I just wanted to report this here. Chase re rated a CLOSED credit card account from 12.24% to the default rate of 24.99% based on recent 30 day late on mortgage. One of those accounts purchased from Providian in 2002. Providian lowered rate, increased line on BT offers then sold to Chase when it was at 7.24%. I didn't catch the immediate 12.24% hike where they just sent a notice with the statement. I was lulled by the "you'll enjoy all the same benefits" garbage in their intro materials. I sent a letter stating I don't accept the changes in the terms of agreement and closed the account when they tried to hike it further to %17-18 or so. My last statement was $130 interest $240 Min payment this month's $251 ALL INTEREST. Chase, seams, will stop at nothing. Apparently the fact that I closed the account in order to keep the 12.24% rate doesn't stop them from further increasing the interest rate whenever they please, BECAUSE THEY CAN, based, as the CSR explained, on a recent 30 day late on my mortgage as reported by credit agency(es). BTW, I recently found out I'm hardly the only one affected who dislikes Chase rate hikes. Cardholder Reviews Chase Platinum: http://www.cardoffers.com/reviews/cardholders/posted/card.asp?idmin=141 Search Results From Complaints.com: "chase interest rate": http://search.freefind.com/find.htm...interest+rate&Find=Search&mode=ALL&search=all In recent news: Enron's Bankers: A Great Prison Escape As Citi and J.P. Morgan settled up, new evidence underscored their roles in the dirty dealing. So why isn't jail time an option? http://www.businessweek.com/bwdaily/dnflash/jul2003/nf20030731_4717_db042.htm
I was also lulled by the , everything stays the same, when my firstusa card became a bankone card. Live and learn I guess.
Before you say "Try paying your bills on time if you don't like your creditors getting hinky." or some such, It is my first late ever and besides I'm posting this to bring it to the attention of the unsuspecting. While I'm, as of recently, aware creditors use other lates to apply default rates, I wasn't aware they'll do it with a closed account that remains in good standing.
"closed account" is a meaningless term. If you still owe them money, you still have an account that's subject to changes in the terms. For a 30 day late to show up on your credit report, you had to be pretty-darn late on your mortgage payment (more than 30 days). If I were you, I would focus on making the mortgage payment FIRST, and worrying about everything else second. If you cannot pay the credit card on time, big deal. If you cannot pay the mortgage on time, you live on the street.
Re: Re: CLOSED CC to 25% cause mrtg While this is not the subject of this thread, sometimes I chose to pay the late fee on mortgage (big check) to avoid being late on several small checks. Some times it doesn't work out. What I need to focus on is shifting my debt from CC (unsecured) to HELOC (secured) to get out of the contradictory position I'm in of having twice as much equity in the house, but paying 25% interest on my maxed out CCs. I'm currently paying almost the same $ of interest to chase alone, not counting other CCs as to my first mortgage. When I last refinanced my mortgage I didn't roll the CCs in because I actually had better rate with them at the time. That sure changed once Chase purchased my account.
Re: Re: Re: Re: CLOSED CC to 25% ca Was this sarcasm? Well, buddy if I'm paying 25% on the unsecured debt while I could be paying 5% on the same debt if it was secured it is a mighty fine idea in my book. You may be willing to pay 5 times as much to have unsecured debt instead of secured and call it a wise choice, not me. Anyway, the reason I'm replying to this is that it just dawned on me that since this card is closed they have no right to be pulling my report to begin with. Or does it have to be closed and paid in full. I'm thinking it's the latter. Plus I have another open card with them.
Re: Re: Re: Re: CLOSED CC to 25% ca For a 30 day late to show up on your credit report, you had to be pretty-darn late on your mortgage payment (more than 30 days). too much =============== Not necessarily so. Many creditors are reporting 30 days late even if only one day late.*********Too Much had not seen you around for a good while and thought you might have gone away; might have known that would be asking TOO MUCH! THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
CLOSED CC to 25% ca LB too much was (thankfully) banned. Look at the date he posted. Passing you a cup of my coffee
