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sje123

I hate Chase. Please help.

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I posted a while ago about how Chase upped my credit card to 29.9 percent even though I've never been late with them based on "high credit limits to balances" ratio from OTHER debt. I have NO late payments, collections or anything else on my credit. They just arbitrarily decided my balances were too high. :!:

It's RIDICULOUS that a credit card company could raise my rate on a card I've had with them for years and never been late on based on my credit limits/balances with OTHER companies (I maintain it's none of their business). So the credit line was $1500.00 and I've got it down to $300.00 with plans to pay it all the way in the next month.

I was worried because I had a BankOne Marriott Rewards Visa that Chase took over. My original contract was not with Chase, it was with BankOne. The credit line was $8000.00 with an interest rate of 11 percent and I owe about $6200.00 on it.

I JUST got the notice in the mail that my new interest rate is 29.9 percent based on my credit with OTHER creditors. At that rate I will never get this paid off! :<img src=:'>

I have no late payments to anyone, just some high balances. I don't understand how this is possible. It's not possible to get ticked off at them and pay it down like I did the other one. I don't know what to do.

Help!!

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I posted a while ago about how Chase upped my credit card to 29.9 percent even though I've never been late with them based on "high credit limits to balances" ratio from OTHER debt. I have NO late payments, collections or anything else on my credit. They just arbitrarily decided my balances were too high. :!:

It's RIDICULOUS that a credit card company could raise my rate on a card I've had with them for years and never been late on based on my credit limits/balances with OTHER companies (I maintain it's none of their business).

It is not as much as it is ridiculous is that many financial institutions are paranoid. Once your debt ratio goes up to a certain level, then all kinds of flags are triggered. It didn't used to be this way but now the CRAs sell plenty of products to creditors that allow for continous monitoring which is why it now happens.

But the bottom line is this. You have to excerise responsible credit behavior. You need to keep your balances low on ALL of your accounts even though you have never had a late payment or anything else that was negative.

Same thing happened with me but my debt was going through the roof. Every creditor started getting paranoid.

My suggestion would be this. Once you are able to get your debt back down, visit some credit unions. I have three credit cards that come from a different credit union. Their rates are very good and they don't do any of the tricks that the other paranoid outfits do even when my debt began to suck big green donkey [EXPLETIVE DELETED]!

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you might be able to close the account at keep it at 11%. Of course you cannot use it for other charges and will just be making payments but it keeps you out of 29.9% land.

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Aye, what the one above said. When Chase does this to you, say you don't agree to the new terms and close out the account. You won't have to pay the balance all upfront or anything...you just keep on paying like normal.

This isn't an issue of Chase being "paranoid", this is a predatory tactic on their part . They figure since your balance ratio is so high across the board that you're ALMOST over the edge and if they just give you that gentle little nudge, they'll own your a&#036;&#036;. Late fees, overlimit fees, all sorts of stuff they can charge you at that point.

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I agree that many if not all of the sub-primes are predatory because that is their business... Most national and departmental credit card outfits are that way...

But there are also many financial institutions that "only" seek the prime and the "super" prime customer. The moment someone steps outside of the prime and "super" prime category, then you are screwed.

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Thanks. I will call them and tell them I don't agree.

It seems insane to me that if they think you're in financial trouble, they make it HARDER for you to pay.

The second thing is that I'm not in any kind of financial trouble, not even close. It's ridiculous. Wouldn't I have late payments and collections if I were? I don't have anything like that.

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The second thing is that I'm not in any kind of financial trouble, not even close. It's ridiculous. Wouldn't I have late payments and collections if I were? I don't have anything like that.

That has absolutely nothing to do with it!

I got about a half dozen accounts of mine either closed or severely limited because of my debt ratio. And NOTHING was ever late. It was the debt ratio and utilization that did it to me.

It depends entirely on the outfit. As Xan stated, some are predatory lenders. Others are "only" looking for the prime and super prime customers and the moment you step outside their paradigm, then it is game over. They don't want to have anything to do with you.

And now with the software that is doing this, it is not necessarily a real live human being that makes these decisions. It is the criteria that is in the software that does this. The CRAs do NOT have just one product that they sell to their customers. Now they have a wide array of products that do this sort of thing.

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