Chase (WAMU) CLD

[Anonymous]

I just viewed my old WAMU account (which went to Chase) online and my credit line has been slashed from $9,000 to $4,700.00.  Called and was told I have too many revolving balances with high limits (thanks Amex and BOA).  I was also  told that I had an excellent WAMU account with me  paying 3x the minimum each month on my account.  (my minimum  payments runs  around $70.00 and I pay $252.00 a month).  What good has it done me?  The CR even stated you're up to date with everyone and have a long history of ontime payments!!! 

To top it off, my reg Chase account has been slashed also from $8500 to $5100.00. Reason given was the same as above. 

I have sent both cards to the shredder like I did  with the Amex and BOA cards last year when they too CLD me. 

  Dave Ramsey's program is looking better and better each day as hubby and I will be in financial peace very soon without worrying about the attacks from the credit card companies anymore. We'll be DEBT FREE!! 

 Anytime financial gurus tell you to only pay your minimum on your credit cards  and start saving your money, something is up "people" (word  "people" used often by  Suze Orman).

Message Edited by Tonia on 03-19-2009 04:40 AM

[haulingthescoreup]

Sorry about the CLD's but congrats on the great reduction!

Normally Suze does tell people to first reduce CC debt and then save, but she as well as others are now saying that in light of the extraordinary times we're in, if you have no emergency savings, get that going first.

For those who do have a decent amount of savings, it's always pay off debt first.

[smallfry]

Sorry to hear OP. Chase doesn't like to see revolving balances. No guaranteee with pif every month either though. What's a girl to do?

[Anonymous]

Thanks for your positive comments HaulingTheScoreUp and Smallfry! 

Seems Suze has company as Steve Rhodes of GetOutofDebt.org has a similar article on paying only the minimum on one's credit cards.

Noticed http://www.CreditMattersBlog.com is right on top of the story too.  Credit Matters does reference myfico on their blog as well.

We'll weather the storm with great forums like myfico and the moderators who take the time to teach us.  Thanks Hauling and others.

T

Message Edited by Tonia on 03-19-2009 11:31 AM

Message Edited by Tonia on 03-19-2009 11:34 AM