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

[OnePrincess]

Are you all advising to cash out our rewards on any Chase owned Visa card (mine isn't/never was WaMu)? I'm beginning to wonder about Chase's future. This might have been mentioned earlier - I haven't read all of the posts here, but my son's college loan is/was through Chase and they gave it to the Feds to take over. Is this odd? This is the only college loan we've ever had, so I'm just curious?

As for the school loans that happended to me too and I wasn't with Chase for mine. It was a new bill that passed that has the government taking over the student loans.

 

[rmom50]

As for the school loans that happended to me too and I wasn't with Chase for mine. It was a new bill that passed that has the government taking over the student loans.

ok.........thanks so much....that is what i suspected until i got wrapped up in this thread .

 

[Mahorn]

So I have a? I have just a chase visa never been from wamu ect i just got the change in terms notice. i use this card all the time but always pay it off before its due.

What are my chances that it will be canceled?

 

[CathrynRose]

Come to think of it, DH never got a Chase card either. He was just using the old WAMU one.

On his account on the website it showed open. Let me check it...

yep, even three or so days after being declined, calling and confirming that it was closed, it STILL shows available credit on the website login. Unbelievable.

OH, and still no letter...

Mine still shows available credit online - I never rec'vd a replacement card (still had a WaMu card) AND also still do not have a letter.

What are my chances that it will be canceled?

Your guess is as good as ours. We had no reason for ours to be closed. It seems like they've tossed everyone's accounts into a hat and are drawing names.

 

[CathrynRose]

I think I am going to cash out my Disney Visa rewards and buy a gift card with them. Better safe than sorry

Can you even do that? Buy a gift card with your rewards card?

Has anyone verified we can do this or has done this? I have a really good amount of dollars on that card, and I want to do *something* with it - before THIS happens again.

Have you guys looked at this site again (Former WaMa'ers being dumped by Chase: http://www.consumeraffairs.com/credit_cards/chase_credit_cards.html

The complaints continue to build up.

 

[tonilea]

I keep expecting ours to be axed, but we just got a letter snipping $500 off the credit limit.

I wonder if there is more to come.

 

[Mrs. Bradbury]

We have a former Wamu credit card and got a letter from Chase yesterday raising our interest rate to over 19% unless we opt out by mid-August. I'm pretty sure we're going to opt out because then it will show that we closed the account. I need to go back and look at the exact wording, because I want to make sure that if we do this, it will show that we closed the account, not Chase. I seem to remember it saying something like "if you choose not to accept these terms, we will close your account", emphasis on we. We toyed with the idea of not opting out and paying it off by October (when the rate is supposed to increase) since we're not using it anyway but just paying a balance, but they could close it at any time and we'll take a bigger ping to our credit score than if we had closed it.

 

[CathrynRose]

We have a former Wamu credit card and got a letter from Chase yesterday raising our interest rate to over 19% unless we opt out by mid-August. I'm pretty sure we're going to opt out because then it will show that we closed the account. I need to go back and look at the exact wording, because I want to make sure that if we do this, it will show that we closed the account, not Chase. I seem to remember it saying something like "if you choose not to accept these terms, we will close your account", emphasis on we. We toyed with the idea of not opting out and paying it off by October (when the rate is supposed to increase) since we're not using it anyway but just paying a balance, but they could close it at any time and we'll take a bigger ping to our credit score than if we had closed it.

Are you willing to accept the increase, and possibly have your card closed, anyways? Because that's what happened to me (and several others according to that Consumer Affairs link)

 

[Mrs. Bradbury]

Are you willing to accept the increase, and possibly have your card closed, anyways? Because that's what happened to me (and several others according to that Consumer Affairs link)

That's exactly what I'm trying to avoid! It's really a sad situation for cardholders. I will never, ever use Chase again; (not that I meant to in the first place I really liked Wamu). I don't have a Disney Visa, but I hope Disney chooses another vendor for their credit cards, too.

I'm pretty sure we're darned if we do and darned if we don't. And it seems we have lots of company.

 

[mom2twinz3]

Are you willing to accept the increase, and possibly have your card closed, anyways? Because that's what happened to me (and several others according to that Consumer Affairs link)

This too, is exactly what happened to us. In June, they increased the interest rate, and now they closed both cards. We have never been late and always paid way more than minimum. I would close the card yourself and not take the chance.

Since this has happened to a frighteningly large group of people, I'm wondering how it will play out long-term. Seems like no one is going to have a high credit score after all these antics. How will these companies survive if they can't/won't give any credit? Something has to give somewhere.

This is crazy.

 

[disneyfan55]

This too, is exactly what happened to us. In June, they increased the interest rate, and now they closed both cards. We have never been late and always paid way more than minimum. I would close the card yourself and not take the chance.

Since this has happened to a frighteningly large group of people, I'm wondering how it will play out long-term. Seems like no one is going to have a high credit score after all these antics. How will these companies survive if they can't/won't give any credit? Something has to give somewhere.

This is crazy.

It is really crazy. First they wrote off all the 90 days plus late, then they lowered limits on many paying customers, now closing accounts on pay in full/lg pmt customers. I have the cards just to earn Disney Dollars and cash back on AMex. I guess maybe no one will end up having Credit cards!! Then how will they get the high interest rates? My daughter didn't even get a letter from Chase when closing her account. I don't understand that one. She is writing to all the regulatory agencies in regard to it though. Maybe if they get enough letters something might be done. But by that time maybe another new law taking effect in the future so the CC companies can do what they want in the meantime.

 

[lshaw6]

Well, just received my notice from Chase raising my APR as of October. I'm going to call and cancel my card. This is ridiculous but I guess it will be good riddance! Guess we'll sit back and wait for one to come to my husband for his card.

Lisa

 

[hentob]

Seems like no one is going to have a high credit score after all these antics.

This is my main complaint They need to change the way FICO is run. The shifty credit card companies are calling the shots here and it is pathetic.

People that pay on time, every time are going to have their credit scores DESTROYED due to low available credit ratios. Then the banks won't lend to them. That starts a horrible trickle down effect where little to no spending (on things like housing) is going on.

Mind blowing

 

[dvcgirl]

This too, is exactly what happened to us. In June, they increased the interest rate, and now they closed both cards. We have never been late and always paid way more than minimum. I would close the card yourself and not take the chance.

Since this has happened to a frighteningly large group of people, I'm wondering how it will play out long-term. Seems like no one is going to have a high credit score after all these antics. How will these companies survive if they can't/won't give any credit? Something has to give somewhere.

This is crazy.

It's a massive credit contraction....and it's not over. Banks are decreasing their liabilities and getting their balance sheets in line by reeling in credit. In small credit contractions, only people with poor credit are affected...they've already been hit this time around. This one is so large that people with good credit are being affected. But essentially, people who need credit can't get it. And people who have credit aren't spending.

I'm curious though, are most of the people on this thread carrying balances or do any of you pay in full each month? We have an MBNA (are they still called that?) master card, a BofA Visa card a good old American Express (with no monthly limit as the balance is due in full each month) and I have an AMEX Open card for my business.

I would guesstimate that we have over 100K in credit available on those cards, but we never carry a balance. And we haven't seen our credit affected yet. Not saying it won't happen, just hasn't happened yet.

 

[Boston Tea Party]

Got the letter yesterday. Way to be timely there, Chase.

 

[chyam]

Well call this a shot in the dark or perhaps a waste of time but I just sent an email to President Obama, stating all of this and even a link to this thread. Yes maybe it is a waste of time but I figure I have nothing to lose. This limit lowering and interest rate increases are going to kill alot of us.....I always am on time, I always make much more than the minimum and I have always tried to keep 1 card with a high limit for emergencys, like a new roof, new ac or major car repairs, now with them lowering the limits I would be lucky to be able to even rent a car......I do not like the fact that the debt to credit ratio is now lowered which in turn affects my credit rating which was 750 not the best but pretty darn good.
I also have Discover balance chasing me, so every few months the limit gets lowered again to within a couple of hundred dollars of where I am......All I have to say that this whole mess will most likely make many more people start hoarding their cash and just file bankruptcy! I know several at work that are seriously considering it.
And add to that of being humiliated when trying to use a card and have it declined.....that would suck big time! So now when we go on vacation we will have to carry a wad of cash to pay for our rooms or our rental cars because none of us will know if our limit has been lowered in the few days we have been away from home.
Ok off my soap box for now......but maybe we should all rebel and just not pay them anything! Not anything I thought I would ever be saying, but I don't think it's fair that the good customers are getting shafted and paying for the ones who didn't in the first place, even though the credit card companies themselves are somewhat to blame for it to begin with by handing out cards to just about anyone and then hanging carrots out there with low rates on balance transfers and then turn around and change it on everyone!

 

[disneyfan55]

Well call this a shot in the dark or perhaps a waste of time but I just sent an email to President Obama, stating all of this and even a link to this thread. Yes maybe it is a waste of time but I figure I have nothing to lose. This limit lowering and interest rate increases are going to kill alot of us.....I always am on time, I always make much more than the minimum and I have always tried to keep 1 card with a high limit for emergencys, like a new roof, new ac or major car repairs, now with them lowering the limits I would be lucky to be able to even rent a car......I do not like the fact that the debt to credit ratio is now lowered which in turn affects my credit rating which was 750 not the best but pretty darn good.
I also have Discover balance chasing me, so every few months the limit gets lowered again to within a couple of hundred dollars of where I am......All I have to say that this whole mess will most likely make many more people start hoarding their cash and just file bankruptcy! I know several at work that are seriously considering it.
And add to that of being humiliated when trying to use a card and have it declined.....that would suck big time! So now when we go on vacation we will have to carry a wad of cash to pay for our rooms or our rental cars because none of us will know if our limit has been lowered in the few days we have been away from home.
Ok off my soap box for now......but maybe we should all rebel and just not pay them anything! Not anything I thought I would ever be saying, but I don't think it's fair that the good customers are getting shafted and paying for the ones who didn't in the first place, even though the credit card companies themselves are somewhat to blame for it to begin with by handing out cards to just about anyone and then hanging carrots out there with low rates on balance transfers and then turn around and change it on everyone!

This is so true. And I receive at least 1 or 2 preapproved credit cards a week!! I haven't had anything happen to me except have my interest rate go up on my American Express Blue card, I guess I really didn't consider that one since I never pay any interest anyway.. I pay off in full every mo. My Disney Visa still has a 10.24% rate (again never pay interest) I wonder how all this will play out once the CC companies ruin all the credit scores and they have no one to charge interest to!

 

[Julia M]

Okay, I am trying not to be paranoid, but am wondering what to do about my Disney VISA. I currently have about $650 in Disney Rewards, but they haven't been redeemed.

I am trying to save them for a family trip to Disneyland at Christmas 2010 or 2011. I do have a trip planned to WDW in Jan 2010, so could use some them.

If Chase unilaterally closes my account, do I lose the rewards dollars I've accumulated?

If itmatters, my current credit limit is 24K. I also have a Marriott VISA with a 25 K limit and Starbucks VISA with a 10K limit (I never asked for increases, it was just what I was given)

I don't know what to do.

Thanks

Julia

 

[disneyfan55]

Okay, I am trying not to be paranoid, but am wondering what to do about my Disney VISA. I currently have about $650 in Disney Rewards, but they haven't been redeemed.

I am trying to save them for a family trip to Disneyland at Christmas 2010 or 2011. I do have a trip planned to WDW in Jan 2010, so could use some them.

If Chase unilaterally closes my account, do I lose the rewards dollars I've accumulated?

If itmatters, my current credit limit is 24K. I also have a Marriott VISA with a 25 K limit and Starbucks VISA with a 10K limit (I never asked for increases, it was just what I was given)

I don't know what to do.

Thanks

Julia

I believe the letter says what will happen with the Disney Dollars but I think I would just get them on a rewards card and use them. Save the money if you weren't going to use them this Jan in an online savings account for the DL trip in the future. (in other words take the money you were going to use in Jan, put it in an interest bearing account and use up the DD) Who knows what time will tell. I don't have that many because I usually redeem them an use them up when we go to WDW (3 times in the last year) so I only have about 100 or so. I actually only have the card for that and the zero on vacation packages as well as the special offers. I, too, have high limits which based on many of the posts doesn't really matter. Banks have to report that "Unused portion" as a potential liability each quarter on the Call Report as well as other reporting so who know what their motives for lowering/closing Good Credit risks. Just what I would do with the DD.

 

[CathrynRose]

Okay, I am trying not to be paranoid, but am wondering what to do about my Disney VISA. I currently have about $650 in Disney Rewards, but they haven't been redeemed.



Thanks

Julia

Have we verified we can buy a gift card with them?

If not, can we buy Disney Dollars?