Looks like Chase is up to old habits again! I logged into the online account manager to check some things and noticed they cut my CL from 2500 to 500 on one of my accounts. So, of course I call the outsourced call center to inquire as to why this occured. They said they were reviewing accounts and adjusting credit limits to be proporitonate to use. They said they mailed a letter but that has yet to be seen in any case. I asked to speak with a supervisor as well and was denied because the supervisor was going to be under the same scope of corporate ideals. She then prompted to go ahead and have a CLI inquiry to see if they could raise the limit again! WTF so you're going to ding me for not using the card for 3 months with perfect payment history for 2 years and a recent limit increase last year? Oh, and it's the 2nd anniversary for this particular account too! What a warm fuzzy feeling I get from a company I do business with! I guess I will just let these 2 account sit in the drawer unused from now on no matter what because there is no way I will contribute to their shareholders when the company is not considerate to their customers!!! Fortunately this is not going to make a big difference when it comes to my scores since I have 2 accounts with CU's that cumulatively are $25K! So yeah the title of this post is fitting 
p.s. Just ordered my $50 reward check to make sure they don't take that too while they're up to their antics over there.
3/28 - I'm not going to play games with Chase's crappy customer service and already filed a complaint with the BBB and FTC as of yesterday as well. There really shouldn't be the need to play the CLD, call for a CLI, get dinged back and forth with the limit fluctuation and credit pulls with any financial institution.
4/1 - filed additional complaint with federal reserve
4/2 - So this morning I got a call from Chase corporate. They received the BBB complaint and were calling to follow up. I spoke w/ Aisha McDonald w/ Chase 888-622-7547 x 6813 about the situation and she will review the account to see if the limit can be reinstated w/o the additional information or additional credit inquiry. I advised her for the situation we're seeing on here with multiple people affected by their "glitch" knocking everyone down to $500 CL. So, if you want your limit back file a complaint to get noticed instead of calling their call centers where you won't get very far.
4/9 - So, the BBB sent me a response that Chase sent them in regards to the complaint. Chase is responding with CLD is not covered under the 45 day requirement for account changes under the CARD act. They still want to perform the hard inquiry and income verification to restore the previous limit. I haven't gotten a response as of late from FTC or the other agency. I sent a response back to BBB/Chase since the woman called and I returned her call the next day but have since to have contact with her regarding the issue. Probably won't get a response back from Chase again until early next week.
@Anonymous wrote:Plus, Chase CLI's are hard pulls! There's no winning with them
It is not worth it. There is no winning indeed. Not only that, but Chase is notorious for giving SH******Y credit limit increases.
The OP should use the hard pull (if they're going to use it) for a brand new card, in spite of the hit on average age of accounts, instead of taking a chance on an insulting credit limit increase which will NOT be anywhere close to what the original credit limit was.
For myself, I logged in today to see my $2000.00 credit limit slashed to $500 -- and yes, I used this card EVERY month; unfortunately, the usage of it was less than $100.00. It's a converted Washington Mutual. I'll keep an eye on my converted First USA and Chase Affiliate cards. I'll also keep an eye on my Washington Mutual Business card (which has a couple thousand dollars on it to be paid down; that would not be cool if they cut the limit on that one as well next statement period).
Oh, and also, on the converted Washington Mutual to Chase personal card THEY CHANGED THE APR!!!! I thought they weren't supposed to do that without notification? I saw the last time I was notified of account information was back in January, more than 60 days ago, regarding an apology for sending an email notice in December titled "Important changes to your online legal agreements," at the same time a secured message center note was also sent to me.
They can notify all their customers regarding duplicate notices, but they can't send customers notice of changes in credit limit and APR?
Below is the letter I sent them by their message system. I'll update later with a copy of their form letter telling me blah blah due to current climate etc etc please call for more information on the account -- please surprise me, Chase. If I'm wrong about what the CARD Act does and does not cover, you all let me know (since Chase won't), so I can adjust the level of my seething accordingly:
| Date: | 03-30-2010 01:08:31 |
| To: | Credit Card Support |
| Subject: | Account Inquiry |
| Message: | |
ACCOUNT INQUIRY therApparently there is a computer glitch. It happens. My $2000.00 credit limit has disappeared and been replaced with a $500.00 one. Also, the APR has changed on this account. Since the CARD Act expressly forbids banks from making these sort of changes on accounts without notifying consumers and I have received no notice by Chase secure message center, nor by email, nor by phone, nor by US postal service regarding such a change I am assuming this is a mistake, instead of someone ignoring or creatively interpreting the CARD Act. What is the estimated time of repair for this matter? Thank you for your time in responding. |
@GovtGal wrote:Based on your post, I decided to login to my Chase account. I have two chase cards, both former WAMU. My FICO scores are in the 780s. I thought I'd be fine. Nope.
I have a Visa and a MasterCard. The both had credit limits of $5000 and they both have zero balances. Every few months I make a small charge on both of them to keep them active. My MasterCard is untouched but the Visa has been slashed to $700.
I can't explain the logic. I'm going to apply for a Credit Union credit card and close this account. It's not worth it.
Oh my goodness ... Now you guys scare me ... Well, I just longed in and checked my three cc's (Starbucks Duetto Visa/Chase Freedom MC/former name is Wa-Mu Platinum MC and has no name now) CL. So far, mines are safe at this moment. I will keep my eyes on it. 