JPMorgan Chase & Co. Complaint: Credit determination

#1661694 18 Nov 2015

Credit card

Complaint #1661694 submitted on 11/18/2015 relating to JPMorgan Chase & Co.. Complaint relates to Credit card - Credit determination .

Complaint was submitted via Web and sent to the company on Wednesday 18th November 2015.

Narrative (may be redacted).

I have XXXX credit cards with Chase Bank. In the past 2-3 years I have sent well over {$600000.00} using their cards. From the very beginning of using their cards, I have never been late XXXX single time for a payment during any month. When I make payments, it is usually in thousands of dollars done XXXX or XXXX or 4 times a month. They say I am a very good customer and thank me for making them so much money as a good customer. As they make their XXXX % on my balances, at the same time they are reporting to the credit reporting agencies that I am a risk of missing a payment and the reporting agencies have labeled me as a very poor credit card risk with a very poor utilization since I use so much money. They rate me very poor and this reflects in a lower credit score of about XXXX. With a score that low many underwriters take my application for growing my business and deny me the opportunity to borrow money to make more money. The credit card companies would like me to use not more than 15 % of the limit showing I am worthy, but then I ask what is the point of having a credit limit, especially if I can utilize that {$15000.00} limit and make those payments with no lose or risk to them. It appears the banks have it both ways in that they make a ton of money off me, get paid, never chase me for money and tell all creditors I am not worthy of any additional credit. What the banks and the credit agencies do not even consider is my mrtage payments monthly are about {$9000.00} a month and I have not been late in the past five years with any payments. The characterization of the credit card agencies does not give an accurate profile of what I can afford in a monthly payment. If you look at the payment history of my profile, not only do I make the monthly credit card payments, the mortgages, the loans and when all monthly payments in my life are totaled they approach {$30000.00} a month. BUT, the credit reporting agencies are telling everyone that looks at my credit that I am a poor risk because I utilize my credit with the banks. Since the banks are in business to make money, and they do make money off of me, how is it fair they can also tell any creditor who looks at my profile that I am a very poor risk. This is wrong, everyone I speak with tells me this is wrong and yet in the banks and the credit agencies continue to demonize me financially and should not be allowed to do that. I can not refinance anything or borrow any money due to the erroneous profile of the banks and the erroneous profile the credit reporting agencies give me. I am livid they have the power to get away this this sham and what makes me even more angrier that no bank will answer my concerns and credit reporting agencies use the rhetoric of " we only report what we are told ''. The XXXX agencies should be investigated by the government because XXXX out of every XXXX people will all say what they mess they make of their lives.

Older American

Have you dealt with JPMorgan Chase & Co.?

Leave your comments and feedback below.