Hi Rubyjean, I was recently approved for a $10K revolving loc from MBNA (not the "Gold" term loc). I currently have a Platinum Plus application pending. My goal is, upon credit card approval, to combine the loc with the card and then convert the card to the Quantum card ($15K minimum cl). I am getting conflicting information wrt combining. A few creditnet members state that it is possible to combine a CC and a loc, but when I call MBNA about it, they say "no". Can you tell me which is correct? If I can do this, exactly who at MBNA do I need to call? Thanks,
Many thanks to Marie for posting these phone numbers a while back. I called 1-800-852-4139 (for existing customers who want to switch) and spoke with a CSR who said that one definitely could convert a loc to the Quantum card. She admitted that many reps were confused about whether a line of credit could be converted (a Quantum rep told me that it could not be) but that if I was told that I could not - I should definitely scale up to a manager to ask for the conversion because I can. 1. The minimum cl is $10,000 per this rep (and a Quantum rep). 2. The only loc that can be converted is the "Gold Reserve loc" - which is a revolving loc that does not have to be paid off within a specified term (i.e. 60 months). 3. The "Gold Options Plus" loc cannot be converted to a CC product, presumably b/c it is a term installment loc. 4. The numbers to call to convert are 1-800-852-4139 (existing customer applications) and 1-800-862-0910 (Quantum new customer applications). FYI - stats on my loc approval: Experian was pulled with a score "below 663" (per the MBNA credit dept.) with two accounts with 2-4 two year old 30 day lates, and 2 accounts with six year old paid collections. Three inquiries in the past two years. Revolving utilization at 27%. One account with a balance and five with a zero balance. The credit analyst called my job about 15 minutes after the online application to ask why I wanted $10K. I told him that I wanted to do a BT from Citi and maintain my utilization (Citi cl is at $9K). He asked if I wanted the revolving loc or the term loc. He offered me a 13.99% apr or a 11.99% apr if I did the BT today. He approved me on the spot.
You have to have a minimum 10k to switch to a Quantum card but you can switch to a platinum ($5k min LOC) or a classic or co-branded card. I had a Gold Option account and had to go through this huge to-do: 1) switch Gold Option to Gold Reserve (2 weeks) 2) switch Gold Reserve to Credit Card (over the phone) Now the interesting thing is I am told by the CSR that the Gold Reserve account will report as a new account and simply show closed zero balance. The credit card account will report as a third account.
Ok, now I'm going to make this really confusing. In May, 2001 I applied for a platinum plus account and was approved for a credit line of $5,500. I then received a letter from MBNA which suggested that I could increase my credit line immediately by transferring all or part of the credit line on my gold option account. Since the gold option had a higher APR, I moved all of that credit line over to the credit card and closed the gold option--All in one step.
Thanks all for your replies, especially Rubyjean. Well... I did it. This morning, after my loc showed up in the customer service system, I converted my Gold Reserve loc (13.99% apr) to a Quantum Miles Card by calling Quantum applications dept for existing MBNA customers at 1-800-852-4139. The representative was incredibly professional. It has a $10K credit line and an intro 3.99% apr for purchases/convenience checks/balance transfers for 4 months. The go to rate is 12.99% apr. No annual fee, 25 day grace period, average daily balance computation. The cap on the BT/convenience check fees is $30. I should get a welcome package soon, and the card in 4 weeks. You DO have to tell them that it is possible to convert the Gold Reserve loc to the Quantum, and that they should just attempt it. If they refuse, either call back or get a manager, because it can be done. My Platinum Plus app is still pending. If it is approved, I will keep it separate for while to take advantage of the intro rate (intro 3.99% for 6 months) and then combine it later with the Quantum. Thanks for all of your replies and for Marie's earlier post leading me to the phone numbers I needed to call.
Rubyjean, given your position at MBNA, I was wondering if you wouldn't mind answering a question for me regarding approval criteria for an MBNA credit card. I would like to apply for either the Platinum Plus or Quantum Card, however, I am unsure of whether I would qualify. My TU report has no derogs, but has a number of recent inquiries and new accounts. My Experian, however, has three derogs, specifically a $440 paid collection from 6+ years ago (which is scheduled to fall off this April), an unpaid collection for $775, and an unpaid credit card for $660. The latter two items are disputed, and are about 2 years old. I have 30 positive, current accounts reporting, and have 5 hard inquiries in the past 2 yeasr (3 of which are in the past 6 months.) My CE score is now 656, but I suspect that the real score which MBNA would get is lower than that. Do you think that the derogs on my Experian report will prevent me from getting approved? If so, do you think I would have a reasonable chance of having the denial overridden? And which card do you think I should apply for? Overall, I feel that I have just now moved into the prime market, as I have recently gotten an AMEX Gold, Amex Blue, and a number of platinum-level Citibank cards. I also got myself a 6% used car loan from my credit union. However, with the small remaining derogs on my Experian, I am not sure that I will qualify for an MBNA card. What are your thoughts on this? I'd hate to waste two inquiries unnecessarily. Thanks for the input.
I will try to answer the best that I can.. First of all, we use both Experian and TU.. In your case, I would probaly use a Cross Bureau, just to see what is on it, It could be to your benefit.. In regards to your 440.00 Paid Collection from 6 years, that is of no concern at all.. You would probaly receive a call in regards .. The Unpaid Collection and Charge Off,, would need to be explained in full.. If they are valid, your chances of being approved would decrease.. Medical Collections, are of no concern.. With todays economy and the high cost of Medical insurance, ect. there are a lot of people who can not pay Hospital Bills in full... THe Credit Card Charge off would hurt the most.. A lot of times there can be a small balance in dispute. like residual Finance Charges, left over when a payment in full was sent in.. A disputed Balance of a purchase , ect.. that the Customer refused to pay.. No problem if one of these two things happened.. THis happens a lot.. I very seldom ever decline an applicant for Inquiries showing on their Credit Report..We do not take much Credence in decline for Inquires in excess. The main Criteria, is that you have shown a willingness to pay your debts on time,, Have the ability to pay, (income sufficient to pay your debts) and have a Stable Job, Residence, ect.. Also the Depth of your file with your Maturity... Example , If you were born in 1975, You should have revolving trades starting to be established around 1995. I have approve applicants with a 590 score for a Platinum and also have declined with a 815, because of a lack of file, ect I would say you would have a good chance of being apprved for a Platinum.. I do not approve Quantum's.. It may be difficult at this time.. But My suggestion is that if you get the Platinum, Make more than the Minimum Payments, Keep your Usage under 60%.. and let it establish for a little while.. Wish you success.. Take Care Ruby
With me * This has been a very big problem with MBNA! In mid 2000 I had a 30$ credit balance on my account. to bring the balance to zero I charged $30 to get the over payment on the Acct. back. MBNA charged the account $30 for a refund. I did not make any payment for 2 months.because my ledger for the account showed no balance for the 2 months that MBNA billed me Min. Pmts. on. MBNA charged me a $29 late fee for each month and reported 2 30 day lates to the CRAs. To this day I have not gotten the 30 dollars back that I overpaid them. ****************************************** A good share of the Neg. Info. that ends up on peoples reports is a direct result of unresolved disputes. Disputes are unresulved because they are either ignored or swept under the rug by the creditor. No one should be allowed to report disputed information to anybody! The fact that is disputed is a strong indicator that it is incorrect information!:
Rubyjean: Well, this morning I bit the bullet and applied for an MBNA card over the phone. They pulled Experian, my only report that has derogs on it. I received a decline, and I called the credit analyst department. The first person I spoke with wouldn't budge a bit, and I called back and talked with another gal. She was very nice, listened to my explanations, and said she would pull my TU report tomorrow. If that is clean, then she'll give me a $2,500 preferred card. I have a couple of concerns that I would like to chat with you about in connection with my application and tentative approval. Would you be able to correspond with me privately? If you don't mind, please send me a quick note with your email address. You can send to me at jvd@tahoe.com. Thanks for all of the information you have given me so far. I hope to hear from you. -chriscraft
I used to have a 15,000.00 Gold Option LOC and I applied for a MBNA platinum plus--I was approved for 10,000.00--My next step was to call customer service and then asked to get transferred to a credit analyst who immediately did the conversion into a 25,000.00 MBNA Quantum-they have excellent service--that's how I went about it--
