Okay I am curious. Let's say I've been approved twice by MBNA today (sigh it's a good day) and IF I were to apply for something with Wachovia, wouldn't that be like going straight to MBNA? And the same for BAnk one.......I applied for their prime card today, if I were to apply for a First USA card isn't that the same thing? I guess I thought it'd be good to stay with the folks who approve me as opposed to risking rejection. Although I was considering Chase or Bank of America. Who do you have in your wallet?
Be careful, you may get "TOO MANY NEW ACCOUNTS" MY LUCK~~I GET "NOT ENOUGH NEW ACCOUNTS" or "NOT ENOUGH INQUIRES" or "EXCESSIVE INCOME"<-----YES THIS WAS A REAL DENIAL REASON!!!
EXCESSIVE INCOME???? What kind of morons do they have working there? Does Bill Gates get denied for EXCESSIVE INCOME?? Wow, GEORGE, I wish I were in your position. And, I hope you have a better day. Looks like a lot of us got beat up today.
And, GEORGE, I just realized--NOT ENOUGH NEW ACCOUNTS? I bet you were trying to get some, weren't you. And not enough inquiries? Maybe you should let Discover pull hard after all! I will NEVER understand all of this. You work to get good credit, then it's TOO GOOD!?!
Yeah I guess sorta.....so many years of not being able to get credit it feels good to be desirable again. I know I was worried bout the too many new accounts thing. So get it all now and take the hit at once??? Too much income? gads. I guess it's the same as them thinking a score of 850 might be "too perfect." It's like you said George, you can't win for losing!
Re: Re: Bank1/1st USA & Wachovia/MBNA Don't know about BDDing Chase - haven't read about anyone performing the act (so to speak). My experience with them has been very good. They have multiple products with generous CLs. After you show a good track record (for about 6 months), they'll look favorably upon approving you for an additional product. I've received automatic CL increases as well as requested increases (no hard pulls) plus rate reductions. One thing that's really good, Amy, is that they will let you know online if an increase available for you (again, no hard pulls). If you choose to call for an increase and ask "what's available without a CR pull," they'll let you know. Some other cards will not grant a requested CL increase unless they pull a report (or two or three). In the near future customers will also be able to view their bills online and elect not to receive hard copies.
Re: Chase vs citibank (or BofA) Wow you sold me......How would you compare those bennies to citi or bank of america? I hear BofA is picky? I was impressed with MBNA's approval of two of their products for me in like two days. I was tossing around the idea of adding a 3rd since it's such a low rate 7.9 fixed. Does MBNA raise you up as easy as Chase or do they do hard pulls? I think I may have heard that Citi does. Does Chase have business cards that are as good as their personal products? Thanks for the info!
Re: Chase vs citibank (or BofA) I would stay as far away from MBNA as possible. I and several friends have had nothing but problems. All of a sudden you'll get a notice that your credit line is decreased or your rate is jacked to like 22%, because you use too much credit or they pulled your report and didn't like what they see. They won't necessarily tell you what it is, either, just something that is "unacceptable." I had a card with a bank that sold their portfolio to MBNA, and I paid it of as soon as I could and closed it. If I get any preapprovals that are from MBNA, they go directly to the shredder. Too bad, because they have several affinity cards that I'd like to have. I have had very good experiences with FirstUSA, they give credit limit increases without request and have upgraded my card several times without request. I have two cards with them, I don't know what the limit is.
Re: Chase vs citibank (or BofA) MBNA is generous with their initial CLs as well as their increases. They do tend to rely alot on pulls from multiple CRAs and are picky about who they approve, so congrats. There's also the chance of being put through the ringer during the application process, but if you have your ducks in a row you can come out of it ok. What has your own experience been with them during the app process? I hear, too, that BofA is picky. Don't have experience with Citi, although they've made me a pen pal for life with all of their pre-approvals. I swear, they've cut down 3 trees just for me. The caveat of it all (and you can see this just from reading Hedwig's response) is that for each happy Chase or MBNA or BofA cardholder, you'll find another that has had bad experiences. I, for one, have posted terrible experiences with BankOne/FUSA. They put you on the defensive, even when it's THEIR mistake(s) and you spend a ****load of time fixing what THEY broke. This isn't sour grapes, just the facts, ma'am.
Re: Chase vs citibank (or BofA) Huh....this is interesting. First USA who hed said was good is the same as sheeps bad Bank One and I just got a prime for life card....sigh, ("it will go well, it will go well...") I won't ever charge over 50% but if they thought we had too many mortgages or something would they all jack our rates?? And too late to stay far away from mbna..... Marci seems to love citi. Sheep loves Chase. Sounds like I can't go wrong lol. MBNA was fine on the app process, they just asked me a bunch of questions, I didn't have to send in anything. Their consumer loan division asked me more questions for a 2500 loc than their credit card division did for 7500 cl pp. weird huh? I'm not over 700 so I hated to waste an inquiry on b of a.
Re: Chase vs citibank (or BofA) I'm also a fan of Cit. I've had very good luck with them. While they did raise my rate when I was having credit problems, they never lowered my limit. And when I called to cancel some cards, they added the credit limit to one I was keeping.
Re: Re: Bank1/1st USA & Wachovia/MBNA I TRIED TO COMBINE WITH CHASE... VISA can be combined with VISA M/C can be combined with M/C BUT NO VISA WITH M/C!!! So unlike STUPID ME...watch what you apply for!!! I closed the M/C because I could not combine it with the VISA... AND THEY DIDN'T EVEN TRY TO KEEP ME!!! That is the account that has a BOGUS LATE (the M/C)!!! Unlike some...THEY TOLD BE "NO INQUIRY...NO LIMIT INCREASE"
"MY LUCK~~I GET "NOT ENOUGH NEW ACCOUNTS" or "NOT ENOUGH INQUIRES" or "EXCESSIVE INCOME"<-----YES THIS WAS A REAL DENIAL REASON!!!" Which company gave you these reasons? I am a credit analyst for one of the major credit card companies and we have strict guidelines to go by on reasons to decline an application, and I can assure you that these are the opposite of anything you'll ever see. Reasons for a decline would be Sufficient credit available considering your income (nice way of saying you don't have enough income), You have a history of delinquency, Bankruptcy, You have sufficient balances, Lack of credit file, then age (under 18), and illegal alien. There is no such thing as having not enough new accounts unless all of your accounts are really old and haven't updated for several years, in which case the reason would be a lack of file. And not enough inquiries would never be the case. Creditors are really not very concerned with inquiries much at all, even when there are a ton of them. And excessive income? That's discrimination, illegal according to Regulation B. As for MBNA increasing your APR due to "using too much credit," that's not exactly the case. A lot of companies now are increasing APRs due to high utilization. When you're carrying high balances on your credit cards for a long time, that's a driving factor for your overall credit as well as your interest rates. Pay them down. Credit cards are designed to be a short-term loan, not a fixed-term loan.
Re: Re: Bank1/1st USA & Wachovia/MBNA Man wish you worked for Chase or BOFA they have denied me for the sole reason of to many inquiries... wouldn't blame them though had like 12 or something back then...
Re: Re: Bank1/1st USA & Wachovia/MBNA Two questions: 1.) How do you determine what sufficient income is for your credit lines? Is it some factor of your annual salary like 2X or some thing else? 2.) What constitutes a long time? Is it balance depended? Like if you carry 50% of your available for 12 months or something like that?
Re: Re: Bank1/1st USA & Wachovia/MBNA People should know that MBNA is notorious for raising rates once utilization on their card goes above 50%, so be careful with them. If you choose to carry a balance on their card, have at least one other card with a comparable balance to which you can transfer if MBNA does jack you. Concerning the logic behind raising rates on highly utilized cards, I think that such an action is not one of "risk protection" but one of greed on the part of the CC companies, and something that they should not do. What is increasingly more difficult to pay back, $5,000 at 7.9% or $5,000 at 21.9%? While raising rates benefits the company in the short term re generation of missed payment and overlimit fees, doing so in the long run increases the chance that the company will not make back what it lent (if that person defaults and stops paying altogether).
