Let me be bold... (I am usually humble) I have NO debt of any kind. None! I'm rich. I travel/vacation out of country more than half of every year. I own 6 rental houses. I live in a 3,000 square foot home next to a golf course that I paid for in CASH on the same day that I bought it. I have approximately half a million dollars invested, even after the US stock market collapse. I have $100,000 set aside for emergencies.
I have a 842 FICO score. I HAD a $49,900 credit line with MBNA. I always paid on time.
IN MAY MBNA CUT MY CREDIT LINE IN HALF WITHOUT TELLING ME while I was traveling out of country for 4 months. For no reason. (They admit this openly.)
I called, and the lady convinced me to apply for a credit increase whereupon it was REDUCED AGAIN TO 12,000 since I quote, "wasn't working"??? After telling me I was applying for an instant "INCREASE"?!!??!!! She did this while I was on the phone to complain about the 25k limit reduction!
I'm rich. I'm travel. It's illegal for me to work in Canada while I'm SKIING AT A RESORT for 4 months. SUCKS to be me I guess... LOL However, this was my ONLY card I used BECAUSE it had a $49,900 credit limit. I had even canceled others. They cut me off at the kneecaps and I have a PERFECT credit record.
How does this affect me? I buy houses at public auction. I must pay cash for houses by the end of the same business day that i buy them. That means coming up with up with $200,000 cash in less than 5 hours. I don't want to remove the cash from somewhere where it's earning money like stocks until I'm SURE that have won a house at auction. I win a house, then I get the shortest term loans I can, and start cashing out stocks. Bank loans are 6 month, and cost a LOT in interest. The credit card I Can pay off in less than a month and cost me NOTHING. (I used the card as a fast cash buffer.)
NOW, if I have to have $200,000 sitting in an account doing NOTHING waiting for the day I MIGHT buy a house, I WILL LOSE MONEY ON IT.
With my credit limit being decreased by MBNA, I have LOST my buffer to transfer funds. What they have done WILL COST ME MONEY and AFFECT THE VALUE OF THE HOMES that I can purchase.
Let me CONFIRM:
Arbitrary limit cuts are a tool to reduce MBNA's relationship with less profitable borrowers (the ones that pay their bills with higher credit scores.)
Arbitrary limit cuts are used as an excuse to end a relationship with undesirable borrowers that don't use their cards much or those that don't run their credit up to the top of their limit. (card holders that don't make them money.)
MBNA has AFFECTED MY LIVELIHOOD for NO REASON other than the fact that I don't make THEM money. I was faithful to them, and always paid before my bills were due.
This is the reward i get for being a good customer all these years???
Thanks MBNA. You've lost my trust AND my money from now on... I will avoid you like the plague and advise ANYONE I know to NEVER USE BANK OF AMERICA and advise them to remove their existing investments with you as I have.
“Bank failures are caused by depositors who don't deposit enough money to cover losses due to mismanagement” -=Dan Quayle=-
Fnord
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