Chase scam alert - Loan Modification Forum

davew · 10-08-2009, 07:08 AM

My brother had his
!-interest rate increased randomly on a 20k home equity loan.
2-Chase then said due to his increased payment on that loan that his ratio was bad so they decreased his credit limit
3-Due to decreased credit limit he now has even worse ratio
4-They increased his interest rate on his card due to the "new" ratio which they themselves created.

caldwellb02 · 10-08-2009, 07:15 AM

number 1 has me perplexed. If his loan was an ARM, my experience is that they tell you when the rate would increase. Although maybe the terms of the home equity loan allow random increases?. He should read the loan docs, that's for sure. Sorry, but I gotta think there is more to this story.

davew · 10-08-2009, 07:21 AM

I will find that out.

BudgetCutsinOC · 10-08-2009, 08:30 AM

Chase radomly bumped my CC rate from 7.99% to 17.99% without notice or reason. There explaination was that the bank felt it was necessary??? So I told them I wanted to pay what was owed but I had had a hardship, recently divorced and was walking away from my house. I pretty much painted a picture that I was depressed and didnt give a shit about my credit or FICO. Of course I lied through my teeth. They finally lower my rate to 5% fixed. Haaaaaaa, I win,, CHASE got screwed!!!

F chase

10-08-2009, 07:08 AM	#1 (permalink)
davew Senior Member Join Date: Jan 2009 Posts: 75 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Chase scam alert My brother had his !-interest rate increased randomly on a 20k home equity loan. 2-Chase then said due to his increased payment on that loan that his ratio was bad so they decreased his credit limit 3-Due to decreased credit limit he now has even worse ratio 4-They increased his interest rate on his card due to the "new" ratio which they themselves created.

10-08-2009, 07:15 AM	#2 (permalink)
caldwellb02 Senior Member Join Date: Nov 2008 Location: Northern CA Posts: 1,783 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Chase scam alert number 1 has me perplexed. If his loan was an ARM, my experience is that they tell you when the rate would increase. Although maybe the terms of the home equity loan allow random increases?. He should read the loan docs, that's for sure. Sorry, but I gotta think there is more to this story.

10-08-2009, 07:21 AM	#3 (permalink)
davew Senior Member Join Date: Jan 2009 Posts: 75 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Chase scam alert I will find that out.

10-08-2009, 08:30 AM	#4 (permalink)
BudgetCutsinOC Senior Member Join Date: Sep 2009 Posts: 179 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Chase scam alert Chase radomly bumped my CC rate from 7.99% to 17.99% without notice or reason. There explaination was that the bank felt it was necessary??? So I told them I wanted to pay what was owed but I had had a hardship, recently divorced and was walking away from my house. I pretty much painted a picture that I was depressed and didnt give a shit about my credit or FICO. Of course I lied through my teeth. They finally lower my rate to 5% fixed. Haaaaaaa, I win,, CHASE got screwed!!! F chase

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