New Credit Card Score Scam Revealed

Several new internet credit card companies claim to raise credit scores by 40-50 points in 30-45 days.

The offer claims they are not "CREDIT REPAIR," but a legitimate credit card that will REPORT POSITIVE INFORMATION to a MAJOR credit bureau.

NO CREDIT. LIFETIME NO INTEREST. BAD CREDIT. BANKRUPTCY. NO PROBLEM.

The card is designed for those with poor to limited credit who are looking to establish or re-establish credit.

"Although the credit card does have a low $285.00 first year membership and account set-up fee, it is considered reasonable as compared to similar cards designed to establish credit, many of which can charge fees ranging anywhere between $500 and $900 for the first year of membership. In addition, this credit card has a zero percent interest rate on purchases. By reporting positive info to a major credit bureau that our cardholders are maintaining a $7500 unsecured line of credit, a rapid increase of 40-50 points is achieved in as little as 30 days," says the offer.

This card can only be used for retail purchases through their approved merchants/catalog shopping outfit.
In essence, the credit card is a retail charge card that can only be used for select products.

The card is neither a VISA or MASTERCARD.

Details:

Credit Limit: $7,500 (Maximum)

Fees Associated with this Card
- Annual Fee: $200
- Add. Cardholders: n/a
Late Payment Fee: $10
Cash Advance Fee: n/a
LIFETIME NO INTEREST:

Positive Activity Is Reported To A Major Credit Union Monthly As An UNSECURED $7500 Line Of Credit.

Must be at least 18 and a U.S. citizen or permanent resident (excluding Wisconsin), with an active checking account, a monthly household income of at least $800 and no undischarged bankruptcies.

No employment verification

Guaranteed approval

No credit checks or turndowns.

HERE'S THE CATCH!

The "MAJOR" CREDIT BUREAU THAT THIS COMPANY REPORTS TO IS NOT ONE OF THE THREE MAJOR CREDIT BUREAUS THAT MOST LENDERS, BANKS, AND CREDITORS USE.

It is neither Experian, Exquifax, or TransUnion.

In all likelihood, the MAJOR credit bureau that will be receiving the POSITIVE INFO about you will be a "NO NAME" bureau.

You may as well start one yourself.

Originally Posted by lilygeselaw This is how I jacked my credit score from 0 to 734 in less than 2 years. I took a secured loan from one bank by opening 10k cd and secured it for 10k loan (I put in 10k for a year and took 10k loan for a year). Then I took the 10k that I got from the first bank and opened a 10k cd in another bank and asked 10k secured loan. Because it is secured I got it. So now I have 10k on m hand and 20k loan to pay in a year. So I need to save 10k in a year to pay off both loan. The interest is comped by the interest you will get from the cd. I paid off both and at the end of the year I got 20k in cd a credit score of 734. My only advice is don't miss a payment and make sure the bank you lend from report to the 3 credit company. I don't remember were I got this info but would like to thank the guy who wrote it because It has worked for me.