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Chase closed my former WaMu CC account after I paid it off! Is it bad for my score?

New Visitor

Chase closed my former WaMu CC account after I paid it off! Is it bad for my score?

Got a letter from Chase saying they decided to close my former WaMu credit card account. This happened right after I paid it off trying to improve my credit score. How bad is my score gonna be hit? Is there any way to appeal?
Message 1 of 11
10 REPLIES
Valued Contributor

Re: Chase closed my former WaMu CC account after I paid it off! Is it bad for my score?

Bump!

 

Welcome to the forum, den19!

 

(Your waiter will be here shortly)...

Message 2 of 11
Established Contributor

Re: Chase closed my former WaMu CC account after I paid it off! Is it bad for my score?

A quick glance of the credit card threads will show you that you are far from alone with this.  Chase is in the process of closing 3 million former WaMu accounts.  There have been a couple people who have managed to get them to reopen the accounts but by and large it appears that these decisions are final.  As far as hurting your score, the account closing in and of itself has no effect on your score.  In other words, you don't get a score decrease just because an account is closed.  Where it can affect your score is in terms of your credit utilization, which is the percentage of your total available credit that you're currently using.  In your case, you've lost available credit, so if your total credit card balances are unchanged, your utilization is increased and that will cause your score to drop. 
Message 3 of 11
Established Member

Re: Chase closed my former WaMu CC account after I paid it off! Is it bad for my score?

Everyone wants to know this, but I think it's a individual situation. Everyone has different situations..age of card, your line of credit still available with other cards, balances of existing cards, etc.  I just cancelled my citi card, so I got my fico score the other day before I cancelled it and I will get it again in 5 to 6 months to see what change it will have on my score if everything else stays the same.  I doubt it will be a large decrease, if any.
Message 4 of 11
Established Member

Re: Chase closed my former WaMu CC account after I paid it off! Is it bad for my score?

forgot to add, that someone on here said the other day it helped his score by like 15 points!! 
Message 5 of 11
Established Member

Re: Chase closed my former WaMu CC account after I paid it off! Is it bad for my score?

They did the same to me. was never late on wamu card....opened 13 months
EQ:681
TU:682
EX:???
Message 6 of 11
New Member

Re: Chase closed my former WaMu CC account after I paid it off! Is it bad for my score?

dang !!! I felt so angry/upset/furious and frustrated when I got my lovely letter from Chase today...now I see I am not alone, which makes it a bit better, but it still sucks.
Message 7 of 11
Established Member

Re: Chase closed my former WaMu CC account after I paid it off! Is it bad for my score?

I am in the same boat, received my letter today.  I was never late, low utilization and just yesterday, I made a healthy deposit to my savings acct-I wish I would have received my letter first, thinking about changing banks. Yes indeed, CHASE SUCKS.
Message 8 of 11
Established Member

Re: Chase closed my former WaMu CC account after I paid it off! Is it bad for my score?

I had 2 WAMU card accounts in good standing.  One had a zero balance for well over a year and a $2000 cl.  The other was a former Providian account that WAMU took over a few years back.  It had a $3000 cl and a $2000 balance from a low interest balance transfer offer last fall.  Just got letters for EACH on the same day informing me that Chase closed both of them.  I also have a checking account there formerly opened at WAMU years ago.  Needless to say, I will be closing that account today and moving that cash to another account at a regional bank.  Chase can go to hell!
TU 642 1/13/10
EQ 702 1/13/10
EX 702 1/13/10
Message 9 of 11
New Visitor

Re: Chase closed my former WaMu CC account after I paid it off! Is it bad for my score?

Is Chase becoming the most evil bank in America? I have had several friends with similar stories. I think the Federal Trade Commission, you Better business bureau and other agencies... should know about these closures and cancelations. THey reported a profit last month on the back of ordinary hard working Americans what a shame!
Message 10 of 11