MBNA cardholders...be very careful

Re: Re: Re: Re: MBNA cardholders...be very careful

Companies pay $1.50 each time they pull a credit bureau. It's only a hard inquiry when you're applying for NEW CREDIT, ie credit line increase or new account. You guys need to start your own conspiracy theories thread.

 

Re: Re: Re: Re: MBNA cardholders...be very careful

Most of us here are pretty knowledgable about what is a hard inquiry and what is a soft inquiry. There are many many posts going way back about MBNA pulling hard inquiries for existing accounts and refusing to change it, saying they can do it if they want to.

As far a paranoid. Yup, that we are, and with good reason. Capital One has flat out said that they do not report CL because it is part of their effort to keep their existing customers. The mentality of the credit industry is the cause for the paranoia. They are back in another decade, when consumers had no idea who was doing what, or what effect it had on our scores. The credit bureaus and card company policies were never questioned.

Times are changing.

 

Re: Re: Re: Re: MBNA cardholders...be very careful

They won't necessarily tell you what it is, either, just something that is "unacceptable."
===================
Yep it's what ever they say goes.That's so that you have no way to defend your self.

The END ************************* LB 59

 

Re: Re: Re: Re: Re: MBNA cardholders...be very careful

YES IT IS A CONSPIRACY!!!

 

Re: Re: Re: Re: Re: MBNA cardholders...be very careful

CAPITAL ONE "THINKS" HIGH BALANCE IS THE SAME AS THE CREDIT LIMIT...

F.I.C.O. DOES NOT THINK THAT...SO WE GET THE SHAFT!!!

 

Re: Re: Re: Re: Re: MBNA cardholders...be very careful

HIGH BALANCE~~$1,000
CURRENT BALANCE~~$900

"REAL" CREDIT LIMIT $9,000

CAPITAL ONE MAKES YOU ALMOST "MAXED" ACCORDING TO F.I.C.O. SCORING...

"REAL" BALANCE TO CREDIT LIMIT RATIO~~10%

 

Equifax and Experian both state that if there's a pre-existing relationship the inquiry will not show up when the credit report is pulled. In other words it will be a "soft" inquiry that only you will see.

If MBNA is really doing these hard inquiries somehow or if the CRA's are involved, it's serious. I can't find anything in the card agreement's fine print or the law that would allow a hard inquiry.

If MBNA is doing this (as skeptical as I am) I agree with those who are closing accounts.

Woeful

 

believe mulder believe!!!!!!!!!!!!!

 

Scully I believe! (shouldn't it be the other way around?)

 

The truth is out there......

 

Re: Re: Re: Re: Re: MBNA cardholders...be very careful

Yeah... but since I once went OVER the Cap1 limit ($730 on a $700 limit card), my "High Credit" is higher than my real credit limit, making my ratio artificially better (since my balance is much lower now.)


You should max out your capital one card for one month to boost up that "high credit" number. then pay it off and you're "balance" will be whatever you maxed out your cap1 card at.

Has anyone ever tried to send the credit agency evidence of what their "true" cap1 credit limit was????

 

Re: Re: MBNA cardholders...be very careful

I don't know where you're getting this from, but this statement is absolutely, unequivocally untrue. This has NEVER happened with any of my 10 cards and I've interacted with nearly every major issuer (and I do not exaggerate) out there within the past 4 years.

And even assuming that "it appears as a hard until it gets purged at the end of the month", it still HURTS the customer during the time that it "appears" as a hard inquiry. Permissible, but unjustifiable.


CrdtAnlyst - you need to realize that the majority of people on this board have followed their credit reports monthly if not daily and have also established means of negotiating terms with issuers far better than any other group in this nation.

So, you're trying in effect to tell people who pull their reports nearly every day and who routinely ask and receive APR repricing that all their card issuers follow these requests with hard inquiries that last a month.

That is untrue, and we know better.

 

Re: Re: Re: Re: MBNA cardholders...be v

Not MBNA, another major financial institution. But I know a lot about MBNA and the other major credit card companies. And I don't think you're stupid, I think you're all paranoid. Pulling your credit every day is a bit much, don't you think? It's not that important. If you're relying that much on credit, then you are financially strapped. And perhaps you should read more about what everything is before attacking me. I am here to shed some light on certain things. You just don't like it because I'm contradicting all the things you guys have come to believe (and want to believe).

Credit card companies are not greedy or evil. They are not non-profit organizations. They are out to make a profit and will do what they can. They also need to reduce losses. Most companies do this in some pretty brilliant ways. Think about it from their point of view.

CA

 

Re: Re: Re: Re: Re: MBNA cardholders...be v

No, it isn't a bit much if you're the victim of inaccurate reporting. Do you know what my very first experience with credit reporting was? I tried to get a car loan and was told by the LO that I was man named Martin from Kansas (never been there) and that I was being sued by 5 different doctors. And, with that revelation, she denied me the loan and told me nothing of how to get it fixed.

When you get a subprime rate for car insurance because of a bogus or incorrect tradeline on your report or one inquiry too many, you'll understand that consistent monitoring of credit reports has nothing to do financial stability. That's your assumption, and it is wrong.

Also - whatever motives people have in pulling reports often - you certainly haven't defended your incorrect assertion that all issuers pull hard inquiries for repricing purposes. If any group of people would know what issuers do to reports, we would, and that is the point I'm making to you.

This is the most accurate statement you've made since being here. I agree 100%.

We do think about it from their point of view. Something along the lines of "know thy enemy..."

That's why we post here. That's why we warn others re utilization "triggers" per MBNA. That's why we encourage people to artificially max out a Cap One credit line (then returning the item). That's why we tell people who to contact to reverse unfair and financially harmful credit decisions. That's why we encourage people to open and keep open as many high limit cards as possible without running up the balances.

Credit is about choices in a capitalist economy. The issuers have taken great pains to map out their demographic and squeeze the most money out out of consumers while reducing risk. That's their right as lenders, and if I am to borrow from them, I understand their right to do so. But with that comes my right to do business with the issuer most willing to be fair to me and play "above the table". That's because capitalism works both ways.

And so on this board, we inform people that THEY have choices, too.

 

Re: Re: Re: Re: Re: Re: MBNA cardholders...be v

I guess I worded that part a little off. What I meant to say was that all of your issuers pull periodic maintenance reports on you to make sure that your credit is still up to snuff. Not necessarily for an APR reduction. However, if you're calling in search of a reduction, *some* will pull your report to assess the risk you pose to them. Most do not, and none will do so every time.

You're right, there is a lot of inaccurate reporting. Not even for fraudelent reasons. Companies report things inaccurately all the time. It's not intentional (except in the Cap One example... also, notice how Cap One put together is Capone?) But, and keep in mind this is my opinion, don't you think monthly monitoring is sufficient? Do you pay for your reports?

CA

 

Re: Re: Re: Re: Re: Re: Re: Re: MBNA cardholders...be v

I know what I said. And you took it the wrong way. *WHEN* a company pulls your credit report for APR... this does not mean they do so *EVERY* time you request a lower APR. In fact, thank you for quoting me. I now realize that I worded it just fine.

These inquiries get purged from the record within a month. Whether it's the end of the month or the next time the company updates balance, I'm not sure. They're supposed to, anyway. I have seen instances when they haven't.

CA