If you have read this blog for any length of time you would know that I used to be fiscally irresponsible and this lead to my bankruptcy. Bankruptcy was a very hard and very personal decision of me. Trust me I lost a great deal of material things when I decided to file Chapter 13, but it made me a better more responsible adult. I now understand that a person’s credit is tied directly to their character. However, I do understand that things in life do not always go as planned and even if your intentions are to pay the funds back….. if it’s choosing between eating and paying a bill, let’s face it we EATING!
About two years after my bankruptcy Washington Mutual ( WaMu) was nice enough to give me an unsecured credit card with a decent line of credit. I was so happy to have this credit card that I made a promise to myself to always make the payment. WaMu was the first bank to trust me and give me an opportunity to rebuild my credit. A few years later Chase purchased WaMu and they sent me a bunch of literature promising nothing would change.
This year I made a promise to myself to pay off all my credit card to a zero balance and only use one card as needed. I decided to make that card my Travelocity card because it offered air miles, so it is benefits me. I paid the rest of the credit cards off and was feeling really good about building my credit back to an acceptable score. I am also very thankful of the institutions that helped me get over the bankruptcy blues.
So imagine my surprise when I checked my Chase account (which was paid in FULL and has not had a transaction since April) and the credit line had been reduced to $300.00 ! WTF…. I was livid and confused. The account had never had a late payment and I always paid the bill so I was fit to be tied when I saw the line of credit had decreased.
I promptly called the credit card company and was told by a very RUDE “portfolio manager” that because I filed bankruptcy 4 years ago that I did not fit the standard set by Chase. She stated that Experian was showing a negative account on my bureau and between that and my bankruptcy I did not qualify to have such a high credit limit. I nicely explained to her that I got the card after I filed bankruptcy; she said we have different criteria than WaMu. I then told her that I have been faithfully paying this account on time for three years and have proven that I can handle having a substantial credit line. She nastily told me that the decision was final and I could accept the line of credit or close the account. I then said how the hell JP Morgan Chase get a bail out for 25 BILLION dollars from my tax dollars and say that I am not worth a line of credit. Not to mention the bail out was not used to make new loans….but to purchase more companies! I asked her who I could complain to because this was not acceptable to me. She smugly said, “ the decision in final.” I then said what could be done to increase my credit line, she told me to send in a copy of my pay check stub and proceeded to give me a PO Box in Delaware. Really…. Have you ever heard of anyone sending in a copy of a check stub to a credit card company? I then told her that I did not like the way she was speaking to me. She said I am not speaking to you any kind of way. I told her to close my account because I did not have to be mistreated by the person I pay to give me a line of credit and if I was not deserving of a substantial credit line, they were not deserving of my business. She closed the account and ended the call with a “you have a great day”. You know she said it in way like, I hope I ruined your day and this is my way of giving you the final jab before I let you off the phone.
I was more pissed when I hung up the phone. But I decided to calm down and call back. I called back and I reached a person that sounded delightful as soon as she answer the phone. I told her that I had just been treated rudely by one of her co-workers and I wanted the person’s name so I could include it in my complaint to the company. She said she could not give the person name out but would like to hear what happened so she could elevate to a supervisor. I explained the situation and she was apologetic and asked me some questions about my credit and took my gross pay over the PHONE…. in under 15 minutes my line of credit was restored!
It seems that credit can be given and taken at the discretion of company workers……….NOT your FICO score….NOT your payment history. It makes me really wonder what the underlying reasons could be. Yes I know the country is in a credit crunch but then again Black people have always been in a credit crunch.
Statistic show we pay more to borrow money even when our credit scores are comparable to white people. Lending institutions make more money off of selling black people cars, houses, boats and basically anything we finance because 9 times out of 10 the APR is higher.
Now that my credit line is restored…. I have vowed not to use that credit card. Chase should really watch whom they employ to speak with their customers. It’s sad to see people abuse power, especially when that power has such broad repercussions on others
