Had a Chase card for a few decades? Never missed a payment? Have great credit? Then you are a toxic asset

Welcome to what Daily Puma calls Soiled Green.

YOU ARE A TOXIC ASSET IF YOU HAVE ALWAYS PAID YOUR BILLS ON TIME, AND YOU MUST BE CONVERTED TO SOILED GREEN.

Soiled Green is the act of banks trying to SOIL your credit rating by increasing your monthly minimum payment 250%. When you can’t afford this 250% increase ( 600 dollars a month for some customers) the banks then report your Toxicness to the credit bureaus and then charge you obscenely higher interest rates on the very same debt you previously had been paying down for years, on time.

There’s more.

Plus, ALL OF YOUR OTHER DEBTS will most likely get hit with much higher interest rates as well. Only then will Wall Street Be Happy because it means these robber baron banks have created more profit.. At this point, you become a frightened worker bee whose only mission is to try and pay bills, nothing else matters nor do you care to get involved or protest basically illegal credit card actions out of fear you will fall further behind with your bills

moneyhappiness_vl-vertical1And in Congress, the Band Plays On.

America, Wall Street and Congress are screwing you so badly, it is time to take matters into your own hands. These people are starting to look like bedfellows. Either that or everyone in Congress is inept. You pick.

Our Congress looks the other way every single day while you get screwed.  All those contributions to their election buckets have turned them against you. They are not protecting you from these sharks.

capone_alIf you have stellar credit, you are being screwed.

They are deliberately trashing your credit rating, and your Congress doesn’t give a rat’s ass.  Neither does the White House. This is starting to look like one big party.

As I mentioned before, I’ve had a 5 % Capital One card for nearly two decades and got a letter saying they would arbitrarily raise my rate to 11% in April. I called and protested and they offered me an “Opt out” that would keep my rate but freeze my card.  This was a deliberate effort to shitcan my FICO score. I refused and told them I would just keep their card for spite and never use it again till they returned my original rate. They decided to let me keep my rate for awhile. Then they had the AUDACITY to remind me to use the card and take advantage of their great rate! I will never use their card, I don’t care if they put it down to 1%. Just for spite.

Do you realize what these pigs are doing while Congress hums along? Your credit score can influence a whole boatload of things. Your car and home insurance premium for starters.  If these racketeers continue to go unchecked, Corporations everywhere will profit and you will lose! They will have the benefit of a responsible payer as a customer with the added benefit of a nice high interest rate!

America, you are being shafted. Not just by Tim Geithner, Goldman Sachs and  International Bankers, but by your own elected officials. They are letting this happen and doing NOTHING about it. If they can fire CEOs they can protect you. But they don’t. What part of this is hard to understand?

There is a shakedown going on here! They are deliberately trashing good credit scores so that they can rape the wallets of ALL Americans.

You are going to have to fend for yourself, because sooner or later, this is going to affect YOUR wallet.

Go here to see what other fed-up Americans are doing. And while you are there, read what some other banks like Citbank and AMEX are up to. Sooner or later, you are going to be raped.

I am more convinced every day that this is deliberate wallet rape. Don’t be silent! Cramp your credit card company’s phone lines with complaints.  If they announce that they are changing your rate, pay off cards if you can and then tell them in person that you will never use their card until they re-instate your original agreement. Do not cancel the card! Make them do the work it takes for you to keep it!  They deserve to have thousands upon thousands of unused registered cards that give these pigs nothing but an echo.

If you can’t pay off your card, go to your Congress Rep’s web site and tell him or her to start paying attention to their constituents instead of greedy international bankers who write them campaign checks. Don’t email them just once. Do it every day and get as many people as you can to do it every day. Jam their email servers. Tell them you vote and that they will NEVER get your vote unless and until they put a complete stop to the harassment of Americans by the credit card companies.  Tell him or her that you are sick of hearing congress say they care and you expect Congress to prove it! It’s time that voters harass them in the way these banks, that have gouged the treasury have the audacity to harass us.

Incidentally, just in case you don’t think this is deliberately contagious,  Bank of America has just announced that they too are going to gouge the hand that kept them alive. They are also raising rates on anyone with a balance, and particularly on anyone who has less than a ten percent interest rate, regardless of your credit rating.

The Federal Reserve and other bank regulators passed rules in December that would limit banks’ ability to raise credit-card interest rates. But that doesn’t start until July 2010.

Now, Congress is considering separate bills that would impose stronger restrictions on banks much sooner. Last week, the Senate Banking Committee approved its version of the legislation, which is waiting for a full Senate vote. A House subcommittee passed similar legislation last week.

Thataway Congress! Jerk around and play with yourselves, while your banking buddies do all their damage to Americans first. You know, give em that time to crank up those rates and get your campaign contribution, wink wink. You hypocritcal bastards!

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51 Responses

  1. I received a letter from Chase and Discover telling me my cards would be discontinued April 30th unless I used them. I called both and said WHY WAIT? Cancel NOW. Hah,they both tried to talk me into keeping it. Thanks but no thanks. If I haven’t used it in 10 years,I’m certainly not going to use it because a letter “threatens” me. Ca$h in King. Hmmm,I think that should be my new “name.”

  2. The whole situation is insane. From the bailouts, to the banks, the credit card companies, Congress, the President. Every day there is something new that makes the head spin. Like the health insurance business, banks and credit cards companies are turning into their own worst enemies. More and more companies are not giving health insurance as a benefit (I work for one which doesn’t give benefits), and eventually no one is going to pay the high fees to keep a credit card – less business eventually for the credit card companies. It’s just getting insane. Time to stockpile that money under the mattress.

  3. Wall Street and Congress are screwing you so badly, it is time to take matters into your own hands. These people are starting to look like bedfellows. Either that or everyone in Congress is inept. You pick.

    Why can’t it be both?

  4. Sorry – bad HTML day…

  5. They are also harassing…er…calling people BEFORE payments are due. I got a call from one to “remind” me to make my payment. When I “reminded” the caller that I ALWAYS make my payments and make them ON TIME the caller said, “this is just a courtesy call…” Courtesy? There was nothing courteous about the call! Also, they cut your credit line if they think you might….horrors…use the card. We went on a short vacation over Presidents Day and when we got home read an email from a credit card company saying, “we know you are in _____and we have just reduced your credit line by XX dollars” Creepy on multiple levels.

  6. Hmm, the daily-protest link doesn’t seem to work at this moment.

    Dr Robert Lahm’s http://www.changeinterms.com site has a lot of news, many legal and business resources & links, plus a protest tee-shirt kit and a free e-book, How Chase Card Services Stole Christmas.

  7. Cap One did the same thing to me, uppity. So I paid off the entire thing and a week later called and had them close my account. End of story.

    That was a month ago. Since then I have received two pre-approved offers for new cards from different companies because my credit rating is so good, and I have received an offer of a loan from citi group. Guess this is the stimulus at work. I dunno.

  8. So if you use it, they mess with your FICO. If you don’t use it, they cancel you and mess with your FICO. And the Band Plays on in Congress. This IS a shakedown.

  9. I have a BOA card and i can’t remember the last time I used it. I’m waiting to hear from them because I MUST be punished.

  10. bert, I opted out from all that preapproved stuff. I got sick of protecting my ID with a shredder. I don’t need their frigging credit. Let em beg me. As soon as they pay me to use one, I’ll take it.

  11. Hurray. This is a PSA that I can really use.

    I keep wondering who the consumers are that a good FICO score is being reserved for…

    To think it has only been 3 months that these new methods of lawful robbery have been implemented.

    I cringed everytime my paycheck was deposited. I now have mine handed to me personally even though it causes me to rise and offer a deep bow at the waist, scraping my foot behind my bended knee.

    If this brand smacking new American dream is not a nightmare, then there is no such thing.

    I think I was dreaming this morning when my deceiving ears heard that Bake Sales are out lawed in the Commonwealth of Pennsylvania.

  12. GG Aunt Uppity fixed your post for you.

  13. Wow, thank you.

  14. As bad as opt out might be to a credit rating, and why exactly is it bad I’m actually not sure. It seems like opt out means one is making a responsible decision to cut off a bad deal about to get worse, and for that our scores get trashed?

    Chase WILL NOT ALLOW Opt out as an option. My two hundred dollar a month, 5.99% Chase “life of the loan” payment is about to balloon to $500 dollars a month.

    If I could opt out, and keep my payment at 200 dollars a month, I would gladly do it. Now, do I keep paying for my own personal health care plan that covers hospitalization only for 333 dollars a month, or do I stop paying that so I can pay Chase 500 dollars a month instead of 200 dollars a month because they decided to change their rules and won’t let me opt out of their change.

    Are a bunch of people sitting in a board room going to ruin my life and my reputation, when their reputation is already shot?

  15. Thanks, Auntie Uppity!

  16. Alessandro, an opt out is bad if they say they will keep your rate but “Freeze” your card, which means you can no longer use it. They notify the credit agencies that they have frozen your card. The credit agency doesn’t know why and doesn’t care why, they just see you as a person who has been cut off. Your FICO score will tank faster than a submarine. That’s why it’s important to KEEP the card and tell them instead that you won’t be using it because the interest rate is unacceptable. If you want to cancel a card, that’s one thing, if THEY cancel you it’s another. NEVER let a credit company Freeze you as an “Option”..

    Your “baloon” sounds like you got nailed with that subprime thing in a loan. Not the same as a charge card. You might want to look into the refinancing options that have been opened up. According to the White House, people are able to refinance at low rates, as in under 5%. Of course, they don’t bother telling anyone HOW to go about it.

  17. We’ve had some good luck informing the credit card companies that we’d really like to lower our credit score because credit is a real problem in this country and we want less credit ,not more. I think it really confuses them, LOL.

    One problem is that consumers are over a barrel and the companies know it. Not many people have the ability to say, well since you don’t want to reduce my interest, I’ll just pay my balance and cancel your card. If you can say that, it tends to change the whole tone of the conversation. Unfortunately a lot of people don’t have that option and what happens is almost like a form of blackmail and extortion.

  18. Exactly yttk. Extortion is EXACTLY what this is. And Congress and the White House don’t fix it, which tells me they are complicit. They can fire a CEO but they can’t put the brakes on consumer extortion. All righty then.

  19. I think if these bastards could convert us all to an alternative energy source they would do that too.

  20. You’re the greatest! Spite!

    ps: I used to have credit cards — but? I saw their gig years ago.
    My advice is to not ever have them. Oh, ps: Uppity — doesn’t Biden have something to do with credit cards?

    I’m not fond of this guy either but, whew….
    take a read…

    http://www.foxnews.com/story/0,2933,513999,00.html

  21. Oh yeah Valentine. Credt Card Joe, who championed “Bankruptcy Reform” so that dying people would have it stuck up their noses just so his credit card buddies in Delaware could get paid no matter what.

    Valentine, without credit cards you have NO credit history therefore your FICO score would be horrible. Without a credt history, nobody wants to know you. That’s what makes this extortion doubly vicious. Just think of the interest rates anyone can charge you for anything once they deliberately trash your FICO. And they get the advantage of someone who is really a good payer while they screw them.

  22. http://online.wsj.com/article/SB123922365800702453.html

    Congress needs to get off its duff and stop this!

  23. I just truly piss them off – I do exactly what they don’t want you to do; use the card and pay it off in full every month. I use their money for up to 30 days, and no fees or late charges as I am anal about making sure they are paid on time.

  24. Grail Guardian, you’re so old-fashioned. More power to you. Paying the entire balance “on time” i.e. within the no-interest, no-fee period is simply what Americans used to do, back in ye olden dayze before Reaganomic de-regulation.

    GG sez,
    “I am anal…”

    Oops, you left out the caps. Wait, I wanna guess what the new abbreviation stands for.

    Is it…

    I am absolutely not a
    [ ] loanshark
    [ ] loony who loves loansharks (that would be L3)
    [ ] lap-dog for law-scoffing traitors/banksters/corporatists (L2 combo)

    …?

  25. D.G.W.

    Sorry – more like anal-retentive (ie:obsessed). But I do like your interpretations!

  26. Oh, GG! Well, at least it’s better than Freud’s Phallic Stage type.

    Better yet, let’s all just be un-retentive of Sigmund’s entire theoretical framework. It was just a stage he was going through anyway.

  27. I tried to post some info to your frugal ideas thread and it appear Kitteh Bill has eaten them TWICE. any thoughts on how I can remedy it. I promise I’m not an agitator. I usually just lurk but am a regular over at The Confluence.

  28. Sitting here painting and thinking about all this, it dawned on me that this is a not-so-subtle way to get all those selfish Americans who are saving money rather than living on credit to “boost the economy” (of the thieves at the ObamaBanks).

    Since we did not take Newsweek Magazines ORDER from their Editors in the White House to go shopping, they had to figure out a way to get their greedy paws into our savings account, under our mattress, or to dig up the tin can in the Victory Garden.

    I, for one, paid off Capone in full. I was on my way there anyway, but when I got their threat in the mail, I thought “Ya Wanna Bet?” and threw EVERYTHING I had spare at this, and now it lies dormant.

    As for the FICO Score, screw ‘em. After following Dave Ramsey now since the end of December, I realize that I have NO intention of caring what my FICO score is now. After it was up to about 800 last summer, my joblessness and my student loan tanked it in a few months. It is working its way back up, but my focus in NOT FICO – it’s becoming Debt-Free.

    After they finish with Americans, the ONLY people who will have a credit score that matters will be the bankers, Congress, Oprah Winfrey and The Zer0′s.

    Who cares.

  29. i.m like you G,G i use the one card..pay it every time make mucho dinero..i love it..

  30. Well, I carry balances…like many Americans.

  31. cwaltz, sorry, I fished you out of spam. It appears that Moderator Kitteh Bill is attempting to extort donations. You shall have to forgive him. He’s a nipaholic you know.

  32. A friend of mine in Northern California has contacted a class action suit lawyer to check out the possibility of filing a suit against Bank of America for doubling her APR starting in June—-she just received her letter from B of A regarding it’s “change in terms and agreement.” I just received mine from them as well and would like to join in the class action suit.

    I visited the http://www.changeinterms.com site that DGW mentions and noticed that there are quite a few class action suits against Chase. Whether they go anywhere remains to be seen.

    Thank you, UW, for this valuable information and what the “opt out” really means, as I was considering doing that for my B of A card when I got their letter informing me of the APR increase.

    I want to scream at the credit card companies/banks, as many of us want to do, to tell them that our tax dollars are being given to them for their bail out, which will result in probably our taxes increase and now they treat us consumers like crap by raising our APR and what we pay them. We cannot be silent—-if we are it is like an abusive relationship that we feel we can’t leave.

    I’m going to jam my Congresspersons’ phone lines, email, as well as complain to my credit card companies.

    It just seems like the credit card companies are in “cahoots” with those who want to tank our economy quicker/better as many small-business entrepreneurs need that credit line to keep their businesses solvent, or to even for start-up expenses.

    Our political representatives must have made a Faustian bargain with the bankers, credit cards companies, financial institutions. For your campaign contributions, we’ll let you raise your APRs—-the typical American consumer won’t know what hit them!
    I know there is a special place in hell for all these flim-flam artists who don’t mind ripping off others.

  33. Prem, how funny that you mention this. I was thinking earlier today that somebody ought to start a class action against all of these banks who are deliberately sabatoging life-long credit scores. They should be also all charged with extortion.

  34. Yes! This just happened to my friend a few days ago! He’s always been good about being on time with payments, and then Citibank raised his 7.9% to 14%–out of the blue. Told him the same thing: we raise this–you screwed–but we can freeze your card. Well, he was so outraged by it all, but he went along with their plan…he’s been complaining about it non-stop.

    I read him your post UW, and he was like, “They did that to Meee!” I was like: I know. He was freaked about how his frozen acct would look to everyone else after they shared that info. So he called back and he took a while with them but he got the plan switched so that he wouldn’t have the freeze account plan. He told them to go ahead and raise the interest rate on him in a few months–as long as it wasn’t on the total sum of what he owed, and he didn’t want a retro interest rate either. So his plan is to pay off what he can. Not close account. But just not use credit card after higher rate. Keep it open though. Also, he got the rate lowered a *tad*….

    UW, you are RIGHT. It is a shakedown.

  35. I’m glad he changed it Kat. The credit agencies couldn’t care less why a card is frozen, it’s just frozen. In the normal days a frozen card meant you were a bad risk, so you can see why it’s NOT a good idea.

  36. Star, that link says congress is working on stopping them from doing these things………..but notice they are waiting till it’s DONE! I hate these bastards. They represent NOBODY but themselves. While they play, their buddies are fixing things for themselves up ahead.

  37. The GG plan works the best. Pay it off every month. Gotta be on top of it though. Otherwise, pay enough to eventually pay it off, then never use it. Cash does work wonders only in face to face transactions though. Would be funny if everyone paid off their balances en masse, simplified, and resorted to cash/check. Poof! There would go those greasy companies.

  38. The thing is, even if you pay the card off every month, these bastards still make money off the vendor. I say let it sit like a dead fish.

  39. The thing is, you have to use a card to buy things online. But what I am doing is only using the card for those purchases and paying cash or check otherwise.

  40. Gang,

    There probably won’t even be such a thing as credit and “credit ratings” in the New World Order…. After the dollar collapses, any money that you have will be worthless. I had perfect credit before I got laid off and have had to take a hit on my credit report because I made the decision to pay my rent, car payment and car insurance FIRST instead of giving exorbitant payments to the card companies, who doubled and tripled my interest rates.

    I worked very hard to build up my credit and I identified myself by it. I got caught in their trap and I don’t blame them. When you swim with the loan sharks, your bound to get eaten. It was a very difficult decision for me to make instead of running around begging, borrowing and stealing to give them their loan shark dollars just so that I could keep my “perfect credit”. I had to make some serious lifestyle and spiritual changes regarding my relationship to money. It’s been scary and painful waking up to the truth about what’s going down.

    My advice is to take a serious look at what is really happening right now and realize that we are coming into a period of hard core survival and turbulence like none of us have ever seen in our lifetime. I would use any money that you have right now to buy food, water, etc… and stock up. Credit cards and cash will be worthless when the sh*t hits the fan. This is an orchestrated dismantling of our economy.

    If you’re ready for the truth about what is really happening, check out top trends forecaster Gerald Celente on Youtube (before YouTube and the Internet get taken down) and Alex Jones. At first you won’t believe what you’re hearing and you’ll just dismiss it as right wing conspiracy theory. But if something inside you says intuitively that it’s the truth, keep following these 2 and it will lead to more revelations. And I aint talkin’ about the bible honey…..

  41. Clark Howard has said for a while that you can, in fact, stop paying your credit cards. If you break off all contact with them, the bad chargeoff will drop off your credit history in 7 years. A few years ago, anyone would get a credit card no matter how low theit score was. Now, you can’t get one if your score is high.

    UW, your credit score is affected by all credit. Store cards, (extremely easy to get) student loans, home equity, mortgages, car loans as well as credit cards all contribute.

  42. Yes I know all of those things contribute, but frozen cards and cut off credit will drop your FICO like a brick. Also, store credit cards are usually not recommended because they are so easy to get and are those “revolving” type. The more total cards of any type you have, the more risk you are. In other words if you have ten cards with limits of 15k, you are a risk for 150k should you decide to go wild.

    I’m just thinking of how stupid these thieves are in the long range. They are pissing off all the customers who have the best credit. Their best customers are going to cut THEM off. It’s almost laughable how stupid they are.

  43. Surfer, you mentioned something I have been doing and I don’t care who laughs. I am stocking up on food because I KNOW when the REAL inflation hits, it’s going to be very serious. The HORROR version of inflation hits before Depression. It’s not like any inflation we have all lived through. We are talking you can’t afford much of anything. I have a freezer full of meat and poultry and a huge stocked pantry. Every week when I shop, I buy more surplus, things that can store.

  44. I got a Capital One card a few years ago thinking I would use it to accrue airline miles. Never used it more than a couple of times. Now, they’re “reviewing my purchase rate and the length of time I’ve had this rate, and they’ve decided to raise my rates to ENTICE me to stay….variable rate of 17.9% above prime and on cash advances, 24.9% on cash advances.

    Never use this sort of stuff, but since I owe them nothing, it’s time to be punished! I can decline the change and they’ll close the account.

    I’m unloading this turkey…they still keep sending more offers even though I still have the card.
    Screw them…

  45. GG..I do the same thing…pay off the card every month!
    Too bad on the CC companies!!

  46. UW,

    You are the wisest woman I know…..they won’t be laughing when they’re roaming the streets looking for food…..YOUR food….

    But not to worry, that’s why they’ve built hundreds of FEMA camps all over the U.S. to “take care of” the one’s who weren’t prepared.

    Food and water, cigs, alcohol, sugar, salt, etc…will be the new currency. All these dumbasses buying gold….last time I checked, you couldn’t eat it!

  47. Earlier today I opened a checking and savings account at a local credit union so I could close my checking and savings accounts at one of the “too big to fail” banks (WAMU, now JPMC). I decided to get a VISA card (6.9%, no annual fee) through the credit union too so I could close my BofA Visa. I asked the gal at the credit union about whether they would raise my rates if I was one or two days late for a payment and she said, no, they wait at least until you are 90 days delinquent!

    Anyway, later at home I opened up a piece of mail I got from BofA yesterday and found that they are raising my rate on purchases from 7.9% to 13.65%! I have excellent credit, have never been late on a payment in five years, and currently at about $50 balance but was as high as $3000 a year or so ago.

    Why is BofA raising rates all of a sudden? I don’t know…I can imagine.

    I should be closing all of my accounts that are in the big banks (Citigroup, BofA, JPMC, WellsFargo, etc.) in the next two weeks.

    I didn’t want to do it, I had my money in WAMU, now JPMC, for a long time….even after it failed. I didn’t pull my money out when it was in trouble because I didn’t want to contribute to a panic. I finally decided these banks have no business managing my money!

  48. they won’t be laughing when they’re roaming the streets looking for food…..YOUR food….

    Which is what Glock 19′s and large dogs are for.

  49. Uppity,

    I agree with you – I neglected to mention that the only thing I use the card for is online purchases. You just can’t avoid it these days since anything even mildly out of the ordinary is no longer available locally. Especially true when it comes to electronics and computer parts, but everything is affected and I’m beginning to wonder if it’s intentional.

    As far as food goes, our local grocery chain (Wegmans, recently named #1 in the country) started out by offering a huge selection of everything and anything you could want. As soon as they drove their competition out of the area, they started offering only 1 or 2 brands of everything and their own “store brand” (of virtually everything) is the most prominent offering they have. The steady trend of supplying the consumer only what “they” want you to buy is becoming impossible to ignore. Jut another step on the road to Big Brother?

  50. Well, unregulated capitalism is the same as communism. Instead of the government owning everything, WalMart (wegmans, etc.) owns everything. No choice, no free market.

    All you need to know about the credit card industry is that the term they use for people who pay off their balance every month is “deadbeat.” Their business model is unsustainable, especially in a depression. Now they’re in panic mode.

  51. Good post. I think there are lots of people who need to see it.

    P. S. Nice header.

    P. S. S. Happy Easter!

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