QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

[Anonymous]

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.

[Anonymous]

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

[Strepthroat]

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......

[Anonymous]

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

[Strepthroat]

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................

[Anonymous]

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.

[Strepthroat]

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?

[Anonymous]

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@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.

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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

[Anonymous]

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.

[Anonymous]

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?