I am looking to apply for the Apple Loan. Do they (MBNA) always use Experian? That is my worst scoring CRA. (they REFUSE to delete some derogs even though I sent validation without reply to the reporting agency). Thanks.
that is correct. It is the BDD method i've used to get a mbna card and mbna increases. They will give most people with a reasonable score a 24.99% loan.
MBNA uses Experian, Trans Union, and just recently have started to use Equifax in credit decisioning.
ahh i dunno i got loans from them in the high 600's which creditexpert which you know if a fako score anyways with a ton of inquiries. IIRC the first loan was like 27.99% but the subsequent 3 or 4 i got were at 24.99% with scores in the mod 700's on creditexpert, so i guess score does count some. I never used them of course, that interest rate is robbery,but you can get a BDD into with them. Friend of mine had great credit got a $7500 bluenile (similar) line for 24.99% , then 6 months later mbna called and offered a visa at a great rate due to her good records with them (never used it lol). Of course they pulled a hard 2 or 3 times for that anyways.
My EQU is mid 600's. I wanted to try for an Apple Loan for a piece of equipment, not really for a conversion to a card or anything. If I am fairly sure I could get it, I would apply. However, if it's a slim chance, I do not want the penalty of an INQ. Is is entirely score driven? I have some high-usage right now, but no lates and 1 disputed derog. Thanks.
alot of it is score driven. I'd expect you'd get 2-3 experian inquiries AND a TU inquiry. If there's anything out of spec they will pull multiple hard's on EXP and TU and maybe even EQF nowadays. This is a really hard bank, their rules are very strict, but anything is possible. This is their subprime lending platform. Even if you qualified for $10K in apple loans, you would NOT QUALIFY for a $2000 MBNA visa, because of their strict policy on no derogs/etc unless you have a damn good reason. Thats why i used BDD. I had to beg the SR analyst for my Ebay MBNA visa $5K limit. I had a 780 score. The computer said DENY based on inquiries in PAST 12 months (9). The SR analyst of course seeing my $5K spending on my quantum worldpoints visa in the last month, and promptly paying it off, made an exception. The only way i was able to get my visa was thru Bdd, and each increase was BDD, They would NOT give me an increase due to high risk (many new accounts, AR's, inquiries). Odd bank huh? The sr analysts are real PITA to deal with, their computer is much more likely to approve you instantly lol.. If a SR analyst calls you better have a story that will make sister mary pity you, or you'll be shot down by a real live human Been there, done it all. I was amazed i got my first MBNA approval for ebay mastercard... give it a shot, but i'll tell you right now they'll dump hardons all over your reports. and may decline you. 2-3 hard's on your experian, you can expect for sure, approved or declined
My Experian is not too swift...hovering at about 600 even. They REFUSE to delete any derogs, even after validation. All are reported as PAID collections, except one stinkin' $16 that will not go away. IF they base their decision on EXP, I fear instant decline. The hards and EXP do not worry me since I only have 2. My EQU and TU are in the mid 600's with NO LATES.
yeah 600 on creditexpert is like 550 on fico lol. or less. I'd wait till your mid 600's cause 2 inq's WILL hurt you i promise I lost about 30 points on 2 inq's from mbna. all my inq's from exp are MBNA and their various related mbna financial services, btw. all of them.
What about if I choose the Instant Loan process over the net? I suppose they use 1 CRA and utilize score only!? Thanks.
no i was speaking of instant loan process. its not always instant, and you can easily take 3 hardons. Ask me how i know lol
you will after you apply lol. you will get it twice maybe 3 times in a day on exp and maybe 1 on TU or EFX. seriously. I'd go cut and paste my old reports from doing the BDD. I got 3 hardons on EXP in one day from an apple loan. and a killer 27.99% APR woohoo. I mean who would even bother using it. (yes i was denied for the 6 months 0% every single time).
I was instantly approved for Apple Loan when they ran same as cash for 6 months. I found out that my interest was 17.9% even though they advertised 9.9%. I promptly paid off within interest free period, and called them about the interest rate. I was told that 17.9% is the lowest they can go, period! My score is 725 without any blemish. My lesson: Use Apple Loan only for their promotional terms.
