Once Upon a Time - I Have Been Undone

Once Upon a Time

I’ve Been Undone

Do you have any debts on credit cards that are paid with auto pay?

If so, have you noticed any large amounts of money missing from your checking account?

I wish I could say no to both of these questions.

This is a long story so I will tell you the part near the end first.

I have two Chase credit cards. One has a 4.99% rate for the life of the debt. The other has two rates: 2.99% on about half and 3.99% on the rest, also for the life of the debt.

Each month both of these cards, like other credit cards used to manage the debt of five surgeries and eleven years of college for my two children are paid from my checking account using something called automatic minimum payments.

I don’t check these balances often because they are auto-paid and the cards are never used.

Last night I found out my monthly minimum payment on one of the Chase cards had been changed starting August, 2009. It leapt from $312.00 a month to $758.00 due to a change in my monthly minimum percentage. From 2% to 5% of the total amount owed. As per usual, that dollar amount goes down a couple of dollars every month, as the balance is paid off.

Gee thanks.

Here’s how I found out:

Last month I checked the balance on my checking account and was shocked to find it over $400.00 short. I chalked it up to my spending at the grocery store and driving thirty minutes each way to my daughter’s home each day. Still, this loss of money tugged at my sub-conscience.

Just over four years ago my daughter and her husband bought their first home. For some unknown reason, a $6,000 debt on my credit card was showing up on her credit report. She has never been a user on any of my cards. I called the credit card company and they removed her as an authorized user from my card. For that reason, I am not listing the name of the card here.

Recently my son has been complaining that applying for loans had brought up part of my large debt on his small one. This affected the rate he and his wife were offered on the purchase of a home and the purchase of two used cars. I asked him what credit card company of mine showed him as a user, but he couldn’t offer me a name.

Yesterday my son and I discussed this issue again and this time my daughter chimed in: Mom, your Chase card is showing up on my credit report. I told them I would call and find out what was going on.

I made that call to the Chase credit card company last night. I found both of my children listed as users until August 11, 2008. At which time they were supposedly removed from my card and debt. Why that date? Why were they ever listed as users?

Not so on my credit report declared the Chase associate I spoke with. She said she was writing the credit bureaus to tell them to take my debt off of my children’s credit reports.

Neither of my children has ever been listed as an authorized user on any of my credit cards.

I don’t have an extra $400 a month. I already have to put medicines and some groceries on my Discover card.

Not only has Chase undone me, but now they have hurt my children’s credit, and affected the rates my son and daughter-in-law have been getting on their home and cars. All without my permission or knowledge.

Chase has hurt me and my children. This is unforgiveable!

My credit rating is 475. I am never late on a payment and use auto-payments on my credit cards and a bill payer service on all of my other bills.

The woman last night and my own intuition tell me this happened because the Federal government is starting some new regulations in February to protect consumers from credit card companies.

My account numbers were changed without my knowledge or permission.

I think it’s bad business to punish customers who DO pay their bills on time every month.

I think it is wrong to punish any consumers, who are already suffering, trying to keep their heads above water in these hard economic times.

Once upon a time I routinely received balance transfer offers of 0% and 1% for six months to a year with no balance transfer fee. Then the fee changed to 3% with a $50 maximum fee. These days the offers are worthless and the caps on the maximum fees have been removed. So I will be hard pressed to find a tolerable fee and rate so I can move this balance on Chase that is demanding more money than I can pay each month.

Tonight I rant to you, to feel better and warn any of you who use auto-pay on a credit card debt and don’t know you might be being cheated.

Monday I will attempt to report Chase to every bureau I can, including the Better Business Bureau and the Secretary of the state of Missouri.

Because at least ethically, my children and I have been cheated.

I don’t know that I can pay this extra money every month until Feb. Or even if the changes in regulations will help me with this.

If any of you have a suggestion on who to contact, PLEASE put it in comments or write me at: psybie@aol.com