creynoso Posted March 11, 2005 Author Report Posted March 11, 2005 I have a credit card with Chase. They gave me a really good rate and indicated that if I were late, the rate would change. I have set up payment electronically and have not ever been late. My husband and I used the card to open a small business. We are now "over extended". We are making our obligations and have not been late to Chase. They pulled my credit report and because the score was "low" hiked my rate! It is now over 24%! Can they do that legally? I have not been late and they are punishing me for a poor report which is just temporary. We are selling the business and will be paying the credit debt off.
creynoso Posted March 11, 2005 Report Posted March 11, 2005 I have a credit card with Chase. They gave me a really good rate and indicated that if I were late, the rate would change. I have set up payment electronically and have not ever been late. My husband and I used the card to open a small business. We are now "over extended". We are making our obligations and have not been late to Chase. They pulled my credit report and because the score was "low" hiked my rate! It is now over 24%! Can they do that legally? I have not been late and they are punishing me for a poor report which is just temporary. We are selling the business and will be paying the credit debt off.
divemedic Posted March 11, 2005 Report Posted March 11, 2005 Sadly, they probably can. It is done all the time and is just one more way that big business in general and the financial industry in particular screws the consumer. That is why I don't feel bad that I am using the same legal system to my advantage.
divemedic Posted March 11, 2005 Report Posted March 11, 2005 Sadly, they probably can. It is done all the time and is just one more way that big business in general and the financial industry in particular screws the consumer. That is why I don't feel bad that I am using the same legal system to my advantage.
CreditDiva Posted March 11, 2005 Report Posted March 11, 2005 I had Citibank yank me from a 5.6% to 29.00% because they pulled a report and saw a late payment from an old closed CC? I had been with them since '89, as soon as I get clear again..ditching them
CreditDiva Posted March 11, 2005 Report Posted March 11, 2005 I had Citibank yank me from a 5.6% to 29.00% because they pulled a report and saw a late payment from an old closed CC? I had been with them since '89, as soon as I get clear again..ditching them
creynoso Posted March 11, 2005 Author Report Posted March 11, 2005 I am going to ditch Chase as well! I can't believe these companies can get a way with treating us like this. I told them they were not treating me like the customer they KNEW - My customer rep was real sympathetic - BUT could not change it.
creynoso Posted March 11, 2005 Author Report Posted March 11, 2005 I am going to ditch Chase as well! I can't believe these companies can get a way with treating us like this. I told them they were not treating me like the customer they KNEW - My customer rep was real sympathetic - BUT could not change it.
DocDon Posted March 11, 2005 Report Posted March 11, 2005 This is nothing really new. MBNA does the same thing. I can't remember the term for it, but they use your relationship with other creditors as a reason to jack your rates. They call it "risk management", when in reality it's nothing more than greed.
DocDon Posted March 11, 2005 Report Posted March 11, 2005 This is nothing really new. MBNA does the same thing. I can't remember the term for it, but they use your relationship with other creditors as a reason to jack your rates. They call it "risk management", when in reality it's nothing more than greed.
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