Just a friendly reminder... check ALL of your credit accounts online, several times a month. Put reminders on your calendar or something.
I just checked my Chase HELOC online and found that while we should have a significant amount of available credit, we are showing zero available. I fear that because of the current economic situation that Chase is arbitrarily lowering customers' credit lines. I've inquired but have not received a response yet.
While searching online for any possible information about this happening, I came across MANY reports of Chase changing credit card holders' due dates, lowering the credit limits on high limit cards with balances and then charging OTL fees, arbitrarily closing high limit cards with no notice due to "inactivity" (sometimes while the cardholder is traveling and counting on having the card available for purchases) tacking on new "monthly service charges" and raising minimum monthly payments on people who have taken advantage of 0% or low APR balance transfer offers and then renegotiating the balanves at 8-9% APR to get rid of the fees (basically thinly legal bait and switch) etc.
For the first time in a long while, I'm honestly SCARED about my finances, when I ought to be in excellent shape (money in the bank, good credit, etc.) if one of my credit cards (which I do not use except for monthly purchases, and pay off in full every month) gets cancelled arbitrarily that will lower my credit rating, making it even harder to get credit, etc...
I hope that I am all worried about nothing, but the whole reason that I got a Chase credit card (yes, I have one, and it has been inactive with zero balance for almost a year) is because this all sounds scarily similar to an issue I had with MBNA years ago where they started rolling my payment date back until I started making my payments late. I learned from this experience and ALWAYS check online at least once a week but it seems that a lot of people are used to always paying their bills on the
1st or 15th etc. and they are getting caught (I used to do this, this is how I got caught. Had to get a loan from credit union to get out from under a balance at 20+% APR due to their deceptive practices.)it sounds like Chase and possibly other banks are learning the shady practices of the old MBNA. Please be careful...
I am glad that I saw this as I was actually seriously considering taking a 0% balance transfer to buy some stock to take advantage of the depressed market but it seems that right now a good old fashioned FDIC-insured savings account is the best place for what little money I have. I've successfully used 0% balance transfers in the past to take advantage of opportunities and/or just give me a little more financial breathing room, but based on what I'm reading it seems like the banks are trying as hard as they can to take advantage of even people who do play by the rules.
nate