Whew, I've had some problems posting this, but I think it was a cookie issue. I got an offer in the mail from MBNA for what is basically a loan (up to $25K) to payoff smaller debts. Not a pre-approved thing, but on a "select list" Does anyone have experience with this? Do you know what the min FICO score required is an/or what CR they pull (Los Angeles)? Thanks yet again!
OK, then...this will not help, but this is my only experience. I've had an MBNA Plat Plus card with MBNA since April 1998. No late payments, good BT offers, etc. In January 2001, I received two offers for the Disappearing Debt loan within 2 weeks, so I called and applied. The person I spoke with was very nice, she went over my information and credit report with me, but said I had too many new credit card accounts (true). The best she could do was $5K at almost 19%. I passed. Last month, they offered me and approved my second MBNA Plat Plus card for $5500. Go figure. Oh yeah, they pulled TU for me. Don't know what their score requirements are, but mine was around 650 or so.
Lionel-- I opened this account with MBNA in September. OIt's called gold option and came with a credit line of 5K initially with a 17.99 APR. This is a revolving credit line not a straight loan. A few months after I opened the account, the line was increased to 10K. After several months, I requested an APR reduction. I didn't get one but instead they offered 9.9 for six months. Last month, I closed the account by combining the credit line with a new platinum plus account. The APR for cash advances on the new account is 12.99. Moral of the story for me is that you are likely to get better terms with plat. plus than with the line of credit. Since you can write checks to access the plat. credit line, I don't see any particular advantage to the gold option. Better still, I got a 3.9 teaser rate on the card for cash advances and balance transfers. The credit card is managed by a different division of MBNA. Hope this helps.
MBNA loan, an installment loan, friend did it at 16.9% I think the term was 5 years. For a fixed loan this is a high rate.
Thanks for the input. My Experian score is (was) 644, and MBNA denied me at this time because of too much debt on my cards. Very nice loan processor, though. On the plus side, the inquiry only cost 2 points.
