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

[momxx5]

Ok, sorry to bear some bad news......if a cc company contacts you to close your account for an amount less than owed.....payoff $360 on $500 owed, you will recieve a 1099 showing earned income for the $140 forgiven debt. Plus your credit report will show a "closed by bank w/settlement" which stays for 7 yrs. This is happening all over the place because the minute people stop paying the banks start scrambling to get some sort of payment.

 

[CathrynRose]

Ok, sorry to bear some bad news......if a cc company contacts you to close your account for an amount less than owed.....payoff $360 on $500 owed, you will recieve a 1099 showing earned income for the $140 forgiven debt. Plus your credit report will show a "closed by bank w/settlement" which stays for 7 yrs. This is happening all over the place because the minute people stop paying the banks start scrambling to get some sort of payment.

Forget that, then.

I'll be paying this off next month. It's not worth the hassle of it all.

You know, that was our 'what if.....' card. I liked having a nice open line of credit *just in case*, and for us, that was the card.

I really dislike Chase. ***shake fist***

 

[Mrs.Reese]

My WaMu account that was purchased just had its limit lowered from $4000 to $2000. I'm still waiting for the letter. Thank goodness I don't anything on it. Its my "we just had a hurricane card and I'm waiting for insurance payouts." They're such vultures.

 

[btgandar]

I finally got the letter from Chase today. It is dated 7/7 and tells me that the credit limits on my cards are not high enough, thereby making me not credit worthy in their eyes. Although my limits are not high, I'm not sure how that makes me a bad credit risk, especially since everyone seems to be getting their limits lowered.

When I log on, my account looks exactly the same. No mention of it being closed.

 

[antree]

We have 2 accounts with them, which started off as WaMu. We received the letter saying our interest was going up. This week my DH gets on line to pay the bill and there it is they lowered our credit limit. I am so sick of them. We have been getting screwed all year with the credit card companies.

 

[rparmfamily]

I learned my lesson years ago with a Chase C/C. Closed it and paid it off. Now I only do business with credit unions and USAA.

 

[lovemyzoe]

For those concerned about banks closing accounts, it looks alot better on your report if you close it vice them closing it.

When a bank closes your account, your report will read "closed by credit grantor" which will prompt all the others reviewing your account to think you are less creditworthy.

I had a Syms card that I did not use and did not carry a balance. They closed my account and listed it as such which is a double wammy!

Wow, I didn't know this. That actually convinces me to go ahead and close my other Chase card!

I had two originally - one for my side business and one personal. The business one was an Amazon Visa, and a couple weeks ago they closed it for "inactivity". Yeah, I only used it once every few months, but it still confused me given that I haven't used my personal one in YEARS and they didn't close that one. ???

Anyway, on the personal one, while they've shown no signs of closing it, they did just raise the rate on it from 6.9% fixed to 14.9% variable. I was going to go ahead and leave it open, since I never use it anyway, because I didn't want to take the hit on my credit report. But what you say makes sense...I think I'm closing it after all.

Chase sucks.

 

[Mad4Mickey]

We closed our Disney Chase a couple of years back , and then I closed me WaMu when they took them over. I stay away from them if I can at all . Just bad juju with them .

I love Wells Fargo and have had nothing but good luck with them .

 

[Aristomommy]

I used to love my WaMu card, but now they are Chase and I don't see a reason to keep it open. I already have a Disney Visa, which I use for rewards and for 0% travel. They raised our WaMu APR immediately when they became Chase for no reason at all, especially when the card didn't have any charges on it. I will be closing it soon.

 

[bumbershoot]

I really, really liked WaMu. And I really, really dislike Chase.

Agreed. We only have a checking and savings with them, and we weren't keeping much of anything in there after Chase was basically given WaMu, but next month we're closing it all.

The last time I went into my bank, which was once a WaMu location, now Chase - I asked the girl (who I remember having been there with WaMu) how working for Chase was - because I hated them as a bank.

All my local wamus had just recently been redone. They were beautiful. Chase came in and gutted the interiors. Talk about a waste of money! And now they are hideous, each and every one of them.

The employees are all the ones formerly with wamu, and they are like shells of their former selves. Stepford Wives. Pod people. I think they are having to just exist without thinking or caring right now, because it's all so different.

...and tells me that the credit limits on my cards are not high enough, thereby making me not credit worthy in their eyes.

Boy that sure sounds logical of them! Sounds like they're making some *great* decisions...

The one thing I learned last time I spoke with a wamu/chase person for long, and we were in her cubicle, is that wamu as wamu was NOT making bad mortgage loans. Rather, somewhat recently they acquired some other place....Long Beach Credit Union...or some such place, that WAS making bad loans. So then everything hit the fan and everyone pretended like wamu was making these loans this whole time...until she told me that I was feelin' kinda silly, because we hadn't tried for mortgage, thinking that wamu was one of the harder ones to get! Thankfully I had that convo with her.

 

[ClarabelleCowFan]

Ugh! Looks like we are victims of the WaMu/Chase card being cancelled with no reason or warning too.

We have a WaMu card with $0 balance and went to use it tonite at Target and it was declined. DH was fuming but I remembered this thread and told him that apparently this was happening quite often with WaMu cards. We got home and he looked up the account online and it shows that the account is open with available credit.

He's going to call and find out what is going on. If they are going to close an account then they should at least NOTIFY their customers.

 

[hinodis]

Add me to the list. My WAMU turned chase card was closed as well.

 

[CathrynRose]

Ugh! Looks like we are victims of the WaMu/Chase card being cancelled with no reason or warning too.

.

Add me to the list. My WAMU turned chase card was closed as well.

Unbelievable.

 

[Free4Life11]

I have a Providian turned Wamu turned Chase card. Still open...but I'm crossing my fingers. I really miss the free FICO score I used to get with it

Of course that's the first thing Chase got rid of....they want you to pay for their stupid credit monitoring service

 

[PinkRhombus]

Ok, sorry to bear some bad news......if a cc company contacts you to close your account for an amount less than owed.....payoff $360 on $500 owed, you will recieve a 1099 showing earned income for the $140 forgiven debt. Plus your credit report will show a "closed by bank w/settlement" which stays for 7 yrs. This is happening all over the place because the minute people stop paying the banks start scrambling to get some sort of payment.

I was going to mention that settlement bit. They probably won't send a 1099 out for the $140 because it's under $600. But "technically" it would need to be reported on your taxes.


My stupid car loan that we paid off in 2002...they cashed the payment prior to the one we paid it off with, but it didn't post. We argued with them for months over that. They finally fixed it, but found it was listed on my credit report as "settled" and then I argued it via the credit reporting agencies for a while.

 

[hockeyprincess]

I have a Providian turned Wamu turned Chase card. Still open...but I'm crossing my fingers. I really miss the free FICO score I used to get with it

Of course that's the first thing Chase got rid of....they want you to pay for their stupid credit monitoring service

DITTO!!!!! Exact same scenario here....loved the free FICO score. At least I knew "about" where we were, my husband and I both had Providian/Wamu and I checked it every single month. Bummer.

 

[pixiewings71]

I just found out today that they closed one of mine that they bought out a few months ago from Providian!

No notice, nothing...they had sent me a replacement card about a week ago, so I went on to activate it. I have been paying it off.

What kills me is this account has been open since 2000 with not one late payment, over credit limit etc etc. Chase buys it and decides to close it. They couldn't tell me over the phone why but said they issued a letter on 7/7, well it's 7/18 and i haven't gotten it. They will "try" to reissue. I told her don't bother as I will have this all paid off in next month or 2.

I said that they are going to do major harm to my credit report due to closing an account that was paid perfectly for over 9 years and is the longest on there...you know what she said, "I understand, but we do periodically review accounts and could reopen it at some point" UGH....can you tell I just got off with them!

I do have another chase card, disney visa that I use and pay off..just use for the points. This providian is one that has carried a balance that I have just paid off as I could.

That's what mine was, originally Providian, then WaMu now Chase.

Just curious...

For those of you who have Chase cards that were formally WaMu cards, does it show the account as being closed (or no credit available) if you look at your account online?

My DH and I both have Chase cards, so I'm really worried about them closing our accounts. We never use them, but I still don't want the ding of a closed account on our credit reports.

Thanks!

Nope, it still shows I have a balance available. That's what ticks me off....and I still don't have a letter yet...it's been well over a week now, you'd think I'd have it. The lady on the phone said something similar to what everyone else has said. I've had this card since 2004, if I've been late it was YEARS ago, I always pay a few days early, over the minimum payment and yes, I received a rate increase letter and paid off the card (about $700 balance), then I used it for vacation things intending to pay it off in the next couple of months in full, but just a couple days before our trip I did get another letter raising the interest rate yet again and they still closed my acct. DBF has one that was WaMu and his card has a huge limit, it's still open and has a GREAT interest rate....I'm going to dispute this, I want them to mark the acct closed by me and lower my interest rate, I am not paying 32% on an acct that's closed!! Either way, this balance will be gone in the next 2 months, which is what I'd planned originally. My Disney Visa appears to be still open, they better leave it that way too, I want the reward $$$!

BTW, I do my personal banking via credit union, my car loan is thru a credit union as well. Oddly I don't have a cc thru my credit union...I don't know why honestly, I'll have to look into that.

 

[robinb]

I do want to warn people about getting a credit card from their own bank or credit union. If you should fall behind on your payments the bank/CU will seize your accounts to make the payments for you. A DISer had that happen to her last month and they emptied her checking account. She then had to scramble to stop the automatic deposit of their paychecks or the CU would have taken that too and left her nothing to live on.

We have a Chase Disney Visa and our card is still OK *knock wood* ... but we charge a bunch on it and pay it off every month.

 

[kckmom]

Did you lose your reward points as well? That would really stink

I had a Disney Visa from 2005 and had quite a few points accrued, my DH lost his job and then I could only make minimums, then was late. They cut my available credit, and only because I asked them to check during that phone call, did I avoid an over limit fee. (How can they reduce your limit to less than you owe, is that even legal? and to then CHARGE me for being over the limit???!!! )

Anyway, when I checked my statement next time around they had taken ALL my rewards points away. They said it was in my paperwork. Basically, I spent 2 years in good standing and after 2 months, all of it was gone, and they wanted to send me to a lawyer for a $250 balance, unreal. They are the WORST credit card company, not willing to work with you, and very unsympathetic. Go with someone else.

 

[Chris]

when you logged on to your account, did it say closed??