topic Re: Chase/Wamu merger in Credit Cards

Chase/Wamu merger

Anonymous — Sun, 28 Sep 2008 13:57:33 GMT

With the whole Chase/Wamu merger, what I am wondering is for those of us that are "adopted" to the Chase family (us Wamuians, if you will), will Chase attempt to slowly rid of certain customers who don't meet their image of "Chase Material" or will they graciously try to accomodate us the way they do their existing customers? I have two Wamu cards with excellent history and have always contemplated acquiring a Chase card but never attempted due to BK in 2001. (I know Chase asks this question before you ever even apply). Any thoughts???

TU=712

EQ=672

EX=675

Re: Chase/Wamu merger

Anonymous — Sun, 28 Sep 2008 14:30:24 GMT

exactly my story too. I'd like to know as well. I have a wamu visa and mc. Will these be phased over to chase or will they close the accounts? I do have 1 visa with chase- the disney rewards. But whats the limit to the number of credit cards you can have with chase? If there limit is 2 does that mean they will close one of my accounts or will they even be phased over at all?

Re: Chase/Wamu merger

Anonymous — Sun, 28 Sep 2008 17:26:54 GMT

I think for th emost part people will be OK. It would be a bad time to go over limit or miss a payment I would thnk though.... I would probably want to keep util under 50% if I could and under 25% if possible.

Re: Chase/Wamu merger

Anonymous — Sun, 28 Sep 2008 17:35:14 GMT

I don't think any knows whats gonna happen you will just have to wait an see.

Re: Chase/Wamu merger

Anonymous — Sun, 28 Sep 2008 18:01:24 GMT

@Anonymous wrote:
exactly my story too. I'd like to know as well. I have a wamu visa and mc. Will these be phased over to chase or will they close the accounts? I do have 1 visa with chase- the disney rewards. But whats the limit to the number of credit cards you can have with chase? If there limit is 2 does that mean they will close one of my accounts or will they even be phased over at all?

In your case, I once had three Chase accounts. Disney, Amazon and Seamiles. I combined them into one, but at one point in time I did have three accounts with Chase!

Re: Chase/Wamu merger

nicemann — Sun, 28 Sep 2008 18:15:59 GMT

Well it's funny when you say "Chase Material".....About 8 years ago I was dumb and let my young self screw up my credit. I had CC charge offs from Chase, Providian, Wellsfargo, AMEX, and Discover. Long story on why that happen.

Been trying to rebuild my credit over the last year. My CR was clean other then two medical COs. I appied for WAMU about 5 months ago. I was declined due to the CO with Providian. Of course WAMU merged with Providian. Talking to them for a recon didn't get me anywhere.

I figured what the heck I was burning up INQs anyways so I figured I would try Chase. I had a $2,000 CO with them. I appied online and got the 7-10 day message. I called them up two days later and the lady explained to me I was declined but offered to look at the app. She started to question me about the two medicals and I answered those questions. Then she says she sees why I was denied. I had a charge off with them that was never paid. It was still in their system. Asked me what happened, told her I fell on hard times. She said she understands and would reverse the denial and give me a $3,000 CL. Heck I was excepting like a $500 CL. I of course was not going to get my hopes up till I had the card. Well about 2 weeks or so later I got it.

So at least for me it was much harder to get back in good with WAMU then with Chase. Learned my lesson, I pay everything right when the bill cuts if not before now.

Re: Chase/Wamu merger

Anonymous — Sun, 28 Sep 2008 20:18:10 GMT

I hear it's going to take some time before Chase and WaMu truly merge. Chase is backing WaMu now but operating independently. I think you might have about 6 months to raise scores. But they said sell off not close I believe. Either way I think you keep your accounts. But will it stay with chase or sell to someone else don't know?

Re: Chase/Wamu merger

Anonymous — Mon, 29 Sep 2008 06:37:31 GMT

Your bankruptcy wouldn't be a factor since it was seven years ago

I've got Chase and WaMu accts...I had Bank One accts and when they merged, there was no difference. Hope this helps

Re: Chase/Wamu merger

Anonymous — Mon, 29 Sep 2008 06:39:28 GMT

I've got several Chase accts...so you can def. have two or more! Hope this helps

Re: Chase/Wamu merger

SherriLynn — Mon, 29 Sep 2008 16:18:09 GMT

I also have a cc with Wamu, and I'm hoping it will convert to a Chase MC, that would be awesome! IMO, I believe they will convert all cc accts in good standing and sell off the delinquent ones. I'm a little worried since I included a Chase Visa in my BK 11/05. Any thoughts?

Re: Chase/Wamu merger

Miner — Mon, 29 Sep 2008 17:31:32 GMT

My thoughts? As long as you don't do anything to give them an excuse to dump you like yesterday's trash, they are stuck with you and may even come to sorta like you again after time.

Re: Chase/Wamu merger

TangMeister — Mon, 29 Sep 2008 19:54:40 GMT

I think some are expecting either extreme to happen with this merger, while the answer's in the middle leaning toward conservative.

Look, we're in tough credit times...you get CLD'd by some if you take a cash advance for heaven's sake. So why does anyone think Chase is going to be forgiving and keep you? Just because you are in with WaMu, but otherwise don't meet Chase's standards? I don't see it happening, and I have a WaMu card myself with a nice CL. I'd LOVE to see them give everyone a chance, but I just don't see it....and it's just business. Yes, I know...none of us know for sure what's going to happen, but I'd rather be prepared for the worst in this scenario.

I'm not trying to be Debbie Downer here, but I'm just saying: If you can't get in with Chase directly...good luck with getting to stay with them via this WaMu asset purchase. Maybe if you're borderline, they might give you a chance. But if you've burned Chase in the past 7 years (not directed toward any prior poster...just in general), I think you better be making contingency plans for yourself if you need that CC. It may be kept, sold, or closed. Err on the side of being "OK" regardless.

And for the record, they're not "stuck" with anyone. They can close your existing Chase account at will. Think this is different? They can rate jack you...CLD you...lots of options to make your business with them unpleasant enough to leave. CCCs do it all the time...this isn't any different just because you're getting in with a WaMu buyout. Take care of yourself, and don't be stuck without options for your WaMu card when the merger finally arrives in full force. I hope I'm wrong, but I just don't think it's going to be pleasant for all WaMu customers. Regardless, good luck to all!

Re: Chase/Wamu merger

Anonymous — Tue, 30 Sep 2008 04:37:54 GMT

I like my chances with Chase-

I have had my Providian/WAMU card for 3+ years-

Never late, never over the limit -

Re: Chase/Wamu merger

Anonymous — Tue, 30 Sep 2008 04:48:19 GMT

My problem is I have two Wamu cards and one Chase card. What if the discover that fact, that I used the Wamu cards more than the Chase card. They may decide to cancel those account. I am secretly hoping they will combine the CL's. I know that won't happen. That's why I keep that thought to myself.

Re: Chase/Wamu merger

Anonymous — Tue, 30 Sep 2008 05:20:07 GMT

You creditors already know how much you use the other companies.

felixfly2000 wrote:
My problem is I have two Wamu cards and one Chase card. What if the discover that fact, that I used the Wamu cards more than the Chase card. They may decide to cancel those account. I am secretly hoping they will combine the CL's. I know that won't happen. That's why I keep that thought to myself.

Re: Chase/Wamu merger

Anonymous — Tue, 30 Sep 2008 06:24:15 GMT

I think everyone who manages their WaMu card well, will be fine. My score was tanked after I first got my Chase card. I carried AT LEAST a $400.00 balance on a $500.00 CL for one year. After I improved my score and paid down the card, they gave me a second card and a CLI on the other card (within weeks of paying it in full).

Re: Chase/Wamu merger

haulingthescoreup — Tue, 30 Sep 2008 11:08:31 GMT

I've had nothing bad to say about Chase, other than the mass confusion when I was trying to find out if I had been approved. Great website, great CS (so far); for some reason, they even gave up pretty promptly on all the ancillary junk they like to push.

My only regret is that I didn't go straight for a Freedom card, rather than chickening out with the Borders co-branded MC. Still a nice little card though.

Re: Chase/Wamu merger

Anonymous — Tue, 30 Sep 2008 14:04:15 GMT

well I had BK in 06/03 discharged but I have come along way my WAMu cards have my 2 best limits and actually WAMu just upgrade my Mastercard to rewards card---I will keep my fingers crossed I know its a process and come time to come--hopefully I can just prove I worthy of my cards and they will see all my pass efforts and responisbleness and I will be A-OK--otherwise my Bk comes off in 06/10 which maybe it could take that long to fully merge and I can just apply for a CHASE card--cause I refuse to give up my race vfor good credit just because of 1 or 2 credit cards--what one company will not go another will always got to be positive--you think negative you can think bad things into existence!!

Re: Chase/Wamu merger

BetterTomorrow — Thu, 02 Oct 2008 22:15:26 GMT

I talked to a friend that works for WaMu and he said eventually WaMu credit cards will become Chase. I don't know how accurate his info is since he didn't go into details but either way, people with WaMu CCs shouldn't worry...

Re: Chase/Wamu merger

Anonymous — Thu, 05 Feb 2009 13:56:06 GMT

I have 2 WAMU cards. One had a 10,500 limit and 9.9% APR. The other had a 5,000 limit and 11.9% APR. Chase has lowered the limits and raised the APR on both to 27%. Guess I will not be a Chase customer long. Also, no late payments and always pay more than the minimum each month.