No. of Recommendations: 3
I can't disagree more with this line of thinking. MBNA increased your limit, but you still used the card! You're deflecting the blame to them, when you should be analyzing your spending habits. That's like saying that Chevrolet makes it really easy to go into debt because they make Corvettes, which are nice, but expensive. Duh! Don't buy it then! The account closing and rate-jacking is another matter.



Just before I commented about MBNA raising our limits, I said that I take FULL RESPONSIBILITY for the debt we have amassed. I'm not foisting the blame off on ANYONE.


The point I was wanting to make, and perhaps was unclear in the first post, it is hypocritical and IMO, unethical for MBNA to offer a credit limit of $31,000 to a customer on an average gross income of 50K per year (more than 60%). Then once that credit limit is used to an amount of $26,600, for MBNA to close the accounts with the excuse that such a debt load for a customer goes against their "policy", justifying it to the customer that MBNA "frowns on anything over 20% to 25%).

***We're making the same amount of income, or even a few thousand more than when they issued the $31,000 credit limit.

***The total debt we were carrying from before their last limit increase had actually DECREASED in the last year and a half.

***All our payments were on time. We weren't over any of our limits. And we were paying the minimums plus some on all our cards.


If carrying that kind of debt load is against "policy", then why allow someone a credit limit that is more than 60% of their income in the first place?

Simple. Once that credit is used to BT and you close other card accounts, MBNA uses the "policy" excuse to close the accounts you have with them. Four months later, MBNA pulls a credit report, sees the customer has closed accounts which still carry a balance (how convenient...since they are the very accounts MBNA closed in the first place) so MBNA can start jacking up the interest rates, crying that they consider this customer now a "bad credit risk".


But I'm sure that MBNA's not deflecting blame or anything... that's just part of their "sound business practices".












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