2007-03-19 12:19:55 · 3 answers · asked by Ti 7 in Business & Finance ➔ Credit
Embrace (Jefferson Capital) is definately a rip off.
That card is not only extremely sub-subprime it is mainly used by collection agencies as a means to recover debts.
If that is the case, there is a possiblility upon acceptance of the card of rate jacking, closing of the account after payoff, etc., etc., etc.
Plus, there is a possiblilty that accepting the offer will re-age the collecting SOL. The reporting SOL for the Embrace "card debt" will start reporting as new - since, in both cases, it would be considered a "new contract"
Generally, from what I have read, when collection agencies throw that offer out there, the account is either past SOL or near to being out of SOL. (not always but most of the time)
2007-03-19 12:39:26 · answer #1 · answered by echo 7 · 2⤊ 0⤋
Every credit card is a rip-off. From what I understand, Embrace Visa is more so than others.
2007-03-19 20:14:08 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Hi!
Rip off. Not only are you restarting the clock on both the 7 year record for the credit report as well as restarting the clock on a very likely out-of-statute debt.
Do not do this.
2007-03-19 20:09:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋