Good evening all, I got an MBNA card in 11/00, with a $1k limit. I got the card through my job, and the card company was later taken over by MBNA. The APR is 13.99 (in itself a miracle, I had horrible credit, can only assume I got it because I applied a month after I got married, and perhaps they didnt see all of my history?) Anyway, I got an increase of $500 a year later. All my payments are on time, and I've always paid well over the minimum. At times I have charged it close to the limit; presently have a 1k bal which will be paid off in the next 3 months. When I had the card @ 6 months, I called and asked for a credit line increase. I was told "we only do annual increases." After faithfully reading this board for the last few months, I am beginnning to doubt this statement My other credit is not perfect by far, but is getting better all the time due to my repair efforts. (3 paid collections, plus one unpaid which I am battling b/c it isnt mine.) My question: Should I call now and ask for an increase (having received the $500 one 3 months ago) and if I am refused, what should I say? I dont want to threaten closure because this is my best APR. I have another card with MBNA, $2000 limit, and the APR is 19.99 (just had it lowered from 22.9.) That is my oldest tradeline, so I dont want to close that one either. MBNA was very good to me with that one, I had 120+ lates a number of times, but finally got my act together and paid the 9K resulting bal to zero in 2 years. Once I get the balances down, should I try to combine these? Even if I get a line increase and dont combine, at least my debt ratio will be better, right? Any help appreciated, thanks for reading...
Re: mbna line increase questio I don't know about your card and in my case I got increase on every 6 months. Last time they increased me to 8100 and within one month I asked for increased to 10K and they approved it in 30 minutes. I think it depends on your credit history. First of all, you keep all your accounts in current and paid on time.MBNA reviewed your credit history from time to time from credit bureaus. You know they reviewed your credit from credit bureaus if you get your credit reports.It will show who pull your credit reports to evealuate your credit history. Not only to keep their accounts current and you must keep all your credit cards or loans in current.That means you cannot have any negative credit in your credit report.
Re: mbna line increase questio MBNA is strict with their credit line increases.Your income,and debt load has a major factor on their decision.They do give automatic credit line increases,and they can be anywhere from 500.00 to 2,000.00 these are normally done every 9 months but here lately they have increased me 1500.00 in 14 months total,and i have received them like 3 months apart with the last 2 they done.the amounts were 500.00 a peice.Don't apply for their credit line increase because they will pull your credit report resulting an added unneccessary inquirie to your credit file,just let them raise you automaticually.
Re: mbna line increase questio I've had a card with MBNA since Apr 98, and only started getting automatic increases last May. They've been for $500 each, 3 months apart.
Re: mbna line increase questio Thanks guys...I called this morning and told them I was interested in a balance transfer, but I needed a line increase first. They encouraged me to try for it, so in a moment of weakness I agreed to the inquiry. (Havent had too many lately.) OF course, I got denied. I asked the specific reason,and was told that it was because the balances on my revolving tradelines were too high. I asked how the rest of the report looked, and they said fine, no major bad things., just high balances. It occurred to me afterwards that I am an AU on a few of my husbands accounts. They have fairly high balances, but the limits are pretty high too, and none of them are above 50%. I gave them my income, and not his, because I want to establish credit in my own name. I think they saw the AU cards and figured I'm in way over my head I did waste an inquiry, but it was good to know that the denial wasnt from bad credit. They did advise that they will review the account in May, (1.5 yr point) so we'll see what happens then.
Re: mbna line increase questio Mary- AU's will show - and most banks I've worked with use them in their ratio calculations. Give them your household income instead of your personal income - that's not going to affect if the debt is yours or your hubby's. Good luck
