Blasted MBNA credit card~RANT

[Mighty Thor]

I used MBNA back then mainly to pay for college books for me and my wife and sometimes our tuition.

I have to admit, I racked up $7800 in hopes of paying it back after we finish college.

Well, I'm done with college been so for 3 years now and I've been paying it off. The interest rate was ridiculus 24.99% but I negotiated it down to 14.99% they won't go any lower than this.
I've been paying them with 14.99% for that couple of years now since I've been done with school.

OK I have a credit score of 690 which is good but not great. Well I intentionally miss payment on wife's car and my Sallie Mae because I'm going with different lenders which would lower my payments.

Well I got my MBNA bill yesterday and I notice that they hiked up my interest to 25.99%. I asked them why they hiked it up. They said that I was delinquent with some of my payments. I told them that I wasn't delinquent with paying you guys. Then they said I was with my other bills.

I mean how are they suppose to know that. I mean what business is that of there's to spy on my other debts. I have never been once been late paying MBNA or any of my debt, just this once. I'm just so angry how all these creditors are all hooked up to each other. :mad:

I swear, they are worst than a loan shark. [img]graemlins/rant.gif[/img]

[3.4 slow to go]

never used them, but they sound just as crappy as citibank & all them other crap card mega companies.

[vanbibber]

i have nothing good to say about MBNA either. THEY SUCK

[camaro_speedemon]

Uh, you shouldn't have missed those payments. Any payments that are 30 days late go on your credit report. MBNA probably checks your score every so often to either raise or lower your interest rate. They saw that you have two 30 day delinquencies and raised your interest rate.

[FirebirdGT]

Originally posted by camaro_speedemon:
Uh, you shouldn't have missed those payments. Any payments that are 30 days late go on your credit report. MBNA probably checks your score every so often to either raise or lower your interest rate. They saw that you have two 30 day delinquencies and raised your interest rate.

Your credit report is critical. Everything is reported to 3 bureaus, which can be reviewed by any loan or credit provider.

http://www.truecredit.com/entry/memb...y.jsp?mn=50275

[TucsonBird]

Originally posted by FirebirdGT:
</font><blockquote>quote:</font><hr />Originally posted by camaro_speedemon:
Uh, you shouldn't have missed those payments. Any payments that are 30 days late go on your credit report. MBNA probably checks your score every so often to either raise or lower your interest rate. They saw that you have two 30 day delinquencies and raised your interest rate.

Your credit report is critical. Everything is reported to 3 bureaus, which can be reviewed by any loan or credit provider.

http://www.truecredit.com/entry/memb...y.jsp?mn=50275 </font>[/QUOTE]Yup. Miss one bill on even utilities now and all of the creditors get to collectively rape you.

[96RS Alex]

Interest on a $7800 credit card balance? Omg the end result (total monthly payment) would be insanely obscene!

I had racked up only $333 on my Sears credit card and at the 24.99% rate, the interest came out to be $47 extra for a total of $380 to pay. Ouch!

Naturally I paid that sucker off but college students should have been wary of such deceptive practices by credit card lenders.

A hard lesson to learn even after college.

[camaro_speedemon]

Originally posted by 96RS Alex:
Interest on a $7800 credit card balance? Omg the end result (total monthly payment) would be insanely obscene!

I had racked up only $333 on my Sears credit card and at the 24.99% rate, the interest came out to be $47 extra for a total of $380 to pay. Ouch!

Naturally I paid that sucker off but college students should have been wary of such deceptive practices by credit card lenders.

A hard lesson to learn even after college.

It wouldn't be that bad, the minimum payment for my 4k balance is like $120/month. Now I pay way more then that, but that's the minimum.

[WSU77]

FYI, I dont agree with a lot of the stuff CC companies do (I work in a bank where we are pushed to sell them a lot), but CC companies look at your credit to see how you do on your other payments etc. How are CC companies, loan companies and mortgage companies going to know what kind of rate to give you without knowing anything else?

Its never a good idea to miss a payment on anything. If your worried about overpaying, you eventually will get your money back.

[Mighty Thor]

Originally posted by FirebirdGT:
</font><blockquote>quote:</font><hr />Originally posted by camaro_speedemon:
Uh, you shouldn't have missed those payments. Any payments that are 30 days late go on your credit report. MBNA probably checks your score every so often to either raise or lower your interest rate. They saw that you have two 30 day delinquencies and raised your interest rate.

Your credit report is critical. Everything is reported to 3 bureaus, which can be reviewed by any loan or credit provider.

http://www.truecredit.com/entry/memb...y.jsp?mn=50275 </font>[/QUOTE]It wasn't 30 days. It was more like 10 or so days. I'm just angry with the way the system is.

I'm going to pay off for MBNA this month. I'm going with this lender that has a monthly payment plan for me. And then I'm going to tell MBNA that I'm ripping their card and cancelling my membership. I mean if I pay the minimum of $196 with 25.99% that would take me almost 10 years to payoff my remaining balance. What a total rip off. :mad:

[zlexiss]

About half of all credit cards have a "universal default" clause - miss a payment on any of your bills and the card goes to the penalty rate.

It's in the cardholder's agreement, you must read the terms and fine print.

Good luck getting it reduced back to a normal level.

[V6Bob]

I understand you're angry and right to be so, but there's a bigger message here.

Credit cards are a convenient way to shop and a lousy way to borrow money. The companies get rich off of people who use them for borrowing money. If they were advertising them as a loan, they'd be illegal most places because the interest rate would be against loan sharking laws, too high. If you can't get a loan any other way, there's a message in that, too.

[phil97.3.8]

4 or 5 years ago i had an MBNA card with a $7500+ credit limit too. Freshman in college + that much credit + no job at the time = BAD

Pretty much maxed it out and could not afford the kind of payments they wanted, so I let it sit delinquent for a couple years, making a small payment every so often just to keep them off my back.

Eventually they offered to settle the account for I think it was about 1/4 of the total and called it "even".

My credit took a hell of a beating but it's gotten a lot better now.

Credit cards are good *IF* you actually use them with responsibility.

[camaro_speedemon]

Originally posted by Mighty Thor:
</font><blockquote>quote:</font><hr />Originally posted by FirebirdGT:
</font><blockquote>quote:</font><hr />Originally posted by camaro_speedemon:
Uh, you shouldn't have missed those payments. Any payments that are 30 days late go on your credit report. MBNA probably checks your score every so often to either raise or lower your interest rate. They saw that you have two 30 day delinquencies and raised your interest rate.

Your credit report is critical. Everything is reported to 3 bureaus, which can be reviewed by any loan or credit provider.

http://www.truecredit.com/entry/memb...y.jsp?mn=50275 </font>[/QUOTE]It wasn't 30 days. It was more like 10 or so days. I'm just angry with the way the system is.

I'm going to pay off for MBNA this month. I'm going with this lender that has a monthly payment plan for me. And then I'm going to tell MBNA that I'm ripping their card and cancelling my membership. I mean if I pay the minimum of $196 with 25.99% that would take me almost 10 years to payoff my remaining balance. What a total rip off. :mad: </font>[/QUOTE]If it wasn't 30 days late, then they can't report you to the credit bureaus. I suggest you go to myfico.com and pull a copy of your credit report from all three bureaus (will cost about $30). If those late payments are on there, write a request of debt validation. Hopefully that will be enough to get them off.

[lambo101]

i'm glad i don't have a credit card