Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Explain!

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  • Posts: 4

Replied by scamps218 on topic This is from my review of Chase Slate. I figure it is helpful in this discussio

I am a joint-cardholder with my partner on this card. We both work for a school-system in the city of Chicago, and last year they made a change in their payment processing that caused a month delay in everyone's pay check across the board. This essentially caused much financial hardship for everyone as, without funds for a month, many bills had to go past due.
As soon as we found out about this (a month before it was going to happen, just after Christmas) we contacted all of our creditors and explained the situation. Almost everyone was understanding and forgiving, waiving late fees and allowing extensions. Chase was not one of those companies that was willing to work with us. After numerous phone calls, faxing documention explaining the situation per our districts HR department, and constant emails, they continued to state that if we did not pay by the due date our interest would spike from 12% to 35% and our limit would be lowered as a result. This is after 5 years of on-time payments and no issues.
Because of the interest hike, having to catch up on mortgage and other bills, and several "glitches" with our districts "new and improved" payment systems, we were reported as 90 days late and again 30 days late on a payment. My partner chose to close the account without discussing it with me because he was so disgusted with the way Chase handled the issue.
Fast-forward to the present. We are not a year over the previous problem and everything is back to order. We have been making on-time payments to Chase for 18 months with no issues. However, the ding in my credit score from the late payments hurt, so I called to ask about "reaging" the account. "Sue" answered the call and was as surly as they come. I am a polite, calm person (I am a teacher, I have to be) regardless, she was not friendly. She explained that they DO reage accounts, but because I chose to close it, I was out of luck (smokers cough ensued for about 3 minutes after this). I thanked her for he time and hung up.
I contacted Chase about re-opening the account thinking that I have given enough time to be considered in good standing with them again. That way I could reage the card and gain account holding benefits as they were offered. I was notified that due to my negative payment history, I will not be allowed to open the account again. Really? Really?!?
Chase has lost a valuable customer here. This in not good business practice. I would advise anyone that wants a good card to avoid Chase at all costs.
10 years 3 weeks ago #16
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Replied by JoeArg29 on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

The banks can do whatever they want as to raising interest rates on new purchases. There's no negotiating with them so if you don't like it, don't do business with them.





PIF all 14 cards I have, not one single APR increase, Credit reduction, or Adverse action of any kind. I believe if you PIF as credit cards should be used as convience, not long term loans, so many wouldnt have adverse action. Its a touch economy dont charge what you cant pay. Simple rules, My opinion
11 years 1 month ago #17
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Replied by hjm331 on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

The banks can do whatever they want as to raising interest rates on new purchases. There's no negotiating with them so if you don't like it, don't do business with them.
11 years 4 months ago #18
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Replied by ColoNative on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

My rates haven't been increased!


My Chase card increased from 7.9% fixed to 14.24% variable with a $0 balance. But yes, a lot of the banks increased APR's because of all the charge offs and bankruptcies. It is part of the business model and capitalisim. People who want lower rates should get a credit union card.
11 years 4 months ago #19
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Replied by Joeyman on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

I work in the banking industry as an underwriter. The reasons the banks are hiking up int rates are bc for someone who has a 10,000 balance or more on a few accts its in their best int to raise the rate bc they feel its a matter of time before the consumer will file bk or default on the account. The cl decreases are of course to protect the banks. Everyones best bet is to pay a little more than the minimums and save money they care nothing about you and how you struggle to pay your bills. Why give them all your money to pay them off when they are in control and can increase decrease or close it when they are ready



My rates haven't been increased! :laugh: :laugh: However - I bank with a not-for-profit bank : a credit union. Something cool I just found out... since I have a checking, savings, and credit card account with my credit union I get a free Equifax score every 5th of the month. Not a full credit report, but just the score. Also my Capital One and Elan cards haven't had any kind of increase.

EDIT: I may have misunderstood your post, I don't have $10k+ balances.
11 years 4 months ago #20
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Replied by aclove404 on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

I work in the banking industry as an underwriter. The reasons the banks are hiking up int rates are bc for someone who has a 10,000 balance or more on a few accts its in their best int to raise the rate bc they feel its a matter of time before the consumer will file bk or default on the account. The cl decreases are of course to protect the banks. Everyones best bet is to pay a little more than the minimums and save money they care nothing about you and how you struggle to pay your bills. Why give them all your money to pay them off when they are in control and can increase decrease or close it when they are ready
11 years 4 months ago #21
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Replied by Meya on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

I totally agree with ya bro!
11 years 4 months ago #22
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Replied by hjm331 on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

Methunder, do you have any other credit cards other than the Indigo credit card? If yes, then you should close the Indigo card because apparently, you're not benefiting from it.

If you don't have any other credit cards, then I would recommend you apply for HSBC and/or Capital One cards.
11 years 4 months ago #23
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Replied by methunder on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

Hi I just got off the phone from Indigo and was told that they DO NOT report our payment history to the credit reporting companies untill we have a 0 ballance. It is not reported monthly like the rewards 660 did. Now that they bought out rewards 660, they report it as a settlement untill it is payed in full, not a credit card report. Makes your credit look even worse than when we started to repair credit history. Now I know why I can't get a car loan now. I have paid faithfully, 3 times the minimum every month, for 3 years now and my credit it worse than when I started because of this!!!!!:scared:
11 years 4 months ago #24
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Replied by julienne on topic Re: New/Recent Approvals

Ok guys, I went on NewEgg.com today to pay my bill for some LG front loaders I purchased for my home back in January and I noticed they slashed my credit limit from $4000.00 to $2000.00! What a way to show how you appreciate a good customer huh? Should have known better, CIT Bank is a joke! I still get the no interest deal so whatever, but still thats just plain retarded



Did NewEgg explain why your credit limit was decreased?
11 years 4 months ago #25
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Replied by Brian23 on topic Re: New/Recent Approvals

Ok guys, I went on NewEgg.com today to pay my bill for some LG front loaders I purchased for my home back in January and I noticed they slashed my credit limit from $4000.00 to $2000.00! What a way to show how you appreciate a good customer huh? Should have known better, CIT Bank is a joke! I still get the no interest deal so whatever, but still thats just plain retarded


That's really retarded. So sorry to hear that. Did you call to find out the reason for the CLD?
11 years 4 months ago #26
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Replied by Meya on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

I am so sorry to hear that one Buddie! These banks are on a slash rampage now days. They claim that they are cutting limits to help reduce "red-flagers" but, they are cutting from customers who pay them faithfully. I just don't get it.
11 years 4 months ago #27
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Replied by eugene66 on topic Re: New/Recent Approvals

Ok guys, I went on NewEgg.com today to pay my bill for some LG front loaders I purchased for my home back in January and I noticed they slashed my credit limit from $4000.00 to $2000.00! What a way to show how you appreciate a good customer huh? Should have known better, CIT Bank is a joke! I still get the no interest deal so whatever, but still thats just plain retarded


sorry to hear that, CIT bank I believe had filed for bk and i know they sold their fingerhut accounts to Meta bank, so I would keep my eye open for anymore changes.
11 years 4 months ago #28
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Replied by patrick12 on topic Re: New/Recent Approvals

Ok guys, I went on NewEgg.com today to pay my bill for some LG front loaders I purchased for my home back in January and I noticed they slashed my credit limit from $4000.00 to $2000.00! What a way to show how you appreciate a good customer huh? Should have known better, CIT Bank is a joke! I still get the no interest deal so whatever, but still thats just plain retarded:suicide:
11 years 4 months ago #29
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Replied by Wanderer on topic Re: Has Your Credit Card(s) CL Been Reduced, Closed, or Frozen? If So, Please Ex

colonative - here is one for you... My MBNA America Platinum Bank Credit Card (2001) had a credit line of $57,500 and a 9.9% purchase apr. That was before the big BK. Add to this that at the time my income was $18,000 annual. Today I was running with set asides for retirement over $100K and can't get credit?! Always makes life interesting. That is why we need to be thoughtful about account closing just in case lenders are not interested in working with us on new credit at the time. Also, once the account is closed lenders may quit reporting and then (on my credit reports) they may drop off after ten years. So what? Only that it drags your average account longevity down. According to one of the infos I read the best FICO scores come from an average of 16+ years or more. To someone with 4.5 average account years they are a ways out from the highest FICO scores. :dumbfounded:
11 years 5 months ago #30