It seems that many people had their reports pulled last month (ex) and their rates raised by MBNA. I was also one of those people. I noticed that several people here had performed BT with two other bank CC, I had done this also. MBNA has had many negatives on PlanetFeedback, but I can't seem to find one repsonse from MBNA. I had closed this MBNA account after they raised my CL 6 months ago. Therefore, I had an option to keep my rate the same and not use the card, or use the card and agree to the jacked up rate. I wrote them and "rejected" the change to keep the APR the same on this closed account. Currently, my report shows this account "closed at consumer request". Will MBNA try to change this to "closed by lender"? They seem snakey enough to do it. Also, when I checked my reports and noticed that my scores dropped almost 40 points after the BT. I assumed that was because the transfer hadn't completed (ie balance showing on both accounts). I didn't realize that transferring a balance would 'ruin' your credit. I have dropped below 600 now and I'm baffled. My scores were 40 points higher last year when I made 25k less, had a much higher debt ratio (I paid off 2 cards and closed them)and less availabe credit, no major derogs (a few lates which I'm working on, but none in over 2 years), no BK, no CO, nothing. Can someone explain this?
Thanks George! martig4 - As you might have guessed, I'm a frustrated newbie here. I downloaded the consolidated 3in1 report from truecredit.com. It basically has not codes, but reports a 'fico' score and the items which make it late. Here were my negatives: I am using 90% of my limit. Which I don't understand....I think this has to do with the balance transfer showing on 2 accounts. I also use an AMEX gold (charge not credit) which reports a balance used, but I assume I'm always 100% used with this card? I don't know. I have missed 1 payment on 3 accounts. I am working on this. 1 was truly an error of the creditor and 2 were my fault. I am preparing 'goodwill' letters. The average age of accounts in my report is 3.5 years. But I have accounts dating to 1989? I have 2 accounts out of 11 reported that are less than 3 years old. Is this some sort of floating average? Postives: Last month, paid 100% bills on time 7 revolving accounts reported on report Average amount of credit limit is 6k. Again this relates to 2 account closures, & balance transfer to a new account. This new card also hurts length of credit I think....
Check how Amex is reporting - as a CHARGE or OPEN account, or as REVOLVING? If it's revolving, the limit and balances are included in your ratios. If not, they don't get factored in. Do your own calculation - total all balances and divide by total limits reported (or high credit if no limit reported). OMIT mortgage entries, installment loans (car) and OPEN or CHARGE accounts, 90% is a big fat red flag. So's the late pays.Those are the 2 killing your score. -mj
Thanks MJ, The AMEX is listed as revolving. Can I call them and have this listed as a charge or open card? According to 'my calculations', one the BT goes through, I should be at about 25%. Does a balance (it will be paid in 2 months) on a closed account count against ratios? Or does it just factor into what amount I am paying out each month?
