I've just seen on the news that MBNA has just bought the credit card portfolio of First Union Bank. It seems that consumers will be having fewer and fewer choices in the future for credit
RE: MBNA buys out First Union I checked out MBNA web site and I didn't see a secured card. However, First Union does have a one. Hmmmm...what happens to the folks have a secured account with Fisrt Union? By the way, if First Union is getting out of the credit card business they are probably blaming sub-prime borrowers saying that we don't pay! First Union owned the Money Store which lent to sub-primers. Money Store was loosing money and Fisrt Union says that it cut deeply into their revenue. First Union recently decided to close it. Now you're telling me that they are selling their credit card accounts. Federated Dept Stores are also blaming non-paying sub-primers for their losses. Federated owns Fingerhut and says Fingerhut's sub-primers aren't paying their bills. Not all sub-primers are not irresponsible. I would hate to see the chances of re-establishing credit become impossible.
RE: MBNA buys out First Union Any account will obviously be kept open secured or unsecured I think First Union sold out because they got a good offer. Nevertheless it still means one less bank to shop from!
RE: MBNA buys out First Union First Union sold a whole portfolio of accounts to Providian about 2 years back. They may or may not get out of the credit business, but if they do, it will be a foolish decision, just like paying too much money for Corestates and the Money Store. Profit from the experience. http://www.creditsense.com
