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Frequent Contributor
ace9848
Posts: 285
Registered: ‎03-29-2008
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Chase bought my WAMU - can they ratejack my Chase based on WAMU history?

I have a Chase card that I love for the rewards. I also have a WAMU card that I hate, because I was late 3 times, and the apr went through the roof. So, as you can imagine, I let the WAMU card rot with a zero balance, and use the chase card alot.

 

My concern is that now that Chase bought WAMU, can they raise my rates with my Chase card as I was no late 3 times with an account that they just bought? I hope not - half a year ago I got my act together...thanks!

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casinoannie97
Posts: 1,989
Registered: ‎08-17-2007
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Re: Chase bought my WAMU - can they ratejack my Chase based on WAMU history?

I do know they will operate as WAMU for a year.
Valued Contributor
wmarat
Posts: 1,754
Registered: ‎11-03-2007

Re: Chase bought my WAMU - can they ratejack my Chase based on WAMU history?

I believe, Chase knows about your WAMU lates and still it did not raise your rate.

 

I would avise to combine your Chase and Wamu as soon as it possible.

 

And if CHASE raises your rate, you always can PIF and keep balance at $0.

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Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007

Re: Chase bought my WAMU - can they ratejack my Chase based on WAMU history?

[ Edited ]

ace9848 wrote:

I have a Chase card that I love for the rewards. I also have a WAMU card that I hate, because I was late 3 times, and the apr went through the roof. So, as you can imagine, I let the WAMU card rot with a zero balance, and use the chase card alot.

 

My concern is that now that Chase bought WAMU, can they raise my rates with my Chase card as I was no late 3 times with an account that they just bought? I hope not - half a year ago I got my act together...thanks!


 

I wouldn't be surprised if, as Chase sorts through all their new customers' cc info and history with WaMu, some people in your situation do get APR's raised or other AA on one or both accounts.  However, as many on here have noted, it probably will take some time for them to go through everything, and I'd be kind of surprised if Chase doesn't already know about your lates through routine softing of your CR's at some point.

 

If you're concerned about it and feel like trying to take proactive action about it, under these particular circumstances, you might do better to pull your WaMu out of the sock drawer and start using/PIFing before the statement date every single month to build up a new, always-on-time payment history to offset those 3 lates on that card while keeping clear of the nasty APR on it.

 

Chase might, in reviewing things, look more favorably on somebody who pulled up socks by using/PIFing after those lates and the rate-jacking than somebody who just quit using the card.

 

Can't hurt; might help.  Worth a try, maybe.  Heck, if you actually use/PIF your WaMu, they might consider lowering your ratejacked APR, if you call and ask after 6 months or more of doing this.

 

Good luck!  :smileyhappy:

 

(edited to add that wmarat's post was an excellent response and a great suggestion, too!  And LOTS less wordy than mine!  :smileyvery-happy:  )

Message Edited by scapegrace13 on 10-19-2008 07:05 AM
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ace9848
Posts: 285
Registered: ‎03-29-2008
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Re: Chase bought my WAMU - can they ratejack my Chase based on WAMU history?

Thanks everyone. I already PIF the WAMU card every month, which I might use once every other month. I also PIF the Chase every month, just using it to get the rewards on my everyday purchases.

 

Luckily none of my lates at WAMU are 30 days, so none of them appear on my CR. That's what concerns me now, is that Chase will now know about these lates - since they weren't on my CR.

 

I guess we will wait and see. I've improved my credit alot recently, so if Chase ratejacks me, and I can't PIF, I would choose another card. I already have 7.9 at Capital Once and think I can PIF at the end of the month on that one too. (Still have ugly $6800 on BofA, but at 0% until June - trying to pay that down after Cap One.)

 

Thanks all.

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Uniqua
Posts: 683
Registered: ‎04-05-2008
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Re: Chase bought my WAMU - can they ratejack my Chase based on WAMU history?

Well, hating your WaMu card because you were late three times isn't WaMu's fault.  All CCCs disclose the potential APR should you be late with a payment. Not using it doesn't make it any better for rebuilding purposes.  If it's not reporting, it's not helping your utilization.  Should you be late on the Chase CC, they'll ratejack you as well (especially if you are late 3 times). 

 

The only thing you can do now is not be late with any more payments.  If you PIF each month, you should have no worries about getting ratejacked by Chase as you wouldn't be paying it anyway.  If you are carrying balances, well ....... that's a different story, and not a good idea now that we're in a credit crunch.  


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ace9848
Posts: 285
Registered: ‎03-29-2008
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Re: Chase bought my WAMU - can they ratejack my Chase based on WAMU history?

Uniqua you are correct - I already agree with you. I still hate the WAMU card but the blame for the rate is mine, and always knew it was. (It's like pouring tobasco sauce in your eye, you hate the tobasco sauce but know that the pain is your fault.)

 

I'm not worried about ratejacking on my Chase account because of my current actions, because I am completely responsible now. I just don't want my past to haunt me (now that Chase owns these 3 lates that they didn't own before) and lose the good terms that I now have because I have rebuilt my CR to a great extent.

 

You bring up an interesting point - please clarify how not using a card hurts your credit rebuilding? Are you referring to the FICO score itself - if you don't post any balance at all does that mean that your 0% util on that account doesn't factor in? Please help me to understand.

 

Thank you!

 

 

Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: Chase bought my WAMU - can they ratejack my Chase based on WAMU history?

[ Edited ]

ace9848 wrote:

Uniqua you are correct - I already agree with you. I still hate the WAMU card but the blame for the rate is mine, and always knew it was. (It's like pouring tobasco sauce in your eye, you hate the tobasco sauce but know that the pain is your fault.)

 

I'm not worried about ratejacking on my Chase account because of my current actions, because I am completely responsible now. I just don't want my past to haunt me (now that Chase owns these 3 lates that they didn't own before) and lose the good terms that I now have because I have rebuilt my CR to a great extent.

 

You bring up an interesting point - please clarify how not using a card hurts your credit rebuilding? Are you referring to the FICO score itself - if you don't post any balance at all does that mean that your 0% util on that account doesn't factor in? Please help me to understand.

 

Thank you!

 

 


As far as FICO is concerned, a card will continue to count as long as it continues to report.  Generally, it will continue to report as long as it is open, even if it has a $0 balance or is unused for a couple of months.

 

You do want to use each card every so often, however, to prevent the account from being closed due to inactivity, but there is no need to use it just for the sake of getting it to report.

 

Message Edited by cheddar on 10-22-2008 07:38 AM
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Uniqua
Posts: 683
Registered: ‎04-05-2008
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Re: Chase bought my WAMU - can they ratejack my Chase based on WAMU history?

Sorry, Ace, I didn't mean to imply that not using it will hurt your score.  What I meant was that for FICO scoring purposes, a sock-drawered card won't necessarily help to improve your score (although some people seem to think that it will).  Using it every now and then and PIF'ing will.  If you have more than one CC (1-3) reporting positively (low util), one card showing 0% util won't hurt you.  However, if you only have one CC and you SD it, your overall util will be 0% (considering you are not carrying any balances).  FICO needs numbers to calculate util.  0% util of 0 is 0! 

 

Also, SD'ing a card for too long may have adverse affects, i.e., being closed by the credit grantor.  Some CCCs won't even let you reopen the account but will let you app for a new CC, thus leading to a hard pull.   


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Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: Chase bought my WAMU - can they ratejack my Chase based on WAMU history?

[ Edited ]

Uniqua wrote:

Sorry, Ace, I didn't mean to imply that not using it will hurt your score.  What I meant was that for FICO scoring purposes, a sock-drawered card won't necessarily help to improve your score (although some people seem to think that it will).  Using it every now and then and PIF'ing will.  If you have more than one CC (1-3) reporting positively (low util), one card showing 0% util won't hurt you.  However, if you only have one CC and you SD it, your overall util will be 0% (considering you are not carrying any balances).  FICO needs numbers to calculate util.  0% util of 0 is 0! 

 


Yes and no.  A sock-drawered card will help one's score as long as it continues to report, but keeping a zero balance on one's only card will not help one's score as much as it otherwise would if it had a small balance on it.  It will cost a few points to have all zero revolving balances, but that is not the same as saying that a card with a zero balance won't help your score at all.

 

Message Edited by cheddar on 10-22-2008 09:58 AM
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