never be one) percentage rate on cash advances, etc.. And this piece of mail i received from Creditcorp had NO terms and conditions. Even though 12% APR is a great deal, it has no terms and conditions to explain if 12% is just an introductory rate, or if it is a fixed rate, which i'm sure it's not. Your credit is one of the most important things you can have, always be cautious about things like this, even if you accept the offer then decline it, it shows up on your credit report as an inquiry and stays on for 2 yrs. and too many inquiries do not look good, so be sure before you apply for something because if your accepted or not for an offer, once you sign your name that you would like them to do a credit check and approve you that is on your credit report.
RE: Credicorp Inc. To start with Credicorp and similar useless catalog companies do not I repeat DO NOT do an inquiry on your credit report either before or after an application. And why should do since they do mass countrywide mailings making this offer to virtually everyone. Yes, the companies that ask for a fee up front are either scammers, crooks or sub-prime companies that an individual should look very close into before entering any type of agreement. Now as for taking the philosophy of "Your credit is one of the most important things you can have", there's the good side which you have mentioned and then there's the bad side. The creditors LOVE people who've bought into this belief and will do anything to maintain it; makes it all the more easier for them to have matters totally their way, so if they make a mistake or decide to cheat you any number of ways your FORCED to PAY for their FRAUD, else they threaten to "destroy your credit" (these are practically the first words out of the reps at Crooks Country Bank, which is the worst in the industry), some crooked collection agency either makes a mistake or willfully and fraudulently makes a claim you owe them money KNOW somebody like you will pay them without question, anything to maintain that good credit history. Food for thought
I received the same offer today from CrediCorp, Inc. The first thing I noticed was the following language: "...with a $10,000.00 credit limit valid exclusively toward all credit purchases from credit provider." The key words are "purchases from credit provider." This is like a department store credit card whereby you can only use it to purchase items from that particular department store. Why would anyone pay $29.95 for credit to purchase items which are not even disclosed? They may have good products at reasonable prices, however, I feel their intent is to be deceptive even though the wording on the statment is very clear to anyone who actually reads it. They have even set this phrase out in CAPTIAL letter so that it stands out from the rest of the type. When in doubt, read the small print (and THE LARGE PRINT ALSO!)
