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@Anonymous wrote:akindofmagic,
Thanks for chimming in as I was going to respond with your exact same comment. Now I did have 1 late my entire 4yrs with that card so I don't fit that perfect scenario. However, on another board there were several people stating they had the "Prime" credit txjohn is stating was needed to keep the card open, yet their accounts were closed. Now it could be the people with high CL may appear a risk as well as people start losing their jobs "may" live on credit which could be why some are also getting their CL lowered??? Perhaps...
Not sure... but like someone else said on this board, just move on. Which is what I'm doing.
Please don't misunderstand my post. I asked the question "Am I seeing/hearing a pattern" with lots of question marks.
I had read many posts where the OP had past derogs and WAMU was their highest or near highest CL, and/or where many of the other cards were Orchard/CapOne, etc. lower CL's and/or store cards.
I was trying to find patterns....but if we have multiple reports of perfect credit, high scores, perfect account history also being closed without notice and without any derog which would result in AA, then my question/theory is unfounded and obviously not a pattern at all....just coincidence to the posts I happened to read.
Thanks for the additional info and posts to those whom have answered my pattern question.
So, I guess under these circumstances, maybe all of us "adobted, WAMU-headed step-children" are in the cross hairs???
Just curious since we're looking for patterns...wondering how many who were closed took advantage of Chase's May/June offer to "skip a payment". Could they have been using this as an attempt at seeing who "might" be experiencing financial difficulty?
I had this offer on both of my Chase accounts but ignored it and paid half the balance on both cards.
@Anonymous wrote:Just curious since we're looking for patterns...wondering how many who were closed took advantage of Chase's May/June offer to "skip a payment". Could they have been using this as an attempt at seeing who "might" be experiencing financial difficulty?
I had this offer on both of my Chase accounts but ignored it and paid half the balance on both cards.
I was unaware of the offer so therefore this could not have been a factor for closing my account. I do have 4 other prime cards (BofA, Discover & Amex) and another Chase card - no subprime, excellent credit scores and no negative marks. Perhaps they're taking the eeny, meeny, miney, mo approach to account closures.
My issue with this arbitrary closing is that it has decreased my overall credit line by 10k thereby increasing my utilization which would no doubt affect my FICO score if I wasn't in a position to pay off my balances, which fortunately I am.
The credit card industry is a mess and while consumers bear alot of the blame - the credit card companies are just as guilty... perhaps more so. They whored themselves out to consumers when times were lush - I can't count how many unsolicited checks I received reminding me that I could use them for anything at anytime (28% cash advance apr in small print of course) and now that there are people genuinely struggling in this economy - Chase is closing accounts, slashing credit lines and raising apr's. It's the equivalent of tripping the consumers and then kicking them for falling.
As I understand from a friend in the banking industry - this is the tip of the iceberg - Chase will be closing many more former WAMU accounts. I noticed that most people posted their accounts were closed on July 7th. Mine was closed on July 15th which suggests that they are not done yet.
Hold on for the ride.
THE SAME THING HAPPENED TO ME TODAY. It's amazing. My story is nearly identical to yours. My Wamu card had been opened since 2006 with a $2k limit. I always carried a heavy balance on it but last month I paid (now Chase) in full. I had to replace my brakes a few weeks ago and put the $600 charge on the card. I tried to use it today at my doctor's office and it was denied. I got the same line about 'based on info in your Experian credit report....blah blah blah." I pitched a fit on the phone, but it seems this is acceptable behavior and there is nothing any of us can do.
I too have been repairing my credit since I screwed up in college 9 years ago. I checked online after talking to Chase and Experian still has a 712 score for me. How can I have a credit card in good standing closed for a 712 credit score??
I'm financing a new car in the next few weeks and fear this account closing is going to rape me with interest - assuming I can even get approved. I'm livid.
Jazmine319 wrote:
THE SAME THING HAPPENED TO ME TODAY. It's amazing. My story is nearly identical to yours. My Wamu card had been opened since 2006 with a $2k limit. I always carried a heavy balance on it but last month I paid (now Chase) in full. I had to replace my brakes a few weeks ago and put the $600 charge on the card. I tried to use it today at my doctor's office and it was denied. I got the same line about 'based on info in your Experian credit report....blah blah blah." I pitched a fit on the phone, but it seems this is acceptable behavior and there is nothing any of us can do.
I too have been repairing my credit since I screwed up in college 9 years ago. I checked online after talking to Chase and Experian still has a 712 score for me. How can I have a credit card in good standing closed for a 712 credit score??
I'm financing a new car in the next few weeks and fear this account closing is going to rape me with interest - assuming I can even get approved. I'm livid.
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.
SInce I was nervous and didnt want to call Chase directly, I drove to my gas station. After what seemed like eternity (but in reality only a few seconds) my card was approved. I see some of you had cancellations on the 15th so I guess I will hold on for the ride.
For those of you who had your cards closed, did you see an inquiry from Chase on your EX report for account review around or near the date of closure?
OK, now this is totally strange. My account was closed on July 7th and 2 days later I PIF (PRIOR to knowing my account was closed). Well today my statement closed and I got the updated statement... there is a $82 balance on there when it should have been $0. When I looked at the statement there was a charge on there that was made on July 14 for the Nordstrom Pre-Season sale. I had to pre-charge to get the sale prices but you weren't allowed to pick up your items until the sale actually started which is today July 17th. I called the sales girl and told her I was coming down today to pay cash and told her why.
Not sure why Chase allowed the charge but they did. Not only that but the statement also does not indicate my account is closed. Shows a balance & Avail amount. But it is closed.... Perhaps they are showing that to not jack up peoples credit reports???
Very weird....