WaMu CLIs

[Not_the_Point]

I'm a bit confused about how WaMu does anything in regards to CLI.

I have hard they do auto-CLI every 6 months. I also heard it was only 6 months to go from Secured to UnSecured CC...  but...

I opened a Secured Card with them August of '07. I was expecting it to be graduated to a Non-Secured card and get a CLI 1 year after, and nothing happened... not even graduating it to Non-Secured. I'm guessing it's because they were in so much financial trouble there was no way in hell they were going to give me that cash back as it's not convenient for them to do so.

It will be 18 months in February but I really doubt I'll see anything from them even at that point... and I could've really used that $1000 deposit back for the holidays :-/

[Anonymous]

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@Not_the_Point wrote:

I'm a bit confused about how WaMu does anything in regards to CLI.

I have hard they do auto-CLI every 6 months. I also heard it was only 6 months to go from Secured to UnSecured CC...  but...

I opened a Secured Card with them August of '07. I was expecting it to be graduated to a Non-Secured card and get a CLI 1 year after, and nothing happened... not even graduating it to Non-Secured. I'm guessing it's because they were in so much financial trouble there was no way in hell they were going to give me that cash back as it's not convenient for them to do so.

It will be 18 months in February but I really doubt I'll see anything from them even at that point... and I could've really used that $1000 deposit back for the holidays :-/

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I don't know what's on your CRs NOW in terms of baddies, but with those scores, you *ought* to be able to apply for an unsecured card and then close (or see if you can combine) the secured CC.

We got a $2500 CL from them about a month ago with the scores in my siggie (DH's -- not MINE, LOL!). And your scores are oodles nicer than his!!

Just a thought!

Of course, WaMu seems to be REALLY slow in actually sending the card. Plus, we weren't instantly approved. We got the "Thanks for applying - we'll get back to you within two weeks" spiel. Then, about a week and a half later (close to 2 weeks) we got an email telling us we'd be receiving the card in the mail soon and what our CL was.

[Not_the_Point]

That's the funny part.. I have no baddies at all. No lates, no collections, no nothing. Alwas pay more than the minimum.

I suppose the only derogs I might have is three inqueries... and my short credit history, just over a year.

Two bank card accounts, one store card, and a car loan... all payed on time and my util is 20%. It was about 10% when I hit 1 year... so I don't think that's what it is.

I have considered closing the Secured card but it's my oldest account... and from what I read they really take their sweet time sending that check over to you.... as in like.. wait a couple of months before we give you your money back, but then again that's just what I heard.

[Anonymous]

Have you called WaMu about your card graduation since it didnt happen automatically?

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@Not_the_Point wrote:

That's the funny part.. I have no baddies at all. No lates, no collections, no nothing. Alwas pay more than the minimum.

I suppose the only derogs I might have is three inqueries... and my short credit history, just over a year.

Two bank card accounts, one store card, and a car loan... all payed on time and my util is 20%. It was about 10% when I hit 1 year... so I don't think that's what it is.

I have considered closing the Secured card but it's my oldest account... and from what I read they really take their sweet time sending that check over to you.... as in like.. wait a couple of months before we give you your money back, but then again that's just what I heard.

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[Uniqua]

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@Not_the_Point wrote:

That's the funny part.. I have no baddies at all. No lates, no collections, no nothing. Alwas pay more than the minimum.

I suppose the only derogs I might have is three inqueries... and my short credit history, just over a year.

Two bank card accounts, one store card, and a car loan... all payed on time and my util is 20%. It was about 10% when I hit 1 year... so I don't think that's what it is.

I have considered closing the Secured card but it's my oldest account... and from what I read they really take their sweet time sending that check over to you.... as in like.. wait a couple of months before we give you your money back, but then again that's just what I heard.

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There you have it -- carrying balances!  Even if more than minimum is paid, the fact that a balance is carried is like CC death now a days.  PIF, then see what happens!

[Not_the_Point]

Purplehaze, yes I did and the CSR told me that they review accounts every so often and that they do not take requests to have it reviewed for graduation.

[Not_the_Point]

Uniqua, that's what I thought it might be but I've only been carrying a balance for about 3 months. Every month before that it was PIF.. I'll definetly be paying the balance, it's only a bit over $300 so I didn't think it would really be a big deal.

[Uniqua]

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@Not_the_Point wrote:
Uniqua, that's what I thought it might be but I've only been carrying a balance for about 3 months. Every month before that it was PIF.. I'll definetly be paying the balance, it's only a bit over $300 so I didn't think it would really be a big deal.

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Yeah, I know.  Three months isn't long to you and I, but it is to some CCCs. There's nothing else that could be the issue, so the balance carry has to be the culprit.  Then again, this is WaMu we're talking about.  I believe our accounts are flagged immediately when we open them to determine if they are eligible for CLIs.  We just haven't figured it out yet and they sure as heck aren't spilling the beans. 

I'm going to apply for a MC at some point.  My goal is to get a rewards CC with a CL higher than WaMu's so I don't have to depend on it so much.

[Anonymous]

Every situation is different I suppose.  

I got a new Wamu card in April, used it once to purchase an annivesary gift for my wife and have yet to work it down to a 0 balance.  Once my 6 months hit I got a CLI of 1k.  

Interestingly enough I have another Wamu account that went from 500 to 2k in 18 months, but no CLIs for the last 18 months. 

Wamu = Who knows how they do it. 

[Not_the_Point]

Well I pretty much had enough of not getting a reasonable response from WaMu and went to close the credit card. Payed the balance in full and re-applied for a Rewards Card. My application was put on the "wait and see" pile, and a day later I went back in to talk to the person who handles cards, and apperantly they rejected my application because my FICO score is too low. My three 700+ FICO scores were apperantly too low to get a baseline bank credit card. My bad for trying, I'll just stick to my BoA card then. The lady at the branch was very nice and professional though, she assured me that there's no reason why I should've been rejected with 700+ FICO scores across the board... but there you have it. If they won't grow with me, then I'm out.

I have a feeling they're not going to take Secured Cards over to Chase since they would consider these to be "sub-prime". Nevermind that I have already gotten other cards with higher limits and have a perfect payment history on them and also on my car loan, and also 700+ scores across the board. I really don't get them.

Message Edited by Not_the_Point on 11-25-2008 11:59 PM