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QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Established Contributor

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?


pattycake wrote:

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... 


I agree that there does need to be more attention on fairness, like all of the preemptive rate hikes people are seeing.  But I can't see how a creditor closing a card is an issue of fairness, as long as they aren't singling out a legally protected group.  With a credit card, both the issuer and the cardholder have the ability to terminate the relationship at any time, it's unfortunate but that's all Chase has done here.  

Message 81 of 111
Senior Contributor

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

In the rudest conceivable way. That's where the issue gains traction and the reactionaries lose ground.
Message 82 of 111
Regular Contributor

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Well, I had 2 WAMU cards: a Mastercard Plat and the Petsmart Visa.  I got a letter from Chase saying they were no longer going to honor the PetSmart Visa (I was crushed!) and they would replace it and my WAMU MC with a Chase Freedom card.

 

I already had 2 Chase cards: A Borders Rewards Visa and ASPCA Visa.  Couple of weeks ago, I get another  letter from Chase saying "our relationships with Borders had ended", which meant no more Borders Rewards card.  They offered to replace it with another Chase Freedom card.  I asked them why I needed THREE Chase Freedom cards? Stupid!  Who has THREE of the exact same card?  Anyway, the good news is no cancellation (just replacements) and no CLDs.  All my credit lines are intact and my utilization is very low on all of them.

 

Sorry to hear about you folks' trouble with Chase.  I've had a good relationship (so far) with them.

Message 83 of 111
Established Contributor

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?


MsQueenB wrote:

Well, I had 2 WAMU cards: a Mastercard Plat and the Petsmart Visa.  I got a letter from Chase saying they were no longer going to honor the PetSmart Visa (I was crushed!) and they would replace it and my WAMU MC with a Chase Freedom card.

 

I already had 2 Chase cards: A Borders Rewards Visa and ASPCA Visa.  Couple of weeks ago, I get another  letter from Chase saying "our relationships with Borders had ended", which meant no more Borders Rewards card.  They offered to replace it with another Chase Freedom card.  I asked them why I needed THREE Chase Freedom cards? Stupid!  Who has THREE of the exact same card?  Anyway, the good news is no cancellation (just replacements) and no CLDs.  All my credit lines are intact and my utilization is very low on all of them.

 

Sorry to hear about you folks' trouble with Chase.  I've had a good relationship (so far) with them.


This could work out in your favor.  If you're still around after the card closings are done, you might want to see about combining those three cards into one card, and gaining a relatively high limit CL in the process.  

Message 84 of 111
Senior Contributor

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?


MsQueenB wrote:

Well, I had 2 WAMU cards: a Mastercard Plat and the Petsmart Visa.  I got a letter from Chase saying they were no longer going to honor the PetSmart Visa (I was crushed!) and they would replace it and my WAMU MC with a Chase Freedom card.

 

I already had 2 Chase cards: A Borders Rewards Visa and ASPCA Visa.  Couple of weeks ago, I get another  letter from Chase saying "our relationships with Borders had ended", which meant no more Borders Rewards card.  They offered to replace it with another Chase Freedom card.  I asked them why I needed THREE Chase Freedom cards? Stupid!  Who has THREE of the exact same card?  Anyway, the good news is no cancellation (just replacements) and no CLDs.  All my credit lines are intact and my utilization is very low on all of them.

 

Sorry to hear about you folks' trouble with Chase.  I've had a good relationship (so far) with them.


 

Count your blessings. Your are charmed to avoid the Chase mire. The most I have of the exact same card is two. That would be PenFed's Platinum Cash Rewards Visa. Years ago I had two Macy's store accounts. (A&S converted their store accounts to Macy's accounts.)
Message 85 of 111
Moderator Emerita

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?


MsQueenB wrote:

...Couple of weeks ago, I get another  letter from Chase saying "our relationships with Borders had ended", which meant no more Borders Rewards card.  They offered to replace it with another Chase Freedom card.

Wow, seriously?? I have a Borders Rewards Visa, and I'd love to have them replace it with a Freedom, even if the Freedom is pretty gutted these days.

I can see why you're exasperated, though, lol.

* off to call Chase *


eta: on hold --they have seriously slashed their card line-up:

Browse Credit Cards


eta again: The CSR didn't know anything about it and had to put me on hold. She came back to say, sure enough, the Borders Rewards Visa has been canceled. So now I guess I get to nervously wait to see if they keep me or not. I used it a lot for over a year, and I just sock-drawered it last month.
Message Edited by haulingthescoreup on 07-23-2009 03:11 PM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 86 of 111
New Visitor

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

I just received two letters today informing me that my Visa and Mastercard accounts that I had opened with WAMU ten years ago were being closed.  My accounts have been in good standing.  I think the most upsetting part is the loss of that credit history.  This seems to be a common issue with cardholders that were brought over from WAMU.
Message 87 of 111
New Contributor

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

From what I have read and the 1000 of complaints, IMHO it may be best for those who are holding WAMU cards to pay them off as quickly as you can,  just in case. 
Message 88 of 111
Established Contributor

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?


lhess81 wrote:
I just received two letters today informing me that my Visa and Mastercard accounts that I had opened with WAMU ten years ago were being closed.  My accounts have been in good standing.  I think the most upsetting part is the loss of that credit history.  This seems to be a common issue with cardholders that were brought over from WAMU.

Welcome to the forums!

 

Chase is in the process of closing 3 million former WaMu accounts.  There isn't really a trend for how people are being targeted, although high utilization has been cited by many.  You won't lose the history, the accounts will continue to report as positive credit history for another 10 years.  

Message 89 of 111
Established Member

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

The go me today

 

Dear Customer

 

After carful consideration, we have decided to close the above-noted account for the following principal reason(s)

 

- Total available credit on bankcards it too low

- Average length of time since bankcard(s) opening is too short

- Too few accounts paid as agreed compared to total accounts

 

First, my total utli is 7%( 0% on the card they closed) so the first reason is crap. My average account age is 2yrs 4mnths and I have 2 Charge offs from 2004.BUT that was good enuff for them to offer me a pre-approved Chase Freedom Card with a 5,000CL 2 months ago while making a deposit which by the way I accepted and had it in my wallet in 5 days. BUT Im no longer qualifed for a 1,800 chase perfect Prev: a WaMu Card..

EQ:681
TU:682
EX:???
Message 90 of 111