Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
People really are that stupid
Old 07-07-2006, 10:47 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
People really are that stupid

http://sfgate.com/cgi-bin/article.cg...GHVJL5TF57.DTL

Folks are picking up a new credit card, offered by a bunch of known criminals specializing in fraud, that for a couple of hundred bucks a year in fees allows you to use the card only to buy overpriced merchandise from their own proprietary catalog that may even be stolen!


__________________

__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: People really are that stupid
Old 07-07-2006, 10:57 AM   #2
Thinks s/he gets paid by the post
lazygood4nothinbum's Avatar
 
Join Date: Feb 2006
Posts: 3,895
Re: People really are that stupid

Quote:
South San Francisco resident Michael Wisper was shocked when he opened his mail the other day. He'd received a pre-approved, no-interest credit card from something called CCA in Las Vegas....

The card comes with a $199.99 activation fee, which will be deducted from your checking account if you don't cancel the card within two weeks of calling to activate it via an automated process.
how could they possibly get someone's checking account number? i suppose if someone gives them that during the activation process, they should be charged a $200 stupidity fee.
__________________

__________________
"off with their heads"~~dr. joseph-ignace guillotin

"life should begin with age and its privileges and accumulations, and end with youth and its capacity to splendidly enjoy such advantages."~~mark twain - letter to edward kimmitt 1901
lazygood4nothinbum is offline   Reply With Quote
Re: People really are that stupid
Old 07-07-2006, 11:09 AM   #3
Thinks s/he gets paid by the post
cube_rat's Avatar
 
Join Date: Jul 2005
Posts: 1,466
Re: People really are that stupid

Quote:
Originally Posted by Cute Fuzzy Bunny
http://sfgate.com/cgi-bin/article.cg...GHVJL5TF57.DTL

Folks are picking up a new credit card, offered by a bunch of known criminals specializing in fraud, that for a couple of hundred bucks a year in fees allows you to use the card only to buy overpriced merchandise from their own proprietary catalog that may even be stolen!


Yeah, I saw this same article this morning. Unfortunately, people who have less than desirable credit (who generally are less educated on credit stuff) are preyed upon by loan sharks, thugs and lowlife characters. If read the article, you'll notice how the consumer gives up their rights under the law to have an arbitrator settle any disputes. :P I detest these despicable outfits. They're no different than snakes like Cash Call, payroll payday advances charging 98% interest on loans.
__________________
fuzzy? cute?
cube_rat is offline   Reply With Quote
Re: People really are that stupid
Old 07-07-2006, 02:01 PM   #4
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: People really are that stupid

I received a similar sub-prime CC offer the other day - the terms were hilarious! The sad thing is that a lot of folks probably get the "pre-approved" credit card application in the mail and sign up thinking it'll help rebuild their credit.

The offer I received was something along the lines of:

You get a credit limit of $300-500. There's a $99 account set up fee, a $59 account activation fee, a $79 annual fee, payable in advance and a $29 credit review fee. So you apply for the card and when it arrives in the mail, there's already $266 in charges due when you get it, meaning you may only have as little as $34 in available credit. But if you don't keep good records and remember that you are charged $266 for getting the card, you won't know that, but rather you would assume you have the full $300 available credit. Of course the overlimit fee is $39 (when you inadvertently go over the credit limit).

You can request a credit increase at any time, although it is subject to a fee of 10% of any increase in credit limit.

Wow. I think I'd get a debit card or use cash.
__________________
justin is offline   Reply With Quote
Re: People really are that stupid
Old 07-07-2006, 02:40 PM   #5
Full time employment: Posting here.
Arif's Avatar
 
Join Date: Jun 2005
Posts: 761
Re: People really are that stupid

Quote:
Folks are picking up a new credit card, offered by a bunch of known criminals specializing in fraud, that for a couple of hundred bucks a year in fees allows you to use the card only to buy overpriced merchandise from their own proprietary catalog that may even be stolen!
At least they are keeping their overhead low with the stolen goods.
__________________
You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes.
Arif is offline   Reply With Quote
Re: People really are that stupid
Old 07-07-2006, 04:55 PM   #6
Thinks s/he gets paid by the post
maddythebeagle's Avatar
 
Join Date: Jun 2005
Posts: 2,450
Re: People really are that stupid

Quote:
I received a similar sub-prime CC offer the other day - the terms were hilarious!*
I see that trashing your credit with high utilization of bt's has got you some good offers in the mail
__________________
- Hurry! to the cliffs of insanity!
maddythebeagle is offline   Reply With Quote
Re: People really are that stupid
Old 07-07-2006, 04:59 PM   #7
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: People really are that stupid

Quote:
Originally Posted by Maddy the Turbo Beagle
I see that trashing your credit with high utilization of bt's has got you some good offers in the mail
Yes, to a certain extent. One of these sub-prime cards (through Household bank, a subdivision of HSBC) was sneaky. They offered a 0% balance transfer option for all new cardholders. So I signed up. As it turns out, I could get a balance transfer for 0%, but the credit limit is only $500 - hardly worth the effort for ~$25/yr. It ended up in the garbage.

I just tried a new round of applications at citicard for DW and I - we'll see if the credit is in the crapper still...
__________________
justin is offline   Reply With Quote
Re: People really are that stupid
Old 07-07-2006, 05:49 PM   #8
Moderator Emeritus
laurence's Avatar
 
Join Date: Feb 2005
Location: San Diego
Posts: 5,234
Re: People really are that stupid

What happened to your credit, Justin? Was this covered in another thread I missed?
__________________
laurence is offline   Reply With Quote
Re: People really are that stupid
Old 07-07-2006, 08:10 PM   #9
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: People really are that stupid

Quote:
Originally Posted by Laurence
What happened to your credit, Justin? Was this covered in another thread I missed?
It's still ok, just not top notch. It's actually my wife's credit that has the higher utilization apparently (that who I get more sub-prime offers for). We still get plenty of regular prime credit offers too. I'm up to my eyeballs in debt. 0% Credit Card debt.

My/our "poor" credit hasn't really affected us much, since we don't have a need for credit new credit.
__________________

__________________
justin is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
I heard 5 people get shot last weekend Keim Other topics 4 05-21-2007 05:46 PM
Killing people and breaking things. Mr._johngalt Other topics 48 11-01-2006 09:03 PM
WHAT RETIRED PEOPLE DO sgeeeee Life after FIRE 13 03-29-2004 08:43 AM
What do you tell people you do? farmerEd Life after FIRE 49 03-11-2004 10:30 AM
I would like to see more people posting ShokWaveRider Other topics 57 02-10-2004 05:08 AM

 

 
All times are GMT -6. The time now is 03:13 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.