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what happens on the cr after a credit card company buy out?

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v8eaterWRX
Contributor

what happens on the cr after a credit card company buy out?

I bank with WaMu and have 3 credit cards with them. As most know, they are now JP Morgan/Chase. These accounts have been open for about 5 years. My question is, when JPM takes over will the old WaMu accounts show as closed on my CR and new JPM accounts open, or will it continue as if nothing happened?
Message 1 of 7
6 REPLIES 6
Cleanmachine
Frequent Contributor

Re: what happens on the cr after a credit card company buy out?

I had a Quicken Credit Card that was sold to CitiBank some time ago.  

Nothing changed but the Name of the card. My credit report showed the new name as Citi Quicken.

When Chase bought the Quicken card from CitiBank a couple of months ago, same thing happened.

All history on the credit report moved to the new name.

Message 2 of 7
Anonymous
Not applicable

Re: what happens on the cr after a credit card company buy out?

so does that mean the trade lines will stay the same just a name change? Or will it be new trade lines completley? I have 2 wamu cards. And i hope that when they do convert to chase that everything on the report stays the same. Just name change.
Message 3 of 7
Creditaddict
Legendary Contributor

Re: what happens on the cr after a credit card company buy out?

I think it will say sold to new company, then you will see new tradeline with all the history of the old. should not effect your scores or anything.
Message 4 of 7
Cleanmachine
Frequent Contributor

Re: what happens on the cr after a credit card company buy out?

In my report the only change that's in the credit report is the name of the company that now owns the credit card.
 
There have been several credit card companies that have been bought out by others and my credit reports indicates the same tradeline and history. The only difference is the name of the new credit card issuer.


Message Edited by Cleanmachine on 09-30-2008 07:30 PM

Message Edited by Cleanmachine on 09-30-2008 07:31 PM
Message 5 of 7
Anonymous
Not applicable

Re: what happens on the cr after a credit card company buy out?

Seems we have two things in common.  Wamu and a v8eaterWRX.  Although, after two months ago I can say v10eaterWRX, when a viper was the latest victim. Smiley Happy
Message 6 of 7
sammyfire2001
Frequent Contributor

Re: what happens on the cr after a credit card company buy out?


@v8eaterWRX wrote:
I bank with WaMu and have 3 credit cards with them. As most know, they are now JP Morgan/Chase. These accounts have been open for about 5 years. My question is, when JPM takes over will the old WaMu accounts show as closed on my CR and new JPM accounts open, or will it continue as if nothing happened?

I thought Chase only bought the Savings and Checkings Division(s) of Wamu.

As of Apr 2019: EX - 734; EQ - ??? TU - 748
Message 7 of 7
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