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Changing interest rate


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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.

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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.

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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.

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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.

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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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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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