Can chase do this to us?
Date: Sat, 07/10/2010 - 15:58
I have a credit score of 840 No late payments incl mortgage to date.
My live in girlfriend and I have both had our annual incomes reduced by at least 50% 2 yrs ago.
Weve supplemented our incomes w/ cc and savings.
We have a half dozen or so cr cards totaling about 60K. maybe half of the total were on 0 to 4% cards with CHASE,who recently doubled our monthly payments on all ccs.
We had not been late etc.
They eliminated the available credit we had left of about 20K,leaving us with about 2K avsailable on the ccards..
Now, my question is regarding the manuver by Chase as explained in the following paragraph .
We called chase and told them although we have paid timely, this near doubling our monthly payments would cause us to be unable to keep up.
They stated that they would drop the "new extra payment" amount if we will agree to having our cc interest rates raised to 12+% in (approx ) 2012.
We agreed,but that only postpones the problem. (Is the lawfulness of this questionable?)
This occured about 8 months ago and i dont see either of us being able to make more money to meet the future payments ,considering the job market and our advancing ages(61) BTW ouse is upside down and Our assets are less than 5K so theyre S.O.L there too.
QUESTIONS
1)Was there small print we never saw in our original cc contracts that stated they could increase the minimum requirement amount when all of our payments had been current,not late etc?
2) (Is the lawfulness of their, manuver stated above,questionable?)
My live in girlfriend and I have both had our annual incomes reduced by at least 50% 2 yrs ago.
Weve supplemented our incomes w/ cc and savings.
We have a half dozen or so cr cards totaling about 60K. maybe half of the total were on 0 to 4% cards with CHASE,who recently doubled our monthly payments on all ccs.
We had not been late etc.
They eliminated the available credit we had left of about 20K,leaving us with about 2K avsailable on the ccards..
Now, my question is regarding the manuver by Chase as explained in the following paragraph .
We called chase and told them although we have paid timely, this near doubling our monthly payments would cause us to be unable to keep up.
They stated that they would drop the "new extra payment" amount if we will agree to having our cc interest rates raised to 12+% in (approx ) 2012.
We agreed,but that only postpones the problem. (Is the lawfulness of this questionable?)
This occured about 8 months ago and i dont see either of us being able to make more money to meet the future payments ,considering the job market and our advancing ages(61) BTW ouse is upside down and Our assets are less than 5K so theyre S.O.L there too.
QUESTIONS
1)Was there small print we never saw in our original cc contracts that stated they could increase the minimum requirement amount when all of our payments had been current,not late etc?
2) (Is the lawfulness of their, manuver stated above,questionable?)
The holder can basically do whatever they want when it comes to
The holder can basically do whatever they want when it comes to your creditline. Increase in payments would have come as an inset in your monthly statement.
