cancel
Showing results for 
Search instead for 
Did you mean: 

JP Morgan Chase Just Rate Jacked Us

Moderator Emeritus

JP Morgan Chase Just Rate Jacked Us

We (wife and me) have a joint Chase Plat Visa that has been open since Nov. 1993. Chase will be raising our rate from 8.24% to 16.24 effective Oct 1st. Here are the pertinent facts.

 

Wife's FICO are 780-806, mine 816-807

We have never been late on this account or any other account

We charge about 300-500 a month on this Chase card and PIF before the statement cuts every month

Reports are free of derogs, lates and inqs

Both of our util is less than 1% (reports %1)

Each of us has only one CC report a small balance

Wife owes a total of $1,300 to creditors that's reporting (BoA CC and a student loan)

I owe a total of $635 to creditors that's reporting (CITI CC and a personal loan)

 

Chase's reason for the RJ, its a response to "market conditions". This just goes to show that we can behave like good little boys and girls and still have AA taken against us. Since we pay this CC in full every month, this RJ won't matter much. The question is what will Chase do next, CLD or shut the account down. Let em.

 

 

27 REPLIES
Senior Contributor

Re: JP Morgan Chase Just Rate Jacked Us

Makes me feel good about Penfed and NFCU. Sorry fused.
Established Contributor

Re: JP Morgan Chase Just Rate Jacked Us

Hmmm...my Chase Platinum Visa (converted from Wamu), carries a zero balance and is not nearly as old as yours, and my scores while between 784/790 are not as healthy as yours, and my last statement was also 8.24%...I will be waiting for my "luv" letter, if not outright closure, to arrive in the mail any day.

 

Thanks for the heads up Fused, your post gives me at least overnight to reconcile my business decision when this happens. I will probably just close the card as it would not affect my score in any way.

 

Frankly, I am too old to be concerned about AAoA in 10 years!Smiley Very Happy

 

However, I cannot  help but feel for the members who still need their card from Chase, for whatever reason.

Message Edited by plasticman on 08-06-2009 07:41 PM
Message Edited by plasticman on 08-06-2009 07:50 PM
Moderator Emeritus

Re: JP Morgan Chase Just Rate Jacked Us


fused wrote:

We (wife and me) have a joint Chase Plat Visa that has been open since Nov. 1993. Chase will be raising our rate from 8.24% to 16.24 effective Oct 1st. Here are the pertinent facts.

 

Wife's FICO are 780-806, mine 816-807

We have never been late on this account or any other account

We charge about 300-500 a month on this Chase card and PIF before the statement cuts every month

Reports are free of derogs, lates and inqs

Both of our util is less than 1% (reports %1)

Each of us has only one CC report a small balance

Wife owes a total of $1,300 to creditors that's reporting (BoA CC and a student loan)

I owe a total of $635 to creditors that's reporting (CITI CC and a personal loan)

 

Chase's reason for the RJ, its a response to "market conditions". This just goes to show that we can behave like good little boys and girls and still have AA taken against us. Since we pay this CC in full every month, this RJ won't matter much. The question is what will Chase do next, CLD or shut the account down. Let em.

 

 


Sorry to hear all that. My first thought was that I'm glad I don't have a Chase account but then realized any CC issuer could do the same thing to any of us. 

Moderator Emeritus

Re: JP Morgan Chase Just Rate Jacked Us

One more tidbit. This card has an AF of $25 and NO rewards. We're not in a position to kick (and ground & pound)Smiley Very Happy Chase to the curb because it my wife's oldest TL.
Established Contributor

Re: JP Morgan Chase Just Rate Jacked Us


fused wrote:
One more tidbit. This card has an AF of $25 and NO rewards. We're not in a position to kick (and ground & pound)Smiley Very Happy Chase to the curb because it my wife's oldest TL.

That does it , I will not even wait till overnight to decide what I will do. The moment I get my notification Chase will be my next call to close the account myself.

 

Too bad it is your oldest trade line...I know emotionally closing it will feel good..In your case it would be an obvoius bad business decision.

Message Edited by plasticman on 08-06-2009 08:07 PM
Senior Contributor

Re: JP Morgan Chase Just Rate Jacked Us


fused wrote:
One more tidbit. This card has an AF of $25 and NO rewards. We're not in a position to kick (and ground & pound)Smiley Very Happy Chase to the curb because it my wife's oldest TL.

OOFA!!

 

You don't carry balances anyway so no worries, right?

Frequent Contributor

Re: JP Morgan Chase Just Rate Jacked Us


fused wrote:

We (wife and me) have a joint Chase Plat Visa that has been open since Nov. 1993. Chase will be raising our rate from 8.24% to 16.24 effective Oct 1st. Here are the pertinent facts.

 

Wife's FICO are 780-806, mine 816-807

We have never been late on this account or any other account

We charge about 300-500 a month on this Chase card and PIF before the statement cuts every month

Reports are free of derogs, lates and inqs

Both of our util is less than 1% (reports %1)

Each of us has only one CC report a small balance

Wife owes a total of $1,300 to creditors that's reporting (BoA CC and a student loan)

I owe a total of $635 to creditors that's reporting (CITI CC and a personal loan)

 

Chase's reason for the RJ, its a response to "market conditions". This just goes to show that we can behave like good little boys and girls and still have AA taken against us. Since we pay this CC in full every month, this RJ won't matter much. The question is what will Chase do next, CLD or shut the account down. Let em.

 

 


As I'm sure you know, the RJ has nothing to do with your credit history, as exemplary as it is.  Chase and the other "majors" are posturing their loan portfolio prior to the new legislation taking effect.  They don't want to be locked into 8% APRs when the Fed ultimately raises the cost of money.

I want PATIENCE...and I want it NOW
Senior Contributor

Re: JP Morgan Chase Just Rate Jacked Us

Chase seems to be spinning down multiple paths of AA simultaneously right now. In decreasing order of severity:

 

1) Closure

2) CLD

3) APRI

 

WaMu already got me on 3) back in January to 31.99% for no good reason. Like fused it is one of my oldest lines and it does have an AF. However, I have gotten the fee waived two years running and will ride the card out to the bitter end. If I live long enough maybe they will actually redeem the account and turn it into something decent.

Established Contributor

Re: JP Morgan Chase Just Rate Jacked Us

Fused, I cannot believe that regardless of a possible increase in the cost of money for Chase, that they are in effect saying, we need to raise the rates we charge to our best customers from 4.99 + prime to 12.99 + prime.

 

This speaks volumes to Chase's interest in their long term credit card issusance business. Especially when there are plenty of other banks an CU's who would love to have you as a valued member.

Message Edited by plasticman on 08-06-2009 08:29 PM
Message Edited by plasticman on 08-06-2009 08:31 PM