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Written by: m.b. on 2005-06-16

Overall Satisfaction Star Rating
Customer Service Star Rating
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Account Management Star Rating
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m.b.'s review: Callout Comment I had excellent credit. I own my own business. I had two accounts with Chase for my business. Someone embezzled money from my business and had stolen several thousand dollars before it was caught. I paid all of my creditors except Bank One. Chase had always been paid on time for the four years I had the Chase card, I never ever had a late payment. They found out that I had two past due payments with Bank One, that now were up to date.

Without notifying me in advance, they raised my interest rate from 4.99% to 25.99%. I don't understand how this is legal. Chase was never paid late so why should it be any of their business what happened with another company. Bank One was the one I paid late, and they worked with me to bring my account back to good standing. I wrote letters to Chase and faxed them copies of the letter from Bank One to prove the account is in good standing. They were very nasty and said it wasn't anything they could do. I managed to pay off the card that had 11,000 on it. But being a small business owner, I could not pay off the one with 20,000 on it. At 25.99% the bill came in with almost 500.00 dollars in interest alone. As a result of this unfair policy, I can no longer pay them and my credit is ruined.

If you don't believe me about their policy, which I was never informed about. Call Chase and ask them. If you fall behind with another creditor, even if you have never been late paying Chase, they will raise your rate to 25.99%. How in the world can this be legal.

M. B.

1 Comment

Comment 1 by joe
Why Rates Rise User Icon on 2005-06-23

Remarks In response to the other post about the rising interest rates, most companies check out your credit record regularly to see if there are any significant changes.

I assume that Chase figured your finances were in trouble, so they wanted you to pay off your balance asap... This is why they raised your rates. In other words, your credit score dropped, so they raised your rates.

I've been with Chase Manhattan Bank for years now, and their "bad" policies are like every other financial institution that I've come across. They just have to protect themselves, investors and interests. Sure, they are for the consumer, but they wouldn't be here long or offer low interest rates if they were in debt.

Hope this helps!

Joe - Consumer Loan Officer
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