Wash Post-story makes me ill

THAT IS WHY I HAVEN'T BEEN ABLE TO GET MY CREDIT LIMIT RAISED IN 6 YEARS!!!

...AND I AM A 10+ YEARS CUSTOMER!!!

...NEVER LATE/NEVER OVER-LIMIT!!!

 

Sorry for straying so far from the topic, but I just had a revelation. I don't know why I never saw it before. It's been STARING me right in the FACE!!! It's so obvious. Don't you see?? If Psychdoc is really pbm (or Robin Masters!), then surely GEORGE is CAPITAL ONE!!!

 

Dani,

Thanks very much for posting this.

The last 4 paragraphs sum up the whole story rather nicely. What a hypocrite!!!

(Everyone who is declined from MBNA ought to mail a copy of this article back with their reconsideration request.)

DemPooches

 

What an interesting and stomach-churning read.

This country's politicians sicken me.

Do you think I'll EVER offer so much as a dime to the CAs on my CR?

NOT A CHANCE! Every penny will go into CRRR dispute mailings before they see any of it!

 

I think I will do just that...

I will include a copy of the article with my letter asking WHY I can't get a CREDIT LIMIT INCREASE??? Haven't ever been late or over-limit in 10+ years...H/H INCOME $XXX,XXX...I haven't had a credit limit increase in 6+ years!!!

"I DON'T WANT $700,000 I JUST WANT $3,400 MORE TO SHOW ME I AM A 'WANTED' CUSTOMER"

 

Only when the people lead, will the leaders follow.

 

I wonder if Household and FUSA sent him a 1099C?

Talk about bought and paid for!

 

That story made me sick. MBNA gave him a mortgage, and I get denied $1800 in credit with a 630 score and no delinquencies in the past two years. His credit is worse than mine. Very pathetic...

 

Let's look at the bright side...

Great story, Dani.

On another note, and in the same tradition as PsychDoc's Trickâ?¢, DaveLV's Trickâ?¢, etc., here's wajaba's Trickâ?¢ for improving your credit and obtaining favorable terms:

drum roll...

Step 1: Get elected to Congress.

That's all I have so far. Feel free to build on this and add other steps, like backing pro-business legislation, marginalizing what is likely a sizable chunk of your constituency--the possibilities are endless!

wajaba

 

The ridiculous nature of what I am about to say does not escape me, really.

THis happened to my secretary. I have seen it with my own eyes. She and her husband went through a debt resolution company, not CCCS, another local group made up of attorneys. They professed to get her principal lowered, negotiate how the debt would be reported, and write off anything else. They had an account with MBNA. The balance was about $8500. They were told, by the attorney, to let it go delinquent because they would have more bargaining power. THey complied. The first round of negotiations, MBNA said they would catch it up and lower the interest rate to 6.9% for 2 years. "No". Second round - MBNA agrees to catch it up, report as "paid as agreed", lower the interest to 6.9%, and INCREASE THE CREDIT LIMIT TO 15K. "No." Third round - MBNA continues to offer catch up, lower rate, paid as agreed WITH balance transfer of ALL OF HER REMAINING NON MBNA DEBT (which at this time totalled $65K in credit card debt). The stipulation was that the original $8500 go into the consolidation loan at 100% value. "No". That is where it stands now. The creditors are shooting for a payoff of 25% of the balance and a "paid as agreed." The ball is in MBNA's court now. We'll see what happens. I think they will take it. The option, CH 7 for the creditor and a big flush for MBNA.

I am not a banker. I am, however, a CPA. It just seems to me that they are knowingly buying questionable debt to keep their receivable portfolio in tact. These people have credit scores in the low 500's now. This is not sound lending. It would be interesting to see what % of their total receivables are really collectable. It would not surprise me a bit if MBNA bites the dust due to shoddy underwriting in the coming years.

 

Dani,

I'm reading this and my heart keeps sinking, like it'll never hit bottom. I don't know whether to cry or shrug it off & say, whatever.

Thanks for the story; everybody in my address book will get it.

 

Dear Rina,

Shrug it off and say whatever. This is merely business as usual. Lets worry about us not these jacka$$as.

~

 

Is it worth contacting our state reps to state our discontent with the obvious double standard

And ask the obvious question of is this the type of behavior that they condone and if so, to please let us know, so we can elect representatives that dont condone this corporate favortism

 

What Dani said.

 

Absolutely! But you only listed two alternatives, shrug or cry. I just didn't wanna see you cry.

 

Someone put it very eloquently:

"All it takes for evil to triumph is for good men to do nothing".

-Edmund Burke, British Statesman, 1729-1767