Comments on: Credit Card Companies Cut Credit Limits – To Zero http://www.smartbalancetransfers.com/blog/2009/08/credit-card-companies-cut-credit-limits-to-zero/ The Balance Transfer Credit Card Resource Mon, 06 Feb 2012 15:29:47 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Pat http://www.smartbalancetransfers.com/blog/2009/08/credit-card-companies-cut-credit-limits-to-zero/comment-page-1/#comment-1176 Pat Mon, 19 Oct 2009 20:03:42 +0000 http://www.smartbalancetransfers.com/blog/?p=496#comment-1176 This has happened to me I have been a loyal customer with first Providian and now Chase, my credit score is good and I have always paid my payments on time never paid late now Chase wants to lower my limit, how can they do this? I called them and of course the rep gave the same stupid reasons as was on the letter. Once I get this paid off I will never do busines with Chase again!!!!!!!!!!!!! This has happened to me I have been a loyal customer with first Providian and now Chase, my credit score is good and I have always paid my payments on time never paid late now Chase wants to lower my limit, how can they do this? I called them and of course the rep gave the same stupid reasons as was on the letter. Once I get this paid off I will never do busines with Chase again!!!!!!!!!!!!!

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/08/credit-card-companies-cut-credit-limits-to-zero/comment-page-1/#comment-1175 Balance Transfers Helper Tue, 15 Sep 2009 14:53:12 +0000 http://www.smartbalancetransfers.com/blog/?p=496#comment-1175 I wouldn't settle for that answer. I would definitely get on the phone with BOA and see if you can get a representative to assist you. Although they could have theoretically punished you with a 29.99% APR, a 19% rate is still quite high. And as for Chase, this is not the first time I've heard of them failing to honor balance transfer checks. Everyone needs to shred these. I wouldn’t settle for that answer. I would definitely get on the phone with BOA and see if you can get a representative to assist you. Although they could have theoretically punished you with a 29.99% APR, a 19% rate is still quite high. And as for Chase, this is not the first time I’ve heard of them failing to honor balance transfer checks. Everyone needs to shred these.

]]> By: Rob http://www.smartbalancetransfers.com/blog/2009/08/credit-card-companies-cut-credit-limits-to-zero/comment-page-1/#comment-1174 Rob Tue, 15 Sep 2009 02:56:20 +0000 http://www.smartbalancetransfers.com/blog/?p=496#comment-1174 I received some balance transfer checks from one of my Chase credit card accounts. I used the check to make a payment of $25,000k to my Bank of America credit card, to get a lower interest rate with Chase. When BOA went to cash the check to cover my payment, Chase DENIED the check. So I got hit with a $40 check returned fee. But to top that off, BOA bumped my entire balance to 19.9% instead of 10.9%. BOA said when I made the payment that my balance was cleared, but when the check was returned, they had to put the balance back on my card under "cash advance" now at 19.9%. They said this is "standard practice with all banks". So I got screwed by Chase AND BOA. I have used those balance transfer offers many times in the past. Didn't realize that they could decline payment on them. Guess I learned a valuable lesson. I received some balance transfer checks from one of my Chase credit card accounts. I used the check to make a payment of $25,000k to my Bank of America credit card, to get a lower interest rate with Chase. When BOA went to cash the check to cover my payment, Chase DENIED the check. So I got hit with a $40 check returned fee. But to top that off, BOA bumped my entire balance to 19.9% instead of 10.9%. BOA said when I made the payment that my balance was cleared, but when the check was returned, they had to put the balance back on my card under “cash advance” now at 19.9%. They said this is “standard practice with all banks”. So I got screwed by Chase AND BOA. I have used those balance transfer offers many times in the past. Didn’t realize that they could decline payment on them. Guess I learned a valuable lesson.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/08/credit-card-companies-cut-credit-limits-to-zero/comment-page-1/#comment-1173 Balance Transfers Helper Wed, 09 Sep 2009 16:04:28 +0000 http://www.smartbalancetransfers.com/blog/?p=496#comment-1173 Bill, This is a really disheartening story. Have you tried to call them and see if you can negotiate the penalties and lock in a lower rate. You should qualify for assistance from the hardship department. Bill,

This is a really disheartening story. Have you tried to call them and see if you can negotiate the penalties and lock in a lower rate. You should qualify for assistance from the hardship department.

]]> By: Bill http://www.smartbalancetransfers.com/blog/2009/08/credit-card-companies-cut-credit-limits-to-zero/comment-page-1/#comment-1172 Bill Tue, 08 Sep 2009 21:47:42 +0000 http://www.smartbalancetransfers.com/blog/?p=496#comment-1172 chase did a number on me as well. I have a limit of 1k, I had close to the limit on my card, one late payment brought me over. which meant an over limit fee. the next month I had a minimum payment of 200, I couldnt afford the 50 before so couldnt afford this for sure. they then added another late fee, and somehow added the $200 missed payment to the total? I could see adding it to the minimum.. but the total? the next month I payed the minimum, but couldnt afford the still 200+ due each month. two months later the fees bring the total up to close to 1700. meaning about 900 in fees for a 1k limit card in just a couple months. This has completely put me off on credit cards, although maybe I'll try a non chase card in the future as it seems chase is the worst in ripping people off. chase did a number on me as well. I have a limit of 1k, I had close to the limit on my card, one late payment brought me over. which meant an over limit fee. the next month I had a minimum payment of 200, I couldnt afford the 50 before so couldnt afford this for sure. they then added another late fee, and somehow added the $200 missed payment to the total? I could see adding it to the minimum.. but the total? the next month I payed the minimum, but couldnt afford the still 200+ due each month. two months later the fees bring the total up to close to 1700. meaning about 900 in fees for a 1k limit card in just a couple months. This has completely put me off on credit cards, although maybe I’ll try a non chase card in the future as it seems chase is the worst in ripping people off.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/08/credit-card-companies-cut-credit-limits-to-zero/comment-page-1/#comment-1171 Balance Transfers Helper Mon, 31 Aug 2009 15:45:05 +0000 http://www.smartbalancetransfers.com/blog/?p=496#comment-1171 The real shame is the effect this will have on your <a href="http://www.smartbalancetransfers.com/free-credit-reports.php" rel="nofollow">credit score</a>, but at least you were among the lucky that wasn't on the hook for tens of thousands of dollars. I would suggest opening a new credit card with a different company to help minimize the damage to your credit score. As much as we've all come to dislike credit cards, the fact of the matter is that our credit score plays a big role in our lives. The real shame is the effect this will have on your credit score, but at least you were among the lucky that wasn’t on the hook for tens of thousands of dollars. I would suggest opening a new credit card with a different company to help minimize the damage to your credit score. As much as we’ve all come to dislike credit cards, the fact of the matter is that our credit score plays a big role in our lives.

]]> By: Bobbie Warner http://www.smartbalancetransfers.com/blog/2009/08/credit-card-companies-cut-credit-limits-to-zero/comment-page-1/#comment-1170 Bobbie Warner Sat, 29 Aug 2009 03:35:45 +0000 http://www.smartbalancetransfers.com/blog/?p=496#comment-1170 I can so relate to these people's situations; I too, had never missed a payment, never went over the limit with CHASE. I had a 5,000 cr limit and a 0 balance and they CLOSED my account. Based on my other Chase card that they RAISED the mandatory payment to 3x the amount. This is maddening and like the other gentlemen said - you are helpless - and because all of us are in FEAR of our credit score being affected; THEY HAVE ALL THE POWER -; But we have done it to ourselves - IF NONE OF US HAD CREDIT CARDS - THERE WOULD BE NO CREDIT ISSUES FOR OUR GOVERNMENT TO SCAM US INTO THINKING THE BANKS ARE IN TROUBLE I can so relate to these people’s situations; I too, had never missed a payment, never went over the limit with CHASE. I had a 5,000
cr limit and a 0 balance and they
CLOSED my account. Based on my other Chase card that they RAISED the mandatory payment to 3x the amount. This is maddening and like the other gentlemen said – you are helpless – and because all of us are in FEAR of our credit score being affected; THEY HAVE ALL THE POWER -; But we have done it to ourselves – IF NONE OF US HAD CREDIT CARDS – THERE WOULD BE NO CREDIT ISSUES FOR OUR GOVERNMENT TO SCAM US INTO THINKING THE BANKS ARE IN TROUBLE

]]> By: linda mair http://www.smartbalancetransfers.com/blog/2009/08/credit-card-companies-cut-credit-limits-to-zero/comment-page-1/#comment-1169 linda mair Thu, 20 Aug 2009 17:35:14 +0000 http://www.smartbalancetransfers.com/blog/?p=496#comment-1169 Good for you . They closes the card with the least int. reduced my credit limit on the other. to make it look like i was over the half mark on my charge limit. I pay them every 4 days got it down. will be paid off next month. they are still charging me finance charges on the closed card.!@#$. but I'm paying min. till i get the other paid off or till the law passes next year. that way on your report it still looks open. your credit report will say its opened till its paid in full by then I'll have a better credit card. NO MORE CHASEEEEEEEEEEEEEEEE Good for you . They closes the card with the least int. reduced my credit limit on the other. to make it look like i was over the half mark on my charge limit. I pay them every 4 days got it down. will be paid off next month. they are still charging me finance charges on the closed card.!@#$. but I’m paying min. till i get the other paid off or till the law passes next year. that way on your report it still looks open. your credit report will say its opened till its paid in full by then I’ll have a better credit card. NO MORE CHASEEEEEEEEEEEEEEEE

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