Comments on: Chase Increased My Credit Limits

By: Chris

Chris — Wed, 29 Sep 2010 05:14:58 +0000

I have Chase, Bank of America and Discover cards and have never had an issue with decreased limits or increased interest. I have average to good credit (718-734), never go over 40% of my available credit and at the very least pay double my minimum payment.
After speaking with various credit experts, it looks like the people that are being hit with interest hikes and decreased limits are those who carry medium to high balances on an average monthly basis. Those of you with low balances or those who pay balances off in full every month shouldn`t be bothered with interest hikes, (if you pay infull)you don`t get charged interest and if you have low balances, don`t charge if you are worried about interest hikes.
Overall, America is over financing/charging, we put ourselves in this position. The banks are trying to scare people into not racking up such high balances.
Its sad to see people in need of government assistance due to the job market and economy but there is always a way to improve your financial being, even with children. A former girlfriend of mine is a single Mother, has a mortgage, manages her finances/credit cards and takes vacations all on a $24,000 a year income. If she needed more money for something, she would go to a Work Force office on the weekends and earn an extra $500-$600 a month.
I am not trying to justify the practices of banks, but we all put ourselves in the positions that we are in. Instead of charging, find a part time job for a bit then pay cash for the things you want.
If a single mother can do it, I think that almost anyone can do it.

By: Denisa

Denisa — Fri, 08 Jan 2010 20:44:59 +0000

I’ve been a Chase customer since 2001 and my credit score has always been at the top. In 2005 I accepted an offer from Chase which – in exchange for sending a payment to my checking account – gave me a great FIXED rate of 5% APR on one of my Chase credit card accounts. I enjoyed the low rate until the end of 2009, when I received a letter from Chase letting me know that, unless I close that account, I will have to accept a new variable rate of 12,99% APR. How is that even legal? If Chase can just change FIXED rates to variable rates as it pleases, what stops any bank from changing a fixed mortgage to a variable one with a 1 month notice (as Chase did)? I called Chase and they said it had nothing to do with my credit score (which is still quite good); it was “a bank decision and it applied to all costumers regardless of their credit score”. I can understand this decision being applied to all variable APRs; but… the fixed APRs? Nobody – from Chase to the White House – has responded yet to my question: what makes the difference between a FIXED and a VARIABLE APR if banks like Chase can simply ignore the terms of a fixed contract anyway?

By: Charles Mott

Charles Mott — Sat, 02 Jan 2010 14:04:23 +0000

I was late on a payment a payment to Chase. They then cancelled my credit card with them and jacked my rate from almost 18% to 27.75%, and although I have paid more then the minimum and every time except that time, they refuse to lower my interest rate. I am within $600 of having it paid off. I am making a commitment to paying it off. have a total of four credit cards, Chase owns this one and another. I am applying an extra $100 to the minimum payments each. I want to pay off Chase as soon as possible, and then I swear on my mother’s grave I will never borrow another dime from Chase or any of it’s subsidiaries again. Even, for example, if they were to be the only bank to approve me for a car loan, I would buy a bicycle or walk. I will NEVER do business with this company again. If I get any junk e-mail as a result of this post from ANY company, I’ll write them off too.

By: Zachary J

Zachary J — Tue, 24 Feb 2009 08:17:04 +0000

Nice Juan,

I will check it out.

By: Juan

Juan — Wed, 04 Feb 2009 01:30:33 +0000

Hi.

There is a law office that already filed a class action. Here is the Web address http://www.gslawny.com. The $10.00 fee changes the interest rate and in doing so, the terms of the loan, read the document and fills out your information. Take action against Chase.
I am one of the many affected. There is an other forum going http://www.creditaddict.com/archives/chase-increases-credit-card-rates-and-adds-new-fees/

By: Zachary J

Zachary J — Mon, 02 Feb 2009 07:15:33 +0000

Yes 25 billion so far. No strings attached. The govt is trying to get the secured loans back on track… mortgages. So for unsecured debt holders we are sorry souls at the moment it seems. Contact your attorney general in your state to file a complaint if you can. Or lets begin a credit union where we can hold out on payments until APR’s are fixed and lowered with no strings attached.

Or… BK them after buying a trip around the world and book five star all the way. Buy some nice stuff along the way and then file… highly recommended if you don’t feel guilty about paying borrowed money back and are not worried about credit score.

By: Bill Temple

Bill Temple — Sat, 24 Jan 2009 21:45:18 +0000

I just saw a comment posted on 1/20 regarding the change at Chase. We have 4 such cards at Chase with 2 having rates of 2.99 and the other 2 having rates of 3.99 (all four started 4 or so years ago as a result of “teaser” rates). We have never missed a payment and have a total balance of approx $40,000. We know this is a big debt but we called it “good” credit card debt because the average percentage was only about 3.5 APR. We also received a statement on one of the cards that has a balance of about 12K informing us that our minimum monthly payment went from about $250 per month to $600 and included was the $10 a month fee. If Chase does the same thing with all 4 of our cards, our monthly payments will go from about $800 per month to $2000 per month. Likewise we were told we were informed of this (we weren’t). We also paid the balance transfer fees of up to $90 per card years ago when we switched money over to these “fixed rates for the life of the loan”. We have always wondered if they would ever do this to us, and apparently they now have. Of course we can abandon our 2.99 and 3.99 rates to go back to the monthly minimum of 2% and also to eliminate the $120 per year fee for the card. I checked and it appears that Chase got $25,000,000,000 from the TARP. I assume this is how they are spending it – researching ways to bankrupt people.

By: Zachary J

Zachary J — Tue, 20 Jan 2009 06:18:12 +0000

Glad to find your comments Melissa. Many of us have gone to deep in credit, but maintain to keep prudent on payments. And now after all the mess in the financial sector faithful borrowers are being punished. It has motivated me to act also… I’ve contacted State Reps recently… no word. My companies I do business with… electronically engineered responses. It is unjust.

I have some ideas but we need enough people to form a voice that will be heard.

Any interested please contact me by email at: zachary1334@hotmail.com

Lets make something happen and help America get out of debt.

-Zachary J

By: Melissa

Melissa — Fri, 16 Jan 2009 16:30:16 +0000

I could SCREAM at Chase credit cards! I received a generic phone message saying there was a change in terms. So I called. My credit score is around 780. For 12 years Ive enjoyed a fixed 2.9% on my transferred balance and have been paying more than the minimum. Never a late payment, nor a missed payment. My minimum payment was $240 mo. NOW, they claim they can ‘change the terms for any reason at any time’ and are increasing the minimum to 5%, in my case now $576 month! PLUS adding a $10 ‘service fee” monthly. I told them when I opened my acct they didnt have that practice of ‘changing terms whenever…” and it was illegal on my acct. They claim they sent a notice they were doing it however they have absolutely no proof..no certified mail receipt-nothing! they said if I dont like it I could agree to change my fixed 2.9% APR to 7.9% for 2 yrs then 14.99% after that. Or I could close the acct and PAY IN FULL IN 30 DAYS!. I told them i had the right not to agree to their new terms and close my acct with the old terms until paid off. They claim they sent a notice (again) they took that option away. Again they have NO proof of sending any such notice and I do look at all inserts with my statements and NEVER saw such changes! They also siad it was a ‘corporate’ decision and I could not talk to a supervisor. I asked what their ‘reason’ was and they said it was market changes and my low fixed APR. It was nothing I did wrong.
I feel CHASE is working against our country, and our president’s efforts, to fix our economy because now I cant pay! This is an additional $338 monthly…where am I supposed to get that??? We are a family of 4, with a baby on the way in 2 months, hubby works 2 part time jobs (trying to get full time but no one is hiring), we are on public assistance…food stamps, medicaid, SSI……..this is surely putting us into foreclosure and bankruptcy!
I written to Gov Charlie Crist, Congressman Rooney, and Federal Trade Commission but have gotten nowhere.