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WaMu Secured Credit Card Program Discontinued

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superdesi
Contributor

Re: WaMu Secured Credit Card Program Discontinued

We got that same letter as well.   So to recap the advice........should we close the account ourselves or let them close it out?
_____________________________________
TU: 705 [10/20/10]
EX: ???
EQ: 705 [10/18/10]
CK: 700 [11/03/10]
Message 11 of 21
SCF
Valued Contributor

Re: WaMu Secured Credit Card Program Discontinued


@superdesi wrote:
We got that same letter as well.   So to recap the advice........should we close the account ourselves or let them close it out?

I don't think it really matters.  In terms of FICO scoring, it is completely irrelevant.  The only time it might come up is during a manual review of your file (as for a mortgage or other large loan), and then all you have to is be honest and you certainly won't be penalized.  Many people are going to have cards closed due to bank closures and adjustments in the coming months, so it shouldn't look like anything out of the ordinary to the reviewer as long as your payment history and other factors are in good order.  If I were you I'd make sure it's paid off and let them close it, it's just easier, unless you were near a graduation anyway and think you might be able to talk your way into an unsecured card with a phone call.

Message 12 of 21
superdesi
Contributor

Re: WaMu Secured Credit Card Program Discontinued

Thank you SCF.  Is there a backdoor number for WaMu.......cuz dialing the generic 800 number gets me connected overseas and its quite difficult to get them to answer complicated questions.
_____________________________________
TU: 705 [10/20/10]
EX: ???
EQ: 705 [10/18/10]
CK: 700 [11/03/10]
Message 13 of 21
SCF
Valued Contributor

Re: WaMu Secured Credit Card Program Discontinued

No problem desi, backdoor numbers are posted here.  I do believe there are a couple for WaMu.  For future reference, that thread is also stickied at the top of this forum, good luck!
Message 14 of 21
Anonymous
Not applicable

Re: WaMu Secured Credit Card Program Discontinued

I am in the same situation, have had the secured card for one year this month.

 

Interested to hear is anyone successfully convert it to an unsecured card.

Message 15 of 21
Anonymous
Not applicable

Re: WaMu Secured Credit Card Program Discontinued

I got the same letter today and I am going to close all my WAMU accounts and go to the competition. I hope lots of people will do the same to show JPMorgan Chase that they cannot treat us like that without any consequences !

 

 

Message 16 of 21
Anonymous
Not applicable

Re: WaMu Secured Credit Card Program Discontinued

Why are you upset at Chase? In all honesty, you should be upset at Washington Mutual - they are the ones who caused the bank to fail and get bought out by Chase. If Washington Mutual doesn't fail, Chase doesn't buy WaMu and a secured credit card product that Chase does not offer does not get discontinued.

 

Here is the link to the Chase credit card page. I looked at it, and I didn't see any mention of a secured credit card, so I don't understand how you could be upset that Chase is not continuing the WaMu secured credit card when Chase doesn't offer it.

 

http://www.firstusa.com/cgi-bin/webcgi/webserve.cgi?partner_dir_name=browse_our_list&page=index&MSC=...

Message 17 of 21
Anonymous
Not applicable

Re: WaMu Secured Credit Card Program Discontinued


@Anonymous wrote:

Why are you upset at Chase? In all honesty, you should be upset at Washington Mutual - they are the ones who caused the bank to fail and get bought out by Chase. If Washington Mutual doesn't fail, Chase doesn't buy WaMu and a secured credit card product that Chase does not offer does not get discontinued.

 

Here is the link to the Chase credit card page. I looked at it, and I didn't see any mention of a secured credit card, so I don't understand how you could be upset that Chase is not continuing the WaMu secured credit card when Chase doesn't offer it.

 

http://www.firstusa.com/cgi-bin/webcgi/webserve.cgi?partner_dir_name=browse_our_list&page=index&MSC=LSBROWSEALL08U&AFFID=9C.eSeL3cao-N4GNXaMAQeKNhNAKh5qc4A


I gotta agree with you.  I'm not saying that those whose cards are going to be discontinued shouldn't be upset, I know I would be in their place. But Chase doesn't offer secured cards, and there's a reason for it, they don't want to.  My guess would be that Chase will be taking some of WaMu's programs, but if there's a program that WaMu's got that Chase doesn't like, Chase is going to discontinue it.

Message 18 of 21
superdesi
Contributor

Re: WaMu Secured Credit Card Program Discontinued

Well I tried to get them to upgrade my card to an "unsecured" status.   All four times I was denied.  They weren't having it.
_____________________________________
TU: 705 [10/20/10]
EX: ???
EQ: 705 [10/18/10]
CK: 700 [11/03/10]
Message 19 of 21
Anonymous
Not applicable

Re: WaMu Secured Credit Card Program Discontinued

here's some interesting wrinkles in this:

I got the same mail and decided I didnt want to wait, so I went to the local branch and told them ok let's do it now - ie, let's close the card, pay off the balance on it out of the savings account that guarantees the card, then move the balance of the savings into my checking account. The guy closes the card and then says well, we were planning on doing all of this in a few more days anyway, so we'll do the rest then. I asked if he's saying I can't move any of my money into my checking even if we leave enough in the locked savings to cover the balance, and he says that's right. I tell him I need to cover a check that is coming and he says sorry, I need to make a deposit or it will be an NSF charge even though the money to cover it is in the savings account. As I was leaving, he gives me a paper that says what the current balance on the card is, which was the same balance I had already confirmed before going to the branch.

 

Now today, that balance has gone up even though the card is closed. I called about it and it's the monthly serevice charge, charged on an account that has not been used in the last month and was already closed. The lady in customer service told me I have all kinds of options to pay off the card balance early but they will not pay it off from the savings account that is there to back up the card in the 1st place. I asked her ok, if I go down and pay off the card balance from some other source, now will they go ahead and move the savings to the checking.  No. Then what is the point to make another trip to pay it off now, how will it make a difference in the situation ?  Her answer is that it will make no difference at all (except of course that now WAMU has more of my money).

 

And it turns out that their plan is that after they close all the cards on 1/12 and subtract the open balance from the savings account, the balance of the savings account will not be moved directly into your checking either automatically or even at your request - instead, their plan is that they will mail you the check at the end of the month and then you can deposit it back in your checking account. So any money you have in the savings account is totally theirs to play with for at least another 3 weeks and you can not even ask them to move it from one account to another, to save you the time waiting for the mail or making the trip to the local branch.

 

Needless to say, that check,minus whatever other fees they can find to hit me with between now and the end of the month, will not be going into a wamu account. And to all you apologists for Chase, give me a break. There are 2 ways Chase can go here: give the wamu customers adequate time and warning and procedures to avoid being hurt by the change to the new policies, or just say we're Chase, this is the way we do it, take it or leave it.

Message 20 of 21
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