Called MBNA (Aug 4, 2002)requesting my 11.99% Plat Plus Product be reduced...She said she can get me 10.99% product and it will show on next statement (September)....Made sure she wouldnt or will not pull Hard INQ and she said NO...that would be illegally and we dont do that!!!.....Checked EXP and TU and sure enough 2 HARD INQ'S dated (Aug 20 2002) permissble purpose!!!!!!!...... Will BT OUT and SOCK DRAWER it!!!!... Tony V. San Diego, Ca mid 700's all 3 CRAS
Exactly GEORGE I agree!..I called MBNA Retention Today (Sunday) and told the REP I didnt apply for anything and I want this REMOVED...She gave me a Number for the Account Managers, who can tell me why they pulled 2 Hard INQ's...... Account Managers 800.803.9731 Tony V.
HERE YA' GO... FAX THEM RIGHT NOW!!! OR PUT A LETTER IN TOMORROWS MAIL... BETWEEN SAN DIEGO AND LA MBNA Western Region Headquarters 85 Enterprise Road Suite 300 Aliso Viejo, CA 92656 Phone: 1-866-262-6575 Fax: (949) 643-4005 Aliso Viejo is a master-planned, 20-year-old community in southern Orange County about 6 miles from the Pacific Ocean, approximately 46 miles south of Los Angeles, and 77 miles north of San Diego.
GEORGE, Thanks A lot for the Info... I will Send out a letter tomorrow....2 Hards INQs!!!!. and i didnt Apply for anything!!......thanks Tony V.
I would suggest since they did 2 HARDS with NO "PERMISSABLE PURPOSE"~~~RATE REDUCTION IS NEVER A REASON TO PULL HARD OR SOFT...DEMAND $5,000 increase and 8.99% FIXED and both hards REMOVED IN 72 HOURS OR LESS!!!
George - I've mentioned this before after one of your posts... but I'm not sure you understand what is in the cardholder agreeement... "You authorize MBNA America to collect information about you, including credit reports from consumer reporting agencies." That's the blanket statement that all MBNA cardholders have agreed to (whether signed, or as evidenced by use of the account). Pretty open-ended. Any inquiry is deemed permissible purpose as you've (a) given them explicit permission and (b) have established a business relationship (credit account) with them. Other creditors also use a blanket statement... for example, Chase agreements read: "We may obtain a consumer report on you at any time in the future to review your account" Amex (Blue) agreements are also broad... "You authorize us and our affiliates to make whatever credit investigations we deem appropriate and to obtain and exchange any information we may receive from consumer reports and other sources." Fleet spells it out very clearly... "You authorize us and/or others acting on our behalf to obtain reports from credit bureaus in connection with your account, including for extentions of credit, reviews, and collection of amounts owed on your account." Permissible purpose is that you have an account with them. Period. They can pull your report (hard inquiry) every single time you make a charge, if they want to give Experian that much money. One of the problems we're bumping up into is that the FCRA doesn't clearly delineate "hard" versus "soft" inquiries and how those affect various credit scoring models. Squawk at MBNA and see if you can get it removed - just understand that you don't have a legal leg to stand on. -mj
...SO YOU THINK THAT PULLING 2 HARDS FOR A RATE REDUCTION IS "PERMISSABLE PURPOSE"??? (Vague wording makes it ok)??? For me...that would be GROUNDS FOR CLOSING THE ACCOUNT...EVEN IF IT IS A 10 YEAR ACCOUNT!!! I am fighting with SEARS over a "HARD" even though they pull a SOFT every 3-4 weeks... I am concidering closing it...(THEY SAID MAIL OR FAX PROOF OF THE "HARD INQUIRY"...they don't have proof)??? SEARS CARDHOLDER SINCE 1979!!! YOUR NOT APPLYING FOR ADDITIONAL CREDIT...(JUST A RATE REDUCTION)...
The Rep I spoke w/ Said NO I do not need to Pull a HARD inquiry, if anything we will do an AR (Account Review)...She said for a APR reduction, they WOULD NEVER do a HARD INQ. A few weeks later they did one. AMEX when they lowered my APR 10.99 to 9.99 product. They DID NOT pull a AR or Hard INQ. MBNA is in the sock drawer......I should have expected this.....MBNA has lost a good customer...When I got this card ONE year ago, they pulled EXP and TU also.... Tony V.
George - you're dead-right on that point ... if the company's business practices are to pull hard inquiries (2 even!!) for a rate reduction, that's BS and as a consumer, you have the right to (and in my case, I did) close the account. You don't have any legal rights, however. I strongly advocate voting with our dollars - companies that pull this kind of *#@( don't deserve our business. That also leads to my other golden rule - always have tons of available cash or credit to give you the upper hand ... and easily move money around, should you need/want to. That's what I did when MBNA pulled a hard inquiry at the 9 month anniversary. I will NEVER do business with them. And the good thing is ... I don't need to. -mj
Anytime a cc company lowers your interest rate and/or, raises your credit limit they accept more risk. Prior to doing those things, they really should pull an inquiry to be certain the additional risk is worth taking.
A "hard" inquiry? Usually I get an AR. I stay away from those cards that do hard inquiries for CL increases and APR decreases. Almost every card I have gives me regular increases, sometimes at my request, sometimes when they feel like it. But it is always AR, not hard. Do they feel some need to lower our scores? I think, in years past, when consumers were not aware of scoring, it may have been the usual procedure. I won't put up with it. Greater risk, yes, but then I am already a customer. Everybody and their brother wants to pull my credit report now. I have managed to avoid them all for 18 months (except for getting Blue), and will continue to do so.
Well, hell, while you're at it, you might as well DEMAND a hummer, a carton of cigarettes and a stiff drink -- because you're not going to get ANY of it. It's in the cardholder agreement -- period. Your choice is not whether or not to DEMAND anything -- your choice is to choose to NOT do business with them. Other than that, you have no grounds to DEMAND any credit line increase or interest rate.
Just 2? I applied for their card and got 6 hards pulled on me as they transferred me around to different people.
I don't care that they CAN pull a HARD...they DON'T have to and that is that!!! THEY CAN DECIDE TO INCREASE YOUR LIMIT TO $115,642.98 AND GIVE YOU 0.00% FOR 7 YEARS IF THEY WANT!!!
And they can send you three chickens along with a combination fingernail clipper/fire extinquisher/nose picker if they want -- what's your point? You're missing the point. One can't *demand* SQUAT, because it's in the agreement. Whether YOU think they should or should not pull an inquiry to extend additional credit is a moot point. Personally, if they can't make a call to increase a credit line without pulling an inquiry, then I (as the creditor) would simply tell you 'No' instead of pulling the hard inquiry.
Ok I will STOP demanding... I WON'T HAVE ANY CARDS LEFT (ALL OF THEM IN SOCK DRAWER)...BUT THAT'S OK...
I do understand what is in the Account Terms..but generally speaking a reputable bank Should and would NOT pull a HARD INQ to reduce a APR!!! yes they have the right to, but this is why they can do a AR (account review)....Pulling HARDS to decrease a APR is 100% illogical....not 1 but 2 inq's from mbna is out of line!!!!.....this is the reason to DEMAND they remove the hard Inq's from the CR's ....i sent out a letter, waiting to see what happens...Ill just keep calling and wasting my time and the bank...eventually they will get tired of hearing from me...thanks Tony V. mid 700's ex ,eq, tu
100% ILLOGICAL IS WHAT I SAID...BUT WE ARE WRONG!!! WE HAVE TO LET THE BANKS WALK ALL OVER US!!! (SEE ABOVE)----->One can't *demand* SQUAT
