I saw this from another forum. I was really shocked and wondered whether anybody else here had similar experience from MBNA. I am really sorry for this guy. Is he just unlucky?
from davidhero:
Someone called me from 832-605-9000 a moment ago. The man claimed he was from Charles Schwab bank and was calling regarding my Charles Schwab credit card. He also mentioned that I had another MBNA credit card and gave the last 4 digits of that card correctly. He started by asking me why I applied for so many credit card accounts in 2005 and requested 2 credit line increases on these 2 MBNA accounts each during 2006. I told him it was nothing special, just to keep my average CL as high and the spending/ available credit ratio as low as possible. He didn't seem to care and kept questioning my intention of "desperately" seeking credit recently. He ended up telling me that because they did not feel comfortable with my credit line compared with my spending pattern, they are going to close both accounts of mine. I can pay off my current balances anytime but the same APR applies until I pay them off. I asked politely that they could lower my CL to whatever they were comfortable with but was turned out rudely. I was sort of annoyed and said ok fine go ahead and close them.
After hanging up I checked my accounts online and everything seems normal. I called MBNA by the phone number on the back of my card, and the CSR there said she did not see anything special on my account either - they were both in good standing. I asked her to make a note on my accounts and call me if she finds anything special or they're actually going to be closed.
Some background profiles: The 2 accounts are 1 Charles Schwab and 1 MBNA CashBack Platinum. Both these 2 MBNA cards have 15k CL. )I recently requested a CL increase on the Charles Schwab one and they increased its CL from 8k to 15k; the other one has been 15k for about a year.) I barely use the MBNA CashBack card; I use Ch Sch from time to time for small purchases ( ~$100/month) and billpay (~$1k/month), but always pay off the balance every month. I have about 8 other cards with an average CL of 15k, but basically I use them for purchase only. I don't carry any big BT balance at all.
Now questions: (1) I don't think the previous call was spam (what good would that do for them anyway?), but is there any trick with the previous call? I tried to dial that number back but it's busy all the time. Can't fine anything from google either. (2) If this were true, what might have triggered the call? My recent CL increase request?? (3) Why don't the MBNA CSR see anything on my account profiles? Is it normal that there might be a delay so that the decision to close my accounts will only be reflected in my account profiles after a while? (4) If you guys think this is for real, should I close these accounts myself first to avoid "closed by creditor" comment on my credit report?
All right guys. The accounts have already been closed and they will be reported to credit bureaus as "closed by creditor". This really pissed me off - I called to bargain for a temprary reopen so that I can close the accounts myself, but was turned down. I can take my time to pay off my current balance and the current APR still applies. I asked why they picked me up and they said it was just random credit review.
I will not touch MBNA/BoA credit cards any more. Lesson to be learned: don't request CL increase if you don't use the card much (or if the current CL is enough) - at least for MBNA (and AMEX also, as far as I know).
Thanks for your input, guys. I just wish I closed them myself when I called MBNA after hanging up with the first call. Too late now. Guess I'll move on anyway.
Finally, --------------------------------------------------------------------- Just found that my BoA credit card was closed, too - exactly the same story. I'm really pissed off now............
Hey, at least the guy didn't wind up in jail...BOA probably had a SWAT team on call ready to kick down his door in case he got too flippant on the phone.
In all seriousness, this is one reason why I don't do business with MBNA. I'll take BOA's cheap money, but MBNA hasn't shown me any love, so I'll pass on them. Further, what's the point of having the Weapons quality uranium card with 25% Cash Back, 2% rate, and 1M limit, if they close it because you had just one too many inquiries or you go over 10% utilization. "Sure, here's a 50k card, just don't use it all..." If there is an issue with me using all of my 50k limit, then why give me the card? Just give me 20k or whatever you are comfortable with.
I like to live my life without having to worry about making my bank happy or upsetting them because I took advantage of a credit card deal or they don't like my spending/inq habits.
The same goes for Chase, Citi, Discover, and most of the top card offers. Don't waste my time. I'll stick with the smaller banks and CU's.
USAA has shown me mucho love (just got a 5.75% for life B/T deal!!!), so I really don't need anyone else.
he told me pretty much your young, you owe another bank money, i dont care if u can pay it back or are paying it back, we are just not comfortable with giving you credit and cant aproove your card for the free ipod..
SIS, to me, it is worth paying an extra 1.75 to not have my credit line chopped, as well as good customer service. Also, the spreads I work with can absorb that minute difference.
runnerx
Tired Member
posted: Oct. 4, 2006 @ 11:44p
FWcommit said: Try this: http://mitbbs.com/mitbbs_article_t.php?board=Money&gid=11947383&ftype=0 Link
I had something very similair happen back in March -- I posted within the MBNA closing accounts thread. A "senior credit analyst" called and closed my 4 accounts due to excessive credit limits with other issuers.
The worst part was losing 35k of worldpoints and they ended my 1.9% promo. I did eventually get someone to reinstate the worldpoints and allow the 1.9% to continue since there were no derogs on my credit report.
jmorgan947
Member
posted: Oct. 5, 2006 @ 12:24a
what was your utilization on your other cards and total?
makeinu
Thrifty Member
posted: Oct. 5, 2006 @ 12:52a
codename47 said: Hey, at least the guy didn't wind up in jail...BOA probably had a SWAT team on call ready to kick down his door in case he got too flippant on the phone.
In all seriousness, this is one reason why I don't do business with MBNA. I'll take BOA's cheap money, but MBNA hasn't shown me any love, so I'll pass on them. Further, what's the point of having the Weapons quality uranium card with 25% Cash Back, 2% rate, and 1M limit, if they close it because you had just one too many inquiries or you go over 10% utilization. "Sure, here's a 50k card, just don't use it all..." If there is an issue with me using all of my 50k limit, then why give me the card? Just give me 20k or whatever you are comfortable with.
I like to live my life without having to worry about making my bank happy or upsetting them because I took advantage of a credit card deal or they don't like my spending/inq habits.
The same goes for Chase, Citi, Discover, and most of the top card offers. Don't waste my time. I'll stick with the smaller banks and CU's.
USAA has shown me mucho love (just got a 5.75% for life B/T deal!!!), so I really don't need anyone else.
Funny you mention all those particular creditors because I had cards from all of them, was playing the BT game with all of them except USAA, and, yet, USAA was the only one to take adverse action. Anyway, I agree with you wholeheartedly, just reverse the particulars.
ratchtjaw
Thrifty Member
posted: Oct. 5, 2006 @ 1:28a
jmorgan947 said: what was your utilization on your other cards and total?
Total utilization was probably around 10-15% -- nothing too bad.
The analyst was only concerned with the 200k+ I had over something like 30 cards.
Much like the OP, I was treated very rudely by the analyst.
codename47
Senior Member - 3K
posted: Oct. 5, 2006 @ 1:37a
I've heard many, many more bad things about Chase, CITI, and MBNA chopping someone's lines than I have USAA. I realize not everyone has the same experience. At any rate, I'm not going to argue, beg, and plead with some senior analyst to give them my money. If they don't want it, there are plenty of other companies that do. I've got too many cards and financing options to be worried about one issuer that all of a sudden wants to get froggy with me.
codename47 said: I've heard many, many more bad things about Chase, CITI, and MBNA chopping someone's lines than I have USAA. I realize not everyone has the same experience. At any rate, I'm not going to argue, beg, and plead with some senior analyst to give them my money. If they don't want it, there are plenty of other companies that do. I've got too many cards and financing options to be worried about one issuer that all of a sudden wants to get froggy with me.Although I don't go along with codename's blacklisting of any creditor in particular (especially since all three you mention have been rather giving to me over the years), but the premise is correct. There are plenty of lenders out there. When this kind of thing happens, fight the good fight up to a point, but then just forget about it and move on.
codename47
Senior Member - 3K
posted: Oct. 5, 2006 @ 8:30a
Well, I will say that I'll take my shots, but I think I am kinda settling in with certain creditors that I like and like me.
I'll take a shot here and there, but I don't deal with rejection well, and I can't stand people just tagging my credit only to get a denial or at best a 3k card with a 23% rate, and no intro promo offer!(friggin chase...) I've seen some CITI cards and MBNA cards I like, but they just won't hook me up, ever.
I am a high utilization guy, so I don't get much love from the named 3 issuers. No point in getting these cherry deals and not using them. I don't think they'll last for ever. Funny thing is, BOA shows me plenty of love, and I know they have a sort of profitibility index, so I think they like revolvers and people that carry balances vs the low utilization guy. I think USAA is the same way.
One of my good friends has the exact reverse fortune. He gets mucho love from CITI, Chase, (no MBNA, he has some history there...), but then applied to BOA and got a craptastic 3k limit. He's a low utilization guy, though, so he gets the primo cards from the above issuers, cherry promo deals, big limits, CLI's, etc...
It is kinda funny, sort of a self-fulfilling prophecy. Since I have high utilization, I get rejected by companies that don't like that, I get approved by companies that do like high utilization, so gradually, I settle into that groove, and just go with companies that like my profile. If I try to go with a company that likes lower utilization, I get a nice rejection letter in the mail. If I pay off a balance with a high utilization company, I get B/T or promo checks in the mail. The cycle continues.
Just to add, know your card issuer and know the profile that they like.
I've had a problem with MBNA (now BOA) recently. I was charged a $39 late fee for a $195 bill I didn't pay. I thought I've scheduled a payment thru online billpay. I called and the CSR transferred me to their internet dept. The lady on the phone told me I probably forgot to press the submit button after scheduling the payment. I asked if there's anyway she can take away the $39 late fee, which was almost 25% of my bill. She said the best she can do is take 50% off ($19.50), I still thought it was alot to pay for a silly mistake, but I said fine.
I checked my account online a few hours later and found my account has been closed with the 50% credit. I called again, the CSR said I've requested to close the account. This CSR opened the account back for me. Now I think I should have left it closed if they have employees so screwed up working for them.
makeinu
Thrifty Member
posted: Oct. 5, 2006 @ 11:31a
codename47 said: Just to add, know your card issuer and know the profile that they like.
Man, I wish I knew my card issuer, but what you are saying makes me doubt whether or not I do. I'd consider myself a high utilization kinda guy. However, I get the best BT offers from chase and citi, which I use to almost >90% utilization, but not very good ones from BoA. USAA never offered me anything other than a swift kick in the bum to help me out the door.
I just take what I can get. If you ask me, trying to figure out the fickle tastes of these corporate behemoths is futile.
codename47
Senior Member - 3K
posted: Oct. 5, 2006 @ 11:40a
See, you are on the opposite end of the spectrum as I am. I doubt someone is going to get cherry offers from BOA and CITI. For whatever reason, I've seen anecdotally that these companies like one or the other. Also, my overall utilization is pretty high as well, not just on their cards.
For USAA you have to call in to get the good deals.
cirrus
Ancient Member
posted: Oct. 5, 2006 @ 12:09p
forress said: I've had a problem with MBNA (now BOA) recently. I was charged a $39 late fee for a $195 bill I didn't pay. I thought I've scheduled a payment thru online billpay. I called and the CSR transferred me to their internet dept. The lady on the phone told me I probably forgot to press the submit button after scheduling the payment. I asked if there's anyway she can take away the $39 late fee, which was almost 25% of my bill. She said the best she can do is take 50% off ($19.50), I still thought it was alot to pay for a silly mistake, but I said fine.
I checked my account online a few hours later and found my account has been closed with the 50% credit. I called again, the CSR said I've requested to close the account. This CSR opened the account back for me. Now I think I should have left it closed if they have employees so screwed up working for them. Hmm...I have a Merrill+ card with MBNA and their customer service has been pretty decent. I think I forgot to pay like some $15 bill once, and got hit with late fees, and the CSR noticed I had had a return (which had brought the bill down to like $3) and she was like "oh did you not pay because of the return?") and even though the return didn't actually cover the bill apparently she said they would take care of it and waive the late fees, etc. And they did actually do it. She even said that when that sorta thing happens with a return they sort it out automatically, but I think she did something to make it happen anyway since I'd assume the automatic thing would actually require my return to cancel out my whole bill and not just most of it (the return wasn't big enought to meet the minimum payment so that wouldn't make sense either). Plus, the CSR was very nice on the phone.
And one time I had some weird fraudulent charges from yahoo and I disputed them without issue either.
Of course Merrill Lynch may be the bank assuming the risks for the credit lines, so that might be part of it.
cirrus
Ancient Member
posted: Oct. 5, 2006 @ 12:10p
forress said: I've had a problem with MBNA (now BOA) recently. I was charged a $39 late fee for a $195 bill I didn't pay. I thought I've scheduled a payment thru online billpay. I called and the CSR transferred me to their internet dept. The lady on the phone told me I probably forgot to press the submit button after scheduling the payment. I asked if there's anyway she can take away the $39 late fee, which was almost 25% of my bill. She said the best she can do is take 50% off ($19.50), I still thought it was alot to pay for a silly mistake, but I said fine.
I checked my account online a few hours later and found my account has been closed with the 50% credit. I called again, the CSR said I've requested to close the account. This CSR opened the account back for me. Now I think I should have left it closed if they have employees so screwed up working for them. Hmm...I have a Merrill+ card with MBNA and their customer service has been pretty decent. I think I forgot to pay like some $15 bill once, and got hit with late fees, and the CSR noticed I had had a return (which had brought the bill down to like $3) and she was like "oh did you not pay because of the return?") and even though the return didn't actually cover the bill apparently she said they would take care of it and waive the late fees, etc. And they did actually do it. She even said that when that sorta thing happens with a return they sort it out automatically, but I think she did something to make it happen anyway since I'd assume the automatic thing would actually require my return to cancel out my whole bill and not just most of it (the return wasn't big enought to meet the minimum payment so that wouldn't make sense either). Plus, the CSR was very nice on the phone.
And one time I had some weird fraudulent charges from yahoo and I disputed them without issue either.
Of course Merrill Lynch may be the bank assuming the risks for the credit lines, so that might be part of it.
brianchannyc
New Member
posted: Oct. 5, 2006 @ 12:49p
i applied for the Charles Schwab MBNA card because of the $100 credit promotion six months ago. i was approved instantly for 15K. a week after i recevied the card, they called me and told me that my credit score is too low and i am 375K in debt so that they cancelled my account. at first i thought someone stole my identity and defaulted on a loan, but when i looked at my credit report online(i ordered it online at the same day they called me), i had an above-average credit score and was only 3.75K in total running debt. i called back the next day and talked to a supervisor, he apologized for their mistakes but not willing to re-open my account at first, which i did not really care anymore. i told him that because of their stupidity, please close all of my accounts with MBNA. he put me on hold for a while and came back and said he may be able to re-open the account, but i told him to forget about it and close all my accounts.
i dont really trust MBNA anymore.
dustin72
Tired Member
posted: Oct. 5, 2006 @ 1:52p
SUCKISSTAPLES said: chase and citi give 3.9 for life
I had fleet want to double my APR to 20% on a CC I had a $400 balance and 5K limit this was after BoA purchased fleet and BoA gave me a cc with another 6K limit with 7 % apr.... my crdeit score is well over 800. The same bank thinks I am an at-risk client and well-qualified client at the same time....they had no explaination.
To say CC banks can be really screwy is probably an understatment. To all that have been hosed.... Keep ya head up.
zengdl
New Member
posted: Oct. 5, 2006 @ 2:22p
I wish my credibility could make the MBNA victim feel better. However, I don't think it a good idea to forward this thread from mitbbs to FW without getting the victim's permission.
twe said: zengdl is the famous ID on this foreign bbs forum and he is the board manager of Money board.
zengdl said: I wish my credibility could make the MBNA victim feel better. However, I don't think it a good idea to forward this thread from mitbbs to FW without getting the victim's permission. huh? these are public forums about sharing information! Anyone posting anything in a public forum has the expectation it will be distributed and shared throughout the internet and throughout the world.
Im sure a lot of whats posted onb mtibbs is copied from FW
This isnt communist red china, the free sharing of information is widely accepted.
codename47 said: SIS, to me, it is worth paying an extra 1.75 to not have my credit line chopped, as well as good customer service. Also, the spreads I work with can absorb that minute difference.
All truly great investors sacrifice return for principles... wait... is that right?
I wouldn't be happy with BT unless it was 0% for life. I love discover.
zengdl said: I wish my credibility could make the MBNA victim feel better. However, I don't think it a good idea to forward this thread from mitbbs to FW without getting the victim's permission.
twe said: zengdl is the famous ID on this foreign bbs forum and he is the board manager of Money board.
FWcommit said: Try this: http://mitbbs.com/mitbbs_article_t.php?board=Money&gid=11947383&ftype=0 The red flag close to your avatar does not mean we're happy with your communist (red flag) censoring ideas. Qute the contrary.
codename47
Senior Member - 3K
posted: Oct. 5, 2006 @ 8:15p
All truly great investors sacrifice return for principles... wait... is that right?
The principle is not getting a call one day saying my CLI is chopped, rate increased, or I need to pay back the entire loan in full. That would not make me a happy camper.
Further, some people DO put principles into investing. Like I said, one card issuer isn't going to ruin my day. Ever heard of social investing? Ever hear of the vice fund? Ever hear of people shunning tobacco stocks because they don't agree with the idea of marketing to kids and saying that tobacco isn't addictive?
codename47 said: All truly great investors sacrifice return for principles... wait... is that right?
The principle is not getting a call one day saying my CLI is chopped, rate increased, or I need to pay back the entire loan in full. That would not make me a happy camper.
Further, some people DO put principles into investing. Like I said, one card issuer isn't going to ruin my day. Ever heard of social investing? Ever hear of the vice fund? Ever hear of people shunning tobacco stocks because they don't agree with the idea of marketing to kids and saying that tobacco isn't addictive?
I am sure you saw that I specified 'great'. I was sure you understood that people could invest with principles. You not wanting a call is not choosing on principle, it is choosing on 'convenience'.
I will take MBNA or BOA's 0% money any day. I will take the best terms available. I will plan for contingencies. I think people should come here to learn such things; that's why this thread is valuable, but should not immediatly make everyone hate MBNA/BoA.
yctcm
New Member
posted: Oct. 6, 2006 @ 1:16a
China is NOT red at all now.
No real communist in China. Only Capitalist!!!
SIS, have you been to China?
Edit: China is in early stage of capitalism.
SUCKISSTAPLES said: zengdl said: I wish my credibility could make the MBNA victim feel better. However, I don't think it a good idea to forward this thread from mitbbs to FW without getting the victim's permission. huh? these are public forums about sharing information! Anyone posting anything in a public forum has the expectation it will be distributed and shared throughout the internet and throughout the world.
Im sure a lot of whats posted onb mtibbs is copied from FW
This isnt communist red china, the free sharing of information is widely accepted.
jeannesteves
Senior Member
posted: Oct. 6, 2006 @ 1:21a
Chase apparently thought I was too high on limits versus available credit with other issuers. Even though I have been a cardmember for 8 years and never once paid late, they thought they would help me out by reducing my credit limit and raising my interest to 29.99%! Pretty dirty, huh? I'm planning on paying them off with a home equity check! I would never deal with Chase again. They send me about 20 preapproved applications on a weekly basis and they call to telemarket me three or four times weekly. Chase is a real bad company to deal with.
The worst part is that the reason my debt to limit ratio seems high is because Citibank and Capital One don't report my actual credit limits which are quite generous. All they report is the balance so it throws my FICO and utilization way out of whack! I'm really frugaling it now so I can pay off all the cards because these credit card companies are really snaky!
codename47
Senior Member - 3K
posted: Oct. 6, 2006 @ 1:29a
The worst part is that the reason my debt to limit ratio seems high is because Citibank and Capital One don't report my actual credit limits which are quite generous. Sounds like actual damages in a FCRA suit. Start sending their pre-paid mailers back.
I am more than willing to take free money, and I do plan for contingencies, but I also am not going to think "it can't happen to me" when I read thread after thread of people who have been rate jacked or has limits slashed by chase, MBNA, and citi.
Skipping 7 Messages...
cawang
Senior Member - 1K
posted: Oct. 8, 2006 @ 12:41a
yctcm said: China is NOT red at all now. No real communist in China. Only Capitalist!!! SIS, have you been to China? Edit: China is in early stage of capitalism.
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