Credit Cards

[gnetiv]

Has anyone had this happen to them yet?  My wife has had a credit card with WAMU for over 5 years now and now she gets a notice that it has been canceled.  Unfortunately they will not tell her why over the phone and said she will get a letter in the mail with in 7-10 days with an explanation.  This is complete BS, now we run the risk of hurting her FICO.  Any advice on this...

Thanks in advance 

Message Edited by gnetiv on 07-16-2009 02:47 PM

[Sayre]

Check out all the other threads on the CC board that are related to Chase.  A lot of folks are starting to report that their Chase/Wamu cards are being closed or CLD'd.  They are saying it is nothing more than a business decision.

[txjohn]

Chase is cleaning house with a hatchet right now and many people got the axe.  They haven't gotten to me yet, but who knows.  I may have a big target on my account too...

[gnetiv]

that's a bunch of BS...good luck to you!  Not sure if this holds true but just been reading around and I guess lack of activity on the card may have something to do it.  Don't know if this is ture or not but in our case we use the card prob every other month or so.

[gnetiv]

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Sayre wrote:
Check out all the other threads on the CC board that are related to Chase.  A lot of folks are starting to report that their Chase/Wamu cards are being closed or CLD'd.  They are saying it is nothing more than a business decision.

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Yeah sorry bout that, didn't mean to post the same ol stuff.  Just got anxious and pissed off...really didn't read all threads posted.  Checked out some threads here and it looks like some have re-opened their accts, so I'm hoping for the same.

[txjohn]

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gnetiv wrote:
that's a bunch of BS...good luck to you!  Not sure if this holds true but just been reading around and I guess lack of activity on the card may have something to do it.  Don't know if this is ture or not but in our case we use the card prob every other month or so.

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If use is a potential protection, then I may survive.  I heavily use my card and PIF.  I have a $3.5k CL and put at least $3k per month on it and then pay before the statement drops/reports.  I have most of my monthly recurring expenses (2 electric, home phone, internet, cell, satellite tv, etc, plus many other things.).  At 29.99% APR I'd be crazy to let a single dollar stay as a balance.

[Sayre]

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txjohn wrote:

If use is a potential protection, then I may survive.  I heavily use my card and PIF.  I have a $3.5k CL and put at least $3k per month on it and then pay before the statement drops/reports.  I have most of my monthly recurring expenses (2 electric, home phone, internet, cell, satellite tv, etc, plus many other things.).  At 29.99% APR I'd be crazy to let a single dollar stay as a balance.

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$3k per month and you pay it each month? Everyone on here must make some serious money to put that much on it per month and still pay it off.  I would be doing good with $300.  

[creditwherecreditisdue]

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Sayre wrote:

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txjohn wrote:

If use is a potential protection, then I may survive.  I heavily use my card and PIF.  I have a $3.5k CL and put at least $3k per month on it and then pay before the statement drops/reports.  I have most of my monthly recurring expenses (2 electric, home phone, internet, cell, satellite tv, etc, plus many other things.).  At 29.99% APR I'd be crazy to let a single dollar stay as a balance.

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$3k per month and you pay it each month? Everyone on here must make some serious money to put that much on it per month and still pay it off.  I would be doing good with $300.  

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Sayre:

You will find that forum members here vary quite a bit, Some pump $1,000's through their CC's per month, others $100's and others just a small charge once in a while. Some members have had very serious credit problems while others have not. What we all do have is an interest in credit products and using them in a way that will best enhance (or least debilitate) our FICO scores. Some of us have a wealth of experience and information that can save you a lot of time and help you avoid making serious errors. This board can be one of the most useful resources in your financial bag of tricks. Welcome aboard!

[haulingthescoreup]

I may be having to relocate, due to employer whim, and get an apartment. Many apartments in the area where I would be living take CC payments for your rent. Add in utilities, cell phones, internet, gas, groceries, and all the other dreary realities of life, and you can get some serious CC usage going, if your providers cooperate.

I rarely have more than a couple of bucks in my wallet. All my expenses go on plastic, and each card is paid in full every month. It's just a case of choosing to pay in this manner rather than with cash. Simpler, more convenient, etc.

[bugheman]

Mine cancelled as well - I would suggest for everyone involved to send official notice to atty generals office as well as log complaint with the BBB on this. I logged 3 complaints against chase this morning and will log 3 per day until the situation gets resolved.  Here is the proper BBB to log a complaint against chase

BBB of Delaware (New Castle, DE)
60 Reads Way
New Castle, DE 19720
Phone: (302)230-0108
Fax: (302)230-0116
Email: info@delaware.bbb.org
Web: www.delaware.bbb.org

If not when you put the proper information in the system this is the bbb local office that should pop up. Flood the gates with propaganda and things will change.