Chase closed my (used to be WaMu) credit card....

[heartsy77]

Ok I just checked my DH's credit report through equifax, the one they supposedly pulled to lower his limit, well guess what IT DOESN'T SHOW UP! So what can you do about? They obviously lied; they did not pull his credit report through Equifax. I think this is such crap! Since they lowered his limit this will lower his credit/debt ratio! If our jobs weren't so slow right now I would pay it off and be done with them!

 

[disneyfan55]

Ok I just checked my DH's credit report through equifax, the one they supposedly pulled to lower his limit, well guess what IT DOESN'T SHOW UP! So what can you do about? They obviously lied; they did not pull his credit report through Equifax. I think this is such crap! Since they lowered his limit this will lower his credit/debt ratio! If our jobs weren't so slow right now I would pay it off and be done with them!

The bank I used to work for sent in updates once a month so maybe it's just not out there yet. Who knows.

 

[CathrynRose]

The bank I used to work for sent in updates once a month so maybe it's just not out there yet. Who knows.

We - not only got our credit reports - I also called them. They told me there had been no inquiries by Chase, and that I was not the only person to call asking this.

 

[disneyfan55]

We - not only got our credit reports - I also called them. They told me there had been no inquiries by Chase, and that I was not the only person to call asking this.

It's really a shame that Chase is doing this. They may be cutting off their nose to spite their face!! My daughter's old Wa Mu was closed as well and she wrote them and now is writing the regulatory agencies in regard to it. She paid in full every month and it was one of her longest held cards. This is really lowering many peoples credit scores. Maybe another ploy to raise rates for new approved cards!!

 

[Free4Life11]

http://redtape.msnbc.com/2009/07/st...stomers-were-here-for-you--but-app.html#posts

Steven Lobdell points out an image on Chase bank's Web site that says "Welcome WaMu customers. We're here for you."

But, apparently not for him. Lobdell is one of a group of former Washington Mutual credit card customers who were abruptly dumped by Chase in recent days. He holds two Chase cards; both were canceled as of July 15.

"It's kind of ironic, isn't it?" he said. "I think Chase is two-faced....We were good enough for Washington Mutual, why not good enough for Chase?" Across the Internet, thousands of former WaMu customers are expressing the same outrage. They say Chase is dumping them as customers, despite their solid payment records.


JP Morgan Chase & Co. acquired Washington Mutual and its troubled portfolio of credit cards in September, at the height of the banking system collapse. While Chase has recently set about to tidy up the ranks of its credit card holders, consumers are bearing the brunt of the cleaning. Two weeks ago, Chase began forcing some customers to raise their minimum monthly payments from 2 to 5 percent. And now, it's cutting off some customers all together. Thousands of complaints from former Washington Mutual customers can be found on personal finance blogs all across the Web.

Lobdell took a long and winding road to become a Chase customer. He initially opened his credit card with Providian Bank, which was later acquired by Washington Mutual in 2005, which collapsed last fall, and Chase picked up the pieces.

Lobdell, who had combined balances on the two cards of about $3,000, says he's never been late with a payment and doesn't understand why Chase would cut him off.

"When I got the letter I called to ask why the account was closed, I was told it was because of information received from the Experian credit bureau," he said. When he looked at his credit report, nothing seemed out of order. Lobdell said he will be allowed to pay off the card at its current rate, but can no longer make charges with it.

24 percent default rate predicted
Chase officials refused to comments specifically about the complaints from former Washington Mutual customers. Spokeswoman Stephanie Jacobson would not say how many card holders were impacted by this latest round of notices, but instead offered only a generic statement saying the bank was reacting to market conditions and new regulations from Congress.

"As a responsible, careful lender, we constantly evaluate the risks and costs of funding credit card loans. We are also evaluating changes required due to pending regulations," she said. "When necessary, we make changes to pricing, terms or credit lines based on borrower risk, market conditions and the costs to us of making loans. These are factors we have always monitored and processes we have consistently followed."

For additional questions, she referred reporters to the company's quarterly statements.

Washington Mutual was one of the nation's top 10 card issuers when acquired by Chase, with about 15 million cards. Still, its operations were dwarfed by the nation's largest issuers, including Chase. Former Washington Mutual consumers have about $25 billion in outstanding credit card loans, compared to Chase's $150 billion.

Lobdell was sure that Washington Mutual customers were being targeted. The letter he received contained the cryptic label "WaMuClosure1" at the bottom of the note.

He's seen notes from hundreds of other consumers in the same spot. "Reading these same stories, over and over, makes one wonder how Chase can get away with this.”

A possible reason that Chase would pick on WaMu customers is contained in the company's second-quarter earnings announcement. While Chase said it anticipated losses of about 10 percent on its credit card portfolio, it predicted losses of up to 24 percent from its former Washington Mutual customers. Prior to its collapse, Washington Mutual targeted subprime borrowers, a group that’s more likely to default on loans.

Losses of that size would be a shock to Chase's balance sheet. When Chase acquired Washington Mutual's assets for $1.9 billion last fall, it said it anticipated credit card losses in the 8 percent range.

Lobdell holds other credit cards, so the cancellation does not put him in immediate dire straits. It will mess with his credit report for years to come, however. It now contains two notations that indicate "account closed at creditor's request." He'll get two dings to his credit score because his available credit has shrunk.

"Now if I try to get a car loan, it's going to show they closed my accounts," he said.

FICO: Not a negative event
Craig Watts, spokesman for Fair Isaac Corp. – which controls the credit formula – offered soothing words for Lobdell and others in his same spot. Watts says the “closed at creditor’s request” notation is not considered a negative event by the credit score formula.

“We see it as the same as if the consumer closed the account,” Watts said. In other words, it will not hurt credit scores the same way an account labeled “delinquent” or “settled for less than full balance.”

Of course, consumers are advised never to close their credit card accounts, because the loss of overall available credit will hurt their scores – and in this case, consumers have no choice in the matter. So consumers who’ve had their accounts closed by Chase will see their scores lowered. It’s impossible to say by how much, because multiple factors contribute to the score, Watts said.

To make matters worse, if consumers cut loose by Chase open a new card to replace their lost Chase card, that’ll hurt their credit score, too. * “If you go apply for a card, the impact to your credit score is you will lower your score a little bit, but over several months, it will recover,” Watts said. His advice to former Chase customers: pay off existing balances instead, and wait to open a new card, if possible. Consumers who are really worried about the impact of losing their Chase account should pay to get their credit score, he advised.

Lobdell didn’t have his score before Chase dumped him so he really has no way of knowing what impact it might have on him, or the price he may pay for credit in the future. But there is good news for him -- he bought a home two years ago, so at least he doesn't figure to be in the market for a home loan any time soon. His mortgage holder? JP Morgan Chase.

What a PATHETIC response from Chase!

 

[Disney-Kim]

This has been happening left and right to all my friends/family. We have all been affected by this credit crisis.
Limits lowered hugely, % rates jacked, and lots of card closures.

Chase is a huge offender.

I guess this is the way of the future for credit.

 

[CathrynRose]

http://redtape.msnbc.com/2009/07/st...stomers-were-here-for-you--but-app.html#posts



What a PATHETIC response from Chase!

Thanks for posting this. I had not yet seen it.

 

[bumbershoot]

Lobdell, who had combined balances on the two cards of about $3,000....



But there is good news for him -- he bought a home two years ago, so at least he doesn't figure to be in the market for a home loan any time soon. His mortgage holder? JP Morgan Chase.

Chase is crazy, that's all there is to it.

 

[loreyb]

I have had my cc so long it was first Providian then bought by WaMu then of course Chase. (Never paid late, ever)Credit limit just over $4000 no balance. I recieved my letter stating that my intrest was raised to 26.99% so needless to say I have not used it. Recieved new chase card the other day, called to activate it and asked "How long before you cancel it?" I said your closing everyone elses she said no mam we are not closing everyones yours is fine. 2 days later I got the your credit limit has been reduced by $2000..... go figure.

 

[Planogirl]

If you look at your credit reports, note that Chase acquired First USA some time back and is still using the name to make inquiries. They MIGHT have actually checked your credit but whether they did or not probably doesn't make much difference. You can look at your credit reports and call the credit bureaus but none of this will really help you figure out what Chase is doing.

 

[DaveClan]

Since Chase left my online account actibve but cancelled my card, I decided to send them a message in the message center. Just thought I'd share. You'll have to read from the bottom up.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Date: 08-05-2009 09:31:08
To: Credit Card Support
Subject: Re: Message Acknowledgement
Message:

I checked my current experian credit report, and no soft or hard inquiry was placed on my file by Chase; so that's a lie. I have almost no balance on any of my bank cards, my utilization is only at about 15-20%; and I only have two open bank cards other than Chase which still has not been closed on the CRA. I also make $85,000 a year. In other words, I'm severely more creditworthy than other customers you have not cancelled.

I've read many online forumns from people that Chase has also victimized. I guess Chase only wants customers that don't pay their bills. My WAMU (Chase) account was being paid just as an AMEX is paid. So please don't feed me the bull****. I'm not hungry.



-----ORIGINAL MESSAGE-----
Dear David,

We sincerely apologize for any inconvenience this may have
caused you.

After careful consideration, your account ending in (edited)XX was
closed on 07/14/2009 for the following principal reasons:

.Total available credit on bankcards is too low
.One or more accounts have high balances compared to
credit limits
.Too many active bankcard accounts

This decision was based in whole or in part on information
provided by the consumer-reporting agency noted below.
Other than providing information, this agency played no
part in our decision. If you have questions about our
decision to close your account, I recommend that you first
obtain a copy of your credit report from this reporting
agency:

Experian Consumer Assistance
P. O. Box 2002
Allen, TX 75013-0036

1-888-397-3742

http://www.experian.com/reportaccess

Under the Fair Credit Reporting Act, you have the right to
know the contents contained in your credit file. You can
receive a free copy of your credit bureau report from this
agency if you request the report within 60 days of the
date of your receipt of this letter. If you find that any
information contained in the report you receive is
inaccurate or incomplete, you have the right to dispute
the matter with the reporting agency.

You will continue to receive monthly billing statements.
You may make at least the minimum monthly payment until
the balance is paid in full or you may elect to pay the
entire balance. Your account will remain subject to the
current terms and conditions associated with the account.


If you have any further questions, please reply using the
Secure Message Center.

Thank You,

Mandar Khatoo
E-Mail Customer Service Representative

1-800-918-9171

Account is owned by Chase Bank USA, N.A. and may be
serviced by its affiliates.

The Federal Equal Credit Opportunity act prohibits
creditors from discriminating against credit applicants on
the basis of race, color, religion, national origin, sex,
marital status, age (provided that the applicant has the
capacity to enter into a binding contract); because all or
part of the applicant's income derives from any public
assistance program; or because the applicant has in good
faith exercised any right under the Consumer Credit
Protection Act. The Federal agency that administers
compliance with this law concerning this creditor is the
Office of the Comptroller of the Currency, Customer
Assistance Group, 1301 McKinney Street, Suite 3450,
Houston, Texas 77010-9050.

We comply with Section 326 of the USA PATRIOT Act. This
law mandates that we verify certain information about you
while processing your account application.


**********************************************************
**********
DO YOU KNOW AT CHASE ONLINE YOU CAN ....
- Gain instant access to view and download your credit
card information.
- See and pay your bill online
- Transfer balances
- Change your address and much more....

**********************************************************
**********
PEC:36322

Original Message Follows:
------------------------

Chase sure closed a lot of WAMU cards, and tarnished
millions of credit scores. A real scam operation. I
guess my account was in too good of a standing for your
ridiculous company. What comes around goes around, and Chase
will burn in flames for this act of evil. Chase bank should be put on the national terrorist most wanted list for this act of corporate terror.


Attachment:

 

[ILuvMulan]

Good for you Daveclan... if they are going to close your account anyway, you might as well let them know how you feel about it.

 

[Planogirl]

Again check for First Usa in the inquiries section. That is also Chase.

 

[figaromeetsmarie]

I did not real most of the replies, but I just wanted to state something regarding the Disney Visa from Chase. Awhile back I was reading something about the new changes coming to credit cards that made me wonder about if my rewards were safe or not, so I transferred all my rewards I had sitting in my account to one of the reward cards. Instead of saving the reward card like I normally do for our vacation, I took it in to a Disney Store and cashed it in for all Disney Dollars. Hopefully those will be safe!

 

[LKHomemail]

I posted here, since I've seen other angry posts about this.

Fine whatever - they closed it. It had a $1203.00 balance on an $8200 limit. It used to be a WaMu card - started at $5200, and in the four years we had it (before Chase took over) it would be automatically increased $1000 each year.

I go and login to make sure my 7/15th payment went through, and it did - and it was also closed.

I called them to get their reason. The card wasn't opened long enough. I said, it's been open since 2005. That doesn't count - it's when Chase took over is when it counts from. Ummm...okay.

And of course the 'inactivity'. Thing is, I'd use that thing once a month to get a Starbucks. I thought I could avoid 'inactivity' by doing that. Guess not.

Now, the thing that get's me about this, is this: At the end of May I got the "We are raising your interest and you can accept it or close your account". I accepted it and 1 1/2 months later they close it?? *Idon'tthinkso*

I had to talk to 2 supervisors. The first guy was as useful as a lump on a log. He assured me his supervisor would not be able to to anything, either. Whatever buddy, I'll give it a shot.

The supervisor was ever so slightly more useful, as when I asked point blank "Is this something we did, or something you're doing across the board?" He said - changes were made across the board beginning July 1st. However, he assured me there was nothing his supervisor could do, either. Again, let me try anyways for grins and giggles.

Long story - not short - he was able to put it back to that offer in May - keeping the percentage the same, and apparently I am now 'opting out'.

I cannot believe they attempted to raise it and close it, and think people (me!) would be hunky dory with that.

This week, I'm getting rid of my 2 checking and one savings account with Chase. Any suggestions?

Just compare banks and see who has best incentives to sign up .... and who offers the services you need. In a couple months, open a Chase just to get thier incentives and shut them down a couple months later. lol. All banks are about the same. What are we going to do ?/ We need them.

 

[TwoGirlsandDisney]

Of course Chase owns me as well. Two credit cards with them, plus my home mortgage and bank accounts. So far nothing has changed for us, but I don't feel safe with them any longer. From reading alot of your posts it just seems like Chase is the biggest bully ever. They buy out companies in trouble and then wreak havoc on their customers. I am curious about something, have all the cards that have been cancelled been Providian, then WAMU, and then Chase? Most posts state that they started with Providian? I wonder if that has something to do with it. I cashed in my Disney rewards, I didn't want to lose them. Guess I will buy Disney dollars with them. Just sitting here waiting for the ball to drop on us.

 

[ClarabelleCowFan]

Of course Chase owns me as well. Two credit cards with them, plus my home mortgage and bank accounts. So far nothing has changed for us, but I don't feel safe with them any longer. From reading alot of your posts it just seems like Chase is the biggest bully ever. They buy out companies in trouble and then wreak havoc on their customers. I am curious about something, have all the cards that have been cancelled been Providian, then WAMU, and then Chase? Most posts state that they started with Providian? I wonder if that has something to do with it. I cashed in my Disney rewards, I didn't want to lose them. Guess I will buy Disney dollars with them. Just sitting here waiting for the ball to drop on us.

Our card started as a WaMu card - it was never Providian.

 

[Mom2micayla]

Of course Chase owns me as well. Two credit cards with them, plus my home mortgage and bank accounts. So far nothing has changed for us, but I don't feel safe with them any longer. From reading alot of your posts it just seems like Chase is the biggest bully ever. They buy out companies in trouble and then wreak havoc on their customers. I am curious about something, have all the cards that have been cancelled been Providian, then WAMU, and then Chase? Most posts state that they started with Providian? I wonder if that has something to do with it. I cashed in my Disney rewards, I didn't want to lose them. Guess I will buy Disney dollars with them. Just sitting here waiting for the ball to drop on us.

Actually, it appears that the vast majority were strictly Wamu cards. Or at least all that I've read online at various sites (including creditboards.com.. they have a huge thread over there on it).

We have a Pro-Wamu-Chase card as well as a Chase mortgage. So far we're still fine. I don't know if they fact that we have a mortgage with them and that it's in good standing makes a difference or not. I have 0 balance on the card and rarely use it. When I do it's PIF. DH and my FICO scores are both over 800. Even with all that, I wouldn't be too surprised if it's not canceled or CLD. It won't really effect us other than showing less available credit. I do feel sorry for those who rely on their card and/or carry a balance and have them canceled. That would really stink and it's very shady of Chase IMO.

 

[SamIAm21]

Last December, I lost my job. In January, Chase writes me a letter stating that they are going to raise the interest rate on my Disney Visa from 7% to 14%. I called and asked whey they told me that I paid off my balances within 90 days of charging. . Isn't that what you are supposed to do? I didn't carry some huge balance, so they gave me the ulitmatum. I could accept the increase or close the account. I was in NO MOOD for ultimatums at that point. I had $200 balance on the card which I paid off that very day. I was really sad to have to close my Disney Visa. I really loved my card, all red and sparkly with Mickey designs.

I still have another Chase credit card, but I use it very little and couldn't close it if I wanted to. I've had the account for about 20 years now. It started as a Wachovia and the account has been bought out several times over through several banks, Wachovia, Bank One, First Chicago, etc. If I close that, I'd lose most of my credit history which would also negatively affect my credit rating.

 

[CathrynRose]

Since Chase left my online account actibve but cancelled my card, I decided to send them a message in the message center. Just thought I'd share. You'll have to read from the bottom up.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Date: 08-05-2009 09:31:08
To: Credit Card Support
Subject: Re: Message Acknowledgement
Message:

I checked my current experian credit report, and no soft or hard inquiry was placed on my file by Chase; so that's a lie. I have almost no balance on any of my bank cards, my utilization is only at about 15-20%; and I only have two open bank cards other than Chase which still has not been closed on the CRA. I also make $85,000 a year. In other words, I'm severely more creditworthy than other customers you have not cancelled.

I've read many online forumns from people that Chase has also victimized. I guess Chase only wants customers that don't pay their bills. My WAMU (Chase) account was being paid just as an AMEX is paid. So please don't feed me the bull****. I'm not hungry.



-----ORIGINAL MESSAGE-----
Dear David,

We sincerely apologize for any inconvenience this may have
caused you.

After careful consideration, your account ending in (edited)XX was
closed on 07/14/2009 for the following principal reasons:

.Total available credit on bankcards is too low
.One or more accounts have high balances compared to
credit limits
.Too many active bankcard accounts

This decision was based in whole or in part on information
provided by the consumer-reporting agency noted below.
Other than providing information, this agency played no
part in our decision. If you have questions about our
decision to close your account, I recommend that you first
obtain a copy of your credit report from this reporting
agency:

Experian Consumer Assistance
P. O. Box 2002
Allen, TX 75013-0036

1-888-397-3742

http://www.experian.com/reportaccess

Under the Fair Credit Reporting Act, you have the right to
know the contents contained in your credit file. You can
receive a free copy of your credit bureau report from this
agency if you request the report within 60 days of the
date of your receipt of this letter. If you find that any
information contained in the report you receive is
inaccurate or incomplete, you have the right to dispute
the matter with the reporting agency.

You will continue to receive monthly billing statements.
You may make at least the minimum monthly payment until
the balance is paid in full or you may elect to pay the
entire balance. Your account will remain subject to the
current terms and conditions associated with the account.


If you have any further questions, please reply using the
Secure Message Center.

Thank You,

Mandar Khatoo
E-Mail Customer Service Representative

1-800-918-9171

Account is owned by Chase Bank USA, N.A. and may be
serviced by its affiliates.

The Federal Equal Credit Opportunity act prohibits
creditors from discriminating against credit applicants on
the basis of race, color, religion, national origin, sex,
marital status, age (provided that the applicant has the
capacity to enter into a binding contract); because all or
part of the applicant's income derives from any public
assistance program; or because the applicant has in good
faith exercised any right under the Consumer Credit
Protection Act. The Federal agency that administers
compliance with this law concerning this creditor is the
Office of the Comptroller of the Currency, Customer
Assistance Group, 1301 McKinney Street, Suite 3450,
Houston, Texas 77010-9050.

We comply with Section 326 of the USA PATRIOT Act. This
law mandates that we verify certain information about you
while processing your account application.


**********************************************************
**********
DO YOU KNOW AT CHASE ONLINE YOU CAN ....
- Gain instant access to view and download your credit
card information.
- See and pay your bill online
- Transfer balances
- Change your address and much more....

**********************************************************
**********
PEC:36322

Original Message Follows:
------------------------

Chase sure closed a lot of WAMU cards, and tarnished
millions of credit scores. A real scam operation. I
guess my account was in too good of a standing for your
ridiculous company. What comes around goes around, and Chase
will burn in flames for this act of evil. Chase bank should be put on the national terrorist most wanted list for this act of corporate terror.


Attachment:

Good for you.

It still irritates me if I think too much about it. My g/f found a link stating they were to be closing all former WaMa cards by the end of the year. I asked her to send it to me, and now she can't find it.

I'm so very angry with them.