topic Re: Unhappy surprise from Chase Visa in Credit Cards

Unhappy surprise from Chase Visa

Anonymous — Fri, 03 Aug 2007 23:11:52 GMT

I've been happy with Chase Visa up until now. Have never had a late payment and thought I had a "fixed" rate of 7.99% until I just noticed today that they decided to increase it to 17.49% without even telling me. They even have the gall to send me a note reminding me to do online automatic payments which I do. I called them and they mentioned that they regularly check credit reports every 90 days and even though my score is 766 (ran it today), apparently that isn't good enough. I've got some high balances but I have never been late and have solid credit. Young family (just had my first child on Saturday) and trying to make ends meet.

Anyone had a similar experience and have any idea how I can get my good rating back?

Thanks!!

Re: Unhappy surprise from Chase Visa

Anonymous — Fri, 03 Aug 2007 23:15:19 GMT

They don't see high balances as good credit, they see it as a risk.

Re: Unhappy surprise from Chase Visa

Anonymous — Fri, 03 Aug 2007 23:50:12 GMT

Congratulations capt on your new baby..too bad they dont consider how well you pay just crazy to me....

Re: Unhappy surprise from Chase Visa

Anonymous — Sat, 04 Aug 2007 03:58:44 GMT

They got you too huh? I've had Chase for several years and had the 7.99% for a long time. Then out of no where, my interest rate jumped to 19.99%. I was like WHAT! No late payments, always paid well over my min payment. Called them up to find out they checked my credit and saw I had over $15K in revolving debt (on my WAMU card fixed @ 4%). However, my FICO score is sitting around 750-760. Chase is a joke! My chase card has a current CL of $29,000 with an interest rate of 20%. Do they really think I'm going to use my card...Yeah right. That card just sits in the drawer at home.

BTW: I've called 2x to have them lower my rate and they won't do it. I'm so tempted to cancel them but don't want to lose that high CL and ruin my overall utilization.

Re: Unhappy surprise from Chase Visa

Anonymous — Sat, 04 Aug 2007 06:36:35 GMT

They jacked my rates up really high too. I received a letter about it. I think they did it to every card holder.

Re: Unhappy surprise from Chase Visa

smallfry — Sat, 04 Aug 2007 16:45:35 GMT

Congrats on the new baby. This is why you need a backup or two. I just got mine a couple months ago and if they rate jack me I'll close the card. At 5K I don't need it for utilization. You might try PFB or try calling a higher up rep but good luck widdat. At least I'd sockdrawer their behinds.

Re: Unhappy surprise from Chase Visa

Anonymous — Sat, 04 Aug 2007 19:09:33 GMT

They hit me too....12.74% up to 29.99%. No negs, lates, etc. on my credit report. When I called to inquiry why, I was told it was because I recently filed for bankrupcy and Chase was trying to recoup what I owed. I denied the accusation simply because it wasn't true. I also cited the new bankrupcy laws, credit counseling requirements, etc. Nothing of such appeared/appears in my credit history. At that point the CSR started reaching for a justified answer..."You must have recently experienced a financial hardship?" NO! "You're probably going to experience a hardship soon or you're thinking about bankrupcy?" NO!!! Since then I have called at least once a month to reduced my rate, but they refuse.

Re: Unhappy surprise from Chase Visa

Anonymous — Sat, 04 Aug 2007 23:19:09 GMT

So....if they think you are experiencing hard times, they jack up your rate to make things harder for you? That is so crazy. Talk about kicking a person when they are down...wow...

Re: Unhappy surprise from Chase Visa

Anonymous — Sun, 05 Aug 2007 01:54:41 GMT

Congratulations to the new addition to your family. What a gift and a true blessing.

Try to get your CC balances below 35%. The ideal range is 1-9%. That should help out a quite a bit. You are already doing well with your existing score. That is excellent.

Welcome to the forums.

Cecilia

Re: Unhappy surprise from Chase Visa

smallfry — Sun, 05 Aug 2007 10:22:46 GMT

@Anonymous wrote:
They hit me too....12.74% up to 29.99%. No negs, lates, etc. on my credit report. When I called to inquiry why, I was told it was because I recently filed for bankrupcy and Chase was trying to recoup what I owed. I denied the accusation simply because it wasn't true. I also cited the new bankrupcy laws, credit counseling requirements, etc. Nothing of such appeared/appears in my credit history. At that point the CSR started reaching for a justified answer..."You must have recently experienced a financial hardship?" NO! "You're probably going to experience a hardship soon or you're thinking about bankrupcy?" NO!!! Since then I have called at least once a month to reduced my rate, but they refuse.

Who was that guy? Karnak? Oh man. Put the card in the litter box.

Re: Unhappy surprise from Chase Visa

fused — Sun, 05 Aug 2007 19:16:15 GMT

javi84 wrote:
They don't see high balances as good credit, they see it as a risk.

Maybe so, but CCCs also see this as a potential cash cow! Ya know, the revolving type who pays a little more than the minimum payment with an occasional late.

Re: Unhappy surprise from Chase Visa

Anonymous — Sun, 05 Aug 2007 19:46:41 GMT

@fused111 wrote:
Maybe so, but CCCs also see this as a potential cash cow! Ya know, the revolving type who pays a little more than the minimum payment with an occasional late.

Exactly. When the CCC senses a customer with no options, they regard it as an opportunity to maximize their profit from that account through finance charges.

If you have a $1000 balance on a $1200 CL account, and no available credit on other cards, you are far more likely to get rate-jacked than another person who has a $10,000 balance on a $30K limit card, with $50,000 available credit on other cards.