Verve MasterCard Offer

[smc733]

Give it some time.  The profile I have in my signature started as just a secured BofA Visa in mid-2010 (I built, I was young and it was the credit crisis), and exploded to what it is now.  I didn't start seeing prime offers until 2013, even though I could apply and get almost any prime card I wanted by the end of 2011.

I'd suggest gardening with what you have.  You've got a decent lineup for a rebuilder with CapOne, Barclays, and Walmrt/Amazon.  All of those cards have some decent perks and are a good path forward.  I'm against fees as it is, but as others have said, generally if something has monthly fees & fees for making payments, its a rip off, and in your case you've already got better cards.

Garden what you have and ignore this offer/FP.

[smc733]

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@jre wrote:

My other cards are maxed out so another limit would be helpful until I can pay the balances down. No need to all jump on me at once. Not everyone has access to huge credit lines with favorable terms.

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Sorry for the double-post, but I just saw this.  I'd suggest paying those cards down, then gardening.  If you can't, this kind of extra credit won't help you.  This card is a gateway to trouble IMO.

Have you considered pursuing CLIs?  If you pay down your balances, I bet you'll see some CLI opportunity with Barclays.

[Anonymous]

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@smc733 wrote:

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@jre wrote:

My other cards are maxed out so another limit would be helpful until I can pay the balances down. No need to all jump on me at once. Not everyone has access to huge credit lines with favorable terms.

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Sorry for the double-post, but I just saw this.  I'd suggest paying those cards down, then gardening.  If you can't, this kind of extra credit won't help you.  This card is a gateway to trouble IMO.

Have you considered pursuing CLIs?  If you pay down your balances, I bet you'll see some CLI opportunity with Barclays.

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While I agree, CLI's are probably going to be a tough sell on maxed out cards.

[Anonymous]

Cards like the Verve are designed to put you more in debt. High AFs, high interest (Verve is fixed 29.99% I believe), monthly fees, and token limits are ways the issuer can make money off you. If your other cards are maxed out, you have no reason to get an additional card with an AF that will slow down your ability to pay the other cards. You don't need additional cards to build your credit. Your existing maxed out credit cards, if paid down slowly will help you build credit. There is no reason to get an additional card for credit building purposes. 

Excellent credit is a life-long pursuit. Some of us have it today but won't have it tomorrow. Others don't have it today but will have it tomorrow. You can't rush it. Take your time and slowly build your credit. Pay down your cards, don't miss payments and slowly build your score up. Even 1 credit card is enough for credit building purposes (2-3 is better but not worth the AFs on poor credit CCs). There is no rush for you to pad utilization if you have bad credit. Slowly paying down your existing cards is enough. 

The only reason to take a card like the Verve is if you absolutely need the credit for something you cannot afford to live without and you have no means of getting a better loan offer. For example, a new computer is probably not a good reason, but medical bills might be. Similarly, I would be willing to bankrupt myself to save my dogs but others might not be. Simply put, there are always exceptions to every rule. Nevertheless, you should make an informed decision. A card like the Verve is a horrible choice in 99% of the cases. 

[jre]

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@Anonymous wrote:

Cards like the Verve are designed to put you more in debt. High AFs, high interest (Verve is fixed 29.99% I believe), monthly fees, and token limits are ways the issuer can make money off you. If your other cards are maxed out, you have no reason to get an additional card with an AF that will slow down your ability to pay the other cards. You don't need additional cards to build your credit. Your existing maxed out credit cards, if paid down slowly will help you build credit. There is no reason to get an additional card for credit building purposes. 

Excellent credit is a life-long pursuit. Some of us have it today but won't have it tomorrow. Others don't have it today but will have it tomorrow. You can't rush it. Take your time and slowly build your credit. Pay down your cards, don't miss payments and slowly build your score up. Even 1 credit card is enough for credit building purposes (2-3 is better but not worth the AFs on poor credit CCs). There is no rush for you to pad utilization if you have bad credit. Slowly paying down your existing cards is enough. 

The only reason to take a card like the Verve is if you absolutely need the credit for something you cannot afford to live without and you have no means of getting a better loan offer. For example, a new computer is probably not a good reason, but medical bills might be. Similarly, I would be willing to bankrupt myself to save my dogs but others might not be. Simply put, there are always exceptions to every rule. Nevertheless, you should make an informed decision. A card like the Verve is a horrible choice in 99% of the cases. 

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Thanks for your response it's much appreciated. I should have all my cards paid off in 2 months and then I'll try for credit limit increases. My goal is to have enough credit for emergencies or special purposes. Right now i dont have that safety net. But, I'm going to work hard to get there.

[smc733]

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@Anonymous wrote:

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@smc733 wrote:

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@jre wrote:

My other cards are maxed out so another limit would be helpful until I can pay the balances down. No need to all jump on me at once. Not everyone has access to huge credit lines with favorable terms.

---

Sorry for the double-post, but I just saw this.  I'd suggest paying those cards down, then gardening.  If you can't, this kind of extra credit won't help you.  This card is a gateway to trouble IMO.

Have you considered pursuing CLIs?  If you pay down your balances, I bet you'll see some CLI opportunity with Barclays.

---

While I agree, CLI's are probably going to be a tough sell on maxed out cards.

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Yea, I think the solution for the OP is to pay down the balanaces, try to keep them down, then ask for CLIs to get some breathing room.

[Anonymous]

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@jre wrote:

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@Anonymous wrote:

Cards like the Verve are designed to put you more in debt. High AFs, high interest (Verve is fixed 29.99% I believe), monthly fees, and token limits are ways the issuer can make money off you. If your other cards are maxed out, you have no reason to get an additional card with an AF that will slow down your ability to pay the other cards. You don't need additional cards to build your credit. Your existing maxed out credit cards, if paid down slowly will help you build credit. There is no reason to get an additional card for credit building purposes. 

Excellent credit is a life-long pursuit. Some of us have it today but won't have it tomorrow. Others don't have it today but will have it tomorrow. You can't rush it. Take your time and slowly build your credit. Pay down your cards, don't miss payments and slowly build your score up. Even 1 credit card is enough for credit building purposes (2-3 is better but not worth the AFs on poor credit CCs). There is no rush for you to pad utilization if you have bad credit. Slowly paying down your existing cards is enough. 

The only reason to take a card like the Verve is if you absolutely need the credit for something you cannot afford to live without and you have no means of getting a better loan offer. For example, a new computer is probably not a good reason, but medical bills might be. Similarly, I would be willing to bankrupt myself to save my dogs but others might not be. Simply put, there are always exceptions to every rule. Nevertheless, you should make an informed decision. A card like the Verve is a horrible choice in 99% of the cases. 

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Thanks for your response it's much appreciated. I should have all my cards paid off in 2 months and then I'll try for credit limit increases. My goal is to have enough credit for emergencies or special purposes. Right now i dont have that safety net. But, I'm going to work hard to get there.

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It's good to see that you are working on it. Too many people give up and let bad credit become a permanent thing in their lives.

Take it from me, I lived with bad credit for several years before I decided to start getting cranking on it on overdrive.

[Imperfectfuture]

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@smc733 wrote:

Give it some time.  The profile I have in my signature started as just a secured BofA Visa in mid-2010 (I built, I was young and it was the credit crisis), and exploded to what it is now.  I didn't start seeing prime offers until 2013, even though I could apply and get almost any prime card I wanted by the end of 2011.

I'd suggest gardening with what you have.  You've got a decent lineup for a rebuilder with CapOne, Barclays, and Walmrt/Amazon.  All of those cards have some decent perks and are a good path forward.  I'm against fees as it is, but as others have said, generally if something has monthly fees & fees for making payments, its a rip off, and in your case you've already got better cards.

Garden what you have and ignore this offer/FP.

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I too, after watching advice on suze orman, started with a secured visa with my cu in 2013.  I am now getting approved for prime cards, but still receive first national bank sub prime offers (and a LOT of auto financing offers).  As I state often in the rebuild forum, it's better to get secured than first premier, verve or credit one.  My legacy visa is not a bad rebuilder, but it is invitation only.  Started at 750 (while my score was in 500's), 75 annual fee,, with 29.99 interest,  BUT, it auto cli'd to 1250 after 6 months, and there is the normal grace period of other credit cards.  They JUST started limiting online oayments to twice per month, so they made the chopping block, even if they waive the annual fee.  BUT, the reps are US, and they will readily admit this is a sub prime rebuilder card, and will never be more.

[jre]

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@Imperfectfuture wrote:

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@smc733 wrote:

Give it some time.  The profile I have in my signature started as just a secured BofA Visa in mid-2010 (I built, I was young and it was the credit crisis), and exploded to what it is now.  I didn't start seeing prime offers until 2013, even though I could apply and get almost any prime card I wanted by the end of 2011.

I'd suggest gardening with what you have.  You've got a decent lineup for a rebuilder with CapOne, Barclays, and Walmrt/Amazon.  All of those cards have some decent perks and are a good path forward.  I'm against fees as it is, but as others have said, generally if something has monthly fees & fees for making payments, its a rip off, and in your case you've already got better cards.

Garden what you have and ignore this offer/FP.

---

I too, after watching advice on suze orman, started with a secured visa with my cu in 2013.  I am now getting approved for prime cards, but still receive first national bank sub prime offers (and a LOT of auto financing offers).  As I state often in the rebuild forum, it's better to get secured than first premier, verve or credit one.  My legacy visa is not a bad rebuilder, but it is invitation only.  Started at 750 (while my score was in 500's), 75 annual fee,, with 29.99 interest,  BUT, it auto cli'd to 1250 after 6 months, and there is the normal grace period of other credit cards.  They JUST started limiting online oayments to twice per month, so they made the chopping block, even if they waive the annual fee.  BUT, the reps are US, and they will readily admit this is a sub prime rebuilder card, and will never be more.

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I received an offer for the legacy visa from First National Bank about a year ago, but was denied when I applied even though they said I was pre-qualified. I recently received another offer from them for the same card. This time I threw it out. I'm glad it has worked out for you in your rebuilding though.

[JayPaulM29]

So I have a VERVE card. I got it before I had access to this forum and before I was properly educated on the do's and don't of CC. I've only had it for a month, so closing it shouldn't have a drastic impact on my score, right?

I just got approved for BoA at a nice limit. After reading this, I'm just going to transfer the balance and close the VERVE. No sense in being ripped off