Friday, August 7, 2009

Chase Bank - Worst Bank Ever

I want to start with saying that I have never applied for a credit card with Chase. My parents had Chase credit card and they had some problems so even though I was getting a lot of mailed advertisements, I never applied. However, I had a Washington Mutual card that was bought by Chase and I unwillingly became a Chase customer. Not for long though.

When my credit card was still Washington Mutual, I was able to check my credit score every month. Before, only Providian cards had it and then Washington Mutual bought Providian, so only Washingotn Mutual had that option. The credit score was provided for free on the website right where you log in to check your balance. After Chase bought Washington Mutual, they removed that functionality. I couldn't check my credit score anymore for free. They had an advertisement that was allowing me to sing up for credit report for a monthly fee though. I was a little bit pissed. Why are they taking away what I already had and telling me to pay for it? Maybe they should come to my home and take my TV and tell me to pay for it as well?

Anyways, I was still ok. Pissed but ok. Few months after I got a mail from Chase. The letter stated that my credit line was decreased from over $8,000 to only $3,000 for the following two reasons:
  • I opened too many credit card accounts recently.
  • I had too few credit cards that were 3 years old or older.
I could not believe what that letter said. First of all, I did not open any credit card accounts recently. I already have 8 credit cards (from my college times) and that is more than enough for me. I did not even open any store credit card like Macy's or JC Penny's either. Also, the most of the 8 credit cards I have were form college times which is more than 3 years ago. So the truth was different from what the letter stated.

However, they wrote that the source of their information is Experian. Therefore, I was thinking that I can't blame Chase for what garbage information Experian is feeding them with. I logged into Experian and I requested a credit report. And here we go:
  • My credit score: 764
  • The last opened credit card: one March 2008, before that: one in December 2007.
  • The number of active credit card accounts 3 or more years old: 5
  • The number of inactive credit card accounts 3 or more years old: 5 (making total of 10)
This is the information provided by Experian. So let's go ahead and see how Chase is interpreting this information. "I opened too many credit card accounts recently" - yes March 2008 is a very recent time for them. And "1" is definitely too many. "I had too few credit cards that were 3 years old or older"- suddenly "5" or "10" became too little number for them. What were they expecting, 100?

Clearly they decreased my credit line for some other reasons than my credit information so I called them. When I explained to them what I explained to you a while ago, the lady said that they are experiencing economical problems and I should send them my latest credit report. Whoaaa... So they don't have my latest credit report? What the heck? They just wrote to me that I recently opened too many credit card accounts and now they are saying that they don't have recent information? Are they mad or what?

I will meet a guy on the street and say "Hey, Mr. Smith, you know what - humans landed on Mars recently". He will say "No, they didn't". And I will answer: "Oh, sorry, I don't have recent information". This is what Chase did in here. First gave me news that I opened too many credit card accounts recently, and then they said that they don't have most recent information.

Anyways, I told the lady on the phone that I do not need to send my recent credit report because the credit report states that I did not open any account for 1.5 years. This means that my report did not change much within last 1.5 years. So it doesn't matter if they have recent report or not. The lady responded that I should contact Experian and tell them that the report is incorrect. Whoaaa... What the heck? I know I didn't open any credit card accounts, Experian is saying I didn't, credit report says I didn't, Chase says that I did (even though they say they got the information from Experian), and I should believe Chase and tell Experian that they are wrong? What is going on? Is the lady mad or what?

I didn't want to embarrass her or say anything stupid so I just answered that my credit report is fine. Then she responded that I should send them the most recent credit report. For the moment I thought I was talking to a robot. I thought we finished talking about sending the most recent credit report which hasn't changed for 1.5 years.

I just asked her to close the account. I never intended to deal with Chase and thank God I will never have to deal with them anymore. They are experiencing economical problems and because of that they try to blame their own clients for something they didn't do. It's as if a student got F in class and was blamed for something he didn't do simply because the teacher has family problems. Or maybe it is as if my mechanic wanted more money so he would charge me more and say that it is because I didn't drive the car gently enough (assuming I drove it gently). Or maybe it is as if my wife told me that I am a bad husband because she had a bad day at work. Whichever way, you don't blame people for something they didn't do especially because you are having some problems. That's what Chase did. I'm happy they won't do this to me anymore. Good bye stupid Chase. See you never.