Consumer complaint received 2024-08-04
Product: Credit card — General-purpose credit card or charge card
Issue: Trouble using your card — Credit card company won't increase or decrease your credit limit
Company: JPMORGAN CHASE & CO. (PA)

Dear Consumer Credit Protection Bureau, I am writing to formally express my concern and seek assistance regarding a recent issue with Chase Bank that has significantly impacted my credit score. 

In XX/XX/year>, Chase Bank abruptly reduced the credit limits on my credit cards to match the current balances respectively. This sudden reduction has caused my credit utilization ratio with Chase to spike to over 100 %, which has in turn detrimentally affected my credit score. I had autopay billing attached to this credit card when Chase reduced the credit limit to the current balance, thereby exceeding 100 % credit usage. 

Three days ago Wednesday XX/XX/XXXX at XXXX ( ET ), I spoke with a Chase associate regarding this matter. During the conversation, the associate lambasted me for the change and stated that I was being punished and seen ask risk for not paying my credit card balance " IN FULL '' each month. To the best of my knowledge, I have not violated any terms of my agreement with Chase, nor have I experienced any significant negative changes in my financial circumstances that would justify such an action. This unilateral decision by Chase Bank has placed an undue burden on my financial health, and I am struggling to understand the rationale behind this move.

In addition to the impact on my financial health, this situation has also taken a significant toll on my mental health. The stress and anxiety caused by this abrupt change have been overwhelming, and I am deeply concerned about the long-term repercussions.

It is important to note that I have not come close to using a significant portion of my credit limit with Chase. Additionally, I haven't used my XXXX card much recently, further underscoring my confusion and concern regarding this sudden reduction. 

In a conversation with XXXX from the Consumer Lending and Risk Analysis Department on XX/XX/XXXX at XXXX, I was informed that Chase did not actually review my specific Chase accounts to assess their current status. Instead, they looked at other general accounts on my credit reports. This oversight led to a reduction in my credit limits without considering that both of my Chase accounts were in good standing. Notably, the payments I have been making on these accounts are significantly higher than the actual charges being incurred. This failure to properly evaluate my specific account activity has unjustly impacted my creditworthiness. Additionally, I was told that I could request a re-review of my account credit limit, but this would require me to submit extensive information about my employment history and financial status. Moreover, this process would involve a hard inquiry on my credit report, which would negatively and detrimentally impact my credit score and report, merely to undo the extreme actions taken by Chase in XXXX. XXXX also stated that regardless if one Chase card, like my XXXX card, is in good standing, if the other card is not quite the same, the actions taken on one card will affect the other card as well. Furthermore, the actions taken by Chase are exacerbating the situation, as other banks may follow suit when they see Chase initiating and taking such extreme measures. 

Given the severity of this situation, I kindly request that your office investigate this matter to determine if Chase Bank 's actions are in compliance with applicable consumer protection laws and if chase customers are required to zero out their balance every month to prevent reprisal from Chase. Additionally, I would appreciate any guidance or assistance your office can provide in addressing this issue and mitigating its impact on my credit score. l as my score have gone from the mid 700 's to the XXXX  of XXXX to XXXX because of the actions of Chase. My fear is that the actions of Chase may further exacerbate the situation and have other Banks taking detrimental action because Chase took such extreme action. 

Thank you for your attention to this matter. I look forward to your prompt response and assistance. 

Regrettably, XXXX.