Ok, lets dial it down a few notches in this thread, please remember to be respectful of each other. I thank you for your cooperation and understanding in advance.
http://ficoforums.myfico.com/t5/Credit-Cards/Forum-Etiquette/td-p/2905196
@akula wrote:
@longtimelurker wrote:
@akula wrote:
@longtimelurker wrote:
@akula wrote:
@longtimelurker wrote:
@akula wrote:
Obviously he is not going to answer the question about what was charged. This type of action is why I have no problem with banks charging big interest on credit cards. The world is full of cheats. It is clear this is exactly what the OP was doing by how he ran the charges. He obviously learned nothing from his poor credit choices in his twenties.OP was running charges that way to get them approved. I don't view that as cheating at all. Chase is always aware of the outstanding balance and can accept or decline any charge based on their algorithms.
As for learning: IF Chase really follows through with what they told the OP (no need to pay the OTL charges immediately , 0% APR remains in place) this was a successful experience. Of course there is that IF, but the statement seemed to require only min payment.
Well, I certainly view this as a highly dishonest act. Apparently, Chase shared my viewpoint - they closed his account(s). Obviously, he had some type of experience doing this or researched, which enhances the deceit in my opinion.
What makes you think that? Chase closed the card because of perceived risk (too rapid use of credit) not because it was "highly dishonest." Chase is not shy about accusing people of violating T&Cs, as with UR transfer shutdowns.
No matter how you spin the verbiage, the conclusion remains the same. Chase closed his account(s) and no longer wishes to have him as a customer. If that is not AA, then I am not sure what is. I believe Chase was 110% justified at closing the account and to be honest, I hope all his accounts suffer AA.
Of course it is AA, but AA is taken for various reasons, and I am saying your statement that Chase did this because it was "highly dishonest" is unsupported.
"to be honest, I hope all his accounts suffer AA" is just nasty, what is it to you?
Lol, they severed their relationship with this individual, I am almost certain they share my viewpoint. Nasty? Sorry, I just don't care for cheats. The methodology used to charge the 26k was used to skirt the system. You may feel that his actions were ethical, but I certainly do not.
I had large balances with several CCC, including Chase, who balance chased me, closed some accounts, accelerated terms on one account to 5% minimum payment per month (myself and thousands of others with large balances). I paid several cards off, still paying on one of the Chase cards because it has a low Forever APR. I am still within terms on all the cards.
The fact that Chase takes AA does not mean they sever the relationship. The fact that an account is closed does not mean you lose the terms of the account.
I'm getting the 10 points + 10% extra points per swipe on my Freedom card when others have lost theirs. I got instapproval for the Marriott and Hyatt in December and January. The Slate and Freedom, though CLD, are still open and active.
OP has already clearly stated the intent to pay off the entire amount when funds become properly available from a specific resource.
OP has also clarified the terms of the arrangement, that apparently the operation of this loan is within terms of the card agreement.
As I stated in a earlier post here, as long as OP is paying within the terms of the card agreement, even if Chase closes the account, those terms stay in effect. The only open question would be the disposition of the UR points, which is a relatively minor aspect.
In the long run, OP is saving a lot of interest on this transaction, Chase may be a little cautious for a while, but after this is paid off, Chase will be right back in there offering CC's to the OP.
