06-10-2009 06:55 PM
06-10-2009 07:10 PM
When Chase was Wamu, I had a $16,000 limit, which, by the way, they gave me! I did not ask for the increases. My balance never went higher than $12,000. Two months before Chase took over, Wamu lowered my limit to $9,600! No late payments, no over the limit charges, payments early, and way more than the minimum payment payed every month. At the time they lowered the limit, my balance was $ 8,600. Now my card looks like it is almost maxed out.
I called when Chase took over, and asked them to lower my APR, due to my excellant payment history. They set it at 12.9% variable. I was very thankful. My balance is now at $8,000 or so.
Last week I recieved notice that they are raising my APR to 20.99% variable, which can go as high as 24.99%, FOR NO REASON! I can either close the account, accept the new rate change, or pay off the balance! When I spoke to them regarding this issue, they were like robots! There was nothing they could do, and I wasn't even allowed to speak to a manager, there wasnt one available.
My question: I have heard that it is harmful to your FICO score to close credit cards. Is this true? I have 3 other cards, with fairly low balances, and excellant payment history.
Frustrated to say the least, as I have had this card for more than 20 years!
Not a good idea score-wise to close a card with a balance...
Won't they update the new balance every month?
Chase may even charge something for the balance on closed account. Btw, 12k and 8k is kinda high during these (or those) times unless your income is good for chase/wamu to justify. APR raise is all legal i think, otherwise they wont not do it. Good history and good payment record means little to them when the banks want to reduce their credit exposure.
There was an article (pretty old one) that those peole who were affected by foreclosure, job losses, etc may default on credit card debt too.
Not possible and no they don't! Just the regular interest, OL and late fee's. Terms on the account are frozen upon closing.
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