creditwherecreditisdue wrote:
@Anonymous wrote:
Just wanted to post my outcome with Chase. After I filed a complaint with the BBB, Chase called me. They reopened one of my two accounts (the one with the lowest interest rate). The other account they changed the reason for closing the account to "Closed due to Corporate Policy". The person at Chase said that change would keep the closing of the account from having a negative effect on my report (obviously the closing will have a negative effect in that my total available credit dropped, but this at least make the reason no longer negative).Excepting for a manual review the value of this change is zip, zero, nada.
OK, we probably don't need to hit our new members over the head with a cinder block. That's kind of overkill, IMO.
TomKo, it is true that your FICO scores aren't affected by the notations of who closed the account.
And in terms of manual review, I've never seen a post by anyone with convincing evidence that "closed by lender" hurt them in any way. I have one of these (a CC I never used after the first time), and I've never had any negative feedback.
I especially think that with the past 12 months' closings, "closed by lender" probably appears on the personal reports of anyone you apply with!
But I agree that "Closed due to Corporate Policy" sounds a whole lot better. Maybe Chase's PR department has come back from its corporate wilderness bonding retreat thingy and realized that it's time for damage control on these former WaMu accounts.
For those who got burned by Chase and are worried about the notation on their reports (again, I really don't think it's going to hurt you), y'all might want to take some deep breaths, swallow hard, and call to ask that they change their reporting to this phrase.
TomKo, nice work! It might be the mouse squeaking in the claws of the eagle, but it sounds like a pretty good squeak. And welcome to the forums!
@creditwherecreditisdue wrote:The target of a cinder block (or a few hundred thousand telephone calls) would properly be Chase.
TomKo did just fine!
If my feelings posted here along with my comments, I'd probably be banned lol. Hard to click on this thread and not feel a bit of hostility (towards Chase off course). I hope nobody in this thread works for them 
@Anonymous wrote:
Mine was cancelled on july 7th, as well. what is going on?
I've been really thinking about all this chase stuff and I've also been trying to figure it out. I would have to suggest putting myself in their shoes, what would I do. Before that, I'd also have to know the circumstances.
Circumstances:
Riskier Customers: From all the Chase posts, I think WaMu customers maybe (or may not be, I don't know for sure) riskier than Chase customers. Scenerio would have Chase canceling cards/ reducing credit limits so the WaMu customers are more in line with the Chase customers. I have my doubts about this because there are some very good customers with low risk that have been axed along with some WaMu customers that had some negatives.
Economy/High default rate: We all know that defaults/charge offs are pretty high at this time. Best way to reduce charge offs is to reduce available credit, close accounts - basically stop people from using the cards. Even though this scenerio has much merrit, Chase is in fact touching WaMu customers at a much disproportional rate in comparison to Chase customers.
Tarp Funds/Stress Tests: I haven't much heard this, but that FICO chief said something that got me thinking. Those stress tests that banks went though, was credit available to customers part of the equation? If so, how would you best improve your stress test score? -obviously reduce available credit. Picking on WaMu customers for this scenerio results in the best case situation - it avoids making your own customers mad. All the stupid reasons that came with the letter recieved weeks/month/never later? We'll, it seems obvious they don't have a guy sitting there making any decisions about whether to keep me (or you) because many of the reasons don't make any sense. If I was the credit card company, my question would be: how many people do I have to hire to go through all the WaMu card holders to arrive at 3 million WaMu customers- basically to find the ones that don't meet my criteria, or better yet, which WaMu customers do I cancel so I can reduce the available credit shown on my bank stress test done by the federal government to a level that allows me to pass? How many months would it take, or how many employees would it take to go through? How long would training for those employees take? Cheapest way for me seems, run a credit report, keep the WaMu customers with the top 10% FICO scores, send the closed account holders reasons randomly selected from a list of reasons that may seem plausible for many customers. So what if 10,000 customers call back and ask for their card to be reinstated...Only those with good scores, and the right phone skills will get it...the rest of the customers will be rude, give up, or just not call...What's left is what is needed....3million times 10,000 CL...is that 30 billion worth of credit lines closed?
Just what I've been thinking last two weeks. Feedback please 
