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Old 06-12-2007, 03:57 PM   #1
ChrisnSteph
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I hate credit card companies

I got a notice today that Chase is increasing my interest rate from 12.99% to 17.25%. Apparently my dh paid our Home Depot bill late sometime in March, so I have a 30 day late on my credit report. However, I checked my credit report, and my score is 735. This is also the credit card that I pay well over the minimum each month (usually $400-$600 payments) and have never once been late.

This isn't the first time they have raised my rate. The first time was when my bank made an error with an online payment (and I had written proof and an apology from the bank), and they refused to lower my rate back down. This time, I can sort of understand, but I've been a stellar customer, yet that doesn't mean anything. After going round and round with them on the phone, they refuse to budge. I hate credit cards companies.
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Old 06-12-2007, 04:10 PM   #2
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They raised my rate too, even though I never had a late payment and my credit rating has been in the high 700's to low 800's. And they have a ridiculous annual fee. I called to cancel and they waived the fee, but they would only lower my rate to 14%. I just use my Amex card now and pay the balance every month.
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Old 06-12-2007, 04:13 PM   #3
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I was 2 days late on my Disney Visa and Chase raised my APR to 24%.
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Old 06-12-2007, 04:25 PM   #4
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I've had them do it to me too, but I was NEVER late and always paid more than double what was due.

Their response? My amount owed was more than the desirable amount of credit available to me.

They raised my limit, gave me a teaser low percentage rate and then I transfered a balance from another card to take advantage of it. I learned a big lesson.

I pulled my money from Chase before the next billing cycle. I'll be darned if they'll ever get another red cent from me.
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Old 06-12-2007, 04:39 PM   #5
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I used to have a # of cc's!! Three years (2004) ago we wanted to build a new house. I decided to first pay off all the cc's and only keep ONE. YUP, I have an AE GOLD and a Mastercard/Debit card (which is tied into my checking acct)!!

We built our new house in 2005!!

I hate cc's. I pay off the AE every month. My credit score on myfico.com is 741! I like keeping it that way. DH's is 770!!

Steph: What you can do is write a "goodwill" letter to the store where your DH sent the payment in late and tell them that you are a stellar customer and to please remove the 30 day late. This way it will not show up on your cc report. Explain to them that you are a good customer and that reviewing your cc report this is your FIRST late. I am so sure you will hear back from them positively. Send it CMRRR!

Another idea for you also now that the cc interest rate has gone up is to look into securing a cc with a no interest fees AND no transfer fees and then transfer the funds from that card that is now 17.25% and CANCEL it.

Check out this website: http://www.credit-card-convenience.com/

Another great site to peruse is www.creditboards.com !! Tons of info on credit and credit cards.

BTW: Love the new pic in your siggy of you and Chris!!!
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Old 06-12-2007, 05:34 PM   #6
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My BofA card ran up my interest to 32%!!!!!!!!!!!!! It was a set of circumstances that started with a late payment, then they applied late fees and the finance charge with the new interest, so then I was over my limit.... so we got another no interest card and paid off the BofA card and we haven't used it since. It's still open and I just called a few weeks ago to ask them to lower it. They did. To 26%!!!!!!

I figure it's a little game I can play now - call them every so often and ask them to lower it and then laugh at what they offer.

"Ma'am, the new interest rate won't take effect until tomorrow."
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Old 06-12-2007, 05:39 PM   #7
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They raised ours, too. I really have no idea why. I guess I should get my credit reports and check them out to make sure there's no mistake on them. I really, do not like Chase at all.
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Old 06-12-2007, 05:43 PM   #8
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Actually Steph: I want to clarify something as I read the last posters...

Try to get a new cc, transfer the amount of the high interest card over to the new low/no interest cc and leave that high interest cc at a zero balance instead of canceling it. Leaving that (old cc) open and showing no balance will give you positive points towards your credit score.
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Old 06-12-2007, 05:49 PM   #9
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I thought I read that they can just raise them at will. Doesn't that stink? A good reason to keep them paid off!
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Old 06-12-2007, 05:53 PM   #10
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When they changed their policy to worry about how I pay other creditors, I swore no more Chase! However, some other card I had was bought out by Chase so I have another one. I carry no balance on the card ever, but, they want me to pay $40 a year just have their card.

I called them up and asked them to wave the fee, they told me that the computer wouldn't allow them to do it. I said OK, I will cancel it. They said thats your choice.

When I sent the stub back I wrote " CANCEL ACCOUNT" on it. Low and behold someone called me and said they would try to get it waved and they did! AMAZING HUH?!?! AND lowered it to 10% AND changed it to a no fee account. Suckers I still wont use their card!

Run from Chase as fast as you can!!!!!
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Old 06-12-2007, 05:53 PM   #11
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We pay every bill in full and on time and have never had our interest rate raised.

12 - 17% is highway robbery. I'd get a card with a lower interest rate or save up and pay cash.
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Old 06-12-2007, 07:16 PM   #12
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I read recently (because Congress is investigating the credit card companies) that many credit card companies are not going to be doing this any more. It might be worth it to call Chase and request that your rate be reset to your previous rate. I thought Chase was one of the companies that said they would no longer be doing this.
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Old 06-12-2007, 07:54 PM   #13
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Quote:
Originally Posted by disney1990 View Post
I read recently (because Congress is investigating the credit card companies) that many credit card companies are not going to be doing this any more. It might be worth it to call Chase and request that your rate be reset to your previous rate. I thought Chase was one of the companies that said they would no longer be doing this.
Aren't a few of the congresspeople investigating because some legislation got passed that they could raise the interest up to 32% for a late pay? I THINK I read that somewhere.

I get into trouble with cards....DH doesn't like to pay "my" cards, so he won't do them when he does the monthly bills. Makes no sense to me, same checking accounts...all comingled finances. I'm not going to "learn" to pay them....I used to do all the bills, then our life changed (I got too big with the twin pg to bend over to file, so he took over the bills and has done them since). Anyway, I don't think Chase has raised our rates for the other cards (all 2 of them).
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Old 06-12-2007, 08:08 PM   #14
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After my third month of employment with Chase, they raised my Disney Visa from 13.2% to 24.99%.

The card was 0% promotional financing at the time anyway (Disney Cruise, ahh!) so I called to ask why. They told me my balance was too high. Well they weren't making any interest off of me anyway so I just let it go, figured I'd fight it later in case I didn't get it paid off within the 6 months.

Called last month and was fought with and was told there was absolutely nothing that they could do. Asked for a supervisor, they REFUSED to let me talk to one and I hung up, called back and that was the first thing I asked for. Supervisor also refused to let me talk to a rate specialist because there was "nothing we can do for you". So I called the generic Chase number we give out at the branch for CCs and told them I needed a rate specialist for the Disney Visa.
THEY transferred me.

The rate specialist looked at my account, pulled my credit report and lowered my APR.

Nothing they can do, huh? I was so angry!

The worst part is that mine is an EMPLOYEE account. It's noted as such. I wondered at first, but that was the first thing the Rate Specialist said to me. "This is noted employee. Are you still employed with Chase?"
"Yes."
"Oh."

..I can't even imagine how hard it is for everyone else to get through.

I apologize. Please don't hate us all for the bad of one department!
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Old 06-12-2007, 08:21 PM   #15
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read around some of the finance boards and you will discover Chase is famous for that. Most of the credit card companies are bad about it, but Chase is the name you hear over and over. Capital One is nearly as bad, but Chase is just terrible. It is one of the many reasons I will NEVER have a Disney Visa, I simply will not support that company.

The only thing to do is get another card and transfer the balance out and close the thing. They are impossible to deal with.
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