Dirty credit card billing trick (Chase)

[Zeke]

I got my first Chase statement (previously a WaMu card). Yep, interest up 3%. I canceled that day.

Then, I see the due date for the next payment. Moved ahead at least 2 days from the somewhat irregular WaMu dates. I wonder how many people they are anticipating missing the date so they can (a) charge $35 late fee, and (b) send the interest to 25.999%.

All cards have gotten bad, but Chase is rotten.

[onewhippedpuppy]

Another good reason to cut them up.

[Zeke]

Originally Posted by onewhippedpuppy

Another good reason to cut them up.

I want to cancel the other 2, but I can't right way because that will crash my FICO. Also, if I need a rental or something along those lines, I need a card. One of my 3 has 0 balance and that's not too good either, I need to move some money there on a low interest transfer to keep the ratios about right. but purchases on them are out of bounds any more. I used one for supplies for contracting and couldn't quite keep up.

Things are bad and the CC companies are out to screw anyone not paying close attention.

I am down to 2 open accounts from 5.

[fingpilot]

It got dirty years ago. I sued Citi when a genuine mistake of double paying my car insurance tripped the 'universal default' clause of my completely unrelated Citi Master Card.

Citi DGAS. I got an attorney to sue. Delaware picked up the case, made it class action. 4000+ litigants. 3 years ago Citi started the 'stall'. Last month they 'voluntarily' gave up 'Universal Default' starting next year.... Class action case vacated, it was all for nothing, except that my credit rating will never be the same.

[stomachmonkey]

fuchers just did the same to me

could not access wamu card while it got moved to chase

so this month was late and they slammed my rate to 29%

gotta figure out how to pay off or roll over so I can get away from them ASAP

[onewhippedpuppy]

Originally Posted by milt

I want to cancel the other 2, but I can't right way because that will crash my FICO.

BSBSBSBSBS!

I didn't have a card until I got married at 21 and my wife added me to her Discover card. Less than a year later we were buying a house and my credit was excellent (750-ish). At that point I had never borrowed money in my life. My wife, who had also never borrowed money and never carried a balance on her card had an 800+ credit score.

Don't you think they WANT you to believe that? No loans and no CC balance = very little profit.

[Zeke]

A good FICO shows no knee jerk reactions like canceling all your cards at once. The also like your debt ratio to be in a sweet spot so they can see money moving at a steady and normal pace, but no high balances.

I read a few years ago that not paying the minimum payment but increasing it by a few dollars would trigger a better rating. I have my credit report and it does not reflect that I do that, so I don't know. What I do know is that I'm a high 700. So, I'll play the game.

If I need a new truck because of a wreck or big time mechanical failure, I like the prospect of being able to walk in and drive out with one any day of the week and not get boned. Not gonna happen if I can help it, but you never know.

[onewhippedpuppy]

I'm betting that you could pay them off and close them all and it won't make a difference. Maybe keep one open for rental cars and such, though a debit card works as well. They're all crooks, and I have no interest in owing them money.

[The Gaijin]

I hate to say it: but you know they have very smart people making very good money working very long hours working on: "what can we get away with??".

Pay 100% every month and carry no balance and you will be a happier man in this life.

[Zeke]

Originally Posted by onewhippedpuppy

and I have no INTEREST in owing them money.

Good play on words there.

And good advice.

[sammyg2]

Don't cancel the cards. Pay them all off and leave them open but don't use them. That helps the credit score.

[asphaltgambler]

FICO scores are divided almost exactly by thirds: 1) Length / Time of accounts; sub-didvided by each account length of time open and total accounts history 2) On time payments 3) Amount of credit available to amount owed

[krichard]

I have 2 cards and never carry a balance. My credit score when pulled last month during our refinance was over 800 across all three agencies. Don't buy that bull that you need to carry a balance to improve your score.

[m21sniper]

Originally Posted by milt

A good FICO shows no knee jerk reactions like canceling all your cards at once. The also like your debt ratio to be in a sweet spot so they can see money moving at a steady and normal pace, but no high balances.

You guys are such slaves to the bank's game.

I buy everything cash, or not at all (the one exception being a house, obviously).

[Zeke]

Originally Posted by krichard

I have 2 cards and never carry a balance. My credit score when pulled last month during our refinance was over 800 across all three agencies. Don't buy that bull that you need to carry a balance to improve your score.

Well, since this has turned into a thread about FICO (I know, I brought it up in the first place ), I can tell you that no credit is bad. If you carry no balance, hats off. However, you may have a car loan or 2, or lease, a line of credit, etc. that is providing the bureaus with the data they need. Just a home loan won't do it alone. I was in a business for a short time that ran credit checks. I know what flies and what gets 2nd teat. One late and you're toast when it comes to the lowest interest for a loan.

Anyway, if I can cause any loss of business to Chase, I will do it. Unfortunately, they have my Boxster loan.

[red-beard]

Originally Posted by stomachmonkey

fuchers just did the same to me

could not access wamu card while it got moved to chase

so this month was late and they slammed my rate to 29%

gotta figure out how to pay off or roll over so I can get away from them ASAP

Something happened to our CHase cards as well, the interest went up to 29% and we don't know why.

Cancelling as soon as we can.

[Zeke]

Canceling is easy. Call the 800 number 24/7 and report your card missing. When they start to send you into another account, just say no thanks. But, you will seldom ever talk a company down in interest rates. I have in the past, but that was pre- recession/credit crunch time. Best thing to do is a balance transfer. You can't do this too many times, just try to pay off the balance during the introductory time and leave the card alone.

[splinterAMG]

Originally Posted by stomachmonkey

...so this month was late and they slammed my rate to 29%...

+1

They buy their money from the Federal Reserve for next to nothing, receive billions in TARP funds from the beleaguered taxpayers, and then jack me to 29.99% (+ the $39 late fee) for being one day late - after ten years of perfect history.

“There’s nothing we can do, sir.”

[m21sniper]

"Yes there is, close my account. Right now."

[schamp]

You think Chase is bad, they learned from Capital One. If you have to have one pay it off each month. I use a debit card most of the time.