Chase change in terms

[larryrose]

I got my letter from chase this morning. min payment went up to 5% of balance. BofA was the first to hike up my interest rate than HSbc followed them. This was before I missed any payments in fact I made payments above the min in hopes that I could pay these off. Now I just quit paying and will be filling the end of July.

[gogetter76]

Hello,

I just received our Chase cards that replaced our WAMU CC. Same limit but i do not care what the interest rate is. It is a o balance.

Now in my case, should i activate that card now or wait and see what happens lateI will probably file in 2 months or so.

[bkmaggster]

Hello,

I just received our Chase cards that replaced our WAMU CC. Same limit but i do not care what the interest rate is. It is a o balance.

Now in my case, should i activate that card now or wait and see what happens lateI will probably file in 2 months or so.

You shouldn't use a card within 90 days of filing, so I'm not sure what you are "wait and see"-ing on if you intend to file in 2 months. I vote cut that card up and never think about it again.

[2manybills]

BofA was the first for us. Had that account since 1987 and they told me on the phone that they were trying to help me pay off my debt faster! Payments doublted with the interest rate hikes. Then Citi followed suit. Chase never got around to us before we quit paying but were the first to hike the rate to 29.99 the day after the first payment was late!

That's what pushed us into filing. We finally realized we will never get out of this hole, that with my husband's side small business failing and his regular job slowing down.

[griswald]

Wow I am not alone.

Just wondering if there is anyone else like me here...who has struggled with paying off debt, never been late on payments, maxed out and redlined with working long hours just to keep the wolf from the door, then gets the statement that says our minimum payment just more than doubled and said "screw em"?

BTW, no opt out, 85,000 in debt, 66,000 gross annual income last year. Yeah, we got approved at much higher income level, but have been at reduced income for 7 years now...we actually have another 50,000 available credit that we could use! Morons.

------------------------------------------------------------------------

This just happened to me also last week, ruined my day and is the main reason I am considering chapt 7.. I am so glad that this board is here and that I stumbled across it thanks to a poster on another forum ..what a lucky break..

Will be calling a lawyer tomorrow to see what I can do.. I have a house that I would really like to keep and about 50k in CC debt.. This was the straw that broke the camels back in my case and I can't see any other way out of this. No way can I possible come up with the 5% min. payment, currently have 3 cards with them.. What are the guys thinking , well like another poster has mentioned it sure make the decision alot easier..GLTA

[atvbutterfly]

You shouldn't use a card within 90 days of filing, so I'm not sure what you are "wait and see"-ing on if you intend to file in 2 months. I vote cut that card up and never think about it again.

I expect to file at the end of July, but have starting using my CC, am I to understand that is not the thing to do? We had to have a repairs done and parts purchased that ran around $2500, that I used two cards for. Will that jeopadize a discharge?

[StartingOver08]

I expect to file at the end of July, but have starting using my CC, am I to understand that is not the thing to do? We had to have a repairs done and parts purchased that ran around $2500, that I used two cards for. Will that jeopadize a discharge?

The card(s) where you have made charges could contest the amount you charged recently and make those amounts non-dischargeable (see this link http://www.moranlaw.net/planning7.htm).

Read this link too: http://business.uschamber.com/P12/P12_2975.asp

There is an interesting story here about someone charging up just before filing (I don't think it applies to your case), but thought you might find it interesting reading: http://www.creditcards.com/credit-ca...uptcy-1294.php

[fyi2]

never late no marks no dings great interest rates great fico
BAM .. increase in interest takes my 250/mo payment to 1100 I called to see if i could have the promotion rate back (usually not an issue) they say they are withholding promos at this time .. maybe next month

that was last august.. i really tried... I just hung by a shredded thread.. then DH found out his employer was closing ...BAM

just couldn't do it.. I didn't even have a choice to make .. I could not.. I saw an attorney but our current income did was not reflected in the 6mo look back so we waited

no i have not paid my cards since august.. do you KNOW what that means to my credit
I HATE that i have lates and blah blah blah.. really why talk about it now I just go into a little tailspin of self pitty.. it is what it is... sigh...

341 in a couple days

move forward

[atvbutterfly]

The card(s) where you have made charges could contest the amount you charged recently and make those amounts non-dischargeable (see this link http://www.moranlaw.net/planning7.htm).

Read this link too: http://business.uschamber.com/P12/P12_2975.asp

There is an interesting story here about someone charging up just before filing (I don't think it applies to your case), but thought you might find it interesting reading: http://www.creditcards.com/credit-ca...uptcy-1294.php

I can see why it can look like fraud. So - if I wait a month or so it might be ok for me? right?

[destitute]

I've had a chase account for 10 years plus. Never a late payment and until last fall I always paid more than the minimums. Earlier this spring the wanted to raise my rate from 8.9% to 29.9%. When I called to ask why they said I had been over the limit twice. When pressed for details they admitted I went over the limit by $35 in June of 2007. They even waived the over limit fee! The second fee was because of interest charges the next month. I love how they waited 2 years to jack up my rate. I opted out to keep my rate and they closed the account.

Anyway, I'm filing chapter 7 this month and didn't pay them in June. 4 days after the payment was missed I received a "new" invoice showing 30% interest and my minimum went from $300 to $850 per month. I had to laugh. If I hadn't already been working with an atty I sure would be now.

[pa308]

BofA was the first for us. Had that account since 1987 and they told me on the phone that they were trying to help me pay off my debt faster! Payments doublted with the interest rate hikes. Then Citi followed suit. Chase never got around to us before we quit paying but were the first to hike the rate to 29.99 the day after the first payment was late!

That's what pushed us into filing. We finally realized we will never get out of this hole, that with my husband's side small business failing and his regular job slowing down.

BOA did pretty much the same thing to me. I was with them 5 years never late. Then they jacked me to 29.99% and was advise that since my debt was so high they had to jack me. I said but I wasnt late, "When you get all your balances down we can bring your rate down"

Well got my balances down BOA

Thanks for the wake up call BOA, I might still have my head in the sand if it werent for that

[RNY09]

You guys will get a laugh out of this. The other day I got a mailing from Chase that proclaimed on the outside, "It's EASY to get a lower rate!" The next page said, "Act now to lower your interest rate (APR) on purchases! It's EASY!"

Wow! So you may ask if Chase is seeing the error of their ways and deciding to give their loyal customers a nice break?

Here's the inside:

1. Visit www.chase.xxx/creditcards and sign up for Automatic Payments by 7/31/09.

2. Continue to pay on time, stay within your credit line and have no returned payments for 12 consecutive months.

3. Then, watch your purchase interest rate DROP to a lower Variable Purchase APR of 28.24%!!!!!

The irony just kills me. What are they thinking?