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I Hate Credit Card Companies

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Just got two notices in the mail that two of my chase credit cards limits are being lowered. I googled a bit and saw that they (banks) are trying to limit credit and get folks closer to their limits (one card of mine was lowered 7K to be right at my current balance) so that they can count on squeezing over-limit fees - and also bump you to higher interest rates. The new law that goes into effect this July.

I note that the letters are dated in June, and that the envelope, being a bulk mailer, has no date or post mark. Assholes.

I'm going to pay both of them off now, as using a large percentage of your total revolving credit line (i.e. balances more than a third of your limit) will lower your FICO score.

Lots of people will be screwed by this. People will be charged higher interest rates and be denied credit and loans due to the lower FICO scores that result from this arbitrary bull[censored].
 
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They said that they based their decision based upon info from Experian, so I got my report and saw that they did not request any info from experian.

I am getting what they claim is my card member agreement so that I can verify their right to access my info in a more informal way, and I think that I will either sue or demand arbitration - depending on the contract - just to screw with them. It will only cost me about $300 bucks to file, but I bet that I can make them suffer a few grand worth of misery in defending it. That is the thing with them....there is an economic disincentive in doing that no matter how wrong they are, so they can do what they want. Most class actions are barred by the stupid contract agreements (a [censored] poor 5-4 decision by the Sups - but I digress).

I will feel better about it anyway. :lol:
 
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Gatorubet;1727943; said:
They said that they based their decision based upon info from Experian, so I got my report and saw that they did not request any info from experian.

I am getting what they claim is my card member agreement so that I can verify their right to access my info in a more informal way, and I think that I will either sue or demand arbitration - depending on the contract - just to screw with them. It will only cost me about $300 bucks to file, but I bet that I can make them suffer a few grand worth of misery in defending it. That is the thing with them....there is an economic disincentive in doing that no matter how wrong they are, so they can do what they want. Most class actions are barred by the stupid contract agreements (a [censored] poor 5-4 decision by the Sups - but I digress).

I will feel better about it anyway. :lol:
Click to expand...

Yeah....with my first paycheck in August, Citi will be forever gone from my ledger.

It's not like I (and I'll assume you too) have a maxed out card that is over the limit. Hardly. Hell I barely have a balance and make all my payments on time and usually more than just the minimums too.
 
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