Thanks Wamu for GW & Rate Jack!

[mymoneynow]

Got gw letter today from Wamu Card deleting two 30 day lates. Next letter in stack was my statement- Rate increase from 11.9% to 23.65%!

I almost stepped on my little dog getting to the phone to call them.

I called customer service who could not explain why the rate increase. I hung up, waited 10 minutes and called again. Another voice told me I had agreed to the rate increase if I received the good will forgiveness of the late pays. I asked if she had a recording of that conversation, date, time, etc. because I had not spoken to anyone other than the CSR 10 minutes earlier. She said she would have to check and someone would get back to me Monday. 

Anyone had this happen before? I am glad to have the gw for the 2 lates, however, I will have to search for a new lower balance card to BT this to if this rate stands.

Thanks Wamu for the gw, and especially for the Rate Increase!!!! 

[MrCredit]

Tell them you want to OPT OUT. They will close your account and your bal will be at the APR you had. WAMU sucks... I ditched them a long time ago just because of they do things when they are good and ready....

[mymoneynow]

Would I be better off Opting Out and taking the hit for them closing the account, or just BT to another low rate card?, which I will have to apply for, so I will take another hit there too!

My blood pressure is really boiling now!

I am seeing an awful lot on these forums about Wamu now. A sign of the times!

[MrCredit]

I would say OPT OUT. You wont take a hit on your FICO. Then once bal paid introduce it to the sock drawer.

[MrCredit]

WAMU... YUCK!

[MrCredit]

You wont get them to lower it trust me!

[Anonymous]

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mymoneynow wrote:

Would I be better off Opting Out and taking the hit for them closing the account, or just BT to another low rate card?, which I will have to apply for, so I will take another hit there too!

My blood pressure is really boiling now!

I am seeing an awful lot on these forums about Wamu now. A sign of the times!

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Geez.  That's ridiculous that they RJ'd you in exchange for GW.  As soon as I think nothing surprises me anymore, I hear something that just throws me for a loop.

Better off in what sense?  From a FICO perspective?

Fused has a thread on closing credit cards stickied at the top of the forum.  When making that decision it's important to know that a closed account will remain on your reports for up to ten years, but closing it will immediately remove the CL from your utilization calculation.

Asuming that the CL on a new card would make up for the lost CL on the WaMu card, closing the WaMu card and doing a BT to a new card would still hurt because it will require a new inquiry and a new account, which will reage your file.  Only you can decide if the FICO hit is worth whatever money you will save on finance charges.

[mymoneynow]

Yes, from a fico perspective- looking to refi my house in the next 3-4 months and just got my EQ(which is who my lender pulls) to 656, hoping for 700 club by then.

I may be better off just pulling money out of emergency savings (this is pretty much an emergency in my book), If I can get DH to agree to it, and just pay the balance off-$1700- OUCH!

I was working hard on another CC, but this one may have to take precedence now.

I used to like this card! Oh dear, there goes my good night's sleep tonight!