Comments on: Chase Improves Credit Counseling Benefits http://www.visioncredit.org/chase-improves-credit-counseling-benefits/ Your Nonprofit Credit Counseling Organization Tue, 09 Mar 2010 13:43:45 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Linda http://www.visioncredit.org/chase-improves-credit-counseling-benefits/comment-page-2/#comment-10319 Linda Sun, 03 Jan 2010 20:11:04 +0000 http://www.visioncredit.org/?p=1338#comment-10319 I just wanted to let people know that if you are truly in a "hardship" situation and have little to no income temporarily there is NO help for you from Chase or ANY of the other credit card companies. This means that if you get into a car accident, are going through chemo, have just had surgery and need time to recover, or simply lose your job - all that is going to happen is that your credit will be ruined and other credit cards you have from other companies (that you may not even be using) will get closed or your credit limit cut to nothing (thanks to universal default still being in effect because of the idiots who voted against the credit card laws going into effect in December instead of February.) I went into "default" (and stopped borrowing from Peter to pay Paul) when Chase raised my payments from $358 to $950 per month (higher than my monthly income) and Searscard raised my interest rate so high (for no reason) that not only were the payments higher but it was "all interest" meaning that they have made it impossible to ever pay off. GE moneybank has closed my store accounts that I wasn't even using and was never late,etc. on and lowered my paypal limit to $100. They did not ask any questions as to what was going on they just took punitive action regardless of the fact you are not in default with any of their accounts. I realize this is about Chase card but this is the fallout from them increasing their minimum payments. You only qualify for the hardship program if you have a good income. If not, NONE of the credit card companies will accept a smaller payment or consider freezing your payments temporarily while you have no income. They will just tattle on you to the credit bureau and make it completely impossible to survive because all your other accounts have been cut off and you have no way to survive a temporary situation. I just wanted to let people know that if you are truly in a “hardship” situation and have little to no income temporarily there is NO help for you from Chase or ANY of the other credit card companies. This means that if you get into a car accident, are going through chemo, have just had surgery and need time to recover, or simply lose your job – all that is going to happen is that your credit will be ruined and other credit cards you have from other companies (that you may not even be using) will get closed or your credit limit cut to nothing (thanks to universal default still being in effect because of the idiots who voted against the credit card laws going into effect in December instead of February.)

I went into “default” (and stopped borrowing from Peter to pay Paul) when Chase raised my payments from $358 to $950 per month (higher than my monthly income) and Searscard raised my interest rate so high (for no reason) that not only were the payments higher but it was “all interest” meaning that they have made it impossible to ever pay off. GE moneybank has closed my store accounts that I wasn’t even using and was never late,etc. on and lowered my paypal limit to $100. They did not ask any questions as to what was going on they just took punitive action regardless of the fact you are not in default with any of their accounts. I realize this is about Chase card but this is the fallout from them increasing their minimum payments. You only qualify for the hardship program if you have a good income. If not, NONE of the credit card companies will accept a smaller payment or consider freezing your payments temporarily while you have no income. They will just tattle on you to the credit bureau and make it completely impossible to survive because all your other accounts have been cut off and you have no way to survive a temporary situation.

]]> By: Wiese http://www.visioncredit.org/chase-improves-credit-counseling-benefits/comment-page-2/#comment-8769 Wiese Mon, 19 Oct 2009 05:41:02 +0000 http://www.visioncredit.org/?p=1338#comment-8769 I closed both Chase cards and got on BLP - both are 6% - Payments stayed the same. I'm unemployed a year now. Maxed them paying for car repairs, a high deductible health insurance with no RX coverage, and food and gas - just basic minimum. Now, I'm starting my 2nd ext of unemployment and will get about $100. a mo less - I've nothing else to cut - all I can do is use my checking account overdraft protection that I thankfully still have since 1984. At least I got 100. from Chase by opening a new checking account (with only $100. overdraft), so I got the $100. then closed the account. As Americans who got fleeced, we need to start getting on the local news and getting our voices heard bigtime - carry a sign on your car, hold one up on a main intersection - get others to join you. It's time to be vocal and visible!!! I closed both Chase cards and got on BLP – both are 6% – Payments stayed the same. I’m unemployed a year now. Maxed them paying for car repairs, a high deductible health insurance with no RX coverage, and food and gas – just basic minimum. Now, I’m starting my 2nd ext of unemployment and will get about $100. a mo less – I’ve nothing else to cut – all I can do is use my checking account overdraft protection that I thankfully still have since 1984. At least I got 100. from Chase by opening a new checking account (with only $100. overdraft), so I got the $100. then closed the account. As Americans who got fleeced, we need to start getting on the local news and getting our voices heard bigtime – carry a sign on your car, hold one up on a main intersection – get others to join you. It’s time to be vocal and visible!!!

]]> By: Linda http://www.visioncredit.org/chase-improves-credit-counseling-benefits/comment-page-2/#comment-8341 Linda Wed, 23 Sep 2009 05:31:34 +0000 http://www.visioncredit.org/?p=1338#comment-8341 LEW: Thanks so much for the link and the helpful info! I've been reading the blogs on other websites and I'm hearing a different story about what happens after people are into the BLP program. But everyone seems to be taking Chase at their word (even though they should know by now that their word means nothing) that their credit rating won't be adversely affected. One lady wrote in that her credit score went from 780 to 657 after closing her account with Chase and enrolling in the program. Another said her credit report revealed she was in a liquidation program because she was unable to pay the minimum payment. I'm hearing a lot of different stories on different websites so it's hard to know what to believe. I guess time will tell. I also checked some "financial advice" websites including bankrate.com and they say that when an account is closed (and it doesn't matter who closed it) your credit rating takes a hit of about 50 points just for that alone. Which does sound like what that one lady said happened to her. I also read on one of those other blogs that Discover was going to raise their minimum payment. I called them today to find out if it was true. Sure enough, its going to take effect in January (I have 2 accounts with them with high balances too although not as high as Chase). They said it would "help" us to pay down our debt faster. I said "no it won't. and we have ALWAYS had the option to pay more than the minimum anyway." Then she said something about it being due to "federal regulations". Sure enough, there is something about them either having to offer a 5 year payment plan or else an increase in the minimum payment to "not more than double". Between the increases in minimum payments and the interest being jacked up as high as they can get it (which also makes the payments higher) there won't be any such thing as good credit anymore. It's only going to get worse so I guess the DLP probably IS the best option after all because the only other option we are going to have thanks to the "regulators" is a doubled minimum payment! I wish all of you the best possible outcome no matter which wonderful option (from Chase) you chose. LEW: Thanks so much for the link and the helpful info! I’ve been reading the blogs on other websites and I’m hearing a different story about what happens after people are into the BLP program. But everyone seems to be taking Chase at their word (even though they should know by now that their word means nothing) that their credit rating won’t be adversely affected. One lady wrote in that her credit score went from 780 to 657 after closing her account with Chase and enrolling in the program. Another said her credit report revealed she was in a liquidation program because she was unable to pay the minimum payment. I’m hearing a lot of different stories on different websites so it’s hard to know what to believe. I guess time will tell. I also checked some “financial advice” websites including bankrate.com and they say that when an account is closed (and it doesn’t matter who closed it) your credit rating takes a hit of about 50 points just for that alone. Which does sound like what that one lady said happened to her. I also read on one of those other blogs that Discover was going to raise their minimum payment. I called them today to find out if it was true. Sure enough, its going to take effect in January (I have 2 accounts with them with high balances too although not as high as Chase). They said it would “help” us to pay down our debt faster. I said “no it won’t. and we have ALWAYS had the option to pay more than the minimum anyway.” Then she said something about it being due to “federal regulations”. Sure enough, there is something about them either having to offer a 5 year payment plan or else an increase in the minimum payment to “not more than double”.
Between the increases in minimum payments and the interest being jacked up as high as they can get it (which also makes the payments higher) there won’t be any such thing as good credit anymore. It’s only going to get worse so I guess the DLP probably IS the best option after all because the only other option we are going to have thanks to the “regulators” is a doubled minimum payment! I wish all of you the best possible outcome no matter which wonderful option (from Chase) you chose.

]]> By: Sue http://www.visioncredit.org/chase-improves-credit-counseling-benefits/comment-page-2/#comment-8319 Sue Tue, 22 Sep 2009 03:40:38 +0000 http://www.visioncredit.org/?p=1338#comment-8319 I, too, had my payment raised from $271 to $681 without notice. When I called I talked with a customer service rep with a heavy accent, and after about 15 minutes, where I received the offer for a higher rate (mine was 4.99 for the life of the loan), I told the lady she must be an idiot if she didn't understand the burden Chase put on me. I asked to speak to her supervisor, and she transfered to me a recording that said, "you have been abusive with a Chase/JP Morgan representative, and you can no longer call Chase/JP Morgan. You must now put all correspondence in writing. Well, I was beside myself. I wrote to the CEO and the head of Credit Card Service, and then wrote to Customer service and told them that I wanted a transcript of the call, my phone privileges reinstated, and I wanted someone to explain to me how they could do this? In response, I spoke to someone in the Card Services Executive Office who offered me the (BLP Balance liquidation Program) 2% fixed APR, all overlimit fees and late fees suppressed; my account will be closed at my request, and my fixed monthly payment is now $228 for five years. I was concerned that my credit rating would be effective, and I was assured that it would not be. While I think that Chase targeted a certain group of portfolios, I don't think they "saved me," but if my credit rating is not effected, then I came out ahead because my rate before was 4.99 for the life of the loan, and my payment is now $50 less a month...so it worked out ok, as long as there is no adverse effect to my rating. Of course, it closes out my revolving credit with Chase, which is what I think their goal is -- to have fewer revolving accounts on their books. And I think that is the ultimate goal, since the targeted people who had low interest rates to begin with. I haven't complained to anyone else -- and they did reinstate my phone privilege, although I have no need to call them at this point. I appreciate this site and I feel better knowing that most everyone agrees that by doing this BLP program, we are not adversely effected. I would appreciate any other input anyone has. I, too, had my payment raised from $271 to $681 without notice. When I called I talked with a customer service rep with a heavy accent, and after about 15 minutes, where I received the offer for a higher rate (mine was 4.99 for the life of the loan), I told the lady she must be an idiot if she didn’t understand the burden Chase put on me. I asked to speak to her supervisor, and she transfered to me a recording that said, “you have been abusive with a Chase/JP Morgan representative, and you can no longer call Chase/JP Morgan. You must now put all correspondence in writing. Well, I was beside myself. I wrote to the CEO and the head of Credit Card Service, and then wrote to Customer service and told them that I wanted a transcript of the call, my phone privileges reinstated, and I wanted someone to explain to me how they could do this? In response, I spoke to someone in the Card Services Executive Office who offered me the (BLP Balance liquidation Program) 2% fixed APR, all overlimit fees and late fees suppressed; my account will be closed at my request, and my fixed monthly payment is now $228 for five years. I was concerned that my credit rating would be effective, and I was assured that it would not be. While I think that Chase targeted a certain group of portfolios, I don’t think they “saved me,” but if my credit rating is not effected, then I came out ahead because my rate before was 4.99 for the life of the loan, and my payment is now $50 less a month…so it worked out ok, as long as there is no adverse effect to my rating. Of course, it closes out my revolving credit with Chase, which is what I think their goal is — to have fewer revolving accounts on their books. And I think that is the ultimate goal, since the targeted people who had low interest rates to begin with. I haven’t complained to anyone else — and they did reinstate my phone privilege, although I have no need to call them at this point. I appreciate this site and I feel better knowing that most everyone agrees that by doing this BLP program, we are not adversely effected. I would appreciate any other input anyone has.

]]> By: Lew http://www.visioncredit.org/chase-improves-credit-counseling-benefits/comment-page-2/#comment-8314 Lew Tue, 22 Sep 2009 02:01:29 +0000 http://www.visioncredit.org/?p=1338#comment-8314 There are several options for the almost 1 million customers that Chase has screwed. First, contact Chase just so you can hear the “that’s too bad” speech. Then file a complaint here http://www.helpwithmybank.gov/…..index.html It will get Chase attention! Also file a complaint with your states Attorneys General and Federal Attorneys General. Also, more than two dozen federal class action lawsuits were filed against Chase in courts throughout the country, and recently, they were all consolidated and transferred to Judge Chesney of the Northern District of California. We should know by Dec if its going to trial. Chase is doing this to get rid of customers that carry a low interest balance or a large balance. They can get away with it as long as people are sheep. This is what you get with a government controlled by corporate money. Like FDR said, a government by organized money is just as dangerous as a government by organized mob. There are several options for the almost 1 million customers that Chase has screwed. First, contact Chase just so you can hear the “that’s too bad” speech. Then file a complaint here
http://www.helpwithmybank.gov/…..index.html
It will get Chase attention! Also file a complaint with your states Attorneys General and Federal Attorneys General. Also, more than two dozen federal class action lawsuits were filed against Chase in courts throughout the country, and recently, they were all consolidated and transferred to Judge Chesney of the Northern District of California. We should know by Dec if its going to trial.
Chase is doing this to get rid of customers that carry a low interest balance or a large balance. They can get away with it as long as people are sheep.
This is what you get with a government controlled by corporate money. Like FDR said, a government by organized money is just as dangerous as a government by organized mob.

]]> By: Linda Stewart http://www.visioncredit.org/chase-improves-credit-counseling-benefits/comment-page-2/#comment-8155 Linda Stewart Thu, 10 Sep 2009 15:44:03 +0000 http://www.visioncredit.org/?p=1338#comment-8155 I was wondering if, since you erased my last post and would not print the previous one because I "already said that" if you would just erase all of my posts on here. It is my fault because somehow I got linked to this site and it is a credit counseling service,not what I thought it was. I was wondering if, since you erased my last post and would not print the previous one because I “already said that” if you would just erase all of my posts on here. It is my fault because somehow I got linked to this site and it is a credit counseling service,not what I thought it was.

]]> By: Linda Stewart http://www.visioncredit.org/chase-improves-credit-counseling-benefits/comment-page-2/#comment-8154 Linda Stewart Thu, 10 Sep 2009 06:05:03 +0000 http://www.visioncredit.org/?p=1338#comment-8154 My experience with Chase was different than yours. They made no mention of the 7.99 rate or the debt liquidation program. They told me that it was not negotiable but offered the number of the credit counseling agency only after my THIRD phone call and told me I would have to close my account (which does lower your credit score). I called the number and they wanted to charge me $20-50 per month to "negotiate" for a higher rate of interest than I'm paying now. Also they required that I close ALL my credit card accounts, which was CRAZY. The problem was Chase raising the payment to an amount that is unaffordable, my other accounts should not be involved. I called Chase a fourth time and mentioned that I did not do the "skip a payment" and asked if there was any way I could do it this month instead. Of course the answer was no. I was forced to give them my last dime and now I won't be able to pay my other bills this month or any other month because the payment they are demanding exceeds my monthly income right now. They have left me no choice but bankruptcy. Somehow they have managed to get out of the deal they offered us and people are actually grateful to them for "helping" them come up with another option. Sorry, but I have absolutely nothing good to say about them. My experience with Chase was different than yours. They made no mention of the 7.99 rate or the debt liquidation program. They told me that it was not negotiable but offered the number of the credit counseling agency only after my THIRD phone call and told me I would have to close my account (which does lower your credit score). I called the number and they wanted to charge me $20-50 per month to “negotiate” for a higher rate of interest than I’m paying now. Also they required that I close ALL my credit card accounts, which was CRAZY. The problem was Chase raising the payment to an amount that is unaffordable, my other accounts should not be involved. I called Chase a fourth time and mentioned that I did not do the “skip a payment” and asked if there was any way I could do it this month instead. Of course the answer was no. I was forced to give them my last dime and now I won’t be able to pay my other bills this month or any other month because the payment they are demanding exceeds my monthly income right now. They have left me no choice but bankruptcy. Somehow they have managed to get out of the deal they offered us and people are actually grateful to them for “helping” them come up with another option. Sorry, but I have absolutely nothing good to say about them.

]]> By: Elizabeth http://www.visioncredit.org/chase-improves-credit-counseling-benefits/comment-page-1/#comment-8141 Elizabeth Tue, 08 Sep 2009 23:13:10 +0000 http://www.visioncredit.org/?p=1338#comment-8141 PS: Chase didnt ask me for any detailed personal information, they didnt even ask for permission to view my credit report. They only asked for numbers-- how much income do I net monthly, how much is my car payment, and my mortgage and do I have any other monthly credit card bills and how much are they. They didnt ask me for a social, an employer to verify income, what the credit card was, or who my mortgage holder was etc. They only wanted numbers. They heard nothing from me that would be of any interest to anyone else so there's absolutely nothing they'd share that would do any good to anyone. And I note, they did not verify the numbers I gave them. PS: Chase didnt ask me for any detailed personal information, they didnt even ask for permission to view my credit report. They only asked for numbers– how much income do I net monthly, how much is my car payment, and my mortgage and do I have any other monthly credit card bills and how much are they. They didnt ask me for a social, an employer to verify income, what the credit card was, or who my mortgage holder was etc. They only wanted numbers. They heard nothing from me that would be of any interest to anyone else so there’s absolutely nothing they’d share that would do any good to anyone. And I note, they did not verify the numbers I gave them.

]]> By: Elizabeth http://www.visioncredit.org/chase-improves-credit-counseling-benefits/comment-page-1/#comment-8140 Elizabeth Tue, 08 Sep 2009 23:05:24 +0000 http://www.visioncredit.org/?p=1338#comment-8140 With all due respect Linda, you're wrong. The only thing that will show on the credit report is that we the accounts were closed. Nothing else. And I'm not sure about anyone else but am I all over grateful to Chase? No. I'm grateful for those on websites like this who are willing to share what they had to do to get their situation back within reach. Chase is playing games, and for some it's what I told them was "credit card blackmail" (do this or else pay that). I think they're being sneaky and unethical in the first place. Nevertheless I also think they know when they dont want to push their luck. They dont want us to default. That doesnt help them. What they want is for us to take the "deal" they offer when we first call in. For me that was a higher interest rate introductory period turned to variable. And that's why they're doing this-- because the majority of people will either: take the new deal and believe them when they say "it's the best offer we have" or else they will find a way to make the new payment. They stand to make a FORTUNE off of either of those two scenarios. You asked why they dont just put us back to our original rates then and my understanding is that by banking regulations they can't once they've said there is only one other option. Doing so falls into some legal regulatory catch of some kind that then makes the original act of raising and offering illegal. This way it's within the guidelines of what's legal. They can, however, as is evidenced by this whole thing, make another new offer if it creates "hardship". With all due respect Linda, you’re wrong. The only thing that will show on the credit report is that we the accounts were closed. Nothing else. And I’m not sure about anyone else but am I all over grateful to Chase? No. I’m grateful for those on websites like this who are willing to share what they had to do to get their situation back within reach. Chase is playing games, and for some it’s what I told them was “credit card blackmail” (do this or else pay that). I think they’re being sneaky and unethical in the first place. Nevertheless I also think they know when they dont want to push their luck. They dont want us to default. That doesnt help them. What they want is for us to take the “deal” they offer when we first call in. For me that was a higher interest rate introductory period turned to variable. And that’s why they’re doing this– because the majority of people will either: take the new deal and believe them when they say “it’s the best offer we have” or else they will find a way to make the new payment. They stand to make a FORTUNE off of either of those two scenarios. You asked why they dont just put us back to our original rates then and my understanding is that by banking regulations they can’t once they’ve said there is only one other option. Doing so falls into some legal regulatory catch of some kind that then makes the original act of raising and offering illegal. This way it’s within the guidelines of what’s legal. They can, however, as is evidenced by this whole thing, make another new offer if it creates “hardship”.

]]> By: Linda Stewart http://www.visioncredit.org/chase-improves-credit-counseling-benefits/comment-page-1/#comment-8127 Linda Stewart Tue, 08 Sep 2009 00:16:36 +0000 http://www.visioncredit.org/?p=1338#comment-8127 When you go through a debt liquidation plan or credit counseling it does get reported that you are in "financial counseling". People are acting so "grateful" to Chase and seem to be forgetting that they are the ones who raised the payment to 5% and then forced them into this. None of this would be necessary if Chase hadn't demanded a ridiculous payment knowing they could scare people into accepting different terms. Their strategy has obviously worked. The hardship department is not there to help us. It is there to help Chase. Wait a few months and then check your credit report. Chances are it will no longer be "excellent". Chase is on a mission to ruin our credit ratings either by causing us to default or by forcing us into a program that will look like we can't manage our own finances When you go through a debt liquidation plan or credit counseling it does get reported that you are in “financial counseling”. People are acting so “grateful” to Chase and seem to be forgetting that they are the ones who raised the payment to 5% and then forced them into this. None of this would be necessary if Chase hadn’t demanded a ridiculous payment knowing they could scare people into accepting different terms. Their strategy has obviously worked. The hardship department is not there to help us. It is there to help Chase. Wait a few months and then check your credit report. Chances are it will no longer be “excellent”. Chase is on a mission to ruin our credit ratings either by causing us to default or by forcing us into a program that will look like we can’t manage our own finances

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