Today I opened my Mail and what am I too see? The letter from NEW MILLENNIUM BANK saying I was approved for up to $10,000 in credit. As mentioned in many reports on this site the letter claims you're approved for 2 cards, Visa and MasterCard. You send in your "APPLICAION FEES" and boooom instant credit. I've been ripped off several times and I find this site to be highly useful. I went on line (this site) and ran a search on this company. I want to thank everyone for their posts!! I too would like to add some light to the situation in hopes to help others!
Before I get into the basics here, mind you, I too have very poor credit and have been getting these "bum" offers all too often. Here are a few simple paths to follow to keep your money and sanity in place. It takes no more than 10 mins to get to the bottom of all these bum offers.
BASIC INFORMATION - Please read!!
1. Too good to be true, it's probably is! Easy and to the point. How many times have you opened mail and said to your self, this seems TOO good to be true?
2. NO CREDIT CHECK MEANS SOMETHING IS UP!! If a bank claims no credit check, you're not getting any decent card without some hidden charge. Such as the 300.00 dollar deposit plus the application fee of 50.00 dollars which NEW MILLENNIUM BANK charges. Remember, most of the major banks in the US and around the world for that matter. Use credit ratings and scores to approve their customers. In short, the Bank is loaning you the money and if you're at high risk, well, you'll either be declined or have to pay a deposit of some sort.
3. READ ALL THE FINE PRINT (simple and quick)
On the back of my offer there is a section Label "GUARANTEED APPROVAL REQUIREMENTS". If you take the time to read all the fine print it will save you a great deal of pain. It clearly states (and I quote word for word here)
"Your Approval is also based on your agreement to open an FDIC insured savings account (minimum $300 - Maximum $5000) with New Millennium Bank, Member FDIC, per card."
I know it's easy to be caught in the moment, just be sure to READ all the information provided in the application or offer letter. Overall I am glad to see people exposing these banks and their ways of sucking money out of your pocket. I only hope you all will take my comments and use them in the future. It's amazing what a little time on your own behalf can save you in the long run.