In January 2002, I got the Apple LOC (GoldOption) with $1800 line. I used to be able to use it for balance transfers and cash, but now because I have some high risk of bankruptcy (which is kinda true) it is 26.99% and I cannot get anything but Apple products with it. The balance is $304. It was $1500 in January. I wish they could see how well I pay this account. I know I'm in a credit hole right now and shouldn't expect access to cash I can't afford to borrow, or low interest rates I don't deserve. I just want to know if I should pay off the $304 and dump the account. Will it kill my scores? Can this account ever be saved with such limitations and high interest? Thanks and happy holidays.
In the past we've had reports of people converting Apple LOCs to MBNA CCs (which could mean lower APR). However, I tried that a few months ago, spoke with every possible dept. at MBNA (incl. Telesales), but to no avail. They wouldn't convert it. BTW, they still seem to move credit lines from one product to another (i.e. from Apple loan to a CC), but conversion is another story. Saar
Gold Option ----> Gold RESERVE, then to -----> Credit Card They can't convert an installment LOC to a CC directly. That's why it's always better when opening an LOC specifically for a "BDD" , that one opens a Gold Reserve LOC to begin with. And then you ofter need to speak with a supervisor who knows that it is possible to do the conversion. Not everyone at MBNA does.
Marci, any suggestions about any BDD's that you know are still working? I already applied and was approved for MBNA plat plus (too late for loc or other mbna card?) I was reading up on BDD's here and it sounded like maybe they were simultaneous apps? I have an Amsouth Bank LOC (2 actually-1 unsecured) and wondered if I couldn't roll it and an amsouth cc together? PS I'm curious what your quantum card cl is and how you got it? Rolled another card into it or what? If that happens and they want to close a first card does it tank your score?
Re: Re: Need MBNA related suggestions... 1. The only "BDD" (if you can call it that) I participated in was an MBNA loc to a Quantum CC. I knew that I wanted the CC, but people had posted that approval for a LOC was a bit easier. I guess you can call this a "BD" - lol. Then, there is the famous Citibank "BDD", in which people applied for the easy qualifying Citi AA cards and applied for two at one time (silver and gold), generating only one inquiry. Citibank, I believe, eventually caught on to that, and I haven't read of any recent Citi "BDDs". 2. You can attempt to apply for a loc, even if you have already received the Plat Plus CC, provided that you aren't at your maxxed income level. 3. I like Amsouth, but I don't think that they are sophisticated enough to combine (revolving?) LOCs and credit cards. They are just a regional bank. But you would be the first to try. If you do try, post it here, and maybe I'll follow suit. The line was initated as a $10,000 reserve LOC last year. I applied for the LOC directly on MBNA's website. This was not an "affinity LOC", but just a plain LOC. It was immediately converted to a Quantum. The line is now $16,700. They reported both the LOC and Quantum account numbers and yes, my score decreased because I had two accounts opened at the same time. It took over a year - lol! - to get the LOC trade removed from the reports. It took my getting to the Consumer Advocate's office after many, many tries. But they did it.
I could swear I posted an answer marci and I do not see it. You are scaring me about the LOC removal, was it worth it? Like I mentioned they approved me for 7500 cl fixed 7.9% (after intro) on a plat plus and the only reason it wasn't higher was not income or credit they said but relatively short credit history. (5ish years) I will ask my amsouth guy tomorrow and let you know. They are really trying to get my business and he has solicited much. A heloc and a unsecured loc and now he is trying to get pre-approval of sorts from the underwriter to refi our vehicles without pulling a hard, because I told him I wouldn't do it unless they could signifcantly beat the rates we already have. Their visa isn't anything special, 1.7 or 1.9 for six months and then like 13.29%. I'd have it just to say I did I guess.
Re: Re: Need MBNA related suggestions... Yes, because I hate to see my reports cluttered with irrelevant trades. No, because it took so long to remove the thing that the "new account" sting was probably over. But if you do it, I have gotten through the bureacracy quicksand at MBNA and I can put you directly in touch with the office that has the power to remove the trade.
Marci......I need YOUR list of phone numbers, wow! Guess what?? MBNA already reported to my exp (although the pulled tu's -go figure) and when the inq for something else ANd the mbna pp reported my score when down THEN my MBNA loc reported and my score went UP 10 points!! Now what?? I'd like the whopping 2500 added to my 7500 pp because of the dang interest on the loc alone. What should I do? Hey the MBNA PP came in the mail today and it is pretty!!! (no really, it's sparkly
Marci.... When the LOC hit my EXP fako went up 10 pts, but the new accounts that have been reporting didn't seem to drop me more than a total of 10 pts on my TU/EQ. Today I called and customer service closed my LOC and consolidated it with my Plat. Plus. I talked to 3 different "associates" that told me it couldn't be deleted. Should I just forget it, or do you think *closing* the unused account will hurt my score? Thus, I should call the consumer advocate office and see if they would delete it? What do you think?
