Eileen Serra
Chase
270 Park Ave
New York, NY 10043

Subject: Complaint Response – APR Rates & Reduction of Credit Limit

I am in receipt of correspondence from Lisa Luchtman dated September 16, 2014 on the above subject matter.

This responds to statements in your September 4th & 16th responses to my request for a reduction in my APR and the credit limit reduction on the same account in May of 2012.

Let me address Ms Luchtman’s rational in order:

1. We lowered the credit limit on your account in based on information in your credit file.
• Balance owed on revolving accounts to high. - How was this determination made? What is too high? What balance due must I reach in order for this not to be a reason?
• Balance to high compared to credit limit – I absolutely love this reason. Your own company has acknowledged in your correspondence reducing my credit limit 30% to an amount just barely above what was owed at the time. This was done I guess because of your fear I would fail to make payments on time. This fear on your part cannot be substantiated by any information in my credit records, including my file with Experian who you cite in correspondence dated May 3, 2012 notifying me my credit limit was being reduced. There was no derogatory in my files then or now which date back some 50 years on which you could have relied to support this as a reason. Never late payments, all accounts in good standing. Keeping in mind the actions of your company in May 2912 in arbitrarily reducing my credit limit without justification other than a fear on your part, was a large contributing factor in the reasons cited by you in the September 16th letter and used to deny restoring my original credit limit. Based on your actions you have manufactured an adverse action and then used the outcome of that action to further justify keeping APR’s high and credit limits low.
• Number of accounts currently in use - What is the maximum number of accounts must I have in use before this is not a reason cited for denying my requests? What weight did you assign this reason as compared to the other two you cited for denying my requests? Is it the intent of Chase to keep your formula secret from the customers who have adverse actions taken against them and not allowing them the opportunity to see how they can improve their financial files to obtain reasonable rates and limits?
2. We can review our decision with your permission.
• Why is it necessary for me to provide you with the information cited in your September 16th letter for you to review and determine if you will restore my original credit limit? You requested no such permission or information in April 2012 when you reduced it. I am requesting again that you restore my credit limit to that amount using the same information you used when you reduced it. My annual income has not decreased since that period and now as then I am a retired federal employee who had 41 years of service since 2005. Obviously you have the ability to access my credit file and you will find the same excellent credit history I had in 2012.

Given the fact that all other “active” accounts which you cite as to numerous, have reduced the APR’s on my accounts ranging from 9.24% to 12.99% without my having requested it and in one case had the credit limit raised without my having requested it because of my excellent financial history, I am unable to understand why you cannot provide me, a 10 years account holder with an excellent history, a rate within the range of my other accounts since they access the same financial history information you have access to?? I am requesting a specific reason(s).

Admittedly I am not a financial guru just someone trying to get fair treatment based on my financial history not any other secret factors. I look at things from a common sense point of view and your actions and refusal to provide me fair and impartial treatment. The vague and non-specific reasons cited by you in denying my requests ring of secrecy and your refusal to give clear and concise explanations or provide clear and concise information on what I need to do in your companies eyes to gain lower rates and higher limits. This makes you judge, jury and executioner.

Given the fact I cannot justify your actions and refusals with the facts at hand and the information you cite above, the only conclusion I can come to is that there is another secret and deciding factor)s), my age and/or my zip code and that I feel you are in violation of the Equal Credit Opportunity Act. I can find nothing else to explain your actions with the vague information you have provided me, therefore I will be exercising my right to do so as cited in your September 16th letter.

I will be filing formal complaints with the Bureau of Financial Protection as well as other federal and state agencies as well as non-profit companies who may have an interest in how senior citizens living in West Virginia with an excellent financial history are treated by your company. I’m sure as a large company with access to many attorneys and corporate employees who deal with these complaints in a country run by large companies, this does not bother you, but at least it will make me feel better.

In closing, I would point out I have asked questions in this correspondence to which I am expecting answers since I feel I am entitled to fully and clearly understand how and why you set rates and limits based on actions you have taken in the past which adversely affected me and have failed to provide me specific information I need to know in order to meet your expectations for me to have access to lower rates and higher limits and better determine if you are providing me, your customer with fair treatment or taking advantage of secret formulas in orde to justify providing better rates?


Eugene Frye
167 Drewery Lane
Falling Waters, WV 25419