I started a credit card account with Chase in 2006. Unbeknownst to me (I was fresh out of college and had no idea how credit card companies work), the APR went from 0% to 29.99% after a year. This should have been the first red flag for me to close my account with them. However, I kept the card, figuring it would help my credit. Over the course of four years, I never missed a payment.
My credit limit was $2500 and in October, my balance on the card was around $300. I was out to dinner with friends and attempted to use the card to pay for my meal - I also should add that I had just received a new card ONE day prior because I had left mine at my parent's house in another state. Well, the waiter came over and told me my card was declined.initially, I thought I was the victim of fraud, but when I called the customer service line, the female employee who answered the phone was laughing hysterically and there was lots of noise in the background. She couldn't care less about my concerns and simply told me my card had been closed, and that she couldn't give me a reason; I would have to phone back between the hours of 9 AM and 5 PM.
Well, I called back and apparently, they closed my account because I was a "credit risk" - I couldn't believe it and felt so sick inside. She told me a in a few months they would reevaluate me and possibly re-open my card. I told them not to bother, that I would take my banking elsewhere. Then, I googled "Chase closes account no notice" and found that thousands of hardworking, decent people shared my story. This prompted me to find out my credit score, which is... Wait for it... 740! I don't think it's fair for me to have to pay for the big banks' greed and for irresponsible customers who have declared bankruptcy. I urge everyone to support local banks and if you do use a credit card, to get one from a credit union.
This is America after all - we need to use our voices, unite, and take a stand against these injustices.
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