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Valued Member
Erik
Posts: 31
Registered: ‎03-19-2007
0

Credit card sold to another lender

About two weeks ago I got notification that my WAMU credit card account had been transferred (sold) to a company call SST. The only reason I opened the WAMU card about 9 months ago is that they offered my a zero % balance transfer. Now I have not missed a payment on it and have never used that card only kept paying just over the minimum so I could concentrate on paying off cards that were charging interest. I did a little research about SST and found out that a lot of people had complaints about payments not being applyed promptly leading to late pays and fees, so as soon as I could access their online payment feature I paid off the card. On thier site there is a disclaimer saying that any payment over $200 would take 10 days to process, so I think I made a good call.

So my questions are should I leave this account open? It has a CL of $1500 which will do a lot for my utilization, but because of the problems others have had I really do not feel comfortable using this card. I haven't had a late payment since jan of 2005 and I want to leave it that way.

Also will it negatively affect my scores since a new acct was opened and the WAMU account was closed? Score watch has been notoriously slow picking up changes in the CR is the last few months so I have still not received a notification that a new acct was opened.

Any thoughts or ideas will be helpful.
Thanx,
Erik
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

I've never heard anything good about SST.  From an inside...

[ Edited ]
I've never heard anything good about SST.  From an insider it is a subprime lending outfit associaated with the former issuers of Aspire.  If you keep the card open just leave it there with little or no balance to help utilization.  From what I hear almsot everyone transferred has been ratejacked to 29.9.  I don't believe they can do that with you still under your BT terms but once you pay it off.  I'd take a step back.
 
Sorry to hear you got sold.  When I first heard about it and found out a little more, I called to find out my status.  I can't tell you the sigh of relief when they told me I had nothing to worry about.
 
WaMu is really trying to transition to Prime.  They just converted my card to cash back.  Do you mind if I ask what yur TU score was on their site?  You can pm me if you want just trying to get some idea of what they are basing who stays and who goes on. Looks like we opened our accounts at the same time.  Me June of last year. I also Bt'd mine to 80% paid it off after 6 mos they raised my limit from 1000.00 to 3k and gave me another BT offer that will be paid off in August.


Message Edited by Brammy on 04-07-2007 04:45 PM

Message Edited by Brammy on 04-07-2007 04:49 PM
Valued Member
Erik
Posts: 31
Registered: ‎03-19-2007
0

My TU score on thier site was 634. I kind of figured that...

My TU score on thier site was 634. I kind of figured that they sold my because the only money they made off of me in 9 months was $35 dollar BT fee. I never used the card so they did not make any money that way and never paid interest. Thank for the info.

Erik
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

Thts why I was afraid they would sell me.  I only use it...

Thts why I was afraid they would sell me.  I only use it for BTs and keep getting those 'Aren't we your friends?  Why aren't you using your card?' Letters.  We'll see if I'm still there by Aug when this one runs out.
Regular Contributor
Skiffy
Posts: 252
Registered: ‎03-16-2007
0

Oh, dear, Compucredit? I'd close it in a heartbeat. They'...

Oh, dear, Compucredit?

I'd close it in a heartbeat. They'll charge you for online payments.

Ugh.
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

Not CompuCredit, the partnet, CB&T in partnership wit...

Not CompuCredit, the partnet, CB&T in partnership with SST.  CB&T is trying to get into the subprime game first he partnership with CompuCredit in the Aspire deal now this with SST
Valued Member
Erik
Posts: 31
Registered: ‎03-19-2007
0

Re: Credit card sold to another lender

An update to this thread... My FICO score according to score watch went up 3 pts when this card was reported at EOM as zero balance. Which is good, but I have one more question. Isn't ScoreWatch supposed to notify me when a new acct is opened? I have not received an alert stating that this account has been opened. I received the info almost a month ago and the account was officially transferred on 3/28. Am I missing something? Erik
Regular Contributor
dekrist
Posts: 170
Registered: ‎03-04-2007
0

Re: Credit card sold to another lender

[ Edited ]
is wamu done selling off accounts? my tu score on wamu is 568 it went up 3 points today.


Message Edited by dekrist on 04-18-2007 08:46 PM

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