Seed Capital

[Matt Good]

Has anyone used these people? Good or bad? I've heard that they have some upfront fees depending on how much you borrow?

[Elizabeth Hammack]

This is a follow up to my above post as I am now at the end of the funding process:

For you all :)

The sales guys do not give you much of the FACTUAL information, they make it sound so easy, but here are some of the positives and negatives, because there are so many details, I will walk you through the process.

The credit is ALL CREDIT CARDS

They told me that I was approved for 80-120k, in fact I ended up with 60k liquid

Once you are sold the product, they send you to another person that now gives you step by step directions on how to draw the money out

The first thing I thought was deceptive is that when I received my first cards in the mail, they asked me for a copy of the front and back of the cards "for credit increase requests."

They never got me any increases, but they immediately charged their $8995 fee to one of my cards. Keep in mind they said we pay this when we get "funded" not when we receive our "credit cards."

The bad thing about this is that you get your first credit card bill for their fee balance pretty much before you have any money that is liquid or have bought a property or whatever. Luckily I had a small amount of money in the bank, but this can be stressful for broke people if they think they are getting zero percent money and now they have a first credit card bill that has to be paid monthly before they can use the money to make money

My process ended up ok, but I had a rough road of things like this happening that really were stressful, things they could have just thoroughly told us up front

Next, I had a credit check card with a check that was not zero percent, but it was approved up to 30,000, but you can only charge your card up to a certain percentage on each line, so she said go deposit a check for 28,000

once it deposits, do two balance transfers from two other cards to pay it off. Sounds great, but just keep in mind that the bank accepting the transfer has up to 4 weeks to process it, so I when my credit card bill came, they had charged me $90.00 in interest for this layover on the 28,000

Oh, don't forget each credit card check and some of the balance transfers charge a fee usually 3% or 4%. In the 28,000 case, if I did it within 30 days of approval, there was no fee, but they charged me the 9.24 % interest for the days I had borrowed it

However, I have had about $2000 in fees charged on my other checks and balance transfers, these have to be paid, they are not interest free

And the credit card bills start coming. I finally figured out you can pay those bills with the money that you cashed out ( I keep it all in a separate account so I don't get confused on what is NOT mine)

Again, if you are very nervous about your credit as I am (it knocked about 20 points off mine) and worried about owing people and paying credit card bills coming in before you have enough cash to buy anything with, this is very stressful.

So I actually paid all of the transfer fees, I still owe about 8500 to my Discover for Seed Capital, I have about 57,000 in the bank, which really isn't enough to buy anything, so I still have to use hard money, but at least I have a down payment right? and I have to pay those 9 credit card bills every month out of my liquid capital.

Its kind of a conundrum. The process took about 2.5 months to get all the cash out with moving money from here to there.

The girl at seed was a little hard to get ahold of, and once I did all the cash out, I have not heard from her again. Not that I need her right now.

I hope this helps. Bottom line, if you are broke, don't do this, you need a little money to pay the extra fees or you are just getting in stressful debt. This program really costs about 13,000 when you add the transaction fees, the 8995 to Seed and the bits of interest you will be charged. Also, you don't get near what they say, I had FICO scores over 800 and they got me approved for 133,000 in credit cards, but you can't use some of it except for purchases and you can only as out like 85% so all in all I ended up with 60,000

so if you are fully knowledgeable of this, and do it, keep about 10,000 aside (which only gives me 50k now) to make credit card payments.

It does work though :)

Have a blessed day!