Credit Cards

[CreditDrama85]

has anyone ever gotten their APR lowered on a chase credit card that was closed? or were you able to settle the account? (if so, for what % of the balance).

Chase will not lower my APR on my account and my balance never goes down. i have never seen a creditor so unwilling to work with a consumer before.

also, has anyone ever let an account with Chase charge-off? im thinking that may be my best bet at this point. do the fees continue to pile up on a chase charge-off?

[cadavis0609]

I would never reccomend letting it charge off. They continue to charge interest after it charges off. I let chase charge off with a 600 dollar balance on a 400 dollar limit and i ended up paying 2149 for it in the end after 2 years. It doesn't just go away and you don't want a charge off on your credit report. I would keep calling explaining your circumstances and eventually, you will get a CSR who will work with you. And furthermore, paying more than the minimum will bring it down and then you can sock drawer it.

[jmbfl]

Chase is unbendable. They went to the default rate when someone I know went overlimit and will not budge. This is on an OPEN account. Don't expect any cooperation with a closed account. And DO NOT let the account charge off. A chargeoff will be with you for seven years from DOFD and is far far worse that lates. You HAVE to find some way to get back on top of this account and stay on top. In my experience Chase is one of the worst out there when it comes to working with customers who have problems. Just another reason why Chase is very, very low on my list. That and my history with Chemical Bank.

[firstinlastout]

chase does suck indeed.

I have 3 credit cards with them and went through a divorce mid 2006. I got one 30 day late on one of the accounts and another 30 day late on another account.

Fast forward to 2008....my credit scores are pretty good (TU : 690  EQ : 673  EX: 704)  and guesss what my interest rate for each of the cards is ?  32%   Yes...it's true. And yes...I called and tried to get them to lower the rates and they would NOT budge. They are Junk. I am glad so many people are defaulting on their Chase mortgage loans and causing damage to this junk company.

With that being said, they are old accounts.....all of them opened in 2000, so they are important to my overall credit score.

[CreditDrama85]

my minimum payment is 150 a month. i have 10 30 day lates 5 60 day lates and 2 90 day lates. every time i bring the account current, it goes past due in a few months.... my APR is 28% and i keep getting charged an overlimit fee, so now i am 1,000 over my cl.

it is getting absurd.

[haulingthescoreup]

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CreditDrama85 wrote:

my minimum payment is 150 a month. i have 10 30 day lates 5 60 day lates and 2 90 day lates. every time i bring the account current, it goes past due in a few months.... my APR is 28% and i keep getting charged an overlimit fee, so now i am 1,000 over my cl.

it is getting absurd.

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In that case, I'd make this card my project for the next year or however long it takes, paying way over the minimum until it's finally killed off. Sounds like a good use for your tax rebate, if you haven't gotten it yet. It's never going to go away otherwise, and it will just keep getting worse and worse and worse. And as the others said, don't let it charge off. Not only will it not stop the balance from increasing, it will also (justifiably) frighten off other lenders, both current and future. GL

[athensguy]

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firstinlastout said:
They are Junk. I am glad so many people are defaulting on their Chase mortgage loans and causing damage to this junk company.

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Actually, they are one of the banks not hurting that much because they had less sub-prime lending and questionable investing. That's why they've purchased things like Bear Stearns and Target's credit cards and may be getting WaMu, Suntrust, or PNC.

[jmbfl]

As far as their CC practices are concerned Chase has always been tough as nails. That was the main reason I was not sorry to see Chemical Bank but them out after my long term relationship with Chemical went sour. No need to be blacklisted by two lenders when one will do!

(And yes, Chemical did buy Chase. For some reason they decided to retain the Chase name. Maybe it was in Salmon P. Chase's will that his name must live on! They both had very large credit card operations and they were merged. Chase was always difficult and I never liked them. Chemical was great until my divorice came. At that point things soured as I was unable to keep up with my payments. Presumptively I am now blacklisted.)

[FretlessMayhem]

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erchambers wrote:

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firstinlastout said:
They are Junk. I am glad so many people are defaulting on their Chase mortgage loans and causing damage to this junk company.

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Actually, they are one of the banks not hurting that much because they had less sub-prime lending and questionable investing. That's why they've purchased things like Bear Stearns and Target's credit cards and may be getting WaMu, Suntrust, or PNC.

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Target cards are backed by Chaae now?

[athensguy]

Chase bought 47% of Target's card portfolio.

http://www.forbes.com/markets/feeds/afx/2008/05/06/afx4974826.html