WaMu Pre Approved Offer

[ccaddict]

I'm in CA and waamu pulled TU for me.

Got denied though.

Good luck!

[Anonymous]

Update:

I was approved with a 1500 credit limit.  That is now my highest non credit union CL.  I'm pretty psyched.

WBLAKE

[Anonymous]

I really like my WAMU card and used it alot this past month.  It has a credit limit of 1000 dollars right now and like the fact that paying them is very easy online and where I live (many branches).  I remember when I received my pre-approved offer in the mail and they stated that they gave out CL up to 7500 dollars on the card.  Well, at least I know how high the CL can be on the card.  I don't like the fact that the credit protection is so high (approx $7.50 per month) even though it is necessary.  I guess that is their way of compesating for the fact the card has no annual fee.  It doesnt matter, I am keeping the card. 

[Anonymous]

Credit Protection necessary?   Somebody help!!!!!

[Anonymous]

---

WBLAKE wrote:

Update:

I was approved with a 1500 credit limit.  That is now my highest non credit union CL.  I'm pretty psyched.

WBLAKE

---

Congrats WB,,,,,be good to them and wait!!

[Anonymous]

Should I not have credit protection, Brammy??  Is that not prudent given many our prior experiences and the fact that emergencies can and do occur??

[Anonymous]

I will have to agree-
Very few people need to have this-

---

@Anonymous wrote:

Credit Protection necessary? Somebody help!!!!!

---

[Anonymous]

Can someone give me an explanation as to why I might not need this?  I am still learning about all of this and will for sometime to come.

[Anonymous]

---

landocalrissian wrote:

Should I not have credit protection, Brammy??  Is that not prudent given many our prior experiences and the fact that emergencies can and do occur??

---

JMHO....

For emergencies a person should have a cash savings set aside.  Infrequent events is another thing.  The only problem I have with credit protection insurance is that it has proved difficult to collect on.  Many horror stories about people being told their credit protection was in force only to find 30-60-90+ day lates reporting to their bureaus.

Now, if you find yourself needing to live off credit cards and you don't have enough reserve to at least make the min payments, then you have an issue. Credit protection used to make you min payments but nowit just suspends your obligation to pay.

In my case, being self employed, except in the case of death, it would most likely be impossible to cash in on that benefit.  Put your 7.50 a month in a savings account per hundred.  In case of emergency, use it for your min payment since that is more than the min payment on 100.00 in any and all cases.  If the emergency doesn't arise, you hv pary fund.

[Anonymous]

Who needs Credit Insurance?

Anyone currently working in the Real Estate or mortgage business

People that can not get life insurance (maybe)

People that may get laid-off (or anticipating it)

If you PIF- you don'y need it
If you know how to save (emergency accts and regular saving) you don't need it.

---

@Anonymous wrote:

Should I not have credit protection, Brammy?? Is that not prudent given many our prior experiences and the fact that emergencies can and do occur??

---