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Closed credit account; won't lower interest rate

New Member

Closed credit account; won't lower interest rate

I have just gone through all of my credit cards and to my dismay, half of my monthly income goes to credit card payments!  I have a Chase credit card that is closed and I noticed that my interest is 29.90%,  On a payment of $70, $69 goes to interest!!!  I called the customer service number on my statement and got an agent who told me that since the card was closed, they can't lower the interest rate.  How can I get them, or CAN I get them to lower the rate?  I called customer service on another card to see if I could get my interest lowered and I can't get a real, live person.  Any suggestions?  Please help......
Message 1 of 9
8 REPLIES
Frequent Contributor

Re: Closed credit account; won't lower interest rate

That would be correct. No CC will drop the interest rate on a closed card most of the time. You can try a GW letter to them.
Message 2 of 9
Valued Contributor

Re: Closed credit account; won't lower interest rate

 
This is the first I've heard of Chase charging interest on a closed account.  Do you have an agreement with them of some sorts?  What is showing on your credit report?
 
Sounds like though the card is closed, it's considered 'suspended' and you are getting a statement every month, right?
 
They can lower your rate, they lied.  You need someone in collections there to work out something with you.  Read read read before you speak with or write to them as that will educate you on how you want to handle it.
 
 
EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***
Message 3 of 9
New Member

Re: Closed credit account; won't lower interest rate

I was not behind in payments or anything.  I just didn't want to go deeper into debt so I closed the account.  I am not familiar with all the initials you guys are using.  Would a letter to them help?
Message 4 of 9
New Member

Re: Closed credit account; won't lower interest rate

What is a GW letter...gee whiz?????
Message 5 of 9
Super Contributor

Re: Closed credit account; won't lower interest rate



elizar wrote:
What is a GW letter...gee whiz?????



Guide to Common Abbreviations  
 
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 6 of 9
Frequent Contributor

Re: Closed credit account; won't lower interest rate



elizar wrote:
What is a GW letter...gee whiz?????






No, but that was funny.

GW = Good Will

GW = PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE PLEASE lower my interest rate.

:-)
Message 7 of 9
Established Contributor

Re: Closed credit account; won't lower interest rate

Since you closed the account...just call and ask them to reinstate it. If you didn't have payment problems with them in the past they'll gladly oblige. I understand you don't want to get into moe debt so shred the card if they send you another one, but at least you'll get out of that 29% apr
Message 8 of 9
Highlighted
Valued Contributor

Re: Closed credit account; won't lower interest rate



Takunda1 wrote:
Since you closed the account...just call and ask them to reinstate it. If you didn't have payment problems with them in the past they'll gladly oblige. I understand you don't want to get into moe debt so shred the card if they send you another one, but at least you'll get out of that 29% apr


Ummmm... that is actually a good idea if Chase will oblige and there aren't any personal reasons not to.
 
"Why didn't  I think of that?"   Good call!  
EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***
Message 9 of 9