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Credit Protection???

Established Contributor

Credit Protection???

Every credit card is pushing this LIKE crazy! Wamu is .79 cents per 100.00 is it worth it? I told them I was self employeed and he read a cue card twice to me saying if I gave them a letter from a third party such as my accountant... right now I am the accountant.. he reads again the same thing!
Hummm I said no three times and he kept going... just wondering if I made the right desision... Who eles is doing them, who isnt and what is your take on it?
6/9/08 FICO TU 697 EX698 EQ 618uti 6% (once new accounts hit) BIZ- DUNS 80, EX 35
GOAL 2008- 700s+ new car
2010 BE a first time buyer
Message 1 of 5
4 REPLIES
Regular Contributor

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Message 2 of 5
Moderator Emeritus

Re: Credit Protection???

I look at it this way-
 
They might cover your min payment - 2% for most lenders-
 
So IF you carries a 1000 balance the Fee your be 7.90 every month
You min payment is $20 
 
So if you just saved the 7.90, every 3 months you would save enough for 1 months payment- 
 
Simple way- it's a rip-off !!!!!!!!!!!!!!!!

Jesedmotherof5 wrote:
Every credit card is pushing this LIKE crazy! Wamu is .79 cents per 100.00 is it worth it? I told them I was self employeed and he read a cue card twice to me saying if I gave them a letter from a third party such as my accountant... right now I am the accountant.. he reads again the same thing!
Hummm I said no three times and he kept going... just wondering if I made the right desision... Who eles is doing them, who isnt and what is your take on it?



Message 3 of 5
Established Contributor

Re: Credit Protection???

A Huge Scam credit protection is.  Don't buy it.
07/26/2007 TU-688
EQ-656
EX-649
Message 4 of 5
Established Contributor

Re: Credit Protection???

Thats what I thought thanks guys... Im glad I didnt do it!
6/9/08 FICO TU 697 EX698 EQ 618uti 6% (once new accounts hit) BIZ- DUNS 80, EX 35
GOAL 2008- 700s+ new car
2010 BE a first time buyer
Message 5 of 5