Jerry, just remember, it's not a lie if you believe it!
When visitors provide you with their email address, they’re authorizing you to market to them. In order to convert your newsletter into profit, you will need to try to get the most value of your emails. There are different things you can do to help turn readers into customers.
Via: iContact
I applied for the Paypal Mastercard a few days ago, but was approved for the PayPal Smart Connect line of credit instead. As some of you know my credit is not that great, but I’ve been able to gradually bring my scores up. I’ve been approved for an Ally Auto Loan and now this line of credit since I started rebuilding with two secured cards (CapOne and BOA), about a year and a half ago.
Why I chose Paypal? I’ve been active as an occasional eBay buyer and seller for the past ten years and I use PayPal every month to pay for different services (from domain name renewals and online memberships to sometimes accepting payments associated with my occupation). I thought either the Paypal Mastercard or PayPal Smart Connect would be a great option for me to continue rebuilding. It would also help my credit mix as I currently do not have any retail cards and I didn’t want to get just any retail card for the sake of having one.
For those of you who haven’t heard about it before, PayPal Smart Connect is an online credit line offered through GE Capital Retail Bank (GECRB). It’s not an actual credit card, but a line of credit that’s linked to your PayPal account. It has no annual fee and can be used anywhere PayPal is accepted. If you have a Paypal debit card, you can link this line of credit as your backup fund and pretty much use your debit card as a credit card. Aditionally, your PayPal debit card will earn you a 1% cash back from every purchase (not a lot but at least something).
PayPal Smart Connect has a pretty high APR (26.99%), but as I said before, I will use it to keep rebuilding and will pay in full every month, so I don’t really care about its APR. Also, I’ve read comments from other people with PayPal Smart Connect saying you can request credit line increases every four statements. This is an automated request done through the phone with no hard pull, so I’m looking forward to that. I appreciate when banks let you grow and reward you for being responsible.
Now for the details:
Application Date: Late May, 2012
Account Type: Retail Card/Credit Card
Credit Report Pulled: TransUnion
My Score when Approved: 656 (Experian)
Line of Credit Approved: $500
Current Line of Credit: $1300 ($300 automatic increase after two statements, then was approved for a $500 increase 4 months later)
2012 Timeline
PROS: Got an automatic credit line increase after only two statements, then 4 months later I was approved for another one. GE is known to be generous about giving credit line increases and apparently you can request one every 4 months. This is all done through their customer service number. It’s automated, painless and they only do a soft pull.
CONS: No physical credit card given, but line of credit can be linked to your PayPal debit card which can then be used as a regular credit card.
OVERALL REVIEW: I was only approved for a $500 credit line, but this is my first unsecured credit approval in years. I’ve had this line of credit for about seven months and I’m happy to report I was given an automatic increase after the first two months. I was later approved for a $500 increase through their automated customer service number. I’ve been using this credit line a lot for eBay purchases and other PayPal payments.
I will update this review again when or if I have something new to add. Please feel free to ask questions, add comments or share your experience with this line of credit.
After my credit score had not improved in months, I started to realize that the only secured card on my report was not going to be enough and that I needed a second credit card with a higher limit to boost my score. Since I am in the process of rebuilding credit, the chances of getting an unsecured credit card like this were almost zero (specially since I had some past delinquencies on my report), so after considering other options, I decided to go with Bank of America’s Secured Card. I already have a checking account with them so I figured it would be easier to get approved. I also applied for this card in person. I’ve heard that not everybody gets approved, so I guess these two things worked well for me.
If you are interested in checking the progress I’ve had with my first secured card please read: “Capital One Secured Credit Card Review – Credit Diary Part II“. The following timeline will give you an idea of the progress I’ve had with the Bankamericard Fully Secured Visa. It will be updated often so make sure to check back regularly. If you are using or have used this card in the past, feel free to post your feedback. If you are considering applying, don’t hesitate to post your questions.
You can read more about this card and other related topics in our forum, which can be accessed here: newdirt.org/forums. I am not a credit expert, this is my personal experience dealing with Bank of America and using their secured credit card to try to rebuild my credit.
Credit Score:
Strategy:
Timeline:
Review:
Useful Links:
After some weeks of being unable to upgrade one of my WordPress blogs using the automatic update, I was finally able to find a solution. If you are trying to upgrade to WordPress 3.2.1, using the automatic update and 1and1 is hosting your blog, then you should try the following (make sure you have tried doing the update after disabling all your plugins first):
1. Open your text editor and copy the following code:
memory_limit=40M
2. Save your file as: php.ini
3. Upload (FTP) to: the root directory of your blog (exactly where your wordpress blog lives)
4. Upload (FTP) again to: wp-admin (for example: wp-admin/php.ini)
5. You’re done! Try the automatic upgrade again and hopefully it will work this time.
There is a simpler method to try to get this working but it DID NOT work for me, but apparently worked for others:
1. Add this to your wp-config.php file:
define ('WP_MEMORY_LIMIT', '256M' );
2. Try the automatic upgrade again
If you are looking for information on settling a credit debt with Citi, then you are probably familiar with the following:
“The above referenced account has placed with our company for collection. We’ve tried to reach you in an effort to discuss the account but have been unsuccessful in that effort. Your account however, remains in an active collection status…”
You are also probably trying to find out the best way to proceed in this situation, so I thought I’d post my personal experience here. In fact, I should have done what you are doing right now, I should’ve researched before I tried to settle this debt. Unfortunately I didn’t.
Citi’s Platinum Select Master Card, was my first credit card. I got it when I was a struggling college student and as you now can imagine, I didn’t handle credit wisely back then. I’m now trying to clean up this mess as much as possible. Hopefully, my experience will shed some light on what you should or should not do when calling a collection agency.
This debt had been haunting me for a long time. When I finally called to settle, my card had been delinquent for more than a year and a half. I had received a letter by a collection agency called Protocol Recovery Service, Inc., in which they proposed four different settlement offers: one reduced lump sum payment or three different monthly payment plans (ranging from 2 months to 10 months). The 10 month payment option was the longest but also the most expensive, four times more than the lump sum option. The lump sum amount was 50% less than what I think I originally owed Citi (I say “think”, because after all this time I was not sure anymore exactly how much I owed, though I had an idea).
Initially, I started by calling Citi Cards to see if I could deal with them directly and avoid dealing with a collection agency. Unfortunately it was too late for this, my debt had been sold to “Protocol Recovery Service”. So, I gave them a call. I did what all the articles that I read later on recommend NOT TO DO: I didn’t negotiate the amount to be paid, I didn’t ask for a permanent deletion of my debt from my credit files, I didn’t ask for anything in writing and I paid over the phone by check. As I was about to pay, they informed me there was an extra charge because the settlement offer they had sent had already “expired”, and I fell for it. I said ok and paid. I was told I was going to receive a letter stating that I had settled this debt, but I never received anything.
I was anxious to just get this over with and was glad that I was able to pay off my debt. I chose to pay the lump sum, which in the end was the cheapest option. Not a bad deal, but knowing what I know now, I would’ve been glad to pay in full in order to get the collection off my report altogether. The account now shows on my report as “Current Closed” and “Paid, was a charge-off” (a charge-off is one of the worst things that can be on your credit report, a paid charge-off looks a little better, but still nothing to rave about). If I had known, I would’ve tried to have the “charge-off” deleted from my files, though from what I’ve read, most people say that Citi will never agree to this. I was not aware there were other options, I guess you’ll never know unless you try. Months later and after finally doing some research, I tried calling this collection agency back, but of-course I wasn’t able to convince them to take the charge-off from my report. Too late, they already had my money.
UPDATE: I’ve been able to successfully remove two other delinquent accounts from my reports by negotiating with the respective collection agencies, so I can confirm this is possible (a “Pay for Delete” as some people call it).
So, what should you try to do when calling a collection agency to settle a debt? Here’s what a lot of experts recommend:
Don’t forget to keep researching about this until you are ready to make a move, here are a couple of good articles on this subject: How to settle with a debt collector and Debt Settlement Advice. Also, don’t forget to leave me a comment with your story or progress on this!
The following timeline will give you an idea of the progress (or lack thereof) I’ve had with the Capital One Secured Credit Card. It will be updated often, so make sure to check back regularly (last update: April 2013). If you want to know why I chose this card, please read: “Repairing my Credit with a Secured Credit Card – Credit Diary Part I“. I decided to write this article and keep an online diary to have a record of my progress and get feedback from others that are using this card, or have used in the past (or are thinking about applying). If you would like to comment please do so below.
I am not a credit expert and I don’t work for Capital One. This is my personal experience dealing with Capital One and using their secured credit card to hopefully improve my credit.
Update: Due to the large number of comments and questions, I have created a forum section where we can discuss more about this card and other related topics. I will be happy to answer any questions you might have over there. You can access the forums here: www.newdirt.org/forums (you need to register in order to comment).
Credit Score:
Strategy:
2011 Timeline:
“Sometimes being a responsible customer pays off—like right now! We’ve increased your credit line by $100. This increase is unsecured and provided automatically, so you don’t need to send an additional deposit to cover it”
Not a lot, but a confirmation that I’m heading in the right direction. My new credit line: $450.
2012 Timeline:
2013 Timeline:
Overall Review:
Security Deposit:
“I may not withdraw funds or request a refund of my funds at any time, other than by paying all of my obligations to Capital One and closing my account”
If you are in the market for a secured card that requires a small security deposit, then Capital One is a great option (you can’t beat $49, $99 or $200). If you are looking to put in a bigger deposit to get a higher credit line and would like to get your money back in a fixed number of months, then you should consider other secured cards, like the ones offered by Bank of America (refunds your deposit after 12 months) and Citi (refunds your deposit after 18 months).
Useful Links:
Related Article: Capital One Secured Credit Card Review – Credit Diary Part II.
After 10 years of using credit irresponsibly, I have finally decided to do something about it. The two credit cards I had were closed about a year ago by the issuing banks, and I found myself in a position of not even being able to get an Old Navy credit card after that. Now that I’m married with kids, have graduated college and have a job, I have come to the realization that I’m in no position of getting a loan to buy a house. To make things worse, being self-employed makes qualifying for a loan even more difficult.
Ruining my credit was a combination of being a struggling college student, and not being well informed about the repercussions of mishandling a credit card (paying late, or not paying at all when I didn’t have the money). I decided to keep an online diary of my progress (or the lack of it), so it can be useful to other people in the same situation as well as getting some input from those who can give advice. So, if you are reading this and would like to post a comment, please do so. I am not a credit expert, nor I am interested in selling you anything, and I don’t work for any of the banks named here. I’m just a regular person with bad credit.
After doing some research, I decided to get a secured credit card to hopefully improve my credit score. I’m also trying to clean up my credit report as much as possible by taking care of the negative items on it (still a work-in-progress). To follow a timeline of my progress please read: “Credit Diary Part II“.
These were the three secured credit cards I considered:
1. Orchard Bank Secured MasterCard
2. Wells Fargo Secured Card
3. Capital One Secured MasterCard
I ended up applying for the Capital One Secured Master Card and I will tell you my reasons. Let me start by saying that I was not shopping for the best credit card in the traditional sense, but the best credit card that can get me out of the hole I am in as effectively as possible (hopefully!). Having said that, the different APR’s offered by these banks differ substantially, but are all the same to me. I’m really not interested in a low APR card as my plan is not to buy “things” with it, but to make small purchases and pay everything in full each month so I can improve my credit. Later on, when I have achieved this, I can shop for regular credit cards and will definitely consider the APR as a deciding factor.
The three cards mentioned should probably work well if used properly, but I had to choose one of them. The Wells Fargo card was the first to be erased from my list as it requires you to have a checking account with them or Wachovia, and I don’t nor I want another checking account, thank you (if you do have an account with them, it looks like a good card so check it out). The Orchard Bank card looks attractive, the $35 annual fee is waived the first year and there is a $200 Minimum Security Deposit, which seems reasonable (you do have to mail your application along with the deposit and I would have preferred doing everything online, ’cause it gets things moving faster). So I had to go with the Capital One Card, which though the $29 annual fee is not waived, you can qualify for a $200 limit with only a $49 refundable deposit. This is what their site says:
Credit Line: $200–$3,000. Minimum security deposit gets you a $200 line. Deposit more to increase your line.
I applied for the card online and got approved immediately:
You’re approved – almost done! Just make a $49 refundable deposit and your card will be on its way.
I understand that you can be approved and asked to pay more than $49, so I was happy with the deal. I then proceeded to make this minimum deposit plus $150 in order to get a $350 credit line (if $49 gets me a $200 credit line, adding $150 more will get me a $350 credit line, or so I think). Another positive thing about this credit card, they give you 80 days to make the deposit, and you can make the deposit in full or over time, as longs as you make it before the date given (they’ll give you a date range once you get approved). Also, they give you free enrollment in CreditInform, which supposedly lets you track your credit information (we’ll see about that, I’m sure there’s a catch, but I’ll report on this later). So, this was a no brainer for me.
- Automatic reporting to the 3 major credit bureaus
- Track your credit free enrollment in CreditInform
- Earn credit line increases. You may earn credit line increases based on your payment and credit history.
I have to say that I read lots of bad reviews about this card online and was a little nervous about the whole thing (most people complained about bad customer service and being charged extra fees?). I then spoke to a good friend who’s had a Capital One credit card for eleven years, and told me she has never had any issues with them. She always pays on time, so it makes me think that I should be ok if I manage my card in a responsible way, which I intend to do.
To check out the progress (or lack of it) I’ve had with the Capital One Secured Credit Card, please read: Capital One Secured Credit Card Review – Credit Diary Part II.