Rrrrrrr, CHASE

**druthb00** · 04-13-2010, 03:01 PM

I got a letter from Chase yesterday. It's my oldest credit card account, I've had it since 2007 when I was 19. They lowered my limit after raising it without me asking, TWICE, in the past three years. My limit had been at $2000 for about a year, when last April or so I got a letter saying that they had raised the limit to $2500. Well yesterday's letter says that they knocked me back down to $2000. The reasoning? Most of my accounts are less than 24 months old....uh, yeah? So glad you noticed. They were even "younger" than that when you @&%^%#!& raised my limit!!!

Since all of this bank/credit madness has been going on, I haven't been affected. I've had no problem opening new accounts; my most recent being Nov. 2009 at 0% for 6 mo. with a line of $2300, which was used to put moving expenses on. I have a total line of about $10,000 combined and other than some medical bills we've been rolling onto a new 0% card every year, it's all AVAILABLE credit for crying out loud. If they weren't my oldest account I swear I'd close it just out of spite.

Since BF and I will be looking into buying a house in the near future, I'll bite my tongue and take it with a grain of salt I guess...but I'm still ticked!

**Greebo** · 04-13-2010, 03:12 PM

Playing with snakes...

**druthb00** · 04-13-2010, 03:22 PM

Originally Posted by Greebo

Playing with snakes...

Boa constrictors, to be exact.

**Greebo** · 04-13-2010, 03:52 PM

The problem with those credit cards is while they're snakes, they package them to look like they're fun.

Kinda like this: http://mulley.net/2007images/SnakesAlive1.jpg

(Warning - near nudity - not for young eyes)

**druthb00** · 04-13-2010, 03:57 PM

Originally Posted by Greebo

The problem with those credit cards is while they're snakes, they package them to look like they're fun.

Kinda like this: http://mulley.net/2007images/SnakesAlive1.jpg

(Warning - near nudity - not for young eyes)

LMAO. I'm not having nearly as much fun with these 'snakes' as she is apparently.

**frugalfranny** · 04-14-2010, 02:18 AM

They do it 'because they can'................the little sweethearts!!

**Preston** · 04-16-2010, 05:36 PM

Telling CC companies to stuff it

**kita** · 04-16-2010, 08:08 PM

Actually I have an old copy of Dave Ramsey's CD's where he compares Steve Irwin and his crocodiles to people playing credit cards. He even says "I really shouldn't say that because someday he is going to get killed and this will be really tacky..."
Sadly ....he was right.

**frugalfoster** · 04-16-2010, 10:20 PM

Yeah....they think that they are doing you a favor by upping your limit and then they send you a letter telling you that you will be paying more interest after you have been stupid enough to go ahead and use it.... You have to try and be one step in front of them at all times if that's even possible....otherwise the BITE is horrific!!!!!

**itlw8** · 04-20-2010, 11:48 AM

ok I agree they are snakes but really some of the new rules are to keep people out of trouble.... rollingg to a new 0% card every year does look bad to credit card companies it means you can't pay it.

roll yes but then you have to pay it off and not add more.

If I knew what I know now in my 20's I would be rich the 20's arrre you compounding years. pay off the debt and start saving.

You can't listen to the credit card companies that is for sure....

You should see the limit some of them have given us over the years but I can't pay that off

I wish we haad saved instead of played in our 20's then in the 30's when we had kids and broke it would have just built interest and grown. But you ffound this site and have a better chance than we did.

**Greebo** · 04-20-2010, 12:19 PM

Originally Posted by itlw8

ok I agree they are snakes but really some of the new rules are to keep people out of trouble....

You cannot save people from themselves. The CC companies already have taken steps to create new ways for people to get themselves into trouble.

**a.nonymous** · 04-21-2010, 05:13 AM

Originally Posted by itlw8

You can't listen to the credit card companies that is for sure....

You should see the limit some of them have given us over the years but I can't pay that off

Yeah. Same here.
I got my CC when I was a student, with a modest €250 limit. 3 years later (still a student) it was up to €2000.
Now, about 10 years later, the limit is €24000! And I've never changed my status with them. In theory, I could still be a student.

Either way, as soon as it's paid off (should happen around Q3) I'll have a plasectomy ceremony. Can't wait to cancel that account.

**druthb00** · 04-21-2010, 08:19 AM

Originally Posted by itlw8

ok I agree they are snakes but really some of the new rules are to keep people out of trouble.... rollingg to a new 0% card every year does look bad to credit card companies it means you can't pay it.

roll yes but then you have to pay it off and not add more.

If I knew what I know now in my 20's I would be rich the 20's arrre you compounding years. pay off the debt and start saving.

You can't listen to the credit card companies that is for sure....

You should see the limit some of them have given us over the years but I can't pay that off

I wish we haad saved instead of played in our 20's then in the 30's when we had kids and broke it would have just built interest and grown. But you ffound this site and have a better chance than we did.

I'm not sure I fully agree with you about the rolling part (and I NEVER add more). I'm in my early 20's and my credit score is in the high 700's. My money earns interest while they're giving me a 0% loan for 12 months. If they were to take a look at my report they would see several other accounts all in good standing, that are most definitely being paid. Opening a new card each year won't have a negative impact on your credit score. Opening a new card every 3 months will. The way we've been doing it, since my BF and I aren't married (duh lol

) is we take turns opening a new account in only our own name. We've done this for 3 years now. The reason we've been doing this is because we ended up with 3,000 in medical bills, so rather than using 3,000 in cash that we could end up actually needing, I'm using my good credit to obtain a 0% rate. This way I can use the cash if I need it, while still making at LEAST minimum payments on the 3,000 CC. However, this CC is now down to around 1,200 and come this June, we probably will just pay it off. I feel comfortable with our savings account where it is, but wanting to be sure it stayed that way since we moved to FL 4 months ago jobless. See? I'm in my 20's and saving

I wouldn't have been able to move half way across the country if I wasn't. We saved 30K before we moved and it has't dipped much lower, thankfully, because BF was able to get a job quickly. Trust me, I'm not about to get myself into trouble

**Telephus44** · 04-21-2010, 10:07 AM

Honestly, (and I'm in the "credit cards are a tool" camp, not the "credit cards are evil to be avoided at all costs" camp), I really don't see the big deal. Your limit went from $2000 to $2500 to $2000. That's only $500. If you had a $2400 balance, I can see being really upset, but otherwise if you're not using the extra $500 or close to maxing the card out, I'm not sure what the big deal is.

DH has a Chase card (or maybe had - hasn't used it in over 2 years, might have been canceled by Chase at this point for non-usage) and believe me, I have no love whatsoever for them. He got hit with a rate that jacked from 10% to 35% for going about 80% usage on the card. The ironic thing is, we paid it off and then they raised the limit $20,000 - but kept the interest rate at 35%. Like he'd actually charge $20,000 and pay 35% on it.

**Josephhgoins** · 04-21-2010, 10:14 AM

I had a Chase card that I didn't use much for years. I kept it in the car "just in case". One day I went to the Lowes that was about 45 mins away from my home to get a router. I got to the register when I realized I had left my wallet at home. No problem I thought I will run get the card out of the car. I swiped the card and it was declined. I had just bought a car and it caused a dip in my credit score. I called the company and they had cancelled the card without notifying me at all.

I don't use them anymore.