New CHASE tactic ! Pay off Credit Card & get account closed

[Unibrow]

Yep, gotta love Chase. I was good on my payments for all my credit cards for years until they started pulling all their tricks due to the "current economy."

Keep in mind at this point, I was current with all my cards and in very good standing. Chase increased my monthly payment of a low interest "lifetime" apr loan to "help me pay it off faster." When I disagreed, they put me on a 2 year fixed apr, 3 times the amount of the original." They cut limits on all my cards, then decided for the heck of it, closed them all. The other banks saw a sharp drop in available credit limit and increase debt % and freaked out. My credit score drop so low so fast that other banks viewed me as very high risk. They too destroyed pretty much all my available credit limit in the aftermath. I see no point in struggling to pay off these bastards, so am planning my bk journey. Best Business decision ever!

[Unibrow]

dupe, sorry.

[Goteki45]

Yep, gotta love Chase. I was good on my payments for all my credit cards for years until they started pulling all their tricks due to the "current economy."

Keep in mind at this point, I was current with all my cards and in very good standing. Chase increased my monthly payment of a low interest "lifetime" apr loan to "help me pay it off faster." When I disagreed, they put me on a 2 year fixed apr, 3 times the amount of the original." They cut limits on all my cards, then decided for the heck of it, closed them all. The other banks saw a sharp drop in available credit limit and increase debt % and freaked out. My credit score drop so low so fast that other banks viewed me as very high risk. They too destroyed pretty much all my available credit limit in the aftermath. I see no point in struggling to pay off these bastards, so am planning my bk journey. Best Business decision ever!

I know the feeling. Chase cut my limits too when I was still current. I can give a rats rear end about them or the rest of them. Really we are all just an account number to them and nothing more. You are right uibrow. It's just business, and you have to look out for number one in business.

[shark66]

I see no point in struggling to pay off these bastards, so am planning my bk journey. Best Business decision ever!

Truer words have not been spoken.

We've paid them already - all of us - courtesy of our corrupt politicians who bailed the lowlifes out, and would do it again in a heartbeat.

May your BK journey be a smooth one.

Good luck.

[octoblonde]

I think Chase is the biggest scumbag bank going. I LOATHE them and Citibank. They are just the worst. So cut throat and relentless and don't care about their customers. Chase wouldn't even make a payment arrangement when I was 2 months behind. They said I didn't have enough income. I had cash in the bank and offered them a payment. They refused. So they go nothing for a few months. Then when I got approved for SSDI, they made an arrangement with me. Now I'm gonna BK on them anyway.

[shark66]

Now I'm gonna BK on them anyway.

Good for you...

The best of luck with the upcoming BK.

[iswmle]

He reinstated the account, and told her that the card would be reactivated withing 5 to 10 minutes, to ignore the letter that informed her that the account is closed, and to expect another letter confirming that the account is open. HALLALUJAH !!!!!

Just curious, but why is this a joyous moment? Not to be snarky, but you obviously know, we know, everyone in the world knows, Chase is one of the worst. You already stated you and your wife are head over heels with high utilization on other cards... so why is reinstating this card a good thing?

[catleg]

The problem, from Chase's perspective, is not just getting their money back. They want you on the gerbil wheel of paying ever-increasing interest rates. And it looks like you're getting tired of spinning the wheel, especially if you're on bkforum. :-)

[chrisdfw]

This helped lead me into BK. I had always counted on my home equity credit lines and my credit cards to hold me inbetween jobs. Well right before I was even fired, credit companies began freezing or lowering my credit lines. After losing my job, my home equity line of credit was frozen. My lifelines were starting to terminate.

This is similar to what happened to me, for me it worked out better in the end since my plan wasn't working.

I had an Amex line of credit (business line) I was using to start a business after I left my prior job (with good severance). Once my use of credit got too high, Amex reduced my line to near what I owed, effectively killing any chance of getting the business off the ground.

That was the beggining of the end. With no way to get the rest of the equipment and pay the start up costs, I fell behind on everything and eventually was sued by citibank. Worked out though, discharged 100k+ of unsecured credit card and line of credit debt, kept all exempt assets, still paying the only secured loan I had for the house (not re-affirmed).

I was told I had too much un-secured debt when they cut my line. Basically I was using too much of the product they were pushing. They did not like it that I didn't have car loans and such according to the Amex guy I spoke with. I said why would I get a secured loan at 7% when you'll give me an unsecured one at 1.99% for life of the balance.

So in the end they did me a favor and I went on with my life (I got to keep the cars since they were unsecured, the house, my retirement, everything) Thanks Amex, for opening my eyes.

Hopefully when they do this shit, we realize we don't need them and dump their assess before they line up to screw you next time. Get rid of chase, you don't need them.

[shark66]

hopefully when they do this shit, we realize we don't need them and dump their assess before they line up to screw you next time. Get rid of chase, you don't need them.

A m e n !!!!

Good luck to us all.

[rustymich]

My own experience with Chase has been that they raised my interest rate 150% on 2 accounts upon faithfully having made payments (which forced me into default


Thats what happened to me we never missed a payment still jan 09 rates went throught the roof????

[IamOld]

A m e n !!!!

Good luck to us all.

AMEN is right!!!!!!! Guys, if I get through this, I'm done with credit cards, etc FOREVER!!!

[lillymarlene]

My experiences were very similar. I was using one card to pay the other, transferring balances, taking cash advances, etc. My business was on a terrible downward spiral at the time, with the Great Recession and the death of my father. Of course I was using ccards in a pitiful attempt to make ends meet. Then BoA, though I hadn't missed any payments, shut down all the cards (5) I had with them, Chase (2) cards cut my limits to about $200 over the balances and other creditors did similar things. Once I even went to deposit a cash advance check to my bank, and it was declined 2 days later, after I had written a few checks against it. How embarassing to say the least. Then I had to scramble to cover the negative balance and fees.

My father also had left a couple of small insurance policies, which I quickly used to pay on my debt. Like people who have cashed in their retirement funds, I sure do wish I had that money now. Could have been used for something much more useful than paying on "bottomless" debt.

One of the few good things to come out of all of this is that I no longer have credit cards. Not saying that I wasn't at fault, but I like not having to deal with large greedy banks. I hope never to have unsecured debt (ccards) with those kinds of horrible balances again.

[chrisdfw]

My father also had left a couple of small insurance policies, which I quickly used to pay on my debt. Like people who have cashed in their retirement funds, I sure do wish I had that money now. Could have been used for something much more useful than paying on "bottomless" debt.

So many people with the same. I used money to settle with bank of america that would have been better used to live. I settled 30,000 for 4500, but went bankrupt anyway when Citibank sued me. I got a good deal but the 4500 was money wasted, since it would have been discharged anyway.

The things we do when we get into debt.

[Goteki45]

This helped lead me into BK. I had always counted on my home equity credit lines and my credit cards to hold me inbetween jobs. Well right before I was even fired, credit companies began freezing or lowering my credit lines. After losing my job, my home equity line of credit was frozen. My lifelines were starting to terminate. When I later negotiated lower payment plans with creditors, some agreed to allow me to pay a lower payoff amount but closed or locked my credit lines for this priviledge. e.g. I had a Kohls account which finally caved in to my demands to make a lower payment amount, but I was not allowed to use my credit line anymore.

The worst part was what I just mentioned, lowering my credit lines or freezing my credit lines before I ever missed a payment. Especially the home equity line of credit. Why the hell did I ever take out this home equity line of credit (to be used as my lifeline) if they could just block my access to it when I needed it the most.

I can relate. I was right between jobs when Chase froze it out. If they wouldn't have done it. I would have been fine and would have been able to pay down my balances and been right back on track. Oh well, now they get nothing, so it's funny how things work out in the end.