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Discussion in 'Credit Talk' started by creditwork, Jul 4, 2001.
Happy 4th everyone.
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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!
TYPO CORRECTION... I meant to type "during the present stock market slump."
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.
I'm not saying this program work or this program will not work. But, this contact may be of some use:
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.
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.
I am in the chat room. I will be more than happy to discuss our program with anyone.
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, we were there for a good 30 minutes. I am ready anytime you are.
I have never heard of them before this morning. If their program works, fantastic. And just because PA isn't ready for them to do business there yet, I wouldn't presume that all states doubt their legitimacy, or at least their compliance practices.
BUT -- in addition to the info they send you, I would recommend checking with New Jersey's Dept. of Corporations as well as the Atty General's office to make sure everything is on the up and up.
The reason I don't suggest the Better Biz Bureau is that they often seem to be lagging behind in info, and don't often have specific information until it's too late for a lot of people (at least, around where I live).
Other than that, hopefully it's a program that some people will find useful, but I'm sure the Credit Works gang would expect their potential clients to do a little due diligence.
All right, enough of this...time to hit the BBQs!
We are not a member of the BBB. Due diligence is a good idea whenever contemplating parting with your money, even if it is for a limited time.
Enjoy the barby
For the record, I have never heard anyone complain about creditworks and although I don't know the people at creditworks and never have use their service before, I have known about it for years. I have also enjoyed Herb Larrondo postings over the years. His credit Power Building method works and I use it myself, utilizing all my credit lines and paying them back, similar to what he does but on a much smaller scale, This Bulids a really nice paying history with my credit card companies, thus receiving line increases often. He was just smart enough to make a little business out of it.
I would trust my credit line with Creditworks, I think Herb has proven himself as an honest business owner over the years and the people that have been around the credit boards for years (like me) would probally feel the same about creditworks.
* Rob *
honestly, you take risk with any gain. Thats the way the market works.
But i will also stand up here, and say that in all the time creditworks has been hawking their goods, nobody has ever complained about the company. I've been here a while. I read this forum just about every day as well.
Someone would have spoken up by now if they had lost money from this company..
The vote of confidence is appreciated.