JP Morgan/Chase Payoff Your Credit Card Balance And They Will Decrease Your Credit Limit! Wilmington Delaware
I recently paid off my credit card balance with JP Morgan/Chase. I've had the account since 2005, and had a $6100.00 credit limit on my account, which, by the way, was never "Maxed Out" and paid before the "due" date. Approximately two (2) weeks after paying the balance, in full, I received a letter from JP Morgan/Chase that they were decreasing my credit limit from $6100.00 to $700.00. I can only assume that decreasing my credit limit was their way of saying "Thank You" for paying your bills and the billions of dollars they got in "Bailout" money for their greed and stupidity. Or, perhaps, they're just pissed off because they have one less person they can "Stick It" to!
The day after I received the letter, I closed my checking and savings accounts with Chase (They had been with WaMu which was recently taken over by Chase). It was my way of saying "Thank You" , along with this report, for decreasing my credit limit!
Since JP Morgan/Chase has taken-over WaMu, I've seen their ads on television stating "...They Are There For You". Well, I disagree with their ads...in my opinion, they should be truthful and state it as "They Are There To "Stick It" To You"! And that they surely will, every chance they get!
While I don't consider myself a "Radical" person, I think it's "High Time" that we, as Americans, take our country back and run these greedy so and so's out of business by not doing business with them. They aren't helping us get out of the economic distress in this country, they're making it worse. And furthermore, don't vote for any politician that wants to give more "Bailout" money to these incompetent and greedy sob's!
Anyway, I got a much better deal with a bank that didn't receive ANY "Bailout" money and they didn't even know me! So, if you bank with Chase, you might want to do some research, and shop around. You might get a better deal, as well! It appears to me that, the banks that didn't get any "Bailout" money are more willing to actually help you, than the ones that got the "Bailout" money!
Imus Getem
Tracy, California
U.S.A.
3 Updates & Rebuttals
Flynrider
Phoeix,Arizona,
U.S.A.
Not unique to Chase.
#4Consumer Comment
Thu, June 04, 2009
All issuing banks are reducing their risk exposure by cutting credit card limits. You seem to want it both ways. Properly run banks that don't need bailouts, along with the free and easy credit policies that got them into trouble in the first place. Things are going back to the way they were in the old days, where you have to have the financial qualifications to justify a large unsecured revolving credit line.
Chase likely would have reduced your credit line earlier, but they couldn't do it until you'd paid down your balance.
Since you seem obsessed with bailouts, you should know that Chase was forced to accept TARP money. They are actually one of the majors that didn't need it. Your bailout gripe should be with the Treasury Dept. and the Fed. They forced all of the major banks to take the money, whether they wanted it or not.
Edgeman
Chico,California,
U.S.A.
Consequence of the economy...
#4Consumer Comment
Wed, June 03, 2009
Imus,
I know a guy who had a card with a $25,000 limit and a rate of Prime +1.9%. His credit limit was reduced to $2,500.
You might have read or heard something about the economy and the credit crisis. This is the result. You're not the only one that this is happening to.
Laurie
Haslet,Texas,
U.S.A.
it really helps if you pay attention to the news - ITS CALLED THE ECONOMIC CRISIS!
#4Consumer Comment
Wed, June 03, 2009
IT IS NOT A NEW ISSUE - ALL THE CREDIT CARD COMPANIES ARE DOING IT ACROSS THE BOARD FOR SEVERAL MONTHS NOW.
In some cases credit limits were lowered to $100 just before Christmas!
Now that these same companies are looking at new regulations to take effect in 2010 - they are really increasing this practice.
IT HAS NOTHING TO DO WITH YOU PERSONALLY!
Its just there way of closing the barn door after the horses have gotten out.
THEY ARE MAKING GOOD CUSTOMERS -PAY FOR BAD BUSINESS DECISIONS.
Its not fair - but life is never fair! Its not right either.
I do not agree with it - but its something we ALL to have to live with