Chase - Substantial Credit Card Increase Complain

To Whom It May Concern:

I am filing this complaint in regard to Chase substantially increasing credit card interest rates. I have two credit cards with Chase and one of those cards I have had for 21 years. I have never been late paying my bill and my credit report shows I am always on time regardless of who the creditor is. My credit has not substantially changed over the last year and my credit score according to MyFico.com is 720+ depending upon the credit reporting agency.

Today when I went to pay my bill online I found that both credit cards had been increased to 29.99% from 14.99% and 12.99%. When I contacted customer services they argued with me and treated me rudely. They repeatedly stated that it was because of my credit report even though I had a copy of my credit report from TransUnion sitting in front of me. I spoke to both a Customer Service representative and a manager. There attitude was if you don't like it pay the cards off and close the accounts.

After I spent 10 minutes going round and around with the manager in Customer Services he put me through to someone who was supposed to review the situation. This person was also argumentative and all he could say was they got a flash from Experian saying I had to high of credit card debt. How does Experian know they don't know what my assets are or how much I make?

Anyway this same person who was supposedly reviewing my credit report was telling me that my home equity loan and a line of credit where showing up as credit cards. They also said that even if they weren't I had to high of credit card debt. I explained that couldn't be right because I had been paying down my debt and it was much lower than six months ago. I did check my Experian credit report only to find that some of what I was told including about the home equity lona and the line of credit where an outright falsehood. I have the credit report dated today to prove this. His attitude was the same you ahve to live with it until you can prove the Experian report is incorrect or pay the cards off and close the accounts.

To continue I called the main number and talked to someone in their Executive Resolution organization. He basically told me all he could do was revert back my interest rate if I agreed to freeze my accounts from further charges basically closing them. He claimed I received letters in December about the rate increase which I didn't. I will say at least he treated me better than the others I had talked to however he really didn't seem to care if I closed my accounts either.

Clearly you would think that Chase would want to maintain a relationship with a customer that pays consistently on time especially one that they have had a relationship with for 21 years. If I had a problem paying my bills or if I was last paying it would be different. Regards,

Daniel M.