Discussion in 'Credit Talk' started by creditwork, Jun 10, 2000.

  1. creditwork

    creditwork Well-Known Member

    They just raised my limit to $13,700. CreditWorks' continues to give me the tool to lower my cost and increase my limits.
    Please visit our Web Site for details on how you too can build a credit empire and possibly make some money in the process.

    Profit from the experience.

  2. Marc

    Marc Guest

    I'm looking for a new desktop computer system, and I think Gateway would be my best choice. For financing, they offer several different options, one of which is the Easy Pay Plan, which is administered by MBNA. How difficult of a lender is MBNA for extending credit?
  3. BarryN - C

    BarryN - C Guest

    As far as approving folks for a new computer systems, they seem reasonable. But when you do the numbers, it has always been my opinion that paying cash for a system was a better financial decision. In other words, why end up paying 3,000 real dollars for a 2400 computer (potential door stop)?

    But MBNA is actually pretty reasonable. If you get declined by them they will actually call you and talk over your credit file with you and see if they can reconsider. So they are willing to understand.

    Good Luck,

    Barry N
  4. creditwork

    creditwork Well-Known Member

    Good point, Barry. You can probably get a deal where you pay zero interest for a period of time at a CompUSA, Wiz or Circuit City.

  5. Don

    Don Well-Known Member

    Question re MBNA

    Tell me a little about MBNA..I have a 12K limit, and the interest is nothing to crow about...had the card about 5 years, a few bumps along the way but nothing worse than having to double up a payment...over the past 2 years it was near the limit maybe half the time, then would get paid off in big chunks over the next couple months..

    The interest rate, to me, is ridiculous (don't have a statement in front of me, but it's at least 20)...over the 5 years they have slowly sent it upward, I've never pushed back....

    My bank just approved me for a quarter million in construction loan money, converted our normal account to a money market, and handed us a 6K limit visa card at mid-teens interest...so the card suddenly isn't as important as it was...until this, it was our one and only Visa card...

    I want to challenge them to lower the interest to a competitive rate (or at least ask them how it got to where it is...), and wasn't sure how they would react. My credit report is essentially flawless, we are debt free, so I would think I'm the kind of customer they want...I have a hard time believing they are raising interest because they don't make any off me...

    Any thoughts from anyone on whether this would be worth doing, and how to do it?..
  6. Jerry

    Jerry Guest

    Please do yourself a favor and stay away from Gateway. For your reference you may want to consult Consumer Reports which showed in a study a few years ago when the Gateway craze began in earnest that they had the highest level of consumer dissatisfaction and repair problems of any leading brand. I almost was seduced by them as well, they have a really nice show room and the people they hire to sell the computers are slick and "look" like they know about computers. Don't be fooled. I got lucky because I took along the head of the computer services department at Kinkos and he is the proverbial wonk and took me to a mom and pop place where they built me a custom computer for under $400. I bought a generic brand 17'' monitor for about $250 and I was set! I subsequently bought an IBM Aptiva (for under $1000) and most recently in January bought an NEC (450mhz) with three USB ports which was clearance at Circuit City for under $500. Bought an NEC monitor from egghead for $139 (13'') to finish it off. As far as internet services go, I would give AOL a try. I used to stay away from them like the plague figuring only dummies used it. But I have had MSN and a local provider and AOL is the best. Your privacy is protected, the email is so convenient and it says 'You got mail!" when you do. Plus AOL doesn't play games with the billing and they take care of their customers. Also, I agree with the previous post.....IF AT ALL POSSIBLE DON'T FINANCE A COMPUTER, PAY CASH....THERE ARE VERY AFFORDABLE DEALS OUT THERE....DON'T BE AFRAID OF A 'REBUILT' OR 'USED' COMPUTER....THEY ARE ALMOST ALWAYS VERY GOOD AND. Check out egghead.com. for all of good deals on surplus, discontinued, and close out computer stuff.
  7. JP

    JP Guest

    RE: Question re MBNA

    I would start by calling them and requesting a lower interest rate. Your next action depends on how they respond.

  8. miles

    miles Well-Known Member

    RE: Question re MBNA

    If you have been on time with your payments I would call immediately & speak to a customer service rep regarding a lower fixed interest rate. If the rep can't help you, ask to speak to a supervisor. Explain that you have been a longtime & loyal customer & you want a lower interest rate or you will be transferring your balance & closing the account(be prepared to do this if they refuse). I feel they are taking advantage of you especially since it was the only Visa you had. Lenders do monitor your credit files on a regular basis. MBNA probably saw that they had no competition, thus they could raise your interest rate to make more money.
    Just my opinion. Hope this helps. Good luck & keep us informed of your outcome.
  9. creditwork

    creditwork Well-Known Member

    RE: Question re MBNA

    MBNA sends teaser rate offers almost every quarter. As soon as their temporary (anywhere between 3.9% - 9.9%) expires, I am quick to pay them off. My normal rate is usually close to 20% APR, but when you have strength, you can dictate pretty much your rate. Pay them off and wait for the teaser offer that is bound to come your way. Always use the teaser rates to reduce any outstanding high interest debt or just to exercise your credit. This strategy has worked very well for me.
    Of course, just ask for a lower rate. If you do not need their account, just keep it open for the teasers. They do not charge me an annual fee. If they charge you, it ould be worth keeping the account around for emergencies.

  10. Don

    Don Well-Known Member

    Re: Gateway

  11. Don

    Don Well-Known Member


    Just a comment...I realize custom building is much cheaper..I am personally doing it for my two daughters right now..

    We have two Gateway machines...flawless operation...superb customer service...for those who want to just have it arrive ready to run, it is the way to go...

    Ok, back on topic..

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