topic Re: Verve card One of the worst offers ever! in Credit Card Applications

Verve card One of the worst offers ever!

morgacj2004 — Wed, 19 Apr 2017 19:58:30 GMT

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.

Re: Verve card One of the worst offers ever!

Anonymous — Wed, 19 Apr 2017 20:23:56 GMT

@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.

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

Re: Verve card One of the worst offers ever!

Anonymous — Wed, 19 Apr 2017 20:58:08 GMT

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.

Re: Verve card One of the worst offers ever!

DaveInAZ — Wed, 19 Apr 2017 23:59:35 GMT

@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.

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.

Re: Verve card One of the worst offers ever!

morgacj2004 — Wed, 19 Apr 2017 21:14:53 GMT

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.

Re: Verve card One of the worst offers ever!

DaveInAZ — Thu, 20 Apr 2017 00:08:28 GMT

@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.

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.

Re: Verve card One of the worst offers ever!

morgacj2004 — Thu, 20 Apr 2017 03:15:26 GMT

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

Re: Verve card One of the worst offers ever!

Anonymous — Thu, 20 Apr 2017 12:01:53 GMT

@DaveInAZ wrote:
@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.
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.

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.

Re: Verve card One of the worst offers ever!

bizarrocreditworld — Thu, 20 Apr 2017 12:12:33 GMT

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."

Re: Verve card One of the worst offers ever!

AverageJoesCredit — Thu, 20 Apr 2017 13:15:00 GMT

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

Re: Verve card One of the worst offers ever!

joltdude — Thu, 20 Apr 2017 14:47:40 GMT

joe8185

If you still have a bit higher APR with Discover,, they do entertain APR reductions with improvements in your score... every 6 months as long as you are not in a promotion period... (so for many folks they have to wait for double points or their 0% apr offer to be over before asking)

-J

Re: Verve card One of the worst offers ever!

Anonymous — Thu, 20 Apr 2017 15:18:35 GMT

@joltdude wrote:
@Anonymous

If you still have a bit higher APR with Discover,, they do entertain APR reductions with improvements in your score... every 6 months as long as you are not in a promotion period... (so for many folks they have to wait for double points or their 0% apr offer to be over before asking)

-J

Since I got this card just last month, I'm in the 0% for purchases and BT, so yeah, I'll have to wait 12-14 months (I need to look it up for the specific timeframe) before I can ask for an APR reduction.

Re: Verve card One of the worst offers ever!

Anonymous — Thu, 20 Apr 2017 17:20:58 GMT

2 years ago, I would have read that and thought "I'll apply. At least I'm getting preapproved for something..." I'm so thankful for myFICO's community for teaching me that you can get out of the rut of these bottom feeding lenders.

My husband and I still get these offers, even though we both have better cards. More food for the shredder.....