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I just can't believe Chase did this!!!

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I was very upset at the terms of my new Chase account...I liked WAMU and was paying 11.99 APR, chase took over and it's 26.24 this month...well needless to say...I closed chase.

I paid them every last dime in my last payment of 62.14 and closed the account after the payment went thru and posted...

Yesterday I checked the account online, not only is it NOT closed, it says I have a much higher credit limit and that I owe them 1.11....

So I called yesterday and spoke to someone who said it's a residual charge left over from financing...I told him I paid the balance in full March 26th and the new statenmment came out it had 0.00 balance owed.

The CSR said he would reverse the transaction and I would not have to pay...I asked if the account was closed and he said yes it was. I said OK thats all I wanted...

Well today guess what shows up on TC, Chase saying I owe 1.00 and my account is in COLLECTIONS!!!! I hit the ceiling

so again I call and they say I am paid in full and the account is closed in good standing...I told them what it said on my report and the CSR said he would see if he could correct it, but not likely until next month...my Fico dropped to 652...

I guess I will have to wait, I cannot dispute cause I need the history...

Watch out for chase!!!

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I'll take a guess as to what happened. It's the concept of "trailing interest"

You were probably carrying a balance immediately prior to when you paid the remaining balance of $62.14.

Let's say your statement closed on January 13 and the balance was $62.14. You paid the $62.14 on January 20 and then requested the account to be closed. As far as you know, the account was closed with a balance of $0.00.

However, because you didn't normally pay the account in full, interest was accruing each day that you carried a balance from January 14 until January 20 when you made payment in full. This interest, called "trailing interest" wasn't applied until the February statement.

When the February statement closed, this brought your balance from $0 up to whatever the amount of the trailing interest was, in this case $1.11...

This could have been avoided had you asked for a payoff statement prior to you assuming that a payment in full would pay the account off. Although, they should have "stopped interest from accruing" as a courtesy to you when you closed the account.

However, if your entire balance is comprised of fees and finance charges and no merchandise, balance transfers or purchases are included in the amount due, then they aren't supposed to report you late to any CRA...

If this isn't a case of trailing interest, then it's hard to know what happened. In my experience, though, Chase makes very few mistakes, if any. And, if this is a case of trailing interest, then it doesn't sound like a mistake; just a misunderstanding.

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From what I have read here and other forums, it looks like pretty much everyone was rate jacked with Chase taking over WAMU. I've had my WAMU VISA for 3 years, one of my longest good tradelines. I've had a VISA through Chase for about 2 years. The APR on the WAMU was jacked, but the CHASE stayed the same. They are at the top of my cancel list, just waiting to see if the APR's come down again, not holding my breath though.

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