MBNA America strikes again! I was floored in reading what hundreds of others said before me. I truly wish I had discovered this information two years ago.in January my wife and I received from MBNA a solicitation from them about an unsecured loan. We explored the idea, and gave them a call. The solicitation from them stated an unsecured line of credit with an APR of under 10%.
After going through the process the representative came back on the phone and told us we were approved, but at 19 %. We immediately declined the offer. Before letting us go he then proceeded to tell us that there would not be a problem with lowering this interest rate provided we paid on time. I have several years experience in the banking industry and am VERY familiar with how "the system" works. I specifically asked the snake if lowering the rate would be determined from our payments to MBNA or overall credit scoring? He assured us it would be based on how we pay them.
A year later, and absolutely perfect payment history to MBNA and all our creditors, we contacted MBNA to see about lowering the rate. Even before really looking they declined us. They said we do not meet the criteria. Although frustrated, we figured we would wait another year. December we contacted them again. Again, we have a perfect payment history on this account and all others. Although our credit scores may be a little high - we pay all our bills and pay them on time.
Again MBNA said no with very little investigation. I have since sent letters to Bruce Hammonds, the President and CEO, and have only received calls back from disciples of David Spade's Cap 1 character, "just say no." At this point the frustration is boiling and we are strongly considering legal action.
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