MBNA Credit Cards

[Kavvy]

Originally Posted by Cecil Terwilliger

MBNA is reputable. You should have no worries about them.

Getting a second credit card won't effect your credit score. You only have to worry about having a ton of hits.

Thank you!

[MacGruber]

Having more open credit does affect your credit rating Cecil. You should know this

[IliketoPuck]

A second credit card means you have twice the amount of free money to play with right?

[Kavvy]

Originally Posted by MacGruber

Having more open credit does affect your credit rating Cecil. You should know this

If were talking two $5000 credit cards would that hurt a whole lot?

[bomber317]

Originally Posted by IliketoPuck

A second credit card means you have twice the amount of free money to play with right?

The 2nd card is so you can take the cash out, double down on black so you can then pay off both cards.

[Cecil Terwilliger]

Originally Posted by MacGruber

Having more open credit does affect your credit rating Cecil. You should know this

If he keeps it at zero and pays it off every month it won't have any real effect.


I guarantee you when they look at your mtg app they will look at your credit bureau score, tds ratio, gds ratio. If you have a balance owing on a credit card they will factor in 3% of the balance as a monthly payment.

If you get a 2nd credit card with a 10k limit and rack up 10k worth of debt it will add $300 a month to your gds ratio (that's bad).

If you get a 2nd credit card and pay off the balance monthly or use it just for emergencies and leave the balance at zero it won't effect your mtg app one iota (that's good).

[MacGruber]

A new cc with open credit is a negative to credit score. Period. Will a 5k credit line make a big diff? Prob not.

[Cecil Terwilliger]

Originally Posted by MacGruber

A new cc with open credit is a negative to credit score. Period. Will a 5k credit line make a big diff? Prob not.

Credit score is but one of many parts of the mtg app process.

Any effect even if you get a credit card will be negligible. In other words, don't worry about it. It doesn't matter.

Just don't go out and apply for 20 different credit cards.

[Kavvy]

Originally Posted by MacGruber

A new cc with open credit is a negative to credit score. Period. Will a 5k credit line make a big diff? Prob not.

Originally Posted by Cecil Terwilliger

Credit score is but one of many parts of the mtg app process.

Any effect even if you get a credit card will be negligible. In other words, don't worry about it. It doesn't matter.

Just don't go out and apply for 20 different credit cards.

Thank you for all the advice. I was thinking it would hurt, I didn't realize it would be a very small impact.

[MacGruber]

Right but you said a 2nd cc doesn't affect credit rating. maybe u meant in terms of a mortgage?

[Cecil Terwilliger]

Originally Posted by MacGruber

Right but you said a 2nd cc doesn't affect credit rating. maybe u meant in terms of a mortgage?

FOr all intents and purposes it doesn't.

If you pay your balance every month or even the minimum it won't negatively effect your credit.

Any credit hit you take for the credit check and the new card will be so negligible it won't matter.

[MacGruber]

I disagree. For the same reason you can't apply for 40 credit cards with 10k limit. It's open credit, which is factored into ur score and credit ratio. Even with a 0 balance a credit card with a 10k limit is akin to a pre approved loan. U can
Go from zero to huge debt in seconds without asking any credit bureaus permissio

[Cecil Terwilliger]

Originally Posted by MacGruber

I disagree. For the same reason you can't apply for 40 credit cards with 10k limit. It's open credit, which is factored into ur score and credit ratio. Even with a 0 balance a credit card with a 10k limit is akin to a pre approved loan. U can
Go from zero to huge debt in seconds without asking any credit bureaus permissio

Applying for 40 credit cards is completely different. That would be bad because you'd have 40 people making hits on your credit bureau.

Having a 10k CC with zero balance is no biggie as long as it is R1 or R0.

[Barnet Flame]

Originally Posted by bomber317

The 2nd card is so you can take the cash out, double down on black so you can then pay off both cards.

It is reckless financial decisions like this that have flushed the US economy down the toilet.

You should double down on red.

[Deegee]

Originally Posted by MacGruber

Having more open credit does affect your credit rating Cecil. You should know this

Any credit adjudicator worth their salt looks at more then the rating.

[Cecil Terwilliger]

Originally Posted by Deegee

Any credit adjudicator worth their salt looks at more then the rating.

Even if they saw the available credit as too much of a risk (which it would take some serious credit card limits and a razor thin mtg app) they would just ask you to close the card.

This is all assuming the balance is zero. Any time you have $$ owing it counts towards your Gross Dept Servicing Ratio.

But if he pays it off every month the FI likely won't care if he has 1 card at $5k limit or 2 cards at $5k limit.

[Kavvy]

Just a warning about MNBA accounts, I am sure they are a legit company, but I have decided not to go with them, despite their sweet cash back credit card. This is due to the checks you must receive (v.s. just direct payments on your credit card) and this story:

I paid for my credit report and found out I have had a credit card open with MNBA for 5 years. I did the flames thing sign up at a game ages ago. It has never been used and has a $400 limit. This is the same company with the sweet cashback card, so I was going to cancel my old one and sign up for a new one.

I call the sign up phone number, I got hold of someone right away and they answered my questions terribly, but I still got to talk to someone.

A few days later I call the other phone number (for other information other than signing up for a card)…. I don’t have my card number, only the last and first 4 digits from my credit check. It was IMPOSSIBLE to talk to anything but a machine, and it loops around asking for your last 4 digits then all your digits of your account number. I call the sign up line for help and they told me to just keep pressing “0” at the other line, I do that, and I keep getting the machine. When I call the sign up line a second time for help, they say this time to just not push anything and wait.

I try this, after the machine loops around and ask me the same questions multiple times, I finally get a new menu. The new menu doesn’t ever say talk to someone or cancel your account right away, but 5 seconds later, as the machine needed to take a extended breath to finish the sentence or something, it comes back and gives you the option to talk to someone.

Once I got a hold of the operator, it honestly went well. The operator asked me if there was anyway they could convince me to keep my $400 credit limit account open, I said I had planned to open a new account once this one was closed, but this whole experience convinced me to not open one. He said if I had my account number it would have been easy and quick to talk with an operator, to which I replied that it shouldn’t have mattered, and to be fair, he did agree.

It just seemed way to fishy to me, like they were very aware of the headache someone would have to go through to cancel a card. I know they don't want to loose business, but thats no excuse.

Kavy

[Fire]

I haven't had any problems with my MBNA Smart Cash Card. Receiving cheques instead of putting it on your account is a bit annoying, but not a big deal. For cash back, I found it to be the best deal.

I should find out if they have another credit card under my name because I signed up for one at a Flames game about 10 years ago. I never activated it though.

[Kavvy]

Originally Posted by Fire

I haven't had any problems with my MBNA Smart Cash Card. Receiving cheques instead of putting it on your account is a bit annoying, but not a big deal. For cash back, I found it to be the best deal.

I should find out if they have another credit card under my name because I signed up for one at a Flames game about 10 years ago. I never activated it though.

Thats why I did. It only had a $400 limit, but it's good to tie up any loose ends!