Re: Re: Re: Re: Thought credit was A-1 Alright! Now you have "clout" and leverage!! 1st, keep all options open: Tell your family member you would like to keep the "credit line" open in case you need it to pay this Chase card off Call Chase "Specials" department (with a "negotiable attitude"!) and ask for what it would take to return your card to its previous rate, THEN MAKE SURE THEY PUT IT IN WRITING. Decide if the "offer" is acceptable or not. If it is, go ahead with whatever is required. IF NOT, inform them you wish to INQUIRE ABOUT CLOSING THE ACCOUNT. (Don't close it yet though!). Tell them you are dissatisfied with how you've been treated, and have been left with the only the option of taking your business elsewhere. They may come back with an offer to retain you as a customer. I have seen this many times, only when they think they have totally lost a customer do they react. See what they offer, and no matter what, TELL THEM YOU WILL GET BACK TO THEM. If they still haven't returned your rate through all of this, THEN BORROW THE MONEY AND PAY OFF THE ACCOUNT. BUT DO NOT CLOSE IT YET! Considering your total situation, it is still prudent to have that line of credit available for an emergency. Close the account AFTER you have gotten back on solid financial ground. By that I mean, pay down the balances on your other cards, then apply for a better card if you need it. THEN close the account when you have "financial clout". "He who laughs last....." See, something did break for you, a financial "angel" as we call them. You now have some "clout". When you have done the above, THEN GO AFTER THEM. I am still going to investigate the NY state banking laws for this. This "basis" for their rate changed of your "total" credit limits on all your cards seems questionable. I know some of these "preferred rates" are based upon some compiled credit scoring, but unless it is mentioned somewhere in your cardholder agreement, they have breached the agreement. We just need to find where they have done it. Again, keep up the good fight, you are gaining momentum. Just keep your head, you want to win the war, not just the battle. As my management mentor told me when I was pulled under his wing: "Don't get mad, Don't even worry about getting even, GET WHAT YOU WANT!"
Re: Re: Re: Re: Thought credit was A-1 Take the loan and pay it off. Include a "consumer statement" "Closed by consumer for INAPPROPRIATE rate increase". Maybe the next jackass that sees that may think twice. .
Thought credit was A-1 - Now this! Bizwiz, thanks again. I'm printing your post and taping it up on the wall where I can refer to it as I'm talking to the CSR. George, I didn't get 20 - 30 days' notice, I didn't get ANY notice, and part of what's ticking me off is that they don't have any proof I did. Yet they're allowed to reach into my wallet and steal, yes STEAL, my money. I may pay them off to keep them from gouging me but I am NOT done with these scumbums.
Re: Thought credit was A-1 - Now this! Okay StarTUFF! I see you're burning the midnight oil as I am also! So re: Chase and this rate "change"-let's get legal! 1) Basic info: What does it say on the BACK of your statement INSIDE THE BLACK "BOXED/BORDERED AREA? This is important, as this is the "compliance" to the Truth-In-Lending laws. You will need to compare these statements, and the "boxes" to determine if any changes were made. Also, what "kind" of rate is this? Fixed, Variable? Indexed? It must be spelled out in the "black box". What does it "footnote" in the rate description, (to any "fine print" below the box). If it is a variable rate, what is the formula? (Usualyy prime + xx%) 2) Legal Options: If this was a FIXED RATE they can ONLY change the rate IF they have NOTIFIED IN WRITING, and given you the chance to "opt out". This is under "Regulation Z" of the Federal Banking Laws. You have the LEGAL RIGHT to DISPUTE this "billing error" (you will have to use those exact words!). They will have 30 days to respond. During that period they cannot charge you for the "error" under dispute. So, I strongly recommend disputing this error under the Fair Credit Practices Act. As far as filing a complaint, call the Federal Reserve Board, or visit their website. http://www.federalreserve.gov.us Getting late, so I'll get you more infor tommorrow.
Re: Thought credit was A-1 - Now this! For a list of members on the House Committee on Financial Services, http://clerk.house.gov/committee/index.php?comcode=HBA00. For the Senate Committee on Banking, http://banking.senate.gov/index.cfm?FuseAction=Information.Membership. You can also try the Office of the Comptroller of the Currency, I haven't found that link yet. And I'd sent to the state banking commissions of all states involved. After all, you're sending copies--send to everybody!
Re: Thought credit was A-1 -- Now t 1*As pointed out above, your usage patterns fall into an overall pattern that they're worried about. 2*Generally, anything over 50% is seen as a warning, and the average number is like 30%. If you can get/keep them under 30%, that keeps 'em happy. DanS ******************** --------------------------------- ======================== 1*They see it as an opportunity not a worry. 2*Over that gives an excuse to jack you and that's what makes them happy. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Thought credit was A-1 -- Now t 1*As pointed out above, your usage patterns fall into an overall pattern that they're worried about. 2*Generally, anything over 50% is seen as a warning, and the average number is like 30%. If you can get/keep them under 30%, that keeps 'em happy. DanS ******************** --------------------------------- ======================== 1*They see it as an opportunity not a worry. 2*Over that gives an excuse to jack you and that's what makes them happy. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Thought credit was A-1 -- N It seems pretty obvious that these drastic interest rate increases are a ploy to generate more income for the CC companies, pure and simple. They aren't protecting themselves from loss by doing this. What they are doing is penalizing me for something I haven't done and which they have no reason to expect I will do, based on several years' worth of my credit history. StarStuff its all a scam to bilk us. THE END ** *** ** LB 59 PS New Member Must Reads.--------------------------- http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=350770#post350770 http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=314910#post314910 http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=352826#post352826 Sample letters http://consumers.creditnet.com/straighttalk/board/index.php?s= WhyChats statute of limitations http://community-2.webtv.net/Y-chat/WhyChatsCredit/ http://community-2.webtv.net/Y-chat/WhyChatsCredit/ statute of limitations http://www.edebtnetwork.com/content/collection_laws.asp """"```--~~~~~~~~~--```'""''' """"```--~~~~~~~~~--```'""'''
Re: Thought credit was A-1 This is often asserted by people who identify with the banks, for whatever reason. Let's call them apologists for short. They think this is what the banks are claiming for themselves. In fact, this goes well beyond what even the banks themselves assert, with dubious legal backing and no moral justification whatsoever. The banks claim they have the right to change the terms with advance notice AND an option to refuse to accept the change in terms. Quite a difference there. That's a detail that always gets ignored by people who enjoy watching the banks punish people less affluent than themselves. As for GEORGE, I think he is just trying to warn us about the arbitrary power exercised by the banks. But his line comes straight from pro-bank propagandists more radical than the banks themselves. And it happens to be false in most cases.
Re: Re: Thought credit was A-1 Very true RichGuy, But it MUST be WRITTEN notice for change. And banks operate on a derivation of the "Golden Rule",..."he who has the gold rules". Most of us overlook the "fine print" of these "disclosures" for these items. We also think that incidents such as StarStuff's "won't happen to us". This is all about money, and how to get more. They take the calculated risk of "gouging" a customer that they feel confident will not move their business. A "wealthier" person has the "luxury" of moving their business where they like.
Re: Re: Thought credit was A-1 Hi, sorry, haven't been online for a while but... VICTORY IS MINE!!!!!!!!! I called Chase's Specials department at the number I got here on CreditNet and not only immediately got my interest rate reduced back to the Preferred Customer Pricing I had before they jacked my rates, but I got them to credit my account for the interest charged at 23.99 percent for the last two statements. All thanks to the good advice and encouragement I got here, especially from you, Bizwiz! But I'm grateful to all of you for giving me the tools to fight back and WIN!!! YIPPEEEE!!!!!!
Actually, this would be true only if the minimum payment were for interest alone. But every bank wants you to pay some of the principal with each monthly payment. So every bank sets a minimum payment higher than the monthly interest rate. Therefore, the minimum payment sets an upper bound on the possible APR's, but it doesn't tell you what the actual APR is. A good example: an account with a 0% balance transfer rate still has a monthly payment. The amount of the monthly payment could never tell you that the rate is 0%.
Re: Re: Re: Thought credit was A-1 Big Congrats StarStuff! Just when you probably thought it was the darkest hour, heh?!? Your victory is a motivation for us all too! Good Job, and GOOD FIGHT! So, how's the employment search going?
Re: Thought credit was A-1 That's great news, StarStuff! I had a similar situation arise about a week ago that made your situation of compelling interest to me. Enjoy your victory, and if you care to share any details about your conversations with the Special Department, I for one would be interested. P.S. I reread the whole thread, so I was a bit late responding to the good news.
Re: Re: Thought credit was A-1 The conversation with Specials was very pleasant and customer-oriented, just the opposite of what I got when I talked to the Chase CSR and her supervisor. I took Bizwiz's advice and appoached Specials with a positive, more-in-sorrow-than-in-anger attitude. I laid out the basic facts and said I couldn't understand why any company would deliberately alienate a long-standing good customer. I then said I would hate to close my Chase account but that I was in a position to pay it off and do just that if my rate wasn't returned to its original Preferred Customer Pricing rate. The rep responded very positively; he said my record showed that I had been a very good customer since 2000 and that he would immediately restore my original rate. I then decided, "in for a penny, in for a pound" and requested a credit to my account of the interest charged at 23.99 percent on my last and current statements. He did it on the spot. So I ended up a bit ahead, with two months' worth of interest credited and none charged, even at the old rate. Not adequate compensation for all the time and angst involved, but satisfying nonetheless. In short, if I ever have a problem with any other CC company, I will first try their standard CSR and then immediately go to their retention department if I don't get the results I want. Thank you again to everyone who advised and supported me through this. I couldn't have done it without you!
Re: Re: Re: Re: Thought credit was It's mostly due to you, Bizwiz, and I can't thank you enough. Still looking for the perfect job and getting more and more convinced that I should go freelance and start my own business, especially if I want to stay in this area. There's going to be a big job fair here in a couple of weeks and I'm going armed with a batch of resumes and business cards, offering my services either as a full-time staff writer/designer or a freelancer if they prefer to outsource their marketing needs. Thanks for asking!
Re: Re: Re: Re: Re: Thought credit was StarStuff, Thanks for the compliment, I'm glad I could help. As to "freelance", you're really into my area now, check out the websites of http://www.sologig.com and http://www.businessknowhow.com. "Freelancing" can be a great career move, however, just be aware that 20% of your time will be "working", while 80% will be "marketing". Sounds like you have some marketing background so perhaps you have an edge there. Good Luck, and use this time as an "investment" for self searching as to what you would truly like to do. It will be time very well spent.
Re: Re: Re: Thought credit was A-1 Congrats to you!!! It is wonderful news. I have a similar problem. Chase lowered by credit limit from 5600.00 to 600.00 and increased the interest rate to 24.99%. I did receive notification of the interest rate but not the credit limit change (not that it matters I guess). I have also never been late or over limit with them or anybody else. I do however have a 7 year old b/k which they knew about. This account was transferred from Providian by the way. I sent a letter a couple of months ago via Planetfeedback and never received a response. I have done a search for the phone number you mentioned you found on Creditnet and contacted them at but cannot seem to find it. Would you mind posting it or at least pointing me to where I can find it. By the way, did they lower your credit limit as well or just up your interest?
