(1) 'Illogical' means senseless, meaningless or purposeless. They DO have a purpose (assessing additional risk) and, therefore, are not being illogical. Perhaps they utilize risk scores as part of their process for C/L increases or APR reductions? (2) I never disagreed that they should NOT pull a hard inquiry *if* the account has enough internal history to based the increase in C/L or lowering of the APR. I was only stating that you CAN'T demand something when you've signed and accepted the cardholder agreement. SHOULD they require it as part of the agreement of extending you credit? Absolutely not. CAN they require it as part of the agreement of extending you credit? Absolutely. DO you HAVE to do business with them? NO! THAT is/was my point.
Received a letter from MBNA, telling me they have been trying to contact me and to call them...I called the number they put on the letter....They just wanted to make sure A FEW PURCHASES were me...I said YES.....And i asked why there was TWO HARD INQS a day after those purchases and when this letter was dated...They said on certain transactions, we MIGHT check your reports....and thats what they did!!! i said thats what a AR (account review) is for (soft inquiry)...he said no, we can pull your credit ANYTIME we like...its in the cardholder terms ...i have really lost interest in this BANK -MBNA-.....so after all it wasn't for a APR reduction, its for a few purchases that put me at 70% of my CL......i always pay it back within a few months, so i dont know what there problem is....I dont deserve TWO HARDS ....bottom line....soft FINE...HARD NO.....good luck!!! Tony V. mid 700's all 3cra's
That is scarry...they can pull hard whenever they want and for whatever reason...??? If they try this practice with me I would close the account immediately or at least keep the balance at $0.
Seriously! I can understand calling you - that, I appreciate. But a hard inquiry just because they can? bleccchhh!!! I would zero that card out fast and find a company that treated me better. Vote with your feet. Go somewhere else. There's nothing they can offer that's worth that. You get penalized for using their card???????? That's nice, very nice. They really seem to appreciate your business. Hmmmmmm <scratching head> Maybe they live in their own little world.
Any credit card company that invokes their "right" to hit you with a hard inquiry any time they want to do it is simply doing it to attempt to keep your credit risk score DOWN -- which means (a) they can RAISE your interest rate based on your risk score and/or (b) contributing to the lowering of your risk score means you have less of a chance of getting a better credit card elsewhere and moving your business. If they pull a HARD inquiry for ANYTHING other than your initial application, I wouldn't sock drawer it -- I would $hitcan it and NOT do business with them!
...exactly what we did. BT'd to Chase (a company I have had nothing but good experiences with) and that was the end of it. I will not do business with them now, or ever, and am VERY glad I started this thread and have gotten "the word" out. -mj
