Direct Merchants Gold pre-sele

Discussion in 'Credit Talk' started by just curio, Jun 20, 2000.

  1. just curio

    just curio Guest

    I got an offer in the mail for a Direct Merchants Gold Card, for a 500 limit with 99 deposit. My credit sucks, I have a few positive trades, but many, many collections, and deliquent accounts years old. Does anybody think I will be approved. I think even thought the bad rap DMCCB gets, as long as I am careful with the account, it will be a good rebuilding tool, if I am approved. They say they have a "guaranteed" offer of credit, can anybody tell me if I'll get a 500 limit with the 99 dollars?
     
  2. bg

    bg Guest

    RE: Direct Merchants Gold pre-

    I would be careful with this bank, their customer service is terrible and the 15-21
    day wait for your credit release after payment posting is unreal. Picture this,
    you make a payment of $50, it posts to your account on the 2nd of the month, now you have to wait until the 17th-23rd of the month
    before you can use any of the $50 payment
    posted on the 2nd, by this time another statement has been mailed and the process starts all over again. If you get this card Good Luck.
     
  3. Renae

    Renae Guest

    RE: Direct Merchants Gold pre-

    I've posted about DMB before on this board. I received an app from them a few months back for a 250 credit limit for $99. I have the world's worst credit, repos, charge off up the but tax liens--everything. Well, they not only approved me but upgraded me to the Titanium card with a $500 limit. I've since added to that by sending in additional funds. But I agree with you, there are people who have posted some pretty harsh things about them but who knows how people are handling their accounts. If you are responsible it is a great re-building tool! We put ourselves in this position by being irresponsible and the price we pay is going to be a little higher than those with good credit! I say go for it!!
     
  4. Renae

    Renae Guest

    RE: Direct Merchants Gold pre-

    It's a pain but to get around the 15-20 day hold, once you know you're check has cleared, have your bank either fax them a copy of the cancelled check or a letter on letterhead stating that the check has cleared. They will release the funds immediately! I'm told by them that this is done just for one year--a probationary period and afterwards, that restriction no longer applies. I guess, I want the rewards afterwards and if I have to prove to them that I am responsible now after screwing up years ago, this is what I have to do. Again, this is the price I have to pay for my past irresponsible behavior. I have had no problems with them to date.

    One other thing, I don't have as many options as most--I live in WI where we apparently have very strict consumer protection laws and most of these cards that are so good that everyone else raves about on this board are not available to residents of WI.
     
  5. BOB

    BOB Guest

    RE: Direct Merchants Gold pre-

    Renae, this bunch of morons are the only ones
    I know of that use this practice. Do you relize how much trouble it is for your bank to do this. I would imagine most banks would do this for a price, even if it is for a year it's an unethical practice that most will refuse to put up with. But people need to know about it up front, because Direct Merchants Bank does not tell customers about it before they apply.
     
  6. renae

    renae Guest

    RE: Direct Merchants Gold pre-

    It's more of a pain for me than it is for them. They do do it for no fee because they are not a big corporate owned bank--they are a credit union and much more "member" friendly. And as I said, if the rewards after a year are what I expect after being on probation it will be worth it--I'm willing to put up with it. But one other thing that people should know--they only hold your payments if they are over $100. My minimum payments have been far less than that but I like to pay more so they have been held. Case in point--I sent them a check for $75 last Thursday. When I called to check my balance today, that $75 is reflected as available credit. Everyone is different I guess, but I know how really, truly, horrible my credit is and I'm grateful for this opportunity. And remmember what I said, in my state, the choices that we have for secured cards are very limited and it seems the 2 or 3 others that are available don't want me as a customer--they have denied me! I know that may be hard for most of you believe as to why all cards aren't available to all states, but it's true--WI has very tough consumer protection laws which makes it very tough for most of them to do business here. Some of the "professional" people who post on this board regularly can verify that.
     
  7. TC

    TC Guest

    RE: Direct Merchants Gold pre-

    I wrote on this company recently, but my advice would be to STAY AWAY. Their interest rates are outrageous and their customer service group is inept. I use a bill payment service to pay bills & track everything carefully; DMB is always the first to cash the check, last to post the payment to my account. They have put holds on some of my payments, but not all, so I don't know how that works. They do not report to the credit bureaus unless you specifically request it - even then; they only report each time you ask. I closed my account for all these reasons. There are better ways to build your credit.
     
  8. renae

    renae Guest

    RE: Direct Merchants Gold pre-

    Not true, they do report every month. I have received 4 copies of my reports since I've opened this account and they have reported. I've never requested it!

    My advice still is this: if you have truly bad credit, want to re-build and don't have many options, GO FOR IT!! BUT BE RESPONSIBLE!
    Don't repeat the same behavior that got you into this in the first place! THAT IS MY FINAL ANSWER.
     
  9. TC

    TC Guest

    RE: Direct Merchants Gold pre-

    On which report do you see DMB listed? I've had all mine pulled a few times over the past few months & there was nothing. I even called and ASKED their policy. I reported here what the customer service rep told me; and as I said, I've seen nothing on any of my reports. Go figure.
     
  10. renae

    renae Guest

    RE: Direct Merchants Gold pre-

    I've had mine pulled from Equifax, TRW and the other one that I can't recall right now. Unfortunately, the CS rep you spoke to didn't know what she was talking about. Call a couple more times to get different reps and see if you don't get a different answer. You shouldn't have to do that but unfortunately, I find myself having to do that quite often with a lot of businesses!
     
  11. Doris K.

    Doris K. Well-Known Member

    RE: Direct Merchants Gold pre-

    My daughter has one of their Mastercards. So far, we know that they are reporting her credit to Equifax. We're not sure about the other CRAs because we're still waiting on those reports to come in after corrections.
     
  12. Mike

    Mike Well-Known Member

    RE: Direct Merchants Gold pre-

    Mine has shown up too. On Equifax for sure.
     
  13. Mike

    Mike Well-Known Member

    RE: Direct Merchants Gold pre-

    I'm with you Renae, I wouldn't have given me a second-chance and a credit card. I was truly amazed I was approved. And, it's such a lifesaver. There are annoyances, but then I don't use my card unless I have to, and I plan around the 15 day waiting period. Mostly, I just use it for car rentals on business trips, and pay it off every month.
     
  14. TC

    TC Guest

    RE: Direct Merchants Gold pre-

    Very strange. I just this minute got my Equifax report online & there's nothing from DMB on there. Maybe it was their policy not to report when I got my card & it changed before or after my account was opened. To build credit, I still think there are better companies to use such as First Premier and Bank First. They have always reported & their customer service is excellent.
     
  15. bg

    bg Guest

    RE: Direct Merchants Gold pre-

    Even Providian with their higher rate is better than the morons at DMB. At least you know up front when you make your payment that your credit line will increase as usual,
    with the morons at DMB you never know when to expect the change, and as for Renae's
    boasting of it being worth it, well maybe for her she has the time and extra money to have her finacial inst. send DMB a letter
    saying her check cleared. But why would someone want to pay extra to do business
    with these jerks. I guess you have to do what you feel is right.
     
  16. TC

    TC Guest

    RE: Direct Merchants Gold pre-

    Yes, I would have to agree. Even though I've acted irresponsibly in the past, I don't feel the need to jump through hoops for the privilege of paying a whopping interest rate just to have payments not applied to my balance for several so they can collect even more interest.
     
  17. renae

    renae Guest

    RE: Direct Merchants Gold pre-

    You know, I really appreciate the GOOD information that I have learned from some people on this board. However, I really resent it when people stoop to making personal attacks and comments simply because they don't agree. Come on people! Can't we all just grow up and recognize that everyone has different experiences?

    And for the record, my bank DOES NOT charge me to fax a letter stating that my check has cleared--they do it as a courtesy. And yes, my experience with DMB has been a pleasant one and I'm not too angry and bitter because of the situation that I've gotten myself in to say that they've been good to me on this board!

    I guess I'm starting to wonder if the reason some people have such horror stories when it comes to the CS at some institutions, it's because of the same attitudes that are displayed when posting on this board. Why you would think that I would say I've had good service if I haven't--I haven't a clue.
     
  18. Doris K.

    Doris K. Well-Known Member

    RE: Direct Merchants Gold pre-

    At the risk of stirring up some Household Bank haters, my daughter is still very satisfied with her unsecured Mastercard accounts at Orchard Bank. She just received a $500 increase on one of her cards, for a total of $1500, and they upped the limit on her other card, which carried only a $350 limit, to $1000. She called and asked them for it, and they didn't require her to put up any cash to secure the increase.

    According to her, Orchard Bank has superior customer service--even better than prime lenders she dealt with in the past. Also, they credit her payments promptly.

    I've seen a lot of posts from people worried that Orchard would turn out crappy after Household acquired it, but so far, she continues to be happy with them.

    If you haven't already, you might consider applying for one or more of their cards. Their requirements are quite lax, and the interest rate is lower than DMB. You can apply online at www.orchardbank.com. You can also check and pay your bills online. We do know for sure that they report to all three CRAs.

    Just something to consider. :)
     
  19. Steven Z

    Steven Z Guest

    RE: Direct Merchants Gold pre-

    As one of those persons who made such a posting, when Household bank took over I feared the worst, instead I am somewhat startled to see that at this point Orchard Bank has not followed in the path of so many other good banks taken over by bad (Bank One, Fleet, BofA).

    In fact all the recent posts both here and elsewhere have told of no punative payments for an increase in CL. Instead the few complaints focus on the high interest rate and the fact that you have to ask for an increase.

    Is it possible that representatives of this bank have been reading this site and seeing the bad reaction to planned changes in policy (people planning or outright cancelling their accounts) have decided to back off?

    That would be a very big RARITY in itself, as many financial institutions will throw all foresight and logic out the window in the attempt to extract every last penny by any means possible.

    I'll give it another couple of weeks and if all stays will I will return to recommending it.
     
  20. Doris K.

    Doris K. Well-Known Member

    RE: Direct Merchants Gold pre-

    Steven, you're the one I was worried would nail me to the cross for pushing a Household Bank product! Thanks for going easy on a sweet, little old lady ;-)

    I failed to mention that my daughter has had both cards from Orchard Bank for just over six months, so it surprised me that they would even consider granting credit limit increases. Their interest rates are high but only when compared to prime-rate cards. It's still less than 20%--I can't remember if she pays 18.9 or 19.8. Either way, it's a decent rate for a sub-prime customer. There are some high-profile prime cards that offer rates at or above that rate.

    Still, nothing rates higher than good customer service. I don't give a damn if you've caused millions of dollars in charge-offs, your credit card company's job is to make you happy. You ARE their customer and their bread and butter. While you naturally can't expect all the benefits of a prime card while building or rebuilding credit, you should definately expect to be treated better than doggie doo. A little common courtesy is free and takes little or no effort on their part. If they can't provide it, they don't deserve to have you to stuff their wallets.

    Sub-prime customers have only a few choices, but some choices are simply better than others. Hopefully, some more choices will come around soon, so more customers can tell these rip-off companies to shove their cards up their butts with a red-hot poker.
     

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