First USA, Cardmember Services, Bank Of Texas Raised rate and threatened me Wilmington Delaware

I have had a card from First USA for a couple of years. I have a balance of close to $3,800.00. My interest rate was 19.99, which applied to my past purchases. Today, I got a letter in the mail which said that my new interest rate was going to be 23.99, and this would apply to past purchases as well as new purchases. The letter also said that I was not required to accept the new terms, that my account would be closed, and I could pay off my balance at the old rate. Fair enough. I decided to close my account.

I called the 800 number on the back of my card (888-200-6071). After a brief discussion, in which both I and the person at the other end were polite, I told her that I did not accept the new terms, and according to law, was choosing to close my account and pay the balance at the old rate. Want to know what she told me? That I was going to be reported to the credit bureau, and that closing an account would show up as derogatory information in my credit report.

Now I am not sure what the law is on this, but I intend to pursue this as far as I can. This is nothing but pure extortion, worthy of the Mafia. How dare they!! Damn thieving crooks.

My next complaint is going to be to the Texas Banking Commission. The one after that is going to be to the Attorney General's Office. In addition, I am going to give them a presence on the internet they could never imagine.

Dana
Houston, Texas
U.S.A.