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Re: I had old wamu card with BAD credit, 2K credit line and 2...


Wanderer wrote:
Interesting thread. I am an old Providian to WAMU to Chase customer that was brought in as a Chase Flexible Rewards Visa Card. Started with the 4185 bin number and nothing could be done. January 2013 I applied through the mastercard site and got a brand new Chase Freedom Rewards Mastercard with 12.99% apr (best rate at the time) and a high CL which moved me into the real credit card world. I did close the Chase Flexible Rewards Visa as that was not going anywhere. Had an MBNA Platinum Master Card with a $57.5K CL but BK'd. When BOA took it over they parked me in the backlot. Even though my record is clean for twelve years they did not forget (note the BK was on MBNA America). Memories are long.

I had one of the PetSmart cards from WaMu, but with the dismantling of WaMu, it also ended up as a "Flexible Rewards" card. I ended up finally transferring the Credit Line to one of my existing accounts, and closing it because it never seemed to be "flexible" to at least $1:1 point, where Freedom is 1% or more as a cash reward.

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Re: I had old wamu card with BAD credit, 2K credit line and 2...

There does seem to be some prejudice in the takeover of accounts from other lenders.  I was able to convert both of my WaMu accounts to Chase Freedom after a couple of years had passed from the implosion.  They don't have much movement though as far as limits / APR go.  I just run something through them every once in awhile to keep them active but otherwise don't use them for anything more than AAoA.

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Re: I had old wamu card with BAD credit, 2K credit line and 2...

You know many of us that came over from Chase improved our financial position. Why do we get parked?
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Re: Old Wamu and MBNA credit cards


Marcos8 wrote:
Appreciate the input. I was not really interested in the Freedom as much as I figured that it would be the only thing that a Slate could PC to... I definitely want to keep both TL's open as they both have 8k+ credit lines and are among my two oldest accounts. I'll keep them active to prevent CLD or closure but I'll put my efforts into other areas to increase available credit.

Since you're mentioning PC'ing, it sounds like perhaps a call is in order.

1. What can the WaMu card PC to?  (Freedom, Slate, Sapphire, Amazon Visa, etc?)

2. What can your existing Chase card PC into? (same options)

 

Perhaps your current Chase can PC into what you want, and perhaps your WaMu card will PC into something else you want, or if nothing else, into what you currently have and like...  The converted cards should retain your old history like my Freedom MC (started as the Bell Atlantic Mastercard many years ago, then PerfectCard, now Freedom MC) has.

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Re: I had old wamu card with BAD credit, 2K credit line and 2...


Wanderer wrote:
You know many of us that came over from Chase improved our financial position. Why do we get parked?

If your previous WaMu product was not in the "prime" category, then it stayed within the similar profile/family of products based on the account mapping criteria for those products that Chase would have under high-to-moderate risk.  If your credit picture has considerably improved, simply close the old product and apply for a new one.  The former one will not be improved.  You don't have to stay "parked" as no one is forced to stay with a product that will no longer grow or PC...you can obtain something better.

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Re: I had old wamu card with BAD credit, 2K credit line and 2...


austinguy907 wrote:

There does seem to be some prejudice in the takeover of accounts from other lenders.  I was able to convert both of my WaMu accounts to Chase Freedom after a couple of years had passed from the implosion.  They don't have much movement though as far as limits / APR go.  I just run something through them every once in awhile to keep them active but otherwise don't use them for anything more than AAoA.


It's not based on prejudice, it's all based on risk and the various CC portfolio segments that Chase had acquired as a result of the WaMu failure.  I had an older WaMu (premium) non-Providian product and had no issues during the transition, in fact, Chase lowered the APR to match it with similar products in that tier-level.  To this day, the same APR has not changed.  I don't use the CC as much but still has decent rewards.

 

CHASE FLX RWDS APR.JPG

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Re: I had old wamu card with BAD credit, 2K credit line and 2...

FinStar - that is exactly what I did. It only took me a long time to figure it out. Also, my WAMU Platinum Visa was at 8.9% when it came over. Chase increased it to 12.9%. Then Chase adjusted the Chase Flexible Rewards program and lowered my APR to 9.9%. Yes, I could have kept it but I wanted to loose the stigma of the 4185 bin number. It was from a time I wanted to forget. From 1972 to 2001 I had virtually perfect credit. The BK took me down and it took many years to come back. Professionally I made good money and achieved much but in the world of credit my venture into running a consulting firm was not my highspot. Sometimes it is more than always based on logic. Truth, I have a Visa Gold Bank Card with a fixed rate of 6.9% Purchases and Cash with no AF or fees for cash advances and have had that card since 2006 with a $10K CL. Self esteem and fear of rejection (real or perceived) played into all this (shame).
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Re: I had old wamu card with BAD credit, 2K credit line and 2...

Great thread, i had completely forgotten that my current Chase Freedom card started as a Providian/WaMu card. I opened the card (can't even remember what product it was) back in 2000 when i was a college student, so i imgine it was a low end card for the time. I ran that baby up like no other. I used to pay late every month, but never over 30 days so it never got reported. I had the balance up to about 11K in 2004ish when i paid it off. I paid that off, and swore to never use CC's again. The limit settled at $9100 at some point after that (never looked into it). I eventually got a Chase card in the mail, then a few years later a Chase Slate card. I hadn't used or even thought about that account until i found this forum. 

 

I pulled that card out and got my login all set up. Called into Chase and requested a PC to Freedom and was approved. I have used it about a month now and requested it be upgraded to a Signature and that was also approved. Otherwise the APR is still high compared to what my current profile would call for and the limit hasn't moved in 10+ years. So i guess i have mixed results.

 

That card, for as much as i cursed it back then, probably played a key role in my credit success since then. I also had an MBNA card i ran up as well, same deal as the other one. Those cards both are on my report with 14 years of perfect history, i sport a 790-800 score now simply because i've been in the game for such a long time now =) 

 

 

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Re: I had old wamu card with BAD credit, 2K credit line and 2...


Wanderer wrote:
FinStar - that is exactly what I did. It only took me a long time to figure it out. Also, my WAMU Platinum Visa was at 8.9% when it came over. Chase increased it to 12.9%. Then Chase adjusted the Chase Flexible Rewards program and lowered my APR to 9.9%. Yes, I could have kept it but I wanted to loose the stigma of the 4185 bin number. It was from a time I wanted to forget. From 1972 to 2001 I had virtually perfect credit. The BK took me down and it took many years to come back. Professionally I made good money and achieved much but in the world of credit my venture into running a consulting firm was not my highspot. Sometimes it is more than always based on logic. Truth, I have a Visa Gold Bank Card with a fixed rate of 6.9% Purchases and Cash with no AF or fees for cash advances and have had that card since 2006 with a $10K CL. Self esteem and fear of rejection (real or perceived) played into all this (shame).

Luckily for me, I consolidated two predecessor bank TLs/CCs which ended up better in the end, flexibility-wise.  My FirstUSA CC was at 7.99% back in day when overall rates were better.  So, I combined the WaMu and FirstUSA and inherited the 4266 bin#.  The CC still gets its standard auto-CLIs/BT offers and it can be PC'd to other Chase products but decided against doing so since it would be redundant as I already have 5 others from them (at one point there were 11 or 12 before all the mergers).

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