Two reps at Chase credit card today told me that they look at and update my income regularly through Experian for my credit ratio to determine my interest rate. What?? Do they really answer the phones knowing that little about their own card company and the credit bureaus? #chasecreditcard Neither would back down when I told them they would have to get my signature to pull federal returns for my income level. One even told me repeatedly that they go through back channels to get income info. When I suggested that was illegal, he said they dont do anything illegal but that they get it from Experian and from other banks accounts reporting to Experian. Annoyed -- rather than figuring out who can answer my questions they repeatedly say the same irrelevant thing. Just in case youre worried the Experian web site says, Income is not part of a credit report so cannot be updated with Experian | Ask Experian Dec 21 2011 Posted by experian.team under Report Advice. This had no impact on the Chase agent. Would someone like to tell me what is the point of their interest rate determining factors being secret? Isnt it so their standards cant be regulated by popular opinion, and so we cant as easily improve our rate? As a good customer using it for business purposes with good credit and good payment history, why does my rate have to be 20%? Time to move to an alternate funding source. Before Kevin Trudeau wrote his credit book I could call in and ask for the rate to be lowered and they would do it for me. Now across several companies you can never talk to the person who actually reviews your credit and even though they do it several times a year my rate has never gone down over the last 4 years. Trudeau did help raise awareness of card companies applying payments to the lowest interest rate first and popular opinion helped change that, though it went through congress. BTW, Discover still lets you call for rate reductions and they will evaluate it over the phone....unless the rep was bluffing. She recommended I call back regularly for such. They can raise rates for a multitude of reasons. Why would they ever want to lower them on their own?
Posted on: Wed, 14 May 2014 23:37:59 +0000
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