Verve card One of the worst offers ever!

[morgacj2004]

So I was pre-approved for the Verve Visa. $500 ICL 30.74% APR $125 AF, monthly maintenance fee of $10 per month, Addl Card Fee $30, 3% FTF. You get the picture. This one is not only NO but Hell NO! Sorry to see these companies preying on unsuspecting consumers.

[Anonymous]

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@morgacj2004 wrote:
So I was pre-approved for the Verve Visa. $500 ICL 30.74% APR $125 AF, monthly maintenance fee of $10 per month, Addl Card Fee $30, 3% FTF. You get the picture. This one is not only NO but Hell NO! Sorry to see these companies preying on unsuspecting consumers.

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I'd jump on the offer now before the Feds raise the Prime Rate again and you get a bad APR with the offer.

[Anonymous]

Thats a garbage subprime card from Continental Finance. I got their "Surge" card via a similar offer about 2 years ago when I started my rebuild. I sadly accepted because there wasnt much else and I needed credit to build. Terrible card but reported every month to all 3 bureaus. 

The real question I have is why youre getting pre-approved offers like this with your scores and current cards. 

[DaveInAZ]

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@Anonymous wrote:

Thats a garbage subprime card from Continental Finance. I got their "Surge" card via a similar offer about 2 years ago when I started my rebuild. I sadly accepted because there wasnt much else and I needed credit to build. Terrible card but reported every month to all 3 bureaus. 

The real question I have is why youre getting pre-approved offers like this with your scores and current cards. 

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These sub prime card issuers bottom feeders seem to think they can broaded their base for some reason. I got a pre-approval mailer last week for Credit One - "up to" $1500 CL, $75 AF, and I didn't look any further before tossing it in the trash. I refused to subject myself to these usury terms when I was just rebuilding from a 2010 BK7, why they think we would now is beyond me. I'd almost rather visit Larry the Loan Shark and risk some broken fingers for a late payment.

[morgacj2004]

No idea why I get these offers. Believe it is because I still have a BK showing. I am not yet getting offers from A lenders in the mail. 

[DaveInAZ]

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@morgacj2004 wrote:

No idea why I get these offers. Believe it is because I still have a BK showing. I am not yet getting offers from A lenders in the mail. 

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Yes, a BK showing may trigger these crap offers, but since a BK shows for 10 years they would waste alot of postage & printing cost if they didn't exclude folks who also show they have reestablished credit with reputable lenders with good APRs CLs, and ne fees.

A lenders don't mail offers to folks with a BK showing, we have to chase after them. The only A lender offer I've ever received was from Discover, but that was 4-5 months after they had rejected my app and they appoarently saw something on my CR report that changed their mind. It was a little over a month that a BoA CC showed up on my CR, and I think that was it. Anyway they approved me and we've both been happy since.

[morgacj2004]

I get offers from these idiots several times a week. Postage costs don't seem to be an issue for them.  

[Anonymous]

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@DaveInAZ wrote:

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@morgacj2004 wrote:

No idea why I get these offers. Believe it is because I still have a BK showing. I am not yet getting offers from A lenders in the mail. 

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Yes, a BK showing may trigger these crap offers, but since a BK shows for 10 years they would waste alot of postage & printing cost if they didn't exclude folks who also show they have reestablished credit with reputable lenders with good APRs CLs, and ne fees.

A lenders don't mail offers to folks with a BK showing, we have to chase after them. The only A lender offer I've ever received was from Discover, but that was 4-5 months after they had rejected my app and they appoarently saw something on my CR report that changed their mind. It was a little over a month that a BoA CC showed up on my CR, and I think that was it. Anyway they approved me and we've both been happy since.

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Same here. Discover is the only prime lender I've had serious offers from since beginning rebuilding, and at that I had to take a relatively high APR (23.49%) - and you'd best bet I consider myself lucky to have been approved by them at any APR, not to mention a decent $2,500 SL! Oddly, I don't remember getting very many offers from these Verve people, even though having gone through Chap 7 BK I should theoretically be a prime (ahem!) target for them.

[bizarrocreditworld]

I got this one back in January and forgot about it until I saw it in my "shred" pile of documents last night. In the future, when I see something like this, it's going in the express lane to the shredder.

Verve should be called Nerve, as in "we have the nerve to charge over 30% interest plus an AF and monthly maintenance fee that makes First Premier look almost respectable."

[AverageJoesCredit]

Man, i would trade my Navy $500 for this any APRil just so i can say im the only one with a $125 AirForce credit limit