Just PIF my old card. Now if Chase is gonna close all the old WaMu cards, should I close it first or just shred it and let them close it whenever they get around to it? I think I read where the distinction between closed by grantor/ closed by subscriber does not make that much difference to FICO's. If that's the case I should just leave it be, I'm assuming?
Who closes the account doesn't matter in FICO scoring. There is no guarantee that Chase will close your account, even though they have been closing many former WAMU accounts. Unless of course you stop using it completely, then chances are they will cancel it down the line.
@Anonymous wrote: Just PIF my old card. Now if Chase is gonna close all the old WaMu cards, should I close it first or just shred it and let them close it whenever they get around to it? I think I read where the distinction between closed by grantor/ closed by subscriber does not make that much difference to FICO's. If that's the case I should just leave it be, I'm assuming?
My open account is PIF. My closed (by me, years ago, still Providian at the time) account has a balance. As far as I am concerned it is business as usual. They not only need not to close my open account they need to significantly upgrade it. It is a standoff and things are coming to head at this time it seems. Chase are haters no matter what the outcome is.
Chase is doing CLDs or account closures on about 15% of the ex-WaMu accounts, not all of them. There's no prize for second-guessing what their plans are for each individual account and closing an account before they do.
I'd pay off the account, sock-drawer the card, and just charge something on it every 3 months. Whatever happens, happens ...
Chase is not closing WAMU cards. My sister recently recveived a Chase Perfect Card, after having a WAMU.
Why would you want to close a Chase card?
Chase is in the process of reviewing many of the accounts they picked up from WaMu. Some of those accounts are being closed. Others are being CLD'ed. This is happening right now. If she recently got a Perfect Card the review went well for her. The outcome for others has been quite a bit less wonderful. There was a post from one individual here who stated his account was summarily closed with a $7K balance on it. That's ugly.
Why? My open account has a 31.99% APR and I have no intention of closing it. Reasons: 1) No AF. (Or AF successfully reversed for two years running.) 2) Open $3.9K CL. 3) Age, They can close it if they want. (I have contingencies already in place for that possibility.) I also never have to conduct business with them for the rest of my life.
Message Edited by creditwherecreditisdue on 07-13-2009 04:20 PM
I just reversed things. I did a CLD on Chase. I removed my acct's from them. It sure felt good.
FICO 08 TU 842 12/8/18 EX 840 12/29/18 EQ 842 12/8/18 (NASA 30K) ( Amex 44k ) ( Freedom 10.6K ) ( US Bank Cash+ 20k, LOC 15k ) Winners never quit, and quitters never win last app 2/15
Chase just closed both of my Wamu cards. I have had them for 3 years and never paid late and always paid more than min. payment due. Usually 500 to 1000/mo. I am trying to understand why they closed them with no notice at all....just bam, closed. Do I have any legal moves available to me because these were my two main credit cards. the letter I am supposedly getting states they closed them due to my Experian credit report. I just pulled all my credit reports with them and have no missed payment or late payments on any of my accounts since I started rebuilding my credit 2.5 years ago. This is just BS. They also raised the rates on the balances after they closed them. What options if any do I have.....I went from having $15k in credit I could use to $2600. WTF??? Now my credit scores will drop because I have about $9000 in used credit and only $2600 in open lines.
