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Discussion in 'Credit Talk' started by eddie, Aug 8, 2001.
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NEVER did the on-line increase...
Haven't had any increase in years...but I only asked once in the past two years for $400...DENIED...
I have $XX,600.00...$400 would have put it to the next $1,000...WEIRD CREDIT LINE TO KEEP TRACK OF...
Might be able to get it today...BUT THE WEB SITE SAYS...what do you want (multiple of $500).
If you do it online, I think it can take a while. If you apply over the phone, they will have an answer for you in 15 minutes.
Yes, they will do a hard inquiry. I have requested an increase online, and it took about seven days and was only for 300. You have to fill out a request form. They don't have a pre-approved increase system like Amex.
FYI: When I called them about it, the woman told me that they like for your total debt to income ratio to be 25%.
When MBNA said that they want a total of 25% income to debt ratio are they saying that if a person has an income of 32K to have no more then 8K worth of credit card balances?,or are they saying to have no more then $666.00 worth of monthly obiligations?Which one is it? thank you for your answers.
I don't think that they were only looking at credit cards, I was under the impression that they looked at my car loan also. That puts me way over 50%. They still raised me, but if I would have had less debt, it might have been larger.
Debt to income ratio is reall "monthly payment to income ratio" (I know, a little confusing).
Add up all the reported monthly payments. If someone doesn't report one (Amex or Diners charge), the rule of thumb is 3% of the balance. Add 'em up, divide by your gross (before any deduction or taxes) monthly income, and that's the magic number.
I'm a little surprised at MBNA being soooo conservative- they have higher rates than most. The rule-of-thumb for mortgage applications is 36% (including housing). Most folks agree that anything over 48% means big trouble is brewing.