Discussion in 'Credit Talk' started by Jim, Jul 1, 2000.

  1. Jim

    Jim Well-Known Member

    Does anyone have a MBNA Platinum Plus card with a credit line of 100,000. If so, what are they looking for and how hard is it to get. I have cards for 7,000,5,000,4,000,3,500
    about 40% max. on two. I have outstanding credit and a solid job. I have a lot of inquires because I buy and sell property so I go to many lenders. Anyone with this card please respond as I am very interested in getting a line of about 25,000
    to 30,000 thanks in advance Jim B
  2. Doris K.

    Doris K. Well-Known Member

    I have an Platinum Plus card through my bank. It's an affinity card from MBNA. I have a limit of $100,000 now, but they started me out with a $10,000 limit. To this day, I've never owed more than $1500 on it at one time. I don't remember how many times they've raised my limit or how often, but I've never asked for one.

    In a way, I'm flattered that they trust me with such a limit. However, it's really too much. I'm too old to go $100,000 in the hole, and I really wouldn't recommend it for most younger people. Should I ever need to make a major credit purchase, such as a new home, this will be the first card I'll have to get rid of. There is a such thing as too much credit.
  3. CardReport

    CardReport Guest

    The key words on the MBNA offers are "Up To." They seem to include the "Up to $100,000 limit" bit on all of their mail offers, including the fairly blind ones to recipients with very little or *no* credit history at all.

    Even for the few people who get that kind of limit, they probably will start out somewhat lower, with gradual increases.

    Last I heard, the average starting limit for gold cards was around $8k, I think.

    Good Luck.

    CardReport.Com - Credit Tools, News, And Reference
  4. Steven Z

    Steven Z Guest

    RE: MBNA Platinum Plus

    "Should I ever need to make a major credit purchase, such as a new home, this will be the first card I'll have to get rid of."

    But why?, the whole purpose and the great thing about a card with that sort of limit is the option of avoiding all the crap and bullshit that goes with getting any type of loan.

    One one hand you have to go over your credit reports with a fine-toothed comb, worry over if everything is correct, concern yourself over the fact that your score is high enough and if not, steps to take to accomplish this, steps which may very well delay you 6 months to 1 year or longer!!

    Then once you get your credit score in order you gotta deal with lenders, brokers, fees, commissions and all the other jokers who have their hands out.

    Or you can use the card to purchase a condo, small house or tractor trailer:) outright, cut out all the useless middlemen and do it any damn time you please.

    Ah a card with a 100K limit, enjoy the freedom...I'll just gaze on enviously from behind the fence and avoid the attack dogs :)
  5. creditwork

    creditwork Well-Known Member

    RE: MBNA Platinum Plus

    True. The higher the limits, the more freedom to do what you want. I would never close an account with a super limit to apply for a loan. I am sure any lender that sees that kind of credit discipline would be more than happy to lend you just about anything.

    Profit from the experience.

  6. Guest

    Guest Guest

    I have a Visa Business Card (not with MBNA)with a $50,000 limit, my banks maximum, I think they gave it to me because of my other relationships with the bank and they know I always have more than that floating in my operating accounts. I have a friend with a $100,000 limit on his Visa, he uses it to run his computer business. I think if you have the ability to charge and pay off consistently $10,000 a month then you will have no problem getting that kind of limit.
  7. creditwork

    creditwork Well-Known Member

    Maybe, but American Express is the only one that has given me or my business a line larger than $25,000. I have a lot of personal accounts and that may influence the issuers. I play the credit card shuffle, so I make very large payments pretty often.

    Profit from the experience.

  8. Doris K.

    Doris K. Well-Known Member

    I probably should have mentioned that I didn't just grab a paper application at the bank and apply for an MBNA card. I do have other relations with MBNA.

    As a retired teacher and a member of NEA, I get a very good interest rate on CDs at MBNA, so I have quite a bit of my divorce settlement invested there.
  9. Doris K.

    Doris K. Well-Known Member

    RE: MBNA Platinum Plus

    I don't think I'd want to charge a house on a Mastercard at 15.9% APR. Hopefully, I'll remain in the same house I'm in until they wheel me out of it in an oversized Glad bag.

    It is nice to know that I can go out and buy damned near anything I want, when I want. Still, I have to keep the future in mind. I'm too old to have credit life on any of my accounts, so my children and grandchildren will be stuck with much of the debt I leave behind after my execution or whatever the hell finally kills me.

    The MBNA card is not the only high-limit card in my pocketbook. I have more credit than I'm worth, so I could easily put the screws to my creditors. I'm sure that reviewing my credit report would make a lender nervous.

    By the way, Steven, I'd never leave you behind the fence or release the hounds on you! I always have an 18-pack in the fridge, and I enjoy good company. Just watch out for my neighbor lady's spazzed-out Chihuahua dog. That little sucker will go ballistic on your pant leg!
  10. Steven Z

    Steven Z Guest

    RE: MBNA Platinum Plus

    "I don't think I'd want to charge a house on a Mastercard at 15.9% APR."

    I wouldn't think so, not 'if' there are readily available loans in the single digits. But if they decide to make you go through hoops well then I say "screw them" and charge it, you don't need them.

    As for leaving any potential debt for your decendants if/when you kick off, the only place they can get it from is your estate. But whose to say you don't decide to end your days in glory and splurge it all, (especially if the children/grandchildren don't tend to their 'granny' and are waiting around for you to 'pack it in' so they can collect their loot!) then the creditors can kiss your tombstone for all you care.
  11. J. Edgar

    J. Edgar Well-Known Member

    RE: MBNA Platinum Plus

    "...and to my darling wife, I bequeath 12 car rental upgrades..."
  12. Henry

    Henry Guest

    First, why would people need a $100K limit is beyond me (just for vain prestige). Second, Doris, you may want to invest on something more profitable like mutual funds or CSCO/SUNW/ORCL/EMC.

  13. JP

    JP Guest

    Not that I'm taking sides, but I don't think Doris actually requested a $100K limit. I believe that over time, MBNA simply kept increasing her limit to the point where it is now at $100K. Lastly, I believe Doris is lets says near the point of wanting to retire :), so at least 50% of her funds should be in safe things like CD's, the remainder should be invested in some of the old-guard blue-chips, with a small percentage in some of the tech stocks. The closer one is to retirement, the less chances you want to take.

    Considering that I'm some 30 years from retirement, I have a tremendous amount of money in companies like MSFT, CSCO and others and I've actually not had a good year, but for the long haul I'll be ok. In Doris' case, nearing retirement and watching your portfolio drop 20% since March is not a good feeling.

    Just my 2 cents,
  14. Doris K.

    Doris K. Well-Known Member

    I'm 68 years old and already in retirement. I keep busy all the time with community service projects, so it sometimes doesn't seem like retirement. Still, I'm enjoying the hell out of life!

    You're right. I never requested a credit limit increase from MBNA or anyone else. All were done automatically over time. The initial $10,000 credit line was more than what I needed.

    Also, I don't have all my money tied up in CDs. I also invest in mutual funds, and I do some online trading. I'm not an expert, so my advice would absolutely suck, but I've made some good profits. My latest windfall was with Krispy Kreme Donuts.

    One of my favorite places to invest is at Sharebuilder.com. I can invest as little as I want (dollar-basis) on a wide range of stocks. I prefer the recurring investments in a DRIP account.
  15. JP

    JP Guest

    Well Doris, I have 3 words for you "you go girl". I really get a kick out your posts!


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