My financial profile

Discussion in 'Credit Talk' started by Anon, Feb 15, 2001.

  1. Anon

    Anon Guest

    Here's my picture:

    23 YO
    Income: 48k/yr
    Financial Assets: 39k
    Other Assets: 30k
    Margin Debt: 3k
    CC Debt: 0k

    Accounts:
    -MBNA Quantum Visa: 15k limit, opened originally 1995 as regular MC, then Platinum Plus MC in 1997, then Quantum in 2000
    -BofA Gold Visa: 8k limit, opened in 1997
    -Amex Green: opened 1999
    -Neiman Marcus: 3k limit, opened 1998 (because they wouldn't take Amex and I didn't have one at the time)

    My credit history shows four other accounts that were closed by me: a SunTrust Visa, Structure, Macy's, and Rich's. Mostly I opened those to get a deal for one or two particular purchases. (Is that a huge negative?) I have no late payments or any blemishes. (All accounts say "Paying as agreed. Never paid late.")

    Right now I put all spending where possible on the Amex and get MR points (2000 spending of about 13k). I just found out that I can put my rent on a Visa at no extra cost, so I signed up for the Quantum miles program ($75 per year) and am going to put my rent (10k per year) onto that card. When my MR comes up for renewal in two months I'm going to decline that (would be $40 I think) and shift all spending onto the Quantum Visa.

    I try to open very few new accounts and keep the ones I have for a long time. This way I figure companies will offer me good deals because they know I will stick with them if I do take one. Even though I will not be spending much on the Amex, I plan to keep paying the $55 fee. With Amex I have been quite satisfied and have never had a problem. BofA had so-so customer service when I still used them a few years ago. MBNA truly treats me like royalty. They got my business in 1995 as a freshman in college, and I plan on sticking with them for as far as I can see into the future. With Quantum I have seen a marked improvement in what was already good customer service. When I press '0' a person immediately answers. Also, the concierge services are great, and they don't even have a computer phone menu. Just people answering who are ready to do your bidding!

    Anyway, if anyone has any advice on how I should manage my credit I would appreciate the advice. Also, I am looking to buy a condo or small house in perhaps one year. What should I do to help make sure that goes smoothly? Should I close the BofA Visa? I never use it, and before I only had it so I could have a MC and Visa. I see no reason to hold two Visa's. Although I have no consumer debt, is my credit outstanding too high in relation to my income? It certainly was when I was a student, but I'm not really sure now. Thanks for your input everyone.
     
  2. sam

    sam Well-Known Member

    Quest mr anon. about visa rent

    Exactly which/where management group lets you pay rent by CC? Thats a great way to flex your lines..

    most of the ones i knew stopped doing it years ago because of "charge-backs" from unhappy residents..
     
  3. Anon

    Anon Guest

    -Neiman Marcus: 3k limit, opened 1998 (because they wouldn't take Amex and I didn't have one at the time)

    Woops...Sorry. I meant to say, "because they would only take Amex and I didn't have one at the time."
     
  4. Erik

    Erik Well-Known Member

    I wish I had your financial picture. It sounds like you are doing fine. I wouldn't close or open any accounts until you get your loan.

    When you received those upgrades for your MBNA Quantum Visa how does that look on your credit reports? As one card opened since 1995 or does it show that one closed and the 1997, one closed in 2000, and a new one in 2000? I only ask because I'm curious as to how upgraded cards look on credit reports. Also if it shows as only being opened since 2000 then your BofA card is your oldest open line and you shouldn't close that until after you get your mortgage.
     
  5. GEORGE

    GEORGE Well-Known Member

    What is the interest rate on your
    MBNA AMERICA Quantum Visa?
     
  6. Bill (Anon

    Bill (Anon Guest

    RE: Quest mr anon. about visa

    It is just a small apartment management company in Atlanta. As far as I can tell they have no affilation with a national management company. They had Visa/MC in their window when I moved in last year, but for some reason I assumed it was only for application fees and things like that, not rent. But apparently they accept CC's for everything, no problem. Very cool huh?
     
  7. Bill (Anon

    Bill (Anon Guest

    I looked in my filing cabinet. The report that I have does not take into account the Quantum upgrade, but I have changed my MBNA account several times before that and it still shows the original opening date on my consumer report.

    And thanks for the compliments! -Bill


    Erik wrote:
    -------------------------------
    I wish I had your financial picture. It sounds like you are doing fine. I wouldn't close or open any accounts until you get your loan.

    When you received those upgrades for your MBNA Quantum Visa how does that look on your credit reports? As one card opened since 1995 or does it show that one closed and the 1997, one closed in 2000, and a new one in 2000? I only ask because I'm curious as to how upgraded cards look on credit reports. Also if it shows as only being opened since 2000 then your BofA card is your oldest open line and you shouldn't close that until after you get your mortgage.
     
  8. GEORGE

    GEORGE Well-Known Member

    RE: Quest mr anon. about visa

    I am sure they save a lot of money taking credit cards...usually deposited in their bank in less than 48 hours.

    VERY FEW RESTAURANTS IN MY CITY TAKE CHECKS FROM ANYONE, EVEN LOCAL RESIDENTS...

    Somebody said that a mortgage company (COUNTRYWIDE) I think, take credit cards for mortgage payments...

    :)
     
  9. Bill (Anon

    Bill (Anon Guest

    Currently 2.9% and going to 13.99% fixed next month I believe. My MBNA Platinum Plus rate was 9.9% fixed (started at 15.9% and I talked them down to 9.9% over the years), so by agreeing to the switch I did give them something in return. However, I do not carry a balance (I have periodically in the past but to no great extent) and do not plan on doing so. I also really like the fact that I can get cash with no charge other than the relatively small finance charges. This means that I could theoretically use this card for something like 95% of all my spending and bills, which hugely simplifies my life.

    -bill (anon) :)

    GEORGE wrote:
    -------------------------------
    What is the interest rate on your
    MBNA AMERICA Quantum Visa?
     
  10. GEORGE

    GEORGE Well-Known Member

    I have 9.90% on transfers till July then 13.99% on my MBNA PLATINUM CARD.

    I thought they might be a lot lower interest rate for QUANTUM.
     
  11. ble103

    ble103 Guest

    Does MBNA's quantum card becomes a VISA card?They don't have quantum MC?I am on my way to getting an upgrade to this card.As soon as my credit limit hits 15K i will be on the lookout for their upgrade offer.I currently carry their platinum plus card.Not too many people can get this kind of card.I have got execellent credit,and am looking forward to becomming a quantum cardmember with MBNA.
     
  12. Bill (Anon

    Bill (Anon Guest

    I think they have to find a way to pay for all of the extra benefits, especially keeping in mind they don't charge an annual fee like Amex Platinum or DC Carte Blanc. However, I suspect that with a VERY good customer (way above what I am in terms of spending or revolving debt) MBNA would freely negotiate. They'd probably be willing to offer 9.9% fixed for someone to steal them away from Centurion or some other big card.


    GEORGE wrote:
    -------------------------------
    I have 9.90% on transfers till July then 13.99% on my MBNA PLATINUM CARD.

    I thought they might be a lot lower interest rate for QUANTUM.
     
  13. GEORGE

    GEORGE Well-Known Member

    I have over $20,000 credit line, no offer yet...

    Guess they pick and choose.
     
  14. Bill (Anon

    Bill (Anon Guest

    They offer both MC and Visa with Quantum. One thing that is kind of surprising is that MBNA does not offer (to my knowledge) a Signature Visa product or World MasterCard. I suppose that they are big enough as a company to just create their own premium brand.

    Good luck getting one in the future. If you pay your bills on time, give them some business, and show some loyalty, I have found that MBNA will show some back to you. If you are a good customer they will not nickel-and-dime you to death and will go to great lengths to keep you happy.

    -Bill (anon)


    ble103 wrote:
    -------------------------------
    Does MBNA's quantum card becomes a VISA card?They don't have quantum MC?I am on my way to getting an upgrade to this card.As soon as my credit limit hits 15K i will be on the lookout for their upgrade offer.I currently carry their platinum plus card.Not too many people can get this kind of card.I have got execellent credit,and am looking forward to becomming a quantum cardmember with MBNA.
     

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