Bad Credit Card Deals - Horse Racing Forum - PaceAdvantage.Com

Dave Schwartz · 03-11-2016, 08:05 PM

Like most of you, we receive credit card offers all the time. SOme of the deals are pretty good (i.e. no fee, cash back or sky miles, etc.), but lately I have seen several really crazy-bad offers.

Today's offer was: $700 max, $79 annual fee, $7.99 monthly fee. Who the heck would sign up for stuff like this?

I mean, that's like 11% interest on the max before you even have a balance!

What is the worst deal you recall seeing?

redshift1 · 03-11-2016, 09:15 PM

Here's a good source for credit cards, includes what is currently available and which cards offer the best rates or incentives.

Set up as a forum you get to browse all the posts and read both good and bad
credit card stories.

http://ficoforums.myfico.com/?

.

betovernetcapper · 03-11-2016, 10:10 PM

In my state the statute of limitations for unpaid debts such as credit cards is 7 years. In my late 20s, for some reason, I was issued all kinds of credit cards, some not requested. At some point I was unable to deal with the debt and simply blew it off. In fairness, some of the interest charges were in the 20% range. This was some 40 years ago. A month ago, I got a bill in the mail from some company that had bought one of these CC bills for probably less then a dollar. The letter said that I owed them $4000, but they would today only allow me to settle for $3500. They pointed out that this not be reported to the Credit Reporting Companies, like TransUnion.
The gist of this is I could give them $3500, that I didn't owe them and I wouldn't even get a positive bump in my credit reports. After much hand wringing, I elected to ignore this bill. Somehow I'm able to sleep soundly after ignoring this generous offer.

Tom · 03-11-2016, 10:13 PM

Any company that would give ME a card is a bad deal.

Hoofless_Wonder · 03-12-2016, 11:21 PM

Quote:

Originally Posted by betovernetcapper

... A month ago, I got a bill in the mail from some company that had bought one of these CC bills for probably less then a dollar. The letter said that I owed them $4000, but they would today only allow me to settle for $3500. They pointed out that this not be reported to the Credit Reporting Companies, like TransUnion.
The gist of this is I could give them $3500, that I didn't owe them and I wouldn't even get a positive bump in my credit reports. After much hand wringing, I elected to ignore this bill. Somehow I'm able to sleep soundly after ignoring this generous offer.

Good one. The thing is that in some states you have to be careful about "zombie" debt, as it can reset the clock on the 7 years to accept their offer or even agree to negotiate. Not responding is a good choice, or responding by telling them they do not have a legitimate claim and you'll report them to the state attorney general's office if they persist in bothering you is another.

Hoofless_Wonder · 03-12-2016, 11:28 PM

Quote:

Originally Posted by Dave Schwartz

Like most of you, we receive credit card offers all the time. SOme of the deals are pretty good (i.e. no fee, cash back or sky miles, etc.), but lately I have seen several really crazy-bad offers.

Today's offer was: $700 max, $79 annual fee, $7.99 monthly fee. Who the heck would sign up for stuff like this?

I mean, that's like 11% interest on the max before you even have a balance!

What is the worst deal you recall seeing?

Not that I think it should be your responsibility, but if I were to receive such a sub-par offer I'd think about checking my credit report. This sounds like terms offered to those with low scores, and I wonder if there's been a recent change in yours....? Identities can be stolen quickly these days....

Can't say as I recall such a bad deal offered, but compared to the local check/cash loan and pawn shops, this isn't so bad.

Dave Schwartz · 03-13-2016, 12:49 AM

Quote:

Not that I think it should be your responsibility, but if I were to receive such a sub-par offer I'd think about checking my credit report. This sounds like terms offered to those with low scores, and I wonder if there's been a recent change in yours....? Identities can be stolen quickly these days....

Can't say as I recall such a bad deal offered, but compared to the local check/cash loan and pawn shops, this isn't so bad.

When I told Beth about this post she said, "You know, everyone is going to think that we're getting those offers because we've got bad credit." I laughed.

However, considering that we DID just have 2 cards compromised since Jan 1, it is not impossible. The good news is that our scores are pretty much where they should be and relatively unchanged. At least they were last week when Beth checked them.

Funny story... I slept in one Sunday morning, about 2 hours later than Beth. When I get up she says, "Did you do something crazy last night?"

I said, "Like what?"

She says, "Did you buy $209 worth of pajamas from a company in New Hampshire?"

LOL - Seriously?

That's how we found out about the compromised cards, BTW.

pandy · 03-13-2016, 01:01 AM

They were probably worse deals when Jimmy Carter was President. I think I paid 19% for a car loan and I had perfect credit.

Overlay · 03-13-2016, 03:34 AM

Quote:

Originally Posted by pandy

They were probably worse deals when Jimmy Carter was President. I think I paid 19% for a car loan and I had perfect credit.

Those were the days when Ronald Reagan added the inflation rate and the unemployment rate (which were both also double-digit at that time) together and referred to the total as the "misery index".

Tom · 03-13-2016, 09:31 AM

Whatever happened to usury laws?
I would support, as a way to get the economy back on tracks, declaring ALL credit car debt null and void and then outlaw credit cards. Debit only.

Screw the banks. Like they have been screwing us.

Jesse James forever!

(the little lib in me gets out now and then)