Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10 beta 3/9/83; site nsc.UUCP 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