Comments on: Do You Really Need More Credit? http://mycreded.com/wordpress_blog/2009/04/24/do-you-really-need-more-credit/ Articles, Videos, Books and Advice on Credit, Debt Collection, Paying Down Debt, and Personal Finance Tue, 25 May 2010 02:01:37 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Credit Cards http://mycreded.com/wordpress_blog/2009/04/24/do-you-really-need-more-credit/comment-page-1/#comment-1074 Credit Cards Fri, 25 Dec 2009 12:19:59 +0000 http://mycreded.com/wordpress_blog/?p=338#comment-1074 Easily, one of the best things I've read today! Subscribed. :) Easily, one of the best things I’ve read today! Subscribed. :)

]]> By: Issac Maez http://mycreded.com/wordpress_blog/2009/04/24/do-you-really-need-more-credit/comment-page-1/#comment-1039 Issac Maez Sat, 19 Dec 2009 02:21:02 +0000 http://mycreded.com/wordpress_blog/?p=338#comment-1039 Love the blog! Found it on Bing I have bookmarked it thank you for the Financial tips. Love the blog! Found it on Bing I have bookmarked it thank you for the Financial tips.

]]> By: admin http://mycreded.com/wordpress_blog/2009/04/24/do-you-really-need-more-credit/comment-page-1/#comment-244 admin Sun, 21 Jun 2009 05:03:45 +0000 http://mycreded.com/wordpress_blog/?p=338#comment-244 Hey Phoebe, Thanks for following the blog! I read a while back that the average credit card customer costs about $82.00 to acquire. They really scrub their lists before they send them out. The credit bureaus will do an 'offer score', without details, for a credit consumer. The card companies send offers based on that information. What you were more than likely seeing is a company that specializes in new identities. They claim you were a victim of identity theft, and get you a new SSN etc. This is very illegal, but it happens. That is the only way to completely wipe debt and move to a new credit bureau account. You were smart to ignore it! The debt pyramid concept revolves around using one card to pay for another, until your balances are high enough that you can;t pay any of your balances with cash. Then you default on all cards. Creditors frown on that. Again, thanks for reading! If you have any specific questions, I would love to hear them. Brent Hey Phoebe,

Thanks for following the blog!

I read a while back that the average credit card customer costs about $82.00 to acquire. They really scrub their lists before they send them out.

The credit bureaus will do an ‘offer score’, without details, for a credit consumer. The card companies send offers based on that information.

What you were more than likely seeing is a company that specializes in new identities. They claim you were a victim of identity theft, and get you a new SSN etc. This is very illegal, but it happens. That is the only way to completely wipe debt and move to a new credit bureau account. You were smart to ignore it!

The debt pyramid concept revolves around using one card to pay for another, until your balances are high enough that you can;t pay any of your balances with cash. Then you default on all cards. Creditors frown on that.

Again, thanks for reading! If you have any specific questions, I would love to hear them.

Brent

]]> By: Phoebe http://mycreded.com/wordpress_blog/2009/04/24/do-you-really-need-more-credit/comment-page-1/#comment-243 Phoebe Sun, 21 Jun 2009 02:22:53 +0000 http://mycreded.com/wordpress_blog/?p=338#comment-243 I have never heard the term "debt pyramiding" before, but I'm fascinated with your bringing it up. Many years ago, I received an offer in the mail telling me that I could be like all the example people in the offer, and amass credit card debt. It continued by saying that with their help, I could learn how to "wipe" the debt, not have to pay a cent, and get credit once again afterwards. At that time, I had excellent credit, but many credit accounts that I did use and owe money on. I had a hunch that the offer was sent by the credit card companies in order to determine whether I was a legitimate customer or someone willing to scam them. One could use a credit card to buy the offer. Obviously, I didn't, but it's stuck in my mind because it was so peculiar. I have never heard the term “debt pyramiding” before, but I’m fascinated with your bringing it up. Many years ago, I received an offer in the mail telling me that I could be like all the example people in the offer, and amass credit card debt. It continued by saying that with their help, I could learn how to “wipe” the debt, not have to pay a cent, and get credit once again afterwards. At that time, I had excellent credit, but many credit accounts that I did use and owe money on. I had a hunch that the offer was sent by the credit card companies in order to determine whether I was a legitimate customer or someone willing to scam them. One could use a credit card to buy the offer. Obviously, I didn’t, but it’s stuck in my mind because it was so peculiar.

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