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LEELORIKOZ's Photo LEELORIKOZ Posts: 759
9/23/08 8:42 A

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they are just trying to get you to bite the hook. also everytime someone checks your credit your score goes down. unless it is some acct. you already have such as a morg. or a bank note or acct. even when you apply for insurance they pull your credit report. we will be credit card debt free in about a few weeks. so let me tell you if you can't pay it off in 30 days don't buy it if you can help it.

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SHELLV777's Photo SHELLV777 SparkPoints: (0)
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9/22/08 11:55 P

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When I first got into my mess, my first step was calling each of my lenders and asking them to work with me. I explained that I had gotten in over my head and didn't want to fall behind on payments and asked if they would work with me by lowering my payments. I had cards with Capital One, Citibank, American Express, Fashion Bug, and Discover. All but American Express worked with me. Fashion Bug gave me 6 months with no interest or late fees. Discover lowered my interest rate from 15% to 9%. Capital One gave me 6 months no interest and waived the annual fee. And Citibank lowered my rate from 9% to 4.5%. I was able to pay off great amount thanks to these lowered rates. American Express eventually lowered my account to no interst, but it took a lot of talking and a lot of trouble that wasn't worth it. I highly recommend calling the companies. The worst they can do is say no. The best they can do is say yes.

Now a warning. Because my debt was SO much, as I had other store cards and was just completely irresponsible with my spending, I ended up going on a debt management plan because I was told you can save more and pay it off more quickly. Well, I have been with the plan since November 2006. I was NEVER late with a payment before then. Since being on the plan, nearly every month has a 30 days past due on it. I am currently fighting with the BBB and each of my creditors to getthis corrected, as my credit is really ruined (less than 600 for a score) and I am going to have to get the mortgage in my name only once the divorce is final. So whatever you do, STAY AWAY from debt management plans...they promise way more than they deliver and you can get the same deals by calling the companies yourself. I would have been better off going with the rates I had recieved and sticking it out.

Good luck. Hang in there. If I can do this and know I will one day be debt free, ANYONE can!
~Shell

Undertake something that is difficult; it will do you good. Unless you try to do something beyond what you have already mastered, you will never grow. ~Ronald E. Osborn


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PINK_STARBURST's Photo PINK_STARBURST Posts: 11
9/22/08 8:06 P

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Here's a story that will really show that all those credit card apps and loan offers that you get in the mail really don't apply directly to you because you're special. Don't get me wrong, to your friends and family, and those who care about you, you are probably very special - - but not to these companies. Here's why. Somehow, our cat Cinder got onto mailing lists. I have no clue how this happened, other than perhaps a friend thought it'd be funny if Cinder got mail or something. In any case, our cat Cinder gets all sorts of mail. She gets credit card offers, National Guard promotional mail, car loan offers, and even voter registration forms. To a point, it's funny yes, but on the other hand, very annoying now that it's been going on for a couple years. Either way...this should really show you how ludicrous these offers really are.

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PSUKELLBELL's Photo PSUKELLBELL SparkPoints: (17,670)
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7/28/08 9:39 P

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bankrate.com allows you to compare rates, and I believe it even specifies if you need to have good or excellent credit to get the offers. Obviously, the better your credit the better the deals you can get.

Kelly from PA

"Success is neither magical nor mysterious. Success is the natural consequence of consistently applying basic fundamentals."
~Jim Rohn


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CACOSTA's Photo CACOSTA Posts: 2,460
7/28/08 5:18 P

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Hey Vegas,
Be very carfeul with those unsolicited loans, many pack huge fees and intrest rates. I have found you can usually do much better at a local bank.
Carolyn

“Know the true value of time; snatch, seize and enjoy every moment of it. No idleness…never put off till tomorrow what you can do today.”
CAROLINA_KOUKLA SparkPoints: (65,747)
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7/26/08 4:27 A

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Thanks! I'm afraid to call my creditors, to be honest I really never thought that they'd lower anything for you lol. I'll look into it.

* Karen*


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JULESGL's Photo JULESGL Posts: 9,609
7/25/08 5:36 P

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be careful

debt is the most aggressively marketed product now. they want your name and information above all things.

I would suggest calling all your debt holders and re-negotiate your interest rates. They want your business and it's AMAZING how low they'll drop if you'll just ask.

Good Luck!

Live like no one else, so later you can LIVE like no one else

"No man in the wrong can stand up to a man in the right who keeps on a-comin." - Texas Rangers

Dare to be a Linchpin - Seth Godin


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*CAPOPPY*'s Photo *CAPOPPY* Posts: 675
7/25/08 1:56 A

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Hi there! These things can always be so annoying. But, they didn't check your credit score before sending you the offer. They need you to fill out the form they sent you in the mail first that you sign and legally give them authority to check your credit. Once they have been given permission to check your score, that is when they can come back and deny you there offer that may even say Guaranteed such and such amount. Its probably in very tiny fine print that is hard to see though.

Also, keep in mind that they may not have approved you for all 5,000...maybe because it was done online, there may be a second notice stating you qualify for a lesser amount, or a sales rep will call you to work out a different deal. The notice that is sent in the mail is just to get your foot in the door.

Be wary of these things though! Its great that we have a team we can work with here on Sparks to give us the inside scoobies!!! Take care and just keep plugging along, the debt decrease is also a lifestyle change.

The only thing you can change is yourself, but sometimes that changes everything.



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CAROLINA_KOUKLA SparkPoints: (65,747)
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7/25/08 1:40 A

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Ok I got in the mail an offer from the same company that finances my car that I can get a personal loan up to $5,000 to use for whatever I wanted... I so wanted to apply so I could pay off all my debts and just have one payment a month to pay back the 5,000. So I applied online with the code they gave me and about an hour later they sent me an email saying they couldn't approve me at this time! Im pretty bummed, my question is why do they send it anyway if they are going to deny you?? They obviously had to check my credit to send me the offer right?? Im confused..

* Karen*


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