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Author: InvestorGrrl Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308452  
Subject: Re: Who is MBNA? Date: 7/10/2002 1:29 PM
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Hmmm, I make less than $71,000, have less equity in my house than $100,000+ and yet MBNA took me on as a customer.

Hey Lulu and fellow readers:

I've never posted that MBNA would not accept credit applications from less than ideal customers. I'm not ideal either, as I implied in an earlier posting. Not only am I not eligible to run for office and therefore attractive to lobbyists with money to put in my thong, but I make less than $71,000 (heck, when I applied for the card, our household INCOME was $71,000!), have less equity in the house than $100,000.

I find now that I need to source and retract my statement about MBNA's ideal customer. I reviewed the first page of the MBNA America quarterly report and read:
The typical customer has worked for 17 years, has an 11-year 

credit history of payments made on time, a household income of

$70,000.

Not meaning to slag you or any of us less-than-ideal MBNA customers, but apparently we are not even typical for MBNA. Why does MBNA have the slogan "think of yourself as a customer"? Who wouldn't like to have the FICO score of someone who's worked in the US for 17 years, has an 11-year credit history of always making payments on time, has home equity no less than a six digit figure, and a household income well above the national median?

I will throw the first stone at myself for having been in the U.S. for only six years, and therefore unable to have already established an eleven year credit history of payments made on time. By the time I have seventeen years' work experience here in the U.S. I will be halfway toward retirement.

Putting all this in bits on the Web, I now understand why, when I first bought the house three years ago, predatory lenders like Aspire, Aria, and CitiFinancial were sending me idiot letters. Although I was good with payments, I just didn't have the established credit history to escape getting on their marketing databases.
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