We are having a severe problem with MBNA. We have Excellent Credit and were astounded when we received a letter from MBNA stating our Interest would be increased by almost 10 percent (from 16.98% to 24.98%). We've been doing busness with them since 1998.
When we called them, we were puzzled. They said our credit score had dropped. After really getting on thier case, they dropped it to 20%, but said no further because of our credit (???) As I said, we HAVE Excellent Credit!
Upon further investigation, we found one error on our report which we quickly resolved (within 2 days). Then we called back MBNA to explain there was an error, we checked our credit again, and it was PERFECT, as we expected.
They still said the same thing! We have paid them every month on time and always more than the minimum required. I reminded them that we have been EXCELLENT customers. Even through two major illnesses (my husband and daughter), we continued to pay our debt on time.
Now, they've jacked up the interest so high (without reason), that the int rate alone is 285.00, and the payment is 291.00. They are making it impossible for us to pay. We did nothing to deserve this... Quite the opposite.
WE are good people, with good credit, trying to do the right thing. MBNA is highway robbery and has no conscience! Now what do we do?
We've reported them to our local news consumer reporter. Maybe she will help all us MBNA customers who are getting ripped off.
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