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What a nightmare, I have spent the last two years, maybe more, monitoring and repairing my credit. I brought my FAKOs from the mid 500s to 733, 698, and 693. I have received cards with single digit interest rates for the first time in my life and have not be late on ANY debt in about 4 years. I had a Target card that was at 15% and I requested a rate reduction. Sorry we can't do that, was the answer. Followed shortly by a closing of the account for non-use. I did not use it because my Chase account had better terms. I have two Chase accounts. In April, one account had a $4900.00 balance on a 6k limit and the other was $8700.00 on a 10k limit. In April we paid the $4900.00 off with our refund and began making aggressive plans to kill off the other by Christmas. My wife was considering moving our checking account to Chase and had a discussion with them two weeks ago about it. When we paid off the first card, I followed up with a phone call to make sure we were not shooting ourselves in the foot by prompting a CLD. "No sir, we have no notes about that and your account is in good standing" they said. Based on the great rate, and good credit limit, we opened a $10k savings account at Chase and were waiting until our CU loan was paid to 50% before moving our checking. So, for those keeping score...Increased scores, low interest, 20% utilization, tradelines dating back to 1994, $10k in savings, and my reward? One TL lowered to the balance, and the second to SIX HUNDRED DOLLARS. Yes 10% !! of my CL. Reasons?

1. Not enough availbale credit. BOGUS, more available than when the card was issued and more available than any time in my LIFE.

2. Too many tradelines under 24 months - BOGUS. Guess which ones were under 24 months....THEIRS !!!

3. Time since card opened is too short - WHAT? I don't even understand this one. It is their own account they are referring to. and it has never been late and more than minimum payments were always made.

I am spitting mad to say the least. It seems the reward for BAD pay history is identical to that for GOOD pay history. The lesson learned? Rack up those bills and WALK WAY !! Forget about your score if you own a house and a car. I busted my AZZ to get my doo doo in a collective pile and THIS is my reward? When I filed bankruptcy 15 years ago I had more available credit than I have today with FIVE TIMES the income now. What is the recourse? Has ANYONE had a CLD reversed in the history of man? Is it a total waste of energy to call them and explain how absurd their reasoning is?

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Welcome to 2009. You may have missed the recent financial crisis. 8-)

Seriously, it is pretty much an industry wide thing that issuers are circling the wagons and taking a very pessimistic view of life. There is no harm in asking them but I would hold out much hope, the only goof thing is that it isn't personal. :dunno:

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So, I'll close the account, close the savings, and function off of cash or personal loans only and when the economy turns and I start getting offers, I will perhaps use them as toilet paper and send them back in.

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So, I'll close the account, close the savings, and function off of cash or personal loans only and when the economy turns and I start getting offers, I will perhaps use them as toilet paper and send them back in.

I can certainly understand your frustration and anger but is that really the best course of action for you? Your credit rating will take a hit. Why not try another issuer? Just a thought. And don't let the bar stewards wear you down :)++

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That's really harsh, Aerovette. You have every right to be angry. That just proves to me how impersonal Chase is, and how unpredictable they are - they are notorious for raising rates and more so, cutting credit limits. This is just one more example, and a heinous one at that -geez, with $10,000 on deposit, you'd think they'd cut you some slack.

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That's horrible. Same thing sorta happened to my little bro. AMEX canceled his credit card, which he only had for 4 months and was PIF each month. AMEX closed his account for some lame excuse, and has perfect credit. Something about: "too many accounts with a short history".

Well, he called them and they reinstated his points and his account for him. It took about a month, though.

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Chase got me today. I logged on to check my accounts, and saw that the account with the $1400 limit had been cut to $600. I had a $300 balance on it that I had logged on to PIF. I'm going to call during their business hours to tell them to either restore it or cancel. The WAMU that was turned into a Chase is still at $3500. If it gets cut they are both gone. I was going to wait until the end of the year to close them, but it looks like they get fired sooner.

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You have been treated to the fine business school ethics of American Capitalism, 2009, which is akin to "women and children get out of my way". They are cowards, live their lives based on the daily returns from the stock exchange, and quite frankly don't deserve our business. That's why I like Dave Ramsey so much--he hates these credit card businesses, despises them, and encourages us all to put them out of business.

I have been struggling like hell for four years to get my credit score out of the high 500's. Finally did last winter.

Last December I got automatic checkout-line approvals for 300 CL's through Sam's Club and Old Navy, one's I didn't even want because they seemed so small. But I took them, in hopes I could build up my credit score.

This May, Sam's cut my line in half. I had only used/paid it off monthly anyway, carried no balance.

Two weeks ago, Old Navy did the same thing. Hardly use it, but had just done so for my daughter who went on a trip, needed some clothes. I haven't looked, but I am sure my CR took a hit for those CLD's.

I have some other small MC/Visa accounts that I am keeping at 50% utilization, but I have decided to actively NOT pay those off with any windfall money that comes my way, for this very reason--they will use it as an excuse to cut my CL. I'll just keep plugging away with minimum-plus-50% to pay them down, and keep my cash under the mattress. God Bless

;-)

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:-x:-x:-xReceived a letter in the mail today from Chase, says "After careful consideration, we have decided to close the above noted account for the following pricipal reason(s)"

-Total available credit on bankcards is too low

-Average length of time since bankcard(s) opening is too short

-Too few accounts paid as agreed compared to total accounts

I'm soooo ticked off rigth now!!!!:mad::mad::mad: This was a WAMU account that was changed over, I had a limit of $3000.00 with a $0 balance. This is total garbage, I finally get all of my scores (true Fico's) over 700 and now this. No lates in over four years, always pay more than the minimum balance on all accounts. I spoke to a customer service rep who I could bareley understand so I asked to speak to someone in the states at which point I get disconnected. Unbelievable!!!!

I obtain a free copy of my experiain report and the only thing on there thats new is an inquiry from B of A because my wife and I applied for a morgtgage through them. I'm too angry right now to call them back so Im going to wait until tomorrow. Sorry for the rant just had to vent a little.

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:-x:-x:-xReceived a letter in the mail today from Chase, says "After careful consideration, we have decided to close the above noted account for the following pricipal reason(s)"

-Total available credit on bankcards is too low

-Average length of time since bankcard(s) opening is too short

-Too few accounts paid as agreed compared to total accounts

I'm soooo ticked off rigth now!!!!:mad::mad::mad: This was a WAMU account that was changed over, I had a limit of $3000.00 with a $0 balance. This is total garbage, I finally get all of my scores (true Fico's) over 700 and now this. No lates in over four years, always pay more than the minimum balance on all accounts. I spoke to a customer service rep who I could bareley understand so I asked to speak to someone in the states at which point I get disconnected. Unbelievable!!!!

I obtain a free copy of my experiain report and the only thing on there thats new is an inquiry from B of A because my wife and I applied for a morgtgage through them. I'm too angry right now to call them back so Im going to wait until tomorrow. Sorry for the rant just had to vent a little.

The fact that credit card companies are using complete BS excuses to close lines or reduce them is well documented - just look at a post I did about Amex 4 months ago:

http://www.cardratings.com/forum/viewtopic.php?f=35&t=20382

It's not you - it's them.

The good news is after this economic melt down ends they will be looking for customers again, and I intend to stuff the postage paid reply envelopes they send with their solicitations with dog poop and return it to them. I can live a lot longer without them than they can without customers. All businesses need their customers more than their customers need them, and generally it takes 4 times as much money to attract a new customer as it does to keep an existing one. It costs just one moment of stupidity to chase the good customers away - permanently.

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1st off, Chase is closing all WAMU accounts, if yours hasn't closed yet, it will be soon. Chase bought WAMU to expand it's banking presence on the west coast, they didn't want WAMU's credit card protfolio.

2nd, all major CC issuers are cutting the fat off the books, it's not just Chase. They are all slashing credit lines and jacking interests rates on darn near everyone. To an extent, it makes sense, they have more debt on the books than assets, unemployment has gone up along with defaults, they have to limit their exposure and the easist way to do that is not allow people to charge up more debt. Unfortunatly, it screws all of us because it makes our utilization higher, and lowers our credit scores.

I've got one card with Chase, so far they haven't raised the rate or slashed the limit yet, but I charge $2k-$4k a month on it and PIF each month. In short they make enough just off the merchant fees to keep them happy, and there is no point in raising the interest rate as I PIF. But Citi, Discover, and Cap1 all tried to rate jack me, those are the cards I have debt on and am trying to pay off. They wanted to take me from 6-9% interest to upwards of 20% interest. My score is in the mid-700's too. Hell no, I opted out and closed them.

But I'm not mad about, it's just business. Once paid off I had planned on closing them all anyway, and never want to be in CC debt again so really I could care less what they all do. As long as I have one card with a high enough limit so that I can charge all my purchases and PIF each month, I'm a happy camper.

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It's not just that Chase is closing accounts........

I had a WaMu card too at 8%. When Chase took over they jacked it up to 10%. I had the option to close the account and keep the rate at 8% and lose my credit history, or keep my credit history and and pay the higher interest. I kept the card open because I've had this card longer than most of the others and my credit limit is the highest on this one: $6500. Well a few months ago they jacked it up AGAIN to 14%. My balance was around $3000. but I figured I'd pay it down quickly and keep my credit history. So I opted to go with it and keep the card open.

Now, just like someone else had posted, I recieved a letter saying they're closing the account for the exact same BS reasons. My balance is only $300. now and will be paid off immediately and I don't intend on ever doing any kind of business with Chase EVER AGAIN! This good paying customer is GONE!

I just can't help but wonder how people must be feeling who are receiving these letters, and are carrying a balance with a high interest rate, and are kicking themselves right now because they HAD the option of CLOSING the account themselves earlier and paying off their balance at the lower interest rate! But now they're stuck with a higher interest rate and have had their account closed anyway!!!

Chase is really evil for doing this! I'm writing to my congressmen and I suggest you all do the same!

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The interesting thing about this is that Chase is affecting not only their credit card base of customers, but also their potential mortgage clients.

Many of the customers (I'm a realtor) I work with will NOT apply for a mortgage with Chase just because of the credit card letters they have received (just like the letters above). These are customers with excellent credit, excellent income, and extremely low debt ratios and large down payments. In other words, these are the type of customers mortgage lenders fall all over themselves trying to attract. However, they do not want to patronize a bank that is trying to attract them on one hand and punish them with the other hand (cc's). What does Chase think, that we won't notice their methods? It is tough to measure how many people don't apply to a particular mortgage lender - but there must be some sort of measurement that can show a drop in applications since this new round of Chase letters was sent out. I just find it interesting and hope people keep it up - the banks need to learn a lesson out of all of this chaos.

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The interesting thing about this is that Chase is affecting not only their credit card base of customers, but also their potential mortgage clients.

Many of the customers (I'm a realtor) I work with will NOT apply for a mortgage with Chase just because of the credit card letters they have received (just like the letters above). These are customers with excellent credit, excellent income, and extremely low debt ratios and large down payments. In other words, these are the type of customers mortgage lenders fall all over themselves trying to attract. However, they do not want to patronize a bank that is trying to attract them on one hand and punish them with the other hand (cc's). What does Chase think, that we won't notice their methods? It is tough to measure how many people don't apply to a particular mortgage lender - but there must be some sort of measurement that can show a drop in applications since this new round of Chase letters was sent out. I just find it interesting and hope people keep it up - the banks need to learn a lesson out of all of this chaos.

Exactly why I am not refinancing my mortgage. Started the process then the mortgage broker says to me "This loan will probably end up with Citibank as servicer" and I said "then cancel it." Don't tell me you won't do business with me and then expect me to become a customer. When I place you on my "DO NOT DO BUSINESS WITH THIS COMPANY" list, you are there forever.

So far this list (at least in the Finance arena) consists of:

Crap1

Citibank

GE Money Bank

American Express

Advanta (if they ever come back to life)

Don't misunderstand me - I have good credit and 50% equity in my home. Most mortgage lenders would jump at the opportunity to do business with me, but I reserve the right to determine who I will do business with.

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