Finally paying down high utilization and Chase is screwing me on CL's

[Cashbackjunky]

@want2bedebtfree, as you likely know, be careful with how you word that with a rep once you get it all paid down.
Don't threaten them with your money.. They are a HUGE institution and honestly, your money to them isn't even like squirting a squirt gun in the ocean. If you tell them you'll leave them if they don't "make it right", they'll likely laugh at you and tell you not to let the door hit you.

Good luck to you and keep us posted as to how it goes!

Cheers!

[Anonymous]

That is great advice, thank you!

Long story short we saw a great business opportunity and just jumped on it and had to float some amount of finances on credit cards for a year as we weren't expecting to need so much cash out of the blue but we couldn't pass up the opportunity. Also my wife took I'll during the same year and stopped working and we were on one income with a brand new business.

We have a local rep who is very helpful so hopefully they understand the situation and show some human compassion.

I will definitely go the sweet talking route, not the threatening route.

[Cashbackjunky]

That's a good plan

Give them that explanation whilst pointing out your loyalty to them and your stability now.

Good luck! 

Cheers!

[Anonymous]

Yep. Again, if you were a CPC, you could easily borrow against your funds at whatever vig they are paying plus two percent. Yes, that's certainly a perk. Perhaps you were not aware of it?  I use it instead of a mortgage, as it provides a quick close at only 2 percent annual. I'm sorry, but I will not believe that someone who is a CPC would do what you describe, principally because there is absolutely no justifiable reason to do it, given what you claim.

You can borrow against assets and cash, including retirement funds for 2 percent juice, and you instead choose to max out a card for a year? Hmmmm... Don't think I can help further.

[Anonymous]

I didn't do any research or planning at the time and just used CC without thinking much about it which was obviously not the right thing to do and I am paying for it now. I also didn't expect it to be as expensive it was, or take as long as it did, or my wife to get I'll when she did. If I could go back I would have done lots of things differently in the past but you live and you learn. I am now doing my research and learning about my options and becoming a more financially savvy person.

There are personal reasons why I did not touch the retirement accounts that I don't feel any desire to share publicly.

I actually don't know anything about borrowing against retirement accounts plus 2% - I would love to learn more about that if you wouldnt mind pointing me to a resource? Especially in regards to replacing a mortgage, that sounds really clever and I would like to buy a home in a few years. 

Do you have to have enough in assets to cover the entire mortgage amount if you do that in place of a mortgage? I imagine I won't have enough in assets anytime soon to cover the entire cost of a home, would love to hear how that works. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Considering I am a Chase Private Client and have a decent amount of assets with them, I am sure I can get them to reinstate everything at some point or I'll just take everything to another institution

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Well, considering that, you must have at least 250K there, so why not just write them a check and be done? And as a CPC, how would you explain 95% until on a low limit card? For a year. Lol. Or did I miss something?

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Common misconception, but I got an invitation on my 50k Chase savings/checking account combo for CPC. They certainly know that I have other investable assets, but I've never had 250k with Chase in a personal account at any time.

[Anonymous]

Same here we have assets but not 250k.

You can get an invitation with far less if you are nice to your local Chase people.

[Anonymous]

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@Cashbackjunky wrote:

@Anonymous, as you likely know, be careful with how you word that with a rep once you get it all paid down.
Don't threaten them with your money.. They are a HUGE institution and honestly, your money to them isn't even like squirting a squirt gun in the ocean. If you tell them you'll leave them if they don't "make it right", they'll likely laugh at you and tell you not to let the door hit you.

Good luck to you and keep us posted as to how it goes!

Cheers!

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This is exactly why I don't hold more assets with Chase.

Not that the banks I have bigger holdings with are all that much smaller, but most of them have the courtesy to recognize me as a client. I walk into the Chase branch (literally across the street) where one of my businesses deposits cash on a semi-regular basis. They never recognize me, greet me, or remember what business I'm affiliated with. The US Bank branch by my house greets me by name every single time, even though I'm in less often. They're aware of my business in another state and this state, and regularly ask how both are doing by name. No surprise, but after this started happening I started moving my business. I'll never cut Chase completely; their location by my office is far too convenient.

[Total80sKid]

I don't think using ones approved credit limit is 'bad behavior'.

It is certainly up to the bank to lower anyone's limits, since it is their $$.

I've had my Freedom card now for 2.5yrs. It has been continuously maxed out since inception.

They just approved me for a $2k FU card.

Granted, my Freedom limit is only $500, which is probably why I wasn't balance chased it denied the FU.

Good luck to the OP paying down things and lowering your UTI.

[Anonymous]

I just got the notices in the mail. It appears they only lowered each of my three Chase cards by about 20% and unless I'm getting one of these after every payment I make I'm hoping they stopped there!