Chase doubled my APR and cut my credit limit

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DGenerateKane
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Chase doubled my APR and cut my credit limit

Postby DGenerateKane » Tue Jul 28, 2009 3:40 pm

6 months ago my APR for my Sony Card was 10.74%, now it is 13.24% and as of October it will be Prime Rate plus 19.99%. What the hell? And I just now noticed my old Wamu card that became a Flexible rewards card had its limit cut form 8000 to 2000. They don't need to warn people before cutting their limit 75%?

Edit: Actually my sony card isn't the one being raised its the flexible rewards card so it isn't doubling but is is going to be about 8% higher. I wasn't planning on using this card much but this seals it. Sticking to my AmEx.


strangebrew
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Postby strangebrew » Tue Jul 28, 2009 6:28 pm

I just read somewhere that if you're foreclosing your home, credit card companies will raise your interest rates and cut your balance so that they can be sure they get their payments or something like that. If this doesn't apply to you, I'm not sure what else could be the reason because I'm pretty novice about this sort of thing.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Thu Jul 30, 2009 9:36 pm

Chase did the same to me and I only only have positives on my credit history.

I think the only thing we can do is exactly what you are doing and that is put our money where our mouth is and stop using their cards.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

DGenerateKane
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Postby DGenerateKane » Wed Aug 05, 2009 3:32 pm

Just received a letter dated August 3rd about my credit limit decrease. You know, days after it was actually cut. Get this, the tree reasons they list are:

Too few accounts paid as agreed
Average Length of time since accounts opening is too short
Bankcard balance grew too fast compared to credit limit and time on file

Now, if they are reffering to my accounts with them then it is pure BS. That card has been open for 4 years now and has beed paid in full or more every month, and has not even been used in a couple months. My Sony Card has been open for 22 months and has always had more than the statement balance paid.

The only other explanation really would be if they are taking all my accounts into consideration but that is a stretch. I opened the Blue Cash AmEx card in January and took advantage of the 6 month 0% APR which I just paid off in full a couple days ago. I also just opened an Amex TreEarnings Business card 2 weeks ago, but none of that should really matter. I now hate Chase more than I already did. Mind you this is the Bank that kept sending me invitations to open a checking account and get a free $100. When I finally did they closed the account two days later but instead of telling me the site just said it was experiencing difficulties every time I tried to log in. Later I found out I was "high risk" which is bull because at the time I had a Fico of 790. In conclusion if it were possible to cancel credit cards with no hits on my credit score I would cancel both my Chase cards immediately.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon Aug 10, 2009 2:37 am

Wow that sucks.

And they closed a friggin checking account because they said it was high risk?! That's nuts I thought you can get a bank account pretty much no matter what your credit score is. Obviously is Amex approves someone for multiple credit cards than they are good for the money - they are the pickiest. For Chase to come back and pull that crap and snub their nose is nuts.

Speaking of business cards if you're going to carry a balance biz cards aren't reported on your credit file. So if you are going to carry a balance of say 30% or more of your credit limit put it on that new Amex biz card you got because it won't show on your record. This can be a good thing if you carry high balance but it's a bad thing if you carry a small balance and want to show the payment history for it. I have an Amex Simply Cash for years and it's never been on any of my credit files because it's a biz card. I wrote another post about this I think in the American Express forum on here. It's pretty crazy that they don't report at all.

I have the Amazon and some other crappy Chase card but I don't use them. This prime plus bullcrap they're pulling now is out of control. I don't even carry a balance but the principle alone ticks me off.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred



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