topic Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE? in Credit Cards

QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Tue, 14 Jul 2009 22:29:39 GMT

For all those who have had their wamu/chase cards cancelled, what was the date closed? I have seen july 7th for a few. So has everyone that has had a cc closed been on july 7th. Im freaking out worrying about mine but i called on the ninth about another issue and it was still open and fine. Im hoping this means im ok.

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Thu, 16 Jul 2009 01:49:20 GMT

Mine was cancelled on july 7th, as well. what is going on?

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Strepthroat — Thu, 16 Jul 2009 01:57:26 GMT

Both of mine are still open, no CLD's. Did receive a letter for the one that was previously WAMU stating the APR would increase in September/October. I guess I better start showing some activity......

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Thu, 16 Jul 2009 02:10:01 GMT

activity doesn't matter. I've had this $8000 card for 2 years, first with wamu, now chase. this card, and all of my other cards have been perfect. no late payments, never over-limit, not dormant, I dont understand. when I called them, they wouldn't give me a specific reason. they actually told me one of the reasons was the length of time I had the account. WHAT? that makes no sense. they were rude, and I even got hung up on by 2 different supervisors. and to add insult to injury, they doubled my interest rate 2 days before they cancelled it, again with no notification. (I found out it was cancelled when it was all of a sudden declined at the store. EMBARASSING!) I'm contemplating a lawsuit, and going to my attorney general, as well as BBB, FTC, and the local media. I am NOT taking this sitting down, like they expect me to.

Message Edited by broncoman on 07-15-2009 07:10 PM

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Strepthroat — Thu, 16 Jul 2009 02:16:15 GMT

Why bother, just take our business elsewhere. It's their money they're lending not ours. And it's our fault the credit situation is as bad as it is. Guess it doesn't hit a nerve with me because I pay in full so if you lower the limit................

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Thu, 16 Jul 2009 02:27:31 GMT

but the fact remains that they are screwing many many people. someone has to put a stop to this. all they are doing is bullying people. now my credit score will go down, due to them closing my acct, and being left with a high balance, at double the interest. it's nothing short of a scam.

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Strepthroat — Thu, 16 Jul 2009 02:37:38 GMT

The interest hike on existing balances, totally agree......that's just wrong!!!! But what about the trillions (billions forget which one) of dollars in credited card loans that folks have defaulted on? I guess when you look at both sides, it's just a bad situation. I've haven't escaped unscathed (prime lenders at that) but I didn't carry a balance on either card. Would your score be effected if you paid the balance in full?

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Thu, 16 Jul 2009 03:18:22 GMT

@Anonymous wrote:
but the fact remains that they are screwing many many people. someone has to put a stop to this. all they are doing is bullying people. now my credit score will go down, due to them closing my acct, and being left with a high balance, at double the interest. it's nothing short of a scam.

Chase is in the process of closing or doing CLDs on about 3 million of their 20 million ex-WaMu accounts. "Perfect" payment history does not provide immunity. Carrying high utilization on a Chase/WaMu card is probably one of the factors that resulted in your account being selected as one of the 3 million. Unfortunately, closing an account does not require prior notice by the CCC (for obvious reasons), and Chase isn't the only bank who has done this. These days, the CCCs are acting in a paranoid, knee-jerk fashion, and the fact that their actions negatively impact utilization percentage and credit scores is of no concern to them, since those same actions generally improve their own balance sheets.

By the way, they cannot increase the APR without notification, unless it is a default APR situation. If it wasn't a default APR, then it's likely that you just missed the notification. You might want to obtain a copy of the notification and look into the terms of the APR increase - there may still be time to opt-out so the balance will remain at the previous APR ...

Message Edited by Revike on 07-15-2009 08:18 PM

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Thu, 16 Jul 2009 03:20:20 GMT

I just had a feak out and called chase. as of right now by card is still open and fine. im really worried about this. This is my highest credit line at 2500 other than this i have a 750 juniper, a 500 boa, and a 400 amazon (chase just approved last month) so it will kill me if they close my chase card. Ive really tried to get my credit improved and it kills me that all of this could go down the drain through no fault of mine. Im thankful it hasnt been closed yet but who knows what tomorrow will bring.

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Thu, 16 Jul 2009 03:35:55 GMT

CLD?

if If "high utilization" is reason to have an account closed, what is the point of a credit limit? If they are going to just clone an account in good standing, then they should stop charging intrest, or at least have some penalty on their end, for chastizing a customer with a good record. This is BS, and it has to stop. I can't afford to pay it off for a while, i'm now unemployed, and making minimum payments. but they are stil making interest off of me, so why close it? how can this be legal?

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Thu, 16 Jul 2009 04:35:51 GMT

I was cancelled on july 7 still no letter they claimed they sent. I only had balance of 114

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Thu, 16 Jul 2009 05:00:20 GMT

I didn't get a letter either, and they said they had no way to fax me a copy, and that they kept no records of it. is that legal? don;t they have to keep proof that they sent it, or else be in violation of the FCRA?

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Thu, 16 Jul 2009 14:12:46 GMT

Sorry to read this happened to you. How long have you had your card? What was the limit?

Message Edited by PurpleHaze on 07-16-2009 10:12 AM

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

score_building — Thu, 16 Jul 2009 14:20:29 GMT

@Anonymous wrote:
I didn't get a letter either, and they said they had no way to fax me a copy, and that they kept no records of it. is that legal? don;t they have to keep proof that they sent it, or else be in violation of the FCRA?

1. yes it's legal.

2. no- card cancellation is not governed by the FCRA. an issuer can cancel a cc acct. at any time for any

reason. credit is not a right, it's a privilege.

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Thu, 16 Jul 2009 15:39:48 GMT

@Anonymous wrote:
activity doesn't matter. I've had this $8000 card for 2 years, first with wamu, now chase. this card, and all of my other cards have been perfect. no late payments, never over-limit, not dormant, I dont understand. when I called them, they wouldn't give me a specific reason. they actually told me one of the reasons was the length of time I had the account. WHAT? that makes no sense. they were rude, and I even got hung up on by 2 different supervisors. and to add insult to injury, they doubled my interest rate 2 days before they cancelled it, again with no notification. (I found out it was cancelled when it was all of a sudden declined at the store. EMBARASSING!) I'm contemplating a lawsuit, and going to my attorney general, as well as BBB, FTC, and the local media. I am NOT taking this sitting down, like they expect me to.
Message Edited by broncoman on 07-15-2009 07:10 PM

I feel your pain. But, after you cool down I think you will realize there is no basis for a lawsuit. Revolving credit has no obligation to be extended for any particular length of time. They may cancel at any time for any reason. The only hook is they must honor the terms for repayment, whether open or closed.

Did you have any changes in your CR or FICO prior to closure? Utilization gone up? Do you have any old baddied? Did you open any new accounts?

It may be that while Chase "inherited" your account, you did not meet their criteria to keep it long term. WAMU standards aren't necessarily going to be Chase standards.

I hope my card stays open, but I have moved over to several CU's so that I am not left hanging, just in case Chase, BoA or others AA me at some point.

Message Edited by txjohn on 07-16-2009 08:39 AM

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Thu, 16 Jul 2009 15:41:48 GMT

@Anonymous wrote:
CLD?

if If "high utilization" is reason to have an account closed, what is the point of a credit limit? If they are going to just clone an account in good standing, then they should stop charging intrest, or at least have some penalty on their end, for chastizing a customer with a good record. This is BS, and it has to stop. I can't afford to pay it off for a while, i'm now unemployed, and making minimum payments. but they are stil making interest off of me, so why close it? how can this be legal?

Really sorry to hear about the close. But be sure to pay as agreed so that this continues to be a good TL on your CR. Payment history will still be a factor after close and the TL will continue for another 10 years. This will lay the groundwork later for another good card.

Yes, what they did is legal. I think you actually outlined the reason. You are unemployed and making minimum payments. The CCC does not want you to run balances back up. So they either CLD (balance chase) or close to prevent the balance from doing anything but going down.

And while they don't "know" you are unemployed, they are getting signals that you might have financial issues: 1) account balances 2) payment amounts (minimum) 3) other open accounts (type, issuer, CL) as well as other reasons. They may also be looking at past derogs if you have any.

CCC's (prime) only want to do business with those who make frequent use of the card, but do not carry high balances and make 5x or more the minimum payment. This pattern "demonstrates" financial ability to pay and discretionary income, which is what they want. They don't like accounts which are on the edge paying minimums.

Message Edited by txjohn on 07-16-2009 08:41 AM

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Thu, 16 Jul 2009 17:58:09 GMT

Wow, I guess I must have threatened them enough with BBB and the atorney general. they re-opened my account.

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

score_building — Thu, 16 Jul 2009 18:15:52 GMT

broncoman wrote:
Wow, I guess I must have threatened them enough with BBB and the atorney general. they re-opened my account.

congrats! great news-my understanding was that there would be no reversals of these decisions.

it would be unusual for them to respond affirmatively to those type of threats.

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Thu, 16 Jul 2009 19:10:00 GMT

Broncoman - what dod you do? I would love for you to send me a private message on this. I use my chase/wamu card for business and I got screwed too!

Re: QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

Anonymous — Thu, 16 Jul 2009 19:17:13 GMT

they FINALLY told me that even though I had the account for 2 years with wamu, it wasn't long enough for chase to want to keep it. 2 years? geez. i'm just glad they re-opened it.