Too good to be true?

At the risk of sounding cynical or ungreatful, I am wondering if this offer I got in the mail is too good to be true. I have absolutely horrible credit. I have a bankruptcy on my credit report as well as a very poor credit score (450-500!!!) and Bank of America would not even consider giving me a credit card months ago. I have checking and savings with them for a year now and all of a sudden I get a credit card offer in the mail. Unsecured, $2,500 limit, no apr or annual fee and rewards. Credit card companies laugh when I apply for credit so why now? I couldn%26#039;t dream of a card like this when I had decent credit, so I am very suspicious now that I got this offer when my credit is MUCH worse. I didn%26#039;t call the # on the letter. I called the bank and was told that all I had to do was accept the card and it is mine. Could this be a set up? I heard of those cops that tell people with warrants that they won something just so they can arrest them and I bounced a few checks...

Too good to be true?school loans

Most of the police stings you refer to involve notifying a person that he or she won a prize and I have never heard of them utilizing a reputable business such as Bank of America. What business would want that sort of negative publicity? Besides, those stings also involve having the person come to a location to claim the prize.

If you called the bank and they verified it was real and the terms are acceptable to you then there should be no reason why you should not accept it.

Too good to be true?

loan

You are right to be suspicious. %26quot;If it sounds too good to be true, it is too good to be true.%26quot; I would avoid this like the plague.|||Read all the FINE print carefully, to insure that, by acceptance of the card, you are not agreeing to any pre authorized charges against the card, such as insurance, etc. Check also for any other %26#039;oddities%26#039; in the actual agreement. If the card agreement is devoid of those things, I see no reason for you to not accept it. However, if you do, use the card WISELY. Charge items on it and pay the statement in FULL when due.

This sounds like an opportunity (albeit rare) for you to start working on repairing your horrid credit.|||If you have bad credit know, by having access to a credit card with a limit of $2,500, it sounds like you would be hurting your credit worse that it already is if you can%26#039;t make the payments. Be careful because with a person in your situation, the interest rate on that credit card could be as high as 21%. Call the bank and confirm what the interest rate is and since you have been doing fine without a credit card, cut that puppy up. About 2 years ago, I finally got out of that credit card strangle hold and I cut ALL my cards up. If I don%26#039;t have the cash or the money isn%26#039;t in the check book, I don%26#039;t need to buy it.|||This is not unusual. Some of these credit card companies simply buy mailing lists and send out applications in bulk.

Even though they are legit, once you send in the application, you will no doubt (based upon your credit score) receive a rejection letter stating the reasons why they denied your application.

Remember the true rip offs will always ask for an up front processing fee, these are the one you throw away.