QUESTION FOR THOSE WITH CANCELLED WAMU/CHASE?

[creditwherecreditisdue]

Very sorry for your difficulty ice.

If I was in your position (and I am somewhat daring) I would call them up and make them feel stupid. It should be easy enough to do. Do it during the day so you have the "A" team working. I am dying to hear the explanation for this one.

[Underh20]

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@Anonymous wrote:

The go me today

Dear Customer

After carful consideration, we have decided to close the above-noted account for the following principal reason(s)

- Total available credit on bankcards it too low

- Average length of time since bankcard(s) opening is too short

- Too few accounts paid as agreed compared to total accounts

First, my total utli is 7%( 0% on the card they closed) so the first reason is crap. My average account age is 2yrs 4mnths and I have 2 Charge offs from 2004.BUT that was good enuff for them to offer me a pre-approved Chase Freedom Card with a 5,000CL 2 months ago while making a deposit which by the way I accepted and had it in my wallet in 5 days. BUT Im no longer qualifed for a 1,800 chase perfect Prev: a WaMu Card..

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What about the comments about too few accounts paid as agreed compared to total accounts?  That makes it sound like you've got some late payments in there somewhere.

[Anonymous]

nope, I have never been late on any store card, bank card or car payment. Two cards with lates from 2003/2004 were charged off and are sch to be deleted 1 in 2010 other 2011... I will call them on my lunch break today and let you all know what happened.

Message Edited by ice0901 on 07-24-2009 04:18 AM

[creditwherecreditisdue]

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@Anonymous wrote:

nope, I have never been late on any store card, bank card or car payment. Two cards with lates from 2003/2004 were charged off and are sch to be deleted 1 in 2010 other 2011... I will call them on my lunch break today and let you all know what happened.

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I don't want to seem unsympathetic, but...

These things count. You have two accounts reporting lates/charge-off status. Most likely this is what Chase didn't like. You will probably nevery know for sure. I doubt anyone there will be able to give you a straight answer.

[Anonymous]

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@creditwherecreditisdue wrote:

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@Anonymous wrote:

nope, I have never been late on any store card, bank card or car payment. Two cards with late from 2003/2004 were charged off and are such to be deleted 1 in 2010 other 2011... I will call them on my lunch break today and let you all know what happened.

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I don't want to seem unsympathetic, but...

These things count. You have two accounts reporting late/charge-off status. Most likely this is what Chase didn't like. You will probably never know for sure. I doubt anyone there will be able to give you a straight answer.

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Here is exactly the point - You yourself said "I doubt anyone can give you a straight answer" - This is the customer service nightmare they are causing. 

Banks cancel credit lines every day for both consumers and businesses - that's nothing new. The point here is if they made that decision based upon some computer generated formula at least have enough 'you know what' to tell you when you call, not just cower behind ignorant customer service reps.

[kittygal]

I have been reading all the posts on the forums for a few weeks, but this is first time I have posted.

I received my July online Chase credit card statement (payment due date 8/6) with a "Change in Terms" attachment.  Reading through all the fine print, Chase makes numerous statements that "we can change any or all of the terms of this agreement at our discretion any time and for any reason including inactivity."

The change in terms to my account was limited to changes in balance transfer fees and/or cash advance fees to include "we can choose not to honor any balance transfer or cash advance".  No mention of any change in APR or CL.  Of course today is Sunday and the mail doesn't arrive until tomorrow --- just waiting for them to perform their "credit review" and either increase the APR or close the account.  My card was previously WaMu and I may have flown under the radar for the initial closings, but have no doubt that my account will eventually be closed.  Any reasons Chase gives for closing the account are just blather.  They can close for "any reason", so any justification or explanation from them is essentially meaningless.  

I am not concerned about losing this card as I have other cards available with sufficient CL's (as of now, that is!)

My overall utilization is < 7% thanks to all the helpful advice I have gleaned from lurking unnoticed on the forum pages.   It will continue to report a positive history for 10 yrs (no late payments, no derogs) so the damage to me is not as painful as the AA done to others who have commented.  

A few years ago (circa 2004), I had major credit issues due to medical disability and I could not begin to count the number of CA calls and letters I received.  I have slowly pulled myself out of that big black hole (wish I had found this forum sooner as it could have made the process less traumatic) and have determined that any credit card usage for me will be a thoroughly reasoned decision.  Use them occasionally to avoid the "inactivity" clause and PIF or only small balance at any time.  I have no desire to return to that dark hole!

My thanks to all who contribute to these pages.  Lots of advice that has made me a wiser consumer and able to sleep at night ----- wishing everyone success in achieving their goals.

[creditwherecreditisdue]

Welcome to the forums, kittygal, and congratulations on making it this far in Chase Survivor!

I, too, have the insert in this months online statement (just cut) and have had no change in my account terms since January (if I remember correctly). That's not saying much, as the terms are awful. They are only acceptible because I have a zero balance. I have contacted them on several occasions to inquire as to when I might expect improved terms and really have not received a well defined answer. They have waived my AF two years running, so I keep on keeping on. Eventually things will either improve or they will cut me. I would really prefer to stay in as I have a 10 year history on the card - about half of that is as a model citizen. Hard to tell what will happen next. We survivors will have to wait and see!

[shmoozie5]

I was hoping that I could continue to make on-time payments and then request a lower interest rate. Now that my account is closed, I'm locked into a very  high interest rate. I don't think there is anything I can do about it, and my credit is not good enough that I would be accepted for a lower interest rate card.

[creditwherecreditisdue]

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@shmoozie5 wrote:
I was hoping that I could continue to make on-time payments and then request a lower interest rate. Now that my account is closed, I'm locked into a very  high interest rate. I don't think there is anything I can do about it, and my credit is not good enough that I would be accepted for a lower interest rate card.

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Welcome to the forums shmoozie5 and sorry for your difficulty.

That is one of the real problems in this situation. Some have even passed up the opportunity to close their Chase cards and avoid a RJ only to have Chase close it for them only a few months later, thereby locking them into the higher rate they could have avoided if they only had known what was coming. It is a very sad affair for those effected.

[Anonymous]

Just wanted to post my outcome with Chase. After I filed a complaint with the BBB, Chase called me. They reopened one of my two accounts (the one with the lowest interest rate). The other account they changed the reason for closing the account to "Closed due to Corporate Policy". The person at Chase said that change would keep the closing of the account from having a negative effect on my report (obviously the closing will have a negative effect in that my total available credit dropped, but this at least make the reason no longer negative).