Bankone/Chase Bank Informative - Increased Finance Charges

Review by Slimm on 2005-02-28
Recently Bankone/Chase increased my Purchases interest rate to 26.9%. When I inquired as to the reason for the increase they stated it was due to Credit report information. I informed them I have not made any late payments on their account or anyone elses account for that matter. I have not exceeded my credit limit on any cards. My calculated ratio of outstanding debt to potential debt on my credit cards is 43% which I think is satisfactory but Chase says anything over 30% is unsatisfactory. If someone has any info on this let me know. I now have to go through a long complicated process to be reviewed again. This is not worth the hassle to me and I will pay the card off as soon as possible. I also belong to Privacy Guard which is suppose to inform me of any negative activity or inquiries about my credit and they have not done so. After doing research and if I have a valid claim, I have found and plan to use the appropriate agencies to complain to. I would like to share this with others.
If the complaint is against a National Bank or against a Credit Card issued through a National Bank such as:
*Bank of America
*Bank One
*Wells Fargo Bank
*First USA
the toll free number is 800-613-4300 or direct dial is 713-336-4300 or mail complaints to:
The Office of the Comptroller of the Currency
Customer Assistance Group
Suite 3710
1301 McKinney St
Houston, TX, 77010

I hope this will help some of you.
Thank You, Slimm
Comments:3 Replies - Latest reply on 2005-03-06
Posted by socal1 on 2005-03-01:
You may want to get a copy of your credit report just to make sure another creditor didn't put something negative or incorrect on your credit.

This is especially true if you intend on filing complaints regarding the increase in rates. If you can prove that nothing in your credit changed, it can help your claim.
Posted by cdprice62 on 2005-03-02:
I had this company raise my interest rate from 7.9 to over 16% due to one late payment. I have had so many problems getting billing statements from this company. The reason I was initially late on one payment was because I never received my monthly billing statement from them. They claimed they had a bad town name or zip code or some other B.S. song and dance. To date, I get a billing statement about one out of every 4 months. Every time I send in payment, I write them a note asking what their problem is. I also provide my address just in case they lost the other ones I previously sent. I have no problem receiving any other bills, and I receive lots (LOL). I'm beginning to think they do this on purpose so people will be late in paying. I will be transferring my remaining balance to another card just as soon as I receive a suitable offer.
Posted by Anonymous on 2005-03-06:
The cardholder agreement that binds you as the card holder to pay as agreed also binds the issuer of the card, in this case your bank, to the original terms of the contract. The catch is that there's a clause in most card holder agreements called "universal default." This allows the issuer to change the rules midstream unless you say no. If you do say no, the issuer then has the right to close the account while you have the right to pay off the remaining balance under the terms of the original agreement.

Your Name:
(displayed with your comment)
Your E-mail:

Your Experience/Advice:
Check spelling

By clicking submit you agree that you have read and accept the Terms of Service & Privacy Policy.

Note: All comments are reviewed by a moderator before being published. Please be sure to read our guidelines before commenting.