QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

[Anonymous]

July 7th.  As many others here; We have had this card since it was providian.  It was our oldest and highest limit card.  Totally sucks!  That card was our emergency card.  We worked very hard to get it up to almost 8g with a 25% utl being paid more than the min every month. and WHAM!  I am so upset right now, we are trying to buy a house and now I am really scared that we won't be able to now.    What will this do to our score? 

[creditwherecreditisdue]

Considering the fact that you do have a balance on the account the closure can only lower your score by increasing your utilization. Anyone in your position should call and try to have the account reopened. Some have succeeded.

[creditwherecreditisdue]

Upon reading some of the important provision of the bill take effect 90 days from enactment. That would be late August.

http://www.creditcardreform.org/pdf/credit-card-bill-2009.pdf

Message Edited by creditwherecreditisdue on 07-20-2009 08:28 PM

[Underh20]

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@creditwherecreditisdue wrote:

Upon reading some of the important provision of the bill take effect 90 days from enactment. That would be late August.

http://www.creditcardreform.org/pdf/credit-card-bill-2009.pdf

Message Edited by creditwherecreditisdue on 07-20-2009 08:28 PM

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That's good news!

Hopefully in the future they'll also address CLDs and account closures.

[creditwherecreditisdue]

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@Underh20 wrote:

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@creditwherecreditisdue wrote:

Upon reading some of the important provision of the bill take effect 90 days from enactment. That would be late August.

http://www.creditcardreform.org/pdf/credit-card-bill-2009.pdf

Message Edited by creditwherecreditisdue on 07-20-2009 08:28 PM

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That's good news!

Hopefully in the future they'll also address CLDs and account closures.

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In some ways they have. If you can stand wading through some legalize and understand that this bill consists mostly language that modifies another, existing statute it is worth the reading. In fact the FRB has been directed to undertake a study of the practice of altering individuals credit based on where they use their card or who holds their mortgage. Doing anything about those practices is another thing, but at least that hanky panky is under the microscope.

[Anonymous]

Thank you, I do have another questions regarding utilization; if we have 4 cc's (a target, cap 1, citi/shell and this now closed chase) Target has a 400 limit with a 0 bal, cap 1 has a 500 limit with a 0 bal and the citi/shell has an 860 limit with a 325 bal, our chase has 2500 +/- balance.  what is our utl?  Do you add all your balances and limits is that how you get your utl?  I am sorry if this is a dumb question but, all this is very hard for me to grasp. 

Secondly, if I were to call to try to get this chase thing reversed, what number do I call?  I called the number on the letter yesterday when I got it. That did nothing...but piss me off even more!  I peeked at the BD# thread and there were alot of numbers for chase.  I really appreciate everyones' help and I love this site!  I wish I would have found it YEARS ago!!!

[Anonymous]

So I log onto my chase online account and sure enough - it still shows that I have an open account. They have not even updated the information to reflect that the account is closed. I sent chase a txt msg (bank by phone), according to that I still have a credit limit -

This blog needs to continue and information passed on as long as this treatment is going on. I have posted this information on twitter so that everyone who has recieved this poor treatment can have a voice. I would suggest you all to do the same.

Fight the lies!!

[creditwherecreditisdue]

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@Anonymous wrote:

So I log onto my chase online account and sure enough - it still shows that I have an open account. They have not even updated the information to reflect that the account is closed. I sent chase a txt msg (bank by phone), according to that I still have a credit limit -

This blog needs to continue and information passed on as long as this treatment is going on. I have posted this information on twitter so that everyone who has recieved this poor treatment can have a voice. I would suggest you all to do the same.

Fight the lies!!

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This is correct. You cannot tell by viewing your account online whether it is open or closed. I have two Chase accounts, one open and one closed by me (years ago, but still has a small balance). You can't tell the difference on the website. In fact the open one is a MasterCard and the closed one a Visa and you can't even tell that from the website. Its not an error - that's just the way it works.

[MarineVietVet]

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@Anonymous wrote:

Thank you, I do have another questions regarding utilization; if we have 4 cc's (a target, cap 1, citi/shell and this now closed chase) Target has a 400 limit with a 0 bal, cap 1 has a 500 limit with a 0 bal and the citi/shell has an 860 limit with a 325 bal, our chase has 2500 +/- balance.  what is our utl?  Do you add all your balances and limits is that how you get your utl?  I am sorry if this is a dumb question but, all this is very hard for me to grasp. 

Secondly, if I were to call to try to get this chase thing reversed, what number do I call?  I called the number on the letter yesterday when I got it. That did nothing...but piss me off even more!  I peeked at the BD# thread and there were alot of numbers for chase.  I really appreciate everyones' help and I love this site!  I wish I would have found it YEARS ago!!!

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You divide your total balance by your total available credit. Before your Chase card was closed your overall util was 2825/9760= 29%.  (If I added right. Math is not my strong suit). You also do this for each individual card.

Citi                                   325/860= 38%

Chase (Before closing)     2500/8000 = 31%

Of course now that it is closed the the overall util is 2825/1760 and the util for the Chase is more than 100% since it was closed with a balance. I'll let you run the numbers. I hope you can get this worked out.

Good luck to you.

[Anonymous]

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@MarineVietVet wrote:

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@Anonymous wrote:

Thank you, I do have another questions regarding utilization; if we have 4 cc's (a target, cap 1, citi/shell and this now closed chase) Target has a 400 limit with a 0 bal, cap 1 has a 500 limit with a 0 bal and the citi/shell has an 860 limit with a 325 bal, our chase has 2500 +/- balance.  what is our utl?  Do you add all your balances and limits is that how you get your utl?  I am sorry if this is a dumb question but, all this is very hard for me to grasp. 

Secondly, if I were to call to try to get this chase thing reversed, what number do I call?  I called the number on the letter yesterday when I got it. That did nothing...but piss me off even more!  I peeked at the BD# thread and there were alot of numbers for chase.  I really appreciate everyones' help and I love this site!  I wish I would have found it YEARS ago!!!

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You divide your total balance by your total available credit. Before your Chase card was closed your overall util was 2825/9760= 29%.  (If I added right. Math is not my strong suit). You also do this for each individual card.

Citi                                   325/860= 38%

Chase (Before closing)     2500/8000 = 31%

Of course now that it is closed the the overall util is 2825/1760 and the util for the Chase is more than 100% since it was closed with a balance. I'll let you run the numbers. I hope you can get this worked out.

Good luck to you.

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Problem with utilization

My 2 credit cards are used for business - although there is a hight utilization on each card they are all paid off every month (or at least 80% of that based upon a  business reimbursement run) . This was made aware to both my CC banks when I applied for the card. 

I understand the rule, still shady for them do so so.

Creditwherecreditisdue - you must work for a bank.