Hello goldenblast,

I have a Chase Visa Card I'v

Hello goldenblast,

I have a Chase Visa Card I've had for approx, 6 yrs. I started out with Zero APR but after approx. 6 mos. we had some financial problems and we paid 3 pymts late within the next year or so. When I took the time to look over the agreement from Washington Mutual ("Chase" took over WM over 6 months ago)
I found the area where it states that they have the option to raise the APR when late pymts are received.
We admit we paid some late pymts during the first year and as a result the APR began to rise each time. 0% -7%, then 11% and leveling off at 19% by the end of the first year.
During these past 6 yrs as credit borrowers we paid the complete balance off twice when money permitted and the 19% remained throughout the years. But it increased to the highest 29.9% due to 1 pymt that was paid through banking on computer and we had just returned from a Cruise (This card was used and it's customary for the cruise line to put a hold on the card just to ensure there will be no mistakes as to wether they get paid) If they are able to access the balance on the card used, then they have the knowledge and will not allow you to overspend while out at sea.
We returned late Friday evening and exhausted from the trip we just rested. Saturday while balancing the checkbook online…I become aware that the card we used the "hold" had still not been lifted by the cruises lines and because of this we had two banking payments that had reached the bank and due to the "hold" had been rejected "ISF". One of those was this WM visa.
It wasn't 10 mins later I rec. a cust. service ph. call that re: this delinquent pymt that was rejected by my bank 1 day earlier. I apologized and paid the pymt + late fees and additional "ISF" charges which was not the surprise. That surprise came on the next statement. APR had increased to 29.9%. I called to inquire the jump of 14% although I knew the reason.
I was abruptly informed that this raise in APR would not be lowered anytime soon. I spoke about the years we never had "ISF" with any pymts and when I asked how long this 29% would be enforced and unchangeable…she reminded me that this was a serious delinquent act on our part and that I defaulted on the loan. Even if it was only for one day before I was aware and they received full pymt plus some. It has been over a year and we have paid over our min pymt each payment since and when I was again fortunate enough to afford to pay a good portion of the bal. off, I called and asked about the possibly of lowering the APR once they received a large pymt,I was told she would be unable to lower it due to the ISF in the past. The acct. was "marked" and was not eligible to be lowered due to the past ISF past incident. She suggested I continue to pay on time and check back in 6 mos.

I have recently spoke with a business that guarantees it can lower many of our APR accounts. This business sent out a thick packet and I was to fill out every acct. which we paid Interest on.
As I got to filling out the forms…which asked for much detail…when acct. opened, beginning APR & amount of starting pymts, name of creditor and had we paid any late pymts during the past year.
I got to thinking and realized there was not anything they could do to lower our Home Mortgages, Pool installation financing Loan, car or merchandise agreements.
It was only the CC they could help us negotiate with lending banks if anything. I was naive to think that when you receive a phone call stating they can lower ALL your APR's, I believed they could.
I would have hired them for $640 to have my WM card APR of 29.9% lowered back to probably 15%. I am not complaining about the 15%…That fee of $640 would pay for itself rather quickly just by the additional monies being applied to the principle on a monthly basis.

I still think I can handle the negotiations and in all fairness get me APR back down to 15%.
I would sure appreciate your advice as to how to go about correcting this issue with Chase.
Thank you for your time.