Chase didn't let me close account easily

[mominwestlake]

We have been able to pay off 3 chase credit card accounts in the past month! I still have one to go but I am hopeful we will be able to do so in the next 2 months. I called Chase today to actually close out my Toys R Us card since DH was really using it for his business. I had to speak to 2 customer service reps who asked me at least 10 times each if I was sure I wanted to do this. Yes! I don't want DH to use that card for his business anymore. That was the only card Chase hiked our APR to 29.99% on.

Do you think that they'll now hike our APR on our final credit card with them that holds a balance? Could someone remind me why it isn't good to close out a credit card account? I am pretty sure that I read that.

Anyway, I hope that 2010 continues to be as prosperous as the end of 2009 was for my DH's business. 1 year ago he thought he'd have to declare bankruptcy, we racked up credit card debt after depleting our savings, and I was the only one bringing in any income. My goal now it to pay off all credit cards and built up our emergency account even more.

 

[jmartinez1895]

Sometimes it is wise to keep a card active ( even if you only use it buy a pack of gum once a month) because the longer you hold a card that is in good standing ( low balance, paid on time ect) then the better it looks on your credit and it will help raise your score. On the other hand if you have many cards then you look like you have the potentail to spend more than you make wich is something that credit issuers look at. As long as you are paying on time and are in good standing with chase I'm not sure that they would increase your APR just to get back at you, but you never know. If they do increase the APR do you have another card ( by a different bank) that you could transfer the balance to? If so then if they increse the APR call them and tell then that if they do not lower the APR you will transfer the balance and close the account. Often a creditor will lower your rate, but the worse they can say is no. I hope that this helps you some.

 

[ferrytale]

That's ironic, being that there have been so many posts about Chase closing accounts and hiking rates! You would think that they don't want to keep any customers, but they gave you a hard time about closing an account. I know that companies are ultimately in it to keep customers and make $$, but they seem to have been not very consumer friendly of late.
Good luck and best wishes for 2010!

 

[jmartinez1895]

Chase is very strange. We had our morgage with them and we called when the rates droped to see if they would help, but they told us taht because our home is a new construction we had to be in it for a year before they could do anything. A few month later was our full year of living here and they still would not help so we found someone that would. We lowered our rate by a point and a half and Chase lost out of making about 300,000.00 in profit if they had just lowered our rate.