MBNA.

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?

 

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

 

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?..

 

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.

 

RE: Question re MBNA

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

Regards,
JP

 

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.

 

Re: Gateway

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Oops...

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..