Credit Tips: Unsecured Credit Card Offer Ripoff

Posted On: October 1, 2005

Author: Guest
Posted: Wed Sep 17, 2003 8:43 am
Post subject: Unsecured Credit Card Offer Ripoff

2 years ago I opened an account which I thought was a credit card, but actually turned out to be a unsecured ccheking account. I paid $250.00 to have a $300.00 credit limit, but all I can do is write checks off it. Well since this time, I haven’t used it very much and for those two years I have been paying $50.00 a year to keep it open. My question is: If I close it will my credit score go down? Or is it worth while to let it remain on my credit report for $50.00 a year?
Thanks for any advice that anyone may give.
Angie

Author: Guest
Posted: Wed Sep 17, 2003 7:35 pm
Post subject: Unsecured Credit Card Offer Ripoff

CLOSE IT..

Author: Verne
Posted: Wed Sep 17, 2003 11:11 pm
Post subject: Unsecured Credit Card Offer Ripoff

Angie,

I’m not sure, but if this is a Cross Country secured credit card, it’s only value would be if it reports to the three credit reporting agencies and you build credit.

Even if it reports, is it worth $50? Cross Country has a very bad reputation and is involved in one lawsuit after another. They are some of the lowest forms of credit card life.

Without revealing any personal information, what’s your debt situation and how many cards do you have? If you have a very short history and Cross Country is at least reporting to all 3 CRA’s then perhaps the $50 annual fee is worth it as a way to build credit.

Whatever you do, read the fine print. I mean, get out the microscope. Afterall, you are dealing with primitive life forms.