This past year I have had my HELOC cut in half because of the decline in housing prices. Was I ever late on a payment, no, did I owe more than I can afford, no. However, I understand why this happened because the value of my home had dropped. However, this act by the bank causes my credit score to have a bad mark. Now turn the tables and add this newest attack to my credit report and I am angry! You see, just two days ago, I got my credit card statement. This credit card is one that I had a low fixed rate on. This credit card was backed by Chase. I have had this card for years and I have never been late on payments. I carry less than 1/3 of the total credit limit. However, to my surprise I opened my statement this month to find that I now have a variable rate which is almost 3% higher. When I called the credit card company, I was informed by a man with a heavy Indian accent that my only choice was to pay the increase and keep my credit card, or close my account and get back the lower fixed rate until paid in full. I asked him why my rate was higher when I had paid my account on time. To this question he answered, "It’s nothing you did, the economy is bad and we are raising the rate for all our card holders." When I asked him if he was in America, he responded, "I’m speaking English." At this point I stated that I knew he was speaking English, but noticed the very heavy accent and wondered if he was in fact in America. He said, "NO."
Heres my concern, Chase got money from the bailout, (money from the American People) and they choose to use it to give jobs to people in other countries while raising the rates and therefore costs for the American people. How is this fair? When will this stop? I did not buy a house I couldnt afford; I am making my payments to all my debts on time each and every month. My job has been hurt by the economy, but I am doing what I can and not asking for any handouts. I just dont see how the American People will ever get ahead if this is allowed to continue happening. I personally feel that if any company is going to get money from the American Public, they need to do more for the American People, to start with, they should be forced to bring those jobs back here to America. There are plenty of people here needing work, they would be happy to get that job and then have the money from that job to spend in our economy. Seems like a no brainer to me, but that hasnt happened and I want to understand why. I want to understand how I am ever going to recover if I do what I am supposed to do and yet I still suffer credit loss and bad credit marks just because the bank decided to raise my rates and lower my limits without just cause on my part. If the money given by our government goes to them to make them lend more, how is it that we will be able to get loans if our credit is being hurt by them making these decisions to raise our rates, close our credit line, etc? It seems to me that this is a one way street and the American working classes are paying a hefty fine for the greed of the bankers. Its time something is done about it. I am a person with a 700+ credit rating, how will this same thing affect those with lower ratings tht are struggling to keep thier hads above water? Their jobs were stipped, sent to other counties and now this slap in the face. When will enough be enough? What can we do? I’ve already sent a letter to my congresswoman, but will that ever go anywhere?
Here’s the thing…

1. I didn’t vote for change because I knew it was a CROCK!!

2. Closing your accounts will hurt your credit score too.

3. I have only house debt. I pay my cards off monthly. I just get upset that many others are not in that same situation and they arebeing screwed even more than I am. I know many that have to use credit to feed thier families while they are looking for work after being laid off. Only to find that the jobs that they had is now over seas.

Something has to be done. We can’t sit back and let it be government as usual.