I have been a customer with Chase Platinum visa for over a year. My interest rate was at 11.9%. I have never been late, always paid more than the minimums each month (including double payments). This past statement, I was shocked to see my interest rate jacked up to 29.9%. When I contacted them, all they said was they pulled my credit report back in April and there was an item which they deemed to be negative. They did not exactly tell me what it was, but I did receive a letter today, which stated that my credit report from Experian, showed a credit balance that was too high on revolving accounts. This was their reason for jacking my interest rate up by 18%.
I talked to several customer service representatives and they said it was impossible to lower my interest rate. I find this hard to believe, because when I originally applied for my card, I had more of a credit balance, and now it's about 7000.00 less than over a year ago! Who gives them the right to treat me like someone who has bad credit and delinquent?
My credit score is 732, which is very good. I have years of well established credit with absolutely no negatives. This is a joke and I don't even have store cards as high as 29.9%!!
I also agree, who gives them right to pull credit reports without your consent? I find this only valid for opening an account.
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