I HATE CHASE!!!!

iVillage Member
Registered: 10-21-2003
I HATE CHASE!!!!
7
Sat, 12-17-2005 - 6:34am

And I urge everyone I can to boycott them if at all possible!!!

I logged into my account online the other day to get my balance...I was imputting my debt into MS Money to follow their debt reduction tool (VERY usefull BTW). I noticed that my fixed 7.99 (had this card for YEARS at 7.99) was now 29.99%!!!! Baffled, I called to find out why I was informed that as part of their new "risk management" they now review your entire credit report and they determined that I was a risk because I had too much available credit on other accounts. They had the nerve to tell me that with all the available credit at my disposal, they considered it a liability because I could max it out and not be able to afford to pay their card. WTF?!?!?! I have a mid score of 780 and have never once been late or over the limit on that card (or any card for that matter). There was no rational reason to quadruple my rate. Needless to say I canceled the card immediatly and moved the balance elsewhere. I will NEVER do any business with Chase ever again.

I am so angry!!!! If you have anything with Chase...Watch out.

iVillage Member
Registered: 12-05-2004
Sat, 12-17-2005 - 10:43am


You did the right thing, but I know you know that. You are telling them that they're not going to get that 29.99% from you, and you're not going to take their dishonest practices. I know I've heard somewhere that having large amounts of credit at your disposal is a ding against your credit, but you said your credit was at 780. That's fantastic! It would be differnet if you had been missing payments on other bills/cards, and they raised it for that. But what they did is no different than meeting your child at the door after school and saying, "You're grounded for two weeks!", and when your child says, "But I didn't do anything!", saying, "Well, you just MIGHT!" LOL! Being punished for something you haven't done yet isn't quite fair. :-D

Pat

iVillage Member
Registered: 05-09-2005
Sat, 12-17-2005 - 12:28pm
Hi -
Wow, and good for you for being able to transfer the balance. What a crummy thing for them to do -- so now they raise rates if you are late and can't pay and then they also raise rates if you are never late and always pay. Thanks for the warning. We just got 2 offers from them to do a balance transfer at a fixed rate of 3.99 % -- but apparently fixed doesn't mean much to them. I think I'll cancel our accounts with them. How infuriating.
Megan
iVillage Member
Registered: 10-10-2005
Sat, 12-17-2005 - 12:57pm
Thankfully Chase is next on my list to pay off once I get my Best Buy card paid off. The interest rate on it is out of the this world too. I'll be really glad when I can finally look back at all of this and smile knowing that I will never be at the mercy of another credit card company again.
iVillage Member
Registered: 01-06-2005
Sat, 12-17-2005 - 3:14pm

Me too! I owe my Dad $800, so he is first on our list. But Chase is second! I owe them $1,420 right now. I have been fortunate to be able to use the Chase card for some fixed-rate balance transfers, or else they would have been paid off a long time ago.

The credit card companies are all gonna go under when we are all through with them, huh?? :)

~Aravis~

 

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iVillage Member
Registered: 08-13-2003
Sat, 12-17-2005 - 10:01pm

Woah!!!!! That's unbelievable!! It's a good thing you caught it and were able to transfer your balance!

I appreciate the heads up -- I'm going to keep a close eye on my Chase card now. It's at 0% 'til Feb. '06, but I may be transferring our relatively small balance to our empty Citicard now that I've heard what they're doing to you!!

Amy

iVillage Member
Registered: 12-12-2004
Sat, 12-17-2005 - 11:41pm
Hi, shortee. Awhile ago, there was an article that mentioned, among other things, that cc interest rates will be going up, and that before bankrupcy can be declared, the person must go thru credit counselling, debt reduction, etc. In other words, it will be harder to file bankrupcy than in the past. The cc's are saying no more to the 1% of balance; otherwise, it would take 30+ years to pay off credit cards with minimum balances, etc. Yes,people can choose to get a 0% interest card, move to a better card, etc. Too many "open" accounts indeed spell potential credit risk. l) Check your FICO scores with the 3 major companies (i.e., Experian, etc.). Look to see if everything is OK, credited appropriately, no late charges, charge-offs, penalties. 2) Can you close an account? If you close too many, however, not good either. Example: I discovered I had an "open" account at a retail store I never shop at---for two years. Yes, the credit limit was minimal($500 or so), but I closed it nevertheless. I could never figure out why my scores werent going up, but that was one reason---open accounts not being used. 3) Make sure you put everything in writing. 4) Can you get your E-fund or savings account built up? It might show them you are a better credit risk. Example: DH has about $15K in his checking account. Good luck to you. Whiz.
iVillage Member
Registered: 07-10-2001
Tue, 12-20-2005 - 3:12pm

I had the same problems with them before it got to the point that I had to file BKY.

In essence, I think the problem is that Chase is really hurting from the costs of acquiring BankOne and all the expansion they have been doing....so they are trying to make it up through the CC's.