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Post by Johnkenn on May 21, 2016 14:30:13 GMT -6
Just got a letter in the mail that VK Card is closing down. Considering how much credit they gave me (weren't they aware I'm a songwriter?) I can see how this ended badly...They're going to have a really tough time competing against the Sweetwaters of the world without a financing affiliation.
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Post by sozocaps on May 21, 2016 14:41:51 GMT -6
How much better are their prices compared to Sweetwater ?
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Post by Johnkenn on May 21, 2016 14:48:21 GMT -6
I'm not sure if you're being sarcastic or not...In my experience, they've NEVER been lower than Sweetwater...AND they charge me tax here in TN. Sucks. The only reason I've bought from them has been that card.
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Post by sozocaps on May 21, 2016 14:50:34 GMT -6
ahhh...! no , no sarcasm, just wondering why you used them over sweetwater.
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Post by sozocaps on May 21, 2016 14:51:32 GMT -6
Sweetwater is full retail too. I buy from them when I have to but I have hookups elsewhere.
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Post by Johnkenn on May 21, 2016 15:01:28 GMT -6
Yeah, they will come down sometimes...and of course, they have the 24 month no interest too, but VK apparently mixed me up with Donald Trump when they handed out my credit limit...dangerous lol.
Alto has always done really good deals for me.
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ericn
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Post by ericn on May 21, 2016 15:07:57 GMT -6
Yeah, they will come down sometimes...and of course, they have the 24 month no interest too, but VK apparently mixed me up with Donald Trump when they handed out my credit limit...dangerous lol. Alto has always done really good deals for me. Man the first time we did a Credit card with GE Capital, they very quickly found out the audio music industry has the worst Credit! We had the highest reject and default rates! I'm sure they will still have some kind of financing for large systems and Leasing. Sucks for the little guy.
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Post by jcoutu1 on May 21, 2016 15:16:11 GMT -6
Sucks for the VK exclusive companies too. Inward Connections and stuff right?
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Post by Johnkenn on May 21, 2016 16:05:27 GMT -6
Well, I know a lot of the exclusive VK brands didn't seem to do the 24 months...I know Helios didn't
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Post by jcoutu1 on May 21, 2016 16:11:28 GMT -6
Well, I know a lot of the exclusive VK brands didn't seem to do the 24 months...I know Helios didn't Strange. You would think they would be the biggest draw.
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Post by donr on May 21, 2016 16:25:24 GMT -6
I wouldn't think the merchandise vendors would be liable for bad debt. Nor VK, just the underlying bank.
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Post by Bob Olhsson on May 21, 2016 16:28:50 GMT -6
For credit you want to always list employment as a music teacher.
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Post by Johnkenn on May 21, 2016 16:36:30 GMT -6
I would imagine it's the bank getting out.
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Post by Bob Olhsson on May 21, 2016 16:56:01 GMT -6
It may well affect Sweetwater too.
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Post by warrenfirehouse on May 21, 2016 17:39:36 GMT -6
Uh oh...I hope they dont want their money any time soon
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Post by Johnkenn on May 21, 2016 17:40:52 GMT -6
I was a little nervous about that too. Lol. You can continue with the contract to pay off just can't charge the card anymore.
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Post by Bob Olhsson on May 21, 2016 17:45:26 GMT -6
Banjo Bazaar has been on the edge of bankruptcy for quite a while which must be making the banks nervous.
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Post by Johnkenn on May 21, 2016 17:54:19 GMT -6
You know, we all make fun of these places, but it's gonna suck to not have competition in the marketplace.
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ericn
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Post by ericn on May 21, 2016 18:40:08 GMT -6
I would imagine it's the bank getting out. I'm sure it is.
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ericn
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Post by ericn on May 21, 2016 18:42:43 GMT -6
It may well affect Sweetwater too. The Company that VK had its contract with has raised its standards recently and I understand that VK didn't do the Volume their other Customers, Liniteded Brands and others do.
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ericn
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Post by ericn on May 21, 2016 18:45:01 GMT -6
I wouldn't think the merchandise vendors would be liable for bad debt. Nor VK, just the underlying bank. Correct as a retailer you are simply setting up a Credit card issuer as an exclusive private label provider of Credit.
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Post by indiehouse on May 21, 2016 19:43:32 GMT -6
Yeah, I got one of these letters in the mail. Sucks. Only way I'm spending on big ticket items is with either cash (unlikely) or a 0% interest financing option like this. Bummed to see it go, actually.
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ericn
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Post by ericn on May 22, 2016 17:43:17 GMT -6
Talked to some people the credit card issuer had a problem, now my understanding is this wasn't with VK, but there was a hack. If you went to a store that used the issuers sight signed up for there emails then filled up your cart and started to checkout when you clicked yes when they asked if you wanted to sign up for their card, you were approved for a $500 limit even if your credit score was 000! So the company had to cut back on some of their smaller vendors because people were buying $500 worth of Victoria's Secret and not paying. The good news is VK seams to have been their only Client in Pro Audio /MI!
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Post by jazznoise on May 24, 2016 0:03:19 GMT -6
Fairly OT, but it's funny how different cultures see debt. In the US, it seems to me, it's pro forma. In Ireland loans are fine, but people don't really use credit cards as frequently. In Japan many stores offer financing options, but most people chose to pay up front and credit cards are hard to get, not often accepted and even more rarely used.
I'm 24 and have never taken out a loan and have had an overdraft once, and most of my friends would be the same. Maybe a credit union/community bank loan to pay for college accommodation, but even still that's not common. I feel like if I lived in the States that wouldn't be the case.
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Post by yotonic on May 24, 2016 1:45:16 GMT -6
If you lived here you would be in the land of milk & honey. You don't need a credit card here. Everybody's a rock star at some level and we pretty much party all of the time. Like most things, the chicks are free and you get money for nothing. Come on over before we put the wall up.
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