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Patelco...the monster thread!!!!

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I applied for the Visa Gold Card with Patelco and asked for a $5000.00 limit. This was on Saturday. I checked my email this morning and I had an email that said I was approved for the full $5000.00!!!!!!!!!! I am so excited. I went ahead and joined online and faxed my paystub in to them.

Thanks

Mack

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I called Patelco this morning to check the status on my credit card application. I faxed my paystub to them yesterday and joined the Credit Union on-line. They told me everything was fine and my card would be here in the next 7 days!!!!! I am so excited this has been a long time coming!!!! I used to have excellent credit then I went through a period where my income dropped significantly and could not make ends meet. Now I am 24 months with no delinquent or negative credit. My utilization rate is 3% and with this new card will be even less.

Thanks guys,

Mack

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I'm with you on the patelco experiment. I'm treating this as an experiment. I contacted patelco today, I had also recieved the e-mail requesting the paystub. I also joined with a savings account. After a week with nothing I called them today, they mentioned I should be recieving a card in a couple weeks.

I'm really hoping to get this card, not because I necessarily need the credit but I'm very curious. This seems awfully easy for everyone to get this card. I've never heard of patelco but they seem to have branches everywhere out west. I checked my credit reports today, I didnt see an inquiry from them, Did anyone else get one?

I think it will be great if this card show's up, has anyone recieved their's yet? I got the 30K and I'm going to consolidate almost all of my debt with exception of my car onto this thing If it does. The interest rate is not too bad plus I like the idea of paying one bill. I set up the online banking with them but didnt enter any of my information to do account transfers between my other banks. When you attempt to enter your account information and routing numbers you get transferred off to another site. I've never seen this before with a financial institution so this made me kind of wary....I think I'm going to hold off until I get the card. I dont think this is a scam but I'm a very paranoid guy when It comes to entering my financial info online. Sorry for rambling, I hope this all works out!!

josh

josh

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I just went up to the patelco online banking site. Apparently my credit limit does show, the card is listed under "loans" For the life of me I cant figure out why my next payment of 24.00 is due in september since I've never recieved the card I have a feeling this card is a personal loan stuck onto a credit card. I have to look into this further. Seems like a good deal, but after being burned before on financial matters (and taking several years to clean it up) I'm curious. But apparently I did get the full amount and it's sitting there, the entire 30k. Can buy alot of things with 30k but I need to consolidate all my debt on to this thing. I should have some left over after I'm done. Will be nice to make only a couple payments a month vice several.

josh

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I just got a e-mail from them, asking for a copy of my driver's license. I had just talked to them today, they told me they didnt need anything further ? I'll fax it too them I guess. I just transferred 2G's from my patelco account to another bank account. I guess this will prove something :) I had to transfer the money from my patelco savings to another bank account (at insured an FDIC insured institution) The transfer says it will take 3 days so we'll see, both banks are in CA so maybe will happen quicker.

josh

p.s. I guess you have to keep on patelco if you want something done, they dont seem to have great customer service, seems more like keystone cops to me so far. You give them one thing and they ask for another. The credit card is basically a loan rolled onto a credit card. It's a line of credit. Which is kinda the same thing I guess..........

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I did some research into the insurance thing.......they are insured by American Share insurance. Company in business since 1974 and based in ohio. apparently they can offer more insurance on funds than the govt. Doesnt seem to bad, I'll never have 250k in the bank account so I'm not worried.

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Morrow,

should have asked for the 50k, they would have given it too me :( I talked to them today since I had some questions. It is a loan, unsecured. Basically just a line of credit. They do seem to be VERY generous. I've never had this type of credit line (other than a home equity loan). I held myself back and didnt ask for a credit increase....With that type of money I could be dangerous, end up buying an extra car or something stupid that I wont want in 2 weeks :)

jl

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I read on creditboards, that immediatley after receiving the card, people would call up and ask for a CLI and they GRANTED IT!!! In one case, someone got a limit of $10k, and then asked for $10k more and they got it!!

Cant hurt to try....afterall, they use the same inq. :D

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I emailed them about using an overseas address and they never emailed me back. I am so wanting to apply, its bugging me. I think I might go ahead and just use my mom's address but I don't want to waste an inquiry if they give me problems over it.

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What is the interest rates on this type of loan/credit card ? What do they base your monthly payments off of? 30K over 5/7 years? Who do they pull ?

They pull EX only (that I know of) and the interest rate on the Visa Gold (which is what we are referring to) is 8.9% :D

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Again I hate to seem like a wet fish BUT

Morrow said

"I read on creditboards, that immediatley after receiving the card, people would call up and ask for a CLI and they GRANTED IT!!! In one case, someone got a limit of $10k, and then asked for $10k more and they got it!!

"

The phrase "if it seems to good to be true it probably is" springs to mind.

Why do they seem to be so out of line with the rest of the USA finance indsurty?

What's the catch?

Somehow I can't help thinking the other shoe is going to drop sometime soon.

Sorry for being Mr Paranoia here.

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Well, I bit the bullet and applied for the visa card. I put in my mom's address, which is my stateside one and it had a place to add a note as to why I was using a different address. I guess a live person looks at it? So of course their not open right now, so I will have to wait and see if I'm approved when I wake up. I'll let you guys know.

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Well,

it is definitely a loan, at 8.9 percent (visa gold) I would call it a visa card secured by a loan. Since I dont need another card I just transferred half the funds out to another account, they finally made it to my other bank account this morning and posted. Takes about 4 days to make the transfer though but it only costs 1.00. Patelco is for real obviously...they cant take the money back now!

josh

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