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Path: utzoo!watmath!clyde!burl!we13!ihnp4!zehntel!hplabs!menlo70!nsc!chuqui
From: chuqui@nsc.UUCP (Chuq Von Rospach)
Newsgroups: net.consumers
Subject: Re: Unsecured line of credit??
Message-ID: <748@nsc.UUCP>
Date: Fri, 9-Mar-84 17:28:17 EST
Article-I.D.: nsc.748
Posted: Fri Mar  9 17:28:17 1984
Date-Received: Sun, 11-Mar-84 00:24:13 EST
References: <581@pucc-h>
Organization: National Semiconductor, Sunnyvale
Lines: 32


    Today I received an invitation to apply for a $10,000 unsecured
    line of credit (i.e. my signature is all that's needed) from
    Security Pacific Executive/Professional Financial Services.  I am,
    in a way, complimented that someone thinks I'm that good of a
    credit risk.

Who says they think you are that good of a credit risk? What has happened
is that you showed up on some list that they think means the possibility of
money (it happened to me because of a subscription for Forbes, of all
things). If you send in their application, THEN they will qualify you.
Maybe. In my case, I was offered 5K at 16%, unsecured, which I figured
would do me a world of good paying off 20+% credit cards. After filling out
the application (which gives them the right to check my credit, something
they couldn't do before), they decided to NOT qualify me for the loan they
promised me in the first place, but to offer me a $2,500 loan secured
against my house at 18% interest. Now, I can't imagine why a SECURED loan
would run 2 points higher than an unsecured loan under any circumstances,
so I told them exactly what I thought of them and wrote off the original
offer as a loss leader style come on. Always remember, if it is too good
to be true, it probably is. It certainly was in this case.

chuq


-- 
From behind the bar at Callahan's:	Chuq Von Rospach
{fortune,menlo70}!nsc!chuqui

You are false data; therefore I shall ignore you. False data can act only
as a distraction; therefore I shall refuse to perceive you. - Bomb #20