Credit Card "Profiling&qu

Discussion in 'Credit Talk' started by Michael, May 18, 2000.

  1. Michael

    Michael Guest

    MBNA America just doubled the interest rate on my Platinum MasterCard because "my spending pattern indicates a person in financial trouble".

    The spending pattern was approximately $250 in ATM cash advances over a 3 month period. Although none of their business, it was business expense related. However, they claimed that I *should* have made more than the minimum payment rather than simply keeping my account current and paying the minimum amount due per the credit card agreement.

    Also - during this three month period, I paid off another MBNA account: a 3500 balance paid off in two months. When told this the reply was "we are not interested in your other MBNA accounts".

    And - with the same statement in which they announced my almost doubling APR (9.99 to 17.99), they gave me an unsolicited 5K credit line increase!

    Ok - in addition to cancelling both accounts, any suggestions on follow up action.

  2. Disgusted

    Disgusted Guest

    RE: Credit Card "Profilin

    This is very troubling news, and I think it has something to do with the Fed as well as MBNA. Those letters you got and others this week from Western Security sound like form letters which were already written and waiting for the Fed's decision about interest rates. The Fed is tightening the money supply and that has alot to do with it. I hate the Fed. And I hate MBNA. They offered me a card TWICE (and from the way they spelled my name I KNOW they got my name from my subscription to a magazine)only to tell me the first time that "you have a history of deliquency". And the second time they said "you have sufficient lines of credit as well as a history of delinquency". The only deliquent here is MBNA and they join the prestigious ranks of Cross Country, Providian, Orchard, First Premier, Sterling, Cross Country, Action Card, and Household.

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