Chase reduced my available credit because I did not use the credit card as much as they would like. I had two credit cards issued by Chase. One was an AARP Visa and one a Chase Master Card. The AARP card I had was cancelled becuase I refused to be a member of the worthless organization AARP. I did opt out of the card in December 2009 because of a change in the policies they were instituting. That conversation never appeared on the history of the account, according to the support representative. This card had a zero balance.
On the other card, they reduced my credit limit because I did not use the card very often. I was attempting to pay down the card to something reasonable and was making payments each month and had done so for 4 years by using the auto pay option.
As a result of their policies, my credit score dropped drastically because the credit limit to the balance ratio went up. It doesn't take much to increase the ratio when the balance drops nearly a thousand dollars (it went up 13% by this drop in available credit). When I mentioned this, the representative denied the scenario and said they were doing a responsible thing to reduce their exposure to massive losses. What exposure is there when someone has a payment history of 4 years or more of never missing a payment. If they are so concerned with exposure, why did we have the depression recently?
My plans - I want to institute a class action law suit to stop this practice that is destroying peoples credit by this acion of a ROBBER BARON. JP Morgan was one of the original robber barons in the 19th century and has single handedly caused more economic damage to the US than any single individual in history.
