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Established Contributor
Posts: 742
Registered: ‎12-19-2008
0

Re: JP Morgan Chase Just Rate Jacked Us

[ Edited ]
I completely understand..good luck. If it was my oldest trade line, I would do exactly what you are...nothing and PIF!  I think a $25 AF I could live with if the card was my oldest trade line.
Message Edited by plasticman on 08-07-2009 09:28 AM
Message Edited by plasticman on 08-07-2009 09:31 AM
Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
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Re: JP Morgan Chase Just Rate Jacked Us

Its my wife's oldest TL, and my third oldest TL. But, its still important for me to keep it open.
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: JP Morgan Chase Just Rate Jacked Us


fused wrote:
Its my wife's oldest TL, and my third oldest TL. But, its still important for me to keep it open.

Keep the card PIF then the APR doesn't matter. I would reduce the usage somewhat though.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: JP Morgan Chase Just Rate Jacked Us


smallfry wrote:

fused wrote:
Its my wife's oldest TL, and my third oldest TL. But, its still important for me to keep it open.

Keep the card PIF then the APR doesn't matter. I would reduce the usage somewhat though.


Like I have reduced my Chase flow - to the merest trickle!

Established Contributor
VEEnVEGAS
Posts: 645
Registered: ‎10-24-2007
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Re: JP Morgan Chase Just Rate Jacked Us


illtakecreditforthat wrote:

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 totally agree with you. Chase has been rate jacking former Providian/Wamu customers ever since they took over. Any possible reason they can dream up will surfice. They told me mine went to 24.9% on my rewards card and to 15.9% on the other in order to make my accounts "more profitable" to them. If you want to know what I think, they are doing these rate jacks only in anticipation of the new credit card laws coming into effect. The rules that will allow them to raise interest rates are changing, so they do it now across the board. Later they can lower rates for better customers as "promotional APRs" while keeping rates high for more risky customers.

 

Give a big thank you to our elected officials.

 
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: JP Morgan Chase Just Rate Jacked Us


VEEnVEGAS wrote:

illtakecreditforthat wrote:

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 totally agree with you. Chase has been rate jacking former Providian/Wamu customers ever since they took over. Any possible reason they can dream up will surfice. They told me mine went to 24.9% on my rewards card and to 15.9% on the other in order to make my accounts "more profitable" to them. If you want to know what I think, they are doing these rate jacks only in anticipation of the new credit card laws coming into effect. The rules that will allow them to raise interest rates are changing, so they do it now across the board. Later they can lower rates for better customers as "promotional APRs" while keeping rates high for more risky customers.

 

Give a big thank you to our elected officials.

 

 

I like this post slightly less now than when I originally read it in another thread.
Established Contributor
VEEnVEGAS
Posts: 645
Registered: ‎10-24-2007
0

Re: JP Morgan Chase Just Rate Jacked Us

As this thread was almost identical to the other it seemed to "fit" . Read many threads here and you'll see the same answers or similar answers several times. I'm sorry this bothered you.
Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008
0

Re: JP Morgan Chase Just Rate Jacked Us

AGAIN, let's remember to be friendly, supportive & respectful. There is absolutely no need, nor place for comments that serve no other purpose than to antagonize and inflame.


creditwherecreditisdue wrote:
I like this post slightly less now than when I originally read it in another thread.

 

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