BE CAREFUL with LendingTree.com. Or, **** YOU MBNA...

BrianKagy · Sep 24, 2002

OK, so a few weeks ago, I decided to refinance my car loan, on a whim. I'm going to write a check for the balance next August (a year early), but I figured I could save $40 or $50 a month in interest between now and then by refinancing. I quickly found out that lenders will not refinance car loans with balances under $7500, so I wasn't able to secure a loan that way.

Thinking quickly, and stupidly, I decided to apply for a personal loan through LendingTree.com, thinking that the worst thing that would happen would be a couple quick inquiries into my credit record (which drives your score down just a bit, temporarily). If I could convince some stupid bank to loan me the money at an APR lower than my car payment through an unsecured loan, great; if not, no biggie.

Well, it turns out that wasn't quite the case. I got an offer from MBNA, for a personal loan of $5600 at an APR of 15.99%. LOL. Not very helpful. So I refused it out of hand, without even thinking about it.

And today, in the mail, I get a congratulatory letter from MBNA, thanking me for opening an account and telling me all the ways I can help them engage in usury.

I rejected their offer.

They still opened an account for me.

This ****s up my credit score for the next several months. Creditors don't like to see you opening up a bunch of accounts, especially not stupid personal loans from glorified loan sharks. They don't care if you told the creditor not to open the account. My score will recover-- I cancelled the account immediately-- but I still feel burned. I don't like to be taken advantage of, and that's what I feel MBNA tried to do. I think there are a lot of people out there who wouldn't see this for what it is-- a naked attempt to rope in another dumb American consumer who'll borrow and borrow and borrow until their minimum payment is $200 a month-- and I resent the underhanded tactic.

So, let me extend a warm **** YOU to MBNA, its employees and shareholders, and the families and pets therein related. Let me wish for them cancerous leisions and sexually transmitted diseases and, depending on gender, male pattern baldness or that little pouch of skin and fat that some women get between the belly button and vagina.

Most of all, let me wish them corporate leadership in the best tradition of Enron, WorldCom, GlobalCrossing, and Arthur Andersen.

**** you, MBNA.

Sincerely,

Brian P. Kagy

X-PAC · Sep 24, 2002

Originally posted by BrianKagy
OK, so a few weeks ago, I decided to refinance my car loan, on a whim. I'm going to write a check for the balance next August (a year early), but I figured I could save $40 or $50 a month in interest between now and then by refinancing. I quickly found out that lenders will not refinance car loans with balances under $7500, so I wasn't able to secure a loan that way.

Thinking quickly, and stupidly, I decided to apply for a personal loan through LendingTree.com, thinking that the worst thing that would happen would be a couple quick inquiries into my credit record (which drives your score down just a bit, temporarily). If I could convince some stupid bank to loan me the money at an APR lower than my car payment through an unsecured loan, great; if not, no biggie.

Well, it turns out that wasn't quite the case. I got an offer from MBNA, for a personal loan of $5600 at an APR of 15.99%. LOL. Not very helpful. So I refused it out of hand, without even thinking about it.

And today, in the mail, I get a congratulatory letter from MBNA, thanking me for opening an account and telling me all the ways I can help them engage in usury.

I rejected their offer.

They still opened an account for me.

This ****s up my credit score for the next several months. Creditors don't like to see you opening up a bunch of accounts, especially not stupid personal loans from glorified loan sharks. They don't care if you told the creditor not to open the account. My score will recover-- I cancelled the account immediately-- but I still feel burned. I don't like to be taken advantage of, and that's what I feel MBNA tried to do. I think there are a lot of people out there who wouldn't see this for what it is-- a naked attempt to rope in another dumb American consumer who'll borrow and borrow and borrow until their minimum payment is $200 a month-- and I resent the underhanded tactic.

So, let me extend a warm **** YOU to MBNA, its employees and shareholders, and the families and pets therein related. Let me wish for them cancerous leisions and sexually transmitted diseases and, depending on gender, male pattern baldness or that little pouch of skin and fat that some women get between the belly button and vagina.

Most of all, let me wish them corporate leadership in the best tradition of Enron, WorldCom, GlobalCrossing, and Arthur Andersen.

**** you, MBNA.

Sincerely,

Brian P. Kagy
Click to expand...

Is it too late to nominate Mr. Kagy my favorite poster?

mateo · Sep 25, 2002

MBNA sucks. In a weak attempt to get an Astros hat in 1994, I signed up for one of their sports credit cards. At that time I was living in a rather shady apt complex where mail sometimes disappeared. I cancelled the credit card in 1995 because I never used it. Three years later I get a call from them.

"Sir, why haven't you paid your bill? You are four months late."

I explain that I cancelled their account but they claim I used my MBNA card to buy $1500 in children's clothes. I say that is impossible because I destroyed the card. Plus I have no kids.

"Sir, when you used the checks we mailed you, we sent you another card."

Those idiots mailed credit card checks to my old address, and someone snagged them, used them...and then got a card in my name. I instantly cancelled the card and posted a fraud alert (pain in the ass, by the way...and trust me, no one will arrest anyone...but thats another painful story).

Ok, so that was 1998.

Six months ago, MBNA called again to say I was late AGAIN. They were also curious whether I really wanted to change the address on my billing statement. Turns out they sent the checks AGAIN, and the same crap happened. This time I got a lawyer to say that if they dared even call me again I was going to do something or other....at this point I am shopping for a house and suddenly I am stressing about my credit which I thought was spotless.

Oh, and I asked since they have the address of the person who is screwing me over, can I either (1) have it (I wish) or (2) give them the number of the HPD officer who has been handling my fraud crap for 4 years. They declined, saying they have insurance for this type of stuff. So the crook is getting away with it.

I hate MBNA just as much. Stupid cap fell apart, too. Or was it a t-shirt?

Smokey · Sep 25, 2002

Do you have one?

Drewdog · Sep 25, 2002

Happened to me to when I was applying for a loan on my new car back in April.

I didnt get approved for credit with Lending Tree, but the next thing I know Covert Ford and Capital Chevrolet are calling me up telling me to come out and pick out a car. They said that they saw my credit score and I would be pre-approved over the phone.

I looked at my credit history and those bastards tapped my credit probably 6 or 7 times. Pisses me off because I got a higer intrest rate on my Altima that I purchased in May.

I was a little leary giving out all my credit info online, and now I know better.

Guess we had to learn the hard way.

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BE CAREFUL with LendingTree.com. Or, **** YOU MBNA...

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