Honestly my friend wants to apply for the LOC from MBNA, I told her that this reports as a revolving account from what you all have told me. She went to the site and kinda got frightened because it is listed under the loan section and the application was very long. It stated you may get instant approval during normal business hours. My questions are: Do they require income (pay stubs) and employment verification before they approve?? Not that this a problem she would just like something that is easy to apply for. Has anyone gotten instant approval? Do you request a check to be deposited into your account?? It states what line you would want, do you have to specify or will they determine it based our your income and credit if you leave it blank? Thanks all P.S. If she gets this she better buy a puter Mom
You can get instant approval for MBNA' line of credit. I did it by phone in about 10 minutes. They do report the account as revolving credit which it is. When I applied they did not verify employment or income. They will send you checks constantly. For security purposes, the checks have expiration dates. You can also call to have funds transferred electronically to your account. There is a transaction fee for each check. It is 3% of the check amount with a $30 top so its best to write large checks. The minimum payments are larger than what you would pay on a credit card balance. Figure out how much credit you really want, double it and ask for that. They are pretty generous about limits. I went from 5K to 10K in four months. I also called them at one point when my balance was zero and asked them if they had any offers for me. The ongoing rate of 17.9 on my account is higher than I would like and they offered 9.9 for six months and said I could call back when I decided to take another advance and the six months wouldn't start to run until then. Hope this helps.
Momof3, Yes,I did. I applied for a loan for purchasing a computer from MBNA and also act as the line of the credit. They approved me $5500 credit line within seconds and they reported to all 3 CRAs as the revloving line of credit. Ron
