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Discussion in 'Credit Talk' started by T, Aug 26, 2000.
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I wonder if anyone without spotless credit has actually been approved for any of these products. So many NextCard affiliates mislead lots of people into thinking NextCard is easy to get, even with less-than-perfect credit. It's NOT an easy card to get, and you'd better have damned good credit before applying.
If your credit is the slightest bit blemished, applying for the NextCard Visa is not a good move. Because they check your credit with two CRAs, you'll end up having wasted two inquiries.
It's funny that you noticed that. I am getting feedback that many folks don't. Or they are not paying attention to it. If you apply for the NextCard and can't get the prime offering, you are then happily approved for their subprime cards. These people told me they thought they had been approved for the regular card, but received the Milestone instead.
We must remember, the founder of NextCard is a former President of Providian Financial. He knows where the profits are.
I was ready to kill my daughter yesterday. After she read about the sub-prime offerings from NextCard, she went directly to that site and was turned down flat. Now she has two more inquiries to live down. I think the heffer gets that hard-headedness from her father. ;-)
This is why I was so astounded to see the TRUTH being told at http://www.creditcardmenu.com/
this company and their incessant, all-pervasive advertising is probably responsible for twice as many negative inquiries as any other creditor.
While its certainly true that some miniscule few with damaged credit have managed to slip through the cracks and obtain a card; whereupon every last one of them seemed to make their way here , though I have no doubt some of those were in actual fact the owners of some of those reprehensible NextCard affiliates. The same could said about any prime/premium card.
The sorry fact remained (until they started putting out their sub-prime cards) that so much as a 30-day late was grounds for rejection by NextCard.
As for the many persons who still apply, well you can lead a horse to water (or to this site) but you can't stop him from totally ignorning it and pissing in the water, hope their satisfied with their negative inquiries because they got no right to moan and whine about it afterwards.
When I applied for NextCard, I had no idea that they pulled reports from two different CRA's (Experian and Trans Union, by the way.)
I don't believe there was any notice about that on their site.
As for profits, NextCard is probably operating at a loss. How much profit can there be in turning down 90% of their applicants? Or in spending a fortune on advertising just to attract more unsuccessful applicants?
RE: Nextcard- Another Trap
One other trap that I am aware of:
If you have applied for the card in the last 60-90 days and was denied, they will not even run your application... same for CapOne I believe. I guess they only want you applying for their product, once a year?
RE: Nextcard- Another Trap
Perhaps another application--and another inquiry, probably resulting in denial--would be a worse trap.
I see your point now. The subprime cards produce more profits--something Next Bank desperately needs as the Internet bubble flattens. Using the prime card as bait helps them issue both prime cards (a few) and subprime cards (a lot.)
Well said! Some people will feed you all the horseshit in the world to make a freaking dime from a click through. I guess it's too much troulble to nail their asses for false advertising.
I have seen this accusation before, and there seems to be a lot of resentment over it, so I want to correct this.
The NextCard advertising program does *NOT* pay just because someone clicked on the banner. It does *NOT* pay just because someone submitted an application. When people click the banner, apply, and are turned down, the affiliate earns *nothing*. NextCard *ONLY* pays the affiliate when an applicant is *approved*, and accepts the card.
If an affilate says, "Go apply for this card even if you have bad credit," s/he is *not* going to make *any* money off of the rejected applications.
Some affiliates might just be trying to push as many applications through as possible, without understanding the approval standards, and failing to segment things properly (e.g. "With good credit, apply at ABC Bank, or with bad credit apply at XYZ Bank.")
Your $19.95/month ISP fee does *not* pay for the entire Internet, or compensate Web site owners for their expenses (e.g. hosting costs), or for the time and effort they put into providing information to visitors. It is just like the way a free television/radio station must have ads to support itself. The way to eliminate ads on the Web would be for sites to just charge you a fee (say, two cents or so) for each and every page you view.
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