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New Member
RicknTX
Posts: 2
Registered: ‎07-21-2009

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

They closed mine on 14 JUL without any notice.
Member
bugheman
Posts: 25
Registered: ‎07-16-2009

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?


creditwherecreditisdue wrote:

bugheman wrote:

Problem with utilization

My 2 credit cards are used for business - although there is a hight utilization on each card they are all paid off every month (or at least 80% of that based upon a  business reimbursement run) . This was made aware to both my CC banks when I applied for the card. 

I understand the rule, still shady for them do so so.


Shady for who to do what? If you mean cancel a card it is unfortunate, but they can do it. And they are going to do it. They will still be doing it after all the provisions of the new law are in effect. They will just do it in a way that conforms to the new law as opposed to the current law.


 

bugheman wrote:

 

Creditwherecreditisdue - you must work for a bank.


What on earth are you talking about? I posted a legitimate link to the actual law as passed (which the cc industry views as poison) and have said all over this forum that Chase's actions are absolutely base, heartless, cruel and reprehensible. How on earth do you get to the above?


My apologies to creditwherecreditisdue, I sent him an email regarding the same via PM. Let's all do what we can do make things right. I don't want to argue/start a "blogfight".

:smileyvery-happy:

New Contributor
frugal
Posts: 52
Registered: ‎06-10-2007

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

[ Edited ]
Add me to the list... they closed both of my cards as of July 14, 2009. The reason was bogus.  Have not receive my letter.
Message Edited by frugal on 07-22-2009 04:36 PM
New Contributor
frugal
Posts: 52
Registered: ‎06-10-2007

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

[ Edited ]

sheilaw wrote:

First off credit card companies are business who wants profit not an NGO. It will always be in your contract that they can close your account anytime for any reason because it is their card and they are extending credit with terms and conditions.  They extend credit to you so that they can earn profit.  As a lending company it is always wise to look at your ability to pay your accounts.  Yes it is true that they should have looked and take into consideration your payment history with chase alone.  But if I were chase who is out to make profit I will also consider the risk if this person can pay his debt in the long run. Thus, information from your credit report factors in like available credit is low, you have many active accounts, you have many accounts with high balances.  Cause if I were chase  I will pause and say, with the economy right now, will this person be able to have the capacity to pay considering that he owes debt left and right.  So they rather close the account than taking the risk of bad debt. Why would they notify you beforehand and allowing you to utilize the credit before thus making your balance even higher.

 

come to think of it, it is a sound business decisions. 

 

solution, simple  go to another credit card company but believe the same practices would still be applied maybe not now but soon.  

 

with the new law, I think credit card companies will even be stricter in approving credit cards, I think in the long run the new law have more negative effects that helping us. I believe this closures and credit line decreases is one effect of the new law...

 


Sheilaw when you quote, "Cause if I were chase  I will pause and say, with the economy right now, will this person be able to have the capacity to pay considering that he owes debt left and right."  I had two account with Chase and they close both accounts, just like many  here.  I hardly used the cards, and I always paid $100 above what the minimum was because I wanted to pay them off.  Now, with your quote, I have to disagree.  I'm the one that they don't like, even though I'm not a deatbeater, I paid a lot more than the minumum.  With me paying more, I think they should have look at me as a person that pays on time and then some.

 

The question who will remain with Chase and what are their qualifications?  Hmmmm

Message Edited by frugal on 07-22-2009 05:14 PM
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

In credit card industry lingo a "deadbeat" is a person who pays his bill in full every month and therefore never incurs a finance charge. You are a "revolver" if you carry a balance from month to month.

 

Chase's closures seem to be heavily slanted toward "revolvers".

New Contributor
frugal
Posts: 52
Registered: ‎06-10-2007

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?


creditwherecreditisdue wrote:

In credit card industry lingo a "deadbeat" is a person who pays his bill in full every month and therefore never incurs a finance charge. You are a "revolver" if you carry a balance from month to month.

 

Chase's closures seem to be heavily slanted toward "revolvers".


 

Yes, I'm aware what a deadbeat is. I stated, I know I'm NOT a deadbeat; however, I paid more than the minimum each month.  I was merely stating that should play a factor. 
Member
bugheman
Posts: 25
Registered: ‎07-16-2009

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Let's do more than just complain on this forum - contact your bbb as well as state's atty office and make some complpaints. I have already pasted this on my twitter page and it gets anywhere close to 20 hits eper day!

 

 

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?


bugheman wrote:

Let's do more than just complain on this forum - contact your bbb as well as state's atty office and make some complpaints. I have already pasted this on my twitter page and it gets anywhere close to 20 hits eper day!


Once again, the correct agency to address your complaint to is the Office of the Comptroller of the Currency:

 

http://www.occ.treas.gov/

 

You can send a copy of your complaint to the Attorney General of your state.

 

The Office of the Comptroller of the Currency maintains they have sole jurisdiction over consumer issues with banks and credit cards. The AG's of states with a strong interest in consumer protection (e.g. NY) feel otherwise.

Senior Contributor
score_building
Posts: 3,497
Registered: ‎01-10-2008

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

perhaps this important informational post could be stickied?


creditwherecreditisdue wrote:
Once again, the correct agency to address your complaint to is the Office of the Comptroller of the Currency:

 

http://www.occ.treas.gov/

 

You can send a copy of your complaint to the Attorney General of your state.

 

The Office of the Comptroller of the Currency maintains they have sole jurisdiction over consumer issues with banks and credit cards. The AG's of states with a strong interest in consumer protection (e.g. NY) feel otherwise.


 

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

I'm honestly not sure where these complaints will go - credit is a responsibility and privilege, and CC companies are in business to make money. 

 

But, I can understand that there needs to be some attention focused on the need for fairness in the industry.  Not sure how that can happen... 

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749

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