Got a letter a few weeks ago from Chase, letting me know they had substantially dropped my credit line because I have balances with other banks! My FICO is over 700. My credit is impeccable. No late payments, no missed payments, always paying more than the minimum.
I sent an email to Gordon Smith, CEO, and got a call from Elizabeth Nowak at the executive offices. Phone 888-622-7547 x7185. She claimed that the credit reporting bureaus are to blame, and that I should take it up with them if they have my information wrong. I let her know that there is no justification for lowering my credit line since I have been a perfect account holder with Chase (and the other banks).
Lowering my credit line will destroy my great FICO, and I've worked too hard to get my FICO where it is.
I am closing my checking and savings accounts at Chase, and moving my money to Bank of America. I will let my Mastercard sit dormant to preserve the FICO a little bit. (Do not ever close a $0 balance card, as it lowers your FICO. I learned that lesson two years ago when I paid off a debt.)
I encourage everyone to take their money away from Chase. I am furious that my tax dollars bailed out these crooks.
I have seen blogs and posts all over the Internet with many people having the same complaint. If we all band together and do a class action lawsuit, then perhaps Gordon Smith will pay attention.
And maybe when the company has to downsize with layoffs due to a drop in revenue, they will put Elizabeth Nowak at the front of the unemployment line.
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