Basically from what I am seeing in these compliants the same thing happened to my husband and I after being LONG TERM GOOD customers of the original creditor
(Wachovia) We were NEVER late in the 14 years that we have had the card - one day last year in paying our bills online the payment was inadvertantly applied to ANOTHER CHASE account (that was also sold to them recently) the error was not discovered until a few months later (Jul to Sept) however, I kept paying the EXTRA that they said they had not received - until going thru the receipts and noticed the problem and called them and they acknowledged what had happend - didn't matter though - they took my long term account with a rate of 11.4 to 32% and since I had 2 large balances with them this is KILLING US financially - it has also damaged our credit because they had decided to lower our credit line and therefore it lowered are scores SIGNIFICANTLY
Now because the scores are lower I can't even take this to another bank - just like having a loan shark - So much for being long term good customers and paying on time!
The government needs to be involved in what banks like Chase have done to consumers. I am really suprised I am not seeing a class action suit filed yet against this company - this is worse than the days of First USA!!! That was a minor adjustment to fees and rates compared to this - can't even believe usury law allows 32%!!! I guess they know if you already have good credit you are not going to STOP paying even with the high rate - SO MAYBE THEY ARE TARGETING GOOD CREDIT CUSTOMERS TO KEEP YOU PAYING BECAUSE THEY DAMAGE YOU ENOUGH THAT YOU CAN'T GO ANYWHERE ELSE!!!
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