07-14-2009 03:29 PM
For all those who have had their wamu/chase cards cancelled, what was the date closed? I have seen july 7th for a few. So has everyone that has had a cc closed been on july 7th. Im freaking out worrying about mine but i called on the ninth about another issue and it was still open and fine. Im hoping this means im ok.
07-15-2009 06:57 PM
Both of mine are still open, no CLD's. Did receive a letter for the one that was previously WAMU stating the APR would increase in September/October. I guess I better start showing some activity......
07-15-2009 07:08 PM - edited 07-15-2009 07:10 PM
07-15-2009 07:16 PM
Why bother, just take our business elsewhere. It's their money they're lending not ours. And it's our fault the credit situation is as bad as it is. Guess it doesn't hit a nerve with me because I pay in full so if you lower the limit................
07-15-2009 07:27 PM
07-15-2009 07:37 PM
07-15-2009 08:13 PM - edited 07-15-2009 08:18 PM
but the fact remains that they are screwing many many people. someone has to put a stop to this. all they are doing is bullying people. now my credit score will go down, due to them closing my acct, and being left with a high balance, at double the interest. it's nothing short of a scam.
Chase is in the process of closing or doing CLDs on about 3 million of their 20 million ex-WaMu accounts. "Perfect" payment history does not provide immunity. Carrying high utilization on a Chase/WaMu card is probably one of the factors that resulted in your account being selected as one of the 3 million. Unfortunately, closing an account does not require prior notice by the CCC (for obvious reasons), and Chase isn't the only bank who has done this. These days, the CCCs are acting in a paranoid, knee-jerk fashion, and the fact that their actions negatively impact utilization percentage and credit scores is of no concern to them, since those same actions generally improve their own balance sheets.
By the way, they cannot increase the APR without notification, unless it is a default APR situation. If it wasn't a default APR, then it's likely that you just missed the notification. You might want to obtain a copy of the notification and look into the terms of the APR increase - there may still be time to opt-out so the balance will remain at the previous APR ...
07-15-2009 08:20 PM
07-15-2009 08:35 PM
if If "high utilization" is reason to have an account closed, what is the point of a credit limit? If they are going to just clone an account in good standing, then they should stop charging intrest, or at least have some penalty on their end, for chastizing a customer with a good record. This is BS, and it has to stop. I can't afford to pay it off for a while, i'm now unemployed, and making minimum payments. but they are stil making interest off of me, so why close it? how can this be legal?