Tips

MBNA

November 2005:

I decided to apply over the phone since I still have a certain fear of my personal financial information being hijacked over the internet.  I dialed the main number 888-844-3775 and was quickly connected to a loan person who took my information over the phone.

The questions were the exact same as the on-line application.  I applied for the Gold-Line loan which MBNA refers to as a “Flexible Term Line of Credit”.  I requested $25,000 (that was the max you can request but I found out later you can ask for more) and a term of 96 months (also the maximum).  The payments for a $25,000 loan over 96 months was “about $400 per month” or so the lady said, depending on interest.

I didn’t really care that much about interest as I knew most FFR guys would be paying off the loan when the car is done.

I was approved in about 6-8 minutes and transferred to the next person identified as the “Credit Analyst”.  This guy approved the loan and set-up the payment method.  MBNA will send you checks to use with a welcome package or they will electronically transfer the approved amount of cash to your bank account (have your checking acct info handy).

I didn’t go thru the entire Citibank application process but it looks to be a clone of the MBNA process.  The maximum line of credit on the CitiFinancial website application is only $9,999, but you can request more if you are approved. 

Dave Smith

President FFR