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

[pixiewings71]

UGH!

I still don't have a letter, does anyone?

I finally got mine, but it took 2 weeks to get it!! As I said in a PP, it cited too many other creditors, too little time with credit history (I've had this card since 04) and too many other cards over my limit, of which I have absolutely NONE!!!! I think this is ridiculous!! and I too found out because I tried to use the card, Thank goodness I had another one with me at the time!!

 

[Boston Tea Party]

You know, the funny thing is that DH has a Chase card with three times the limit of the dead WAMU card. This whole thing is SO aggravating.

 

[polineedyan]

You know, the funny thing is that DH has a Chase card with three times the limit of the dead WAMU card. This whole thing is SO aggravating.

read my prior post..lol..

 

[Boston Tea Party]

read my prior post..lol..

Sorry, there are so many that I cannot keep up...

 

[housemouse]

I got the strangest phone call from Chase. Well, actually 2 or 3 of them before I called them back. They called wanting to check on my usage because they were worried about some possibly fraudulent activity. I hung up every time they called because I won't discuss my finances with anyone that calls me. And, because I figured it was because I had just gotten back from the beach and used my CC in a couple of states along the way to buy gas.

Well, I called them back this evening and I'm even more perplexed than ever. Evidently the suspected "fraudulent activity" was on PAYMENTS that I had made to them and that had already cleared last month. I'm really more confused than ever.

Hmm. I think I'm going to call them back.


On another note. Has anyone that's had their Disney card closed by Chase had it since Day 1?

 

[housemouse]

OK. Called them back and got the security department. Evidently first dude knew not of what he spoke. It was my gas stops traveling to and from the beach.

Did they seriously think someone was making my payments for me???

 

[robinb]

On another note. Has anyone that's had their Disney card closed by Chase had it since Day 1?

My Day 1 Disney Chase card (with a ridiculous credit limit) is just fine. I used it yesterday. ** knock wood **

 

[CathrynRose]

Did they seriously think someone was making my payments for me???

Or that you would care if they did?

 

[tinatark]

checked both of ours online - they're fine.

 

[Aristomommy]

My Day 1 Disney Chase card (with a ridiculous credit limit) is just fine. I used it yesterday. ** knock wood **

My Day1 Disney Chase has not had any changes to it, including credit limit or APR. My WAMU to Chase is still open (knock wood as well) but the APR has been raised every month, so the card will not be used.

 

[JB2K]

SO in today's mail, I get a letter from chase closing my account, originally with Providian, then WAMU!!!!!!!!!

That's it, in a nutshell.

The majority of these Chase account closures are coming from former Washington Mutual customers (and before that, Providian, which WaMu bought, a while back).

Thing is, Providian made their mark in the financial world during the "go-go 90's" by issuing a LOT of credit cards to those with questionable credit histories (and WaMu ended-up inheriting that mess when they bought-out Providian, which may have contributed to that downfall). It was conventional wisdom during the 90's that if finance companies got credit cards in everyone's wallet, consumer spending would be up and raise profits for both the merchants and the bank.

In other words, Providian Financial was subprime lending at it's biggest (long-before the word "subprime" became part of our lexicon).

As for Chase, I suspect they wanted the failed WaMu only for their extensive branch network to get the Chase name deeper into places like Florida and California, and not for a portfolio of subprime credit cards.

 

[disneyfan55]

That's it, in a nutshell.

The majority of these Chase account closures are coming from former Washington Mutual customers (and before that, Providian, which WaMu bought, a while back).

Thing is, Providian made their mark in the financial world during the "go-go 90's" by issuing a LOT of credit cards to those with questionable credit histories (and WaMu ended-up inheriting that mess when they bought-out Providian, which may have contributed to that downfall). It was conventional wisdom during the 90's that if finance companies got credit cards in everyone's wallet, consumer spending would be up and raise profits for both the merchants and the bank.

In other words, Providian Financial was subprime lending at it's biggest (long-before the word "subprime" became part of our lexicon).

As for Chase, I suspect they wanted the failed WaMu only for their extensive branch network to get the Chase name deeper into places like Florida and California, and not for a portfolio of subprime credit cards.

It would almost be acceptable if they closed out the subprime that weren't paying but they seem to be closing customers that pay in full each month. They didn't even send my daughter a letter that the accout was closed (I believe against FDIC regs) I told her to write a letter to the regulatory dept. that Chase has to report to. If enough of people do this maybe something can be done. By Chase, and other banks, closing and reducing credit limits they mess up credit scores and when all the new law take effect not many will have good credit scores anymore even though they always paid on time and even in full every month. Maybe we will go back to the payment of CASH again!! And all these high interest banks will have no one left to charge!!

 

[Panna]

Well, I got my letter from Chase yesterday. They are upping the APR on the Disney Visa's. I have until Mid August to make up my mind to opt out or not, and the rate increase does not affect the promotional APR that you may already have (I have a 3.99 for the life of the loan, anything over that amount is on the regular APR). I think it's time for me to charge the trip I want to take in December, get my reward points, then cancel the card.

I spoke to someone in customer service, more of the retention department who know's a bit more then what is in the script in front of them. They were explaining that the reason the credit card companies are raising their rates across the board, is because the new billed signed by the President that goes into effect next year, makes it that the credit card companies can not raise the interest rates on their customers who are not paying. So, we, the people who do pay on time and over the minimum get screwed.

If you do choose to opt out, make sure to talk to someone, they may have a different program they can put you on that allows you to keep the card open at a bit lower interest then what they were going to default you to, and perhaps not getting that hit to your credit.

I have decided that since I have my house and a good reliable vehicle (and my good friend is the finance manager at a dealership if I need another one), that at the moment, I don't care about my credit. The new bill will go into place, more havoc will be coming down on us, and I'll worry about credit later.

 

[disneyfan55]

Well, I got my letter from Chase yesterday. They are upping the APR on the Disney Visa's. I have until Mid August to make up my mind to opt out or not, and the rate increase does not affect the promotional APR that you may already have (I have a 3.99 for the life of the loan, anything over that amount is on the regular APR). I think it's time for me to charge the trip I want to take in December, get my reward points, then cancel the card.

I spoke to someone in customer service, more of the retention department who know's a bit more then what is in the script in front of them. They were explaining that the reason the credit card companies are raising their rates across the board, is because the new billed signed by the President that goes into effect next year, makes it that the credit card companies can not raise the interest rates on their customers who are not paying. So, we, the people who do pay on time and over the minimum get screwed.

If you do choose to opt out, make sure to talk to someone, they may have a different program they can put you on that allows you to keep the card open at a bit lower interest then what they were going to default you to, and perhaps not getting that hit to your credit.

I have decided that since I have my house and a good reliable vehicle (and my good friend is the finance manager at a dealership if I need another one), that at the moment, I don't care about my credit. The new bill will go into place, more havoc will be coming down on us, and I'll worry about credit later.

Yes, it's really a shame what banks are doing. Maybe (like in my post above yours) they will do themselves in by charging such high rates. Maybe people will ge used to paying cash again and not bothering with the cards. I think my son received a rate increase as well yesterday on his Disney Card. I haven't but who knows. I did charge a lot this month to receive the Disney Dollars (I will pay off once the statement comes) so I may be hit as well. The Disney Visa gives all these 5times bonus (I think in order for people to charge up necessary items and Chase to have a high balance to charge high interest on). I haven't received one of these since the fall of last year probably since I "used" the card and paid in full just to get the bonus. I didn't fall victim to keeping a balance for Chase to charge high interest on!! So no 5 times for me!! Punishment for paying off and not giving the bank high interest pmts!!

 

[robinb]

I spoke to someone in customer service, more of the retention department who know's a bit more then what is in the script in front of them. They were explaining that the reason the credit card companies are raising their rates across the board, is because the new billed signed by the President that goes into effect next year, makes it that the credit card companies can not raise the interest rates on their customers who are not paying. So, we, the people who do pay on time and over the minimum get screwed.

Oh! That's rich . The credit card companies are screwing people NOW and blaming it on mean old Congress which passed a law that prohibits them from screwing people in the same way next year. Let me break this out for them: . Did anyone really think that the credit card companies would go down quietly? The bill takes away some of their favorite (and oh so lucrative) dirty tricks.

What I don't understand is: exactly is what their business model? It doesn't make sense to cancel the cards of customers in good standing who are carrying a balance and paying in a timely manner. Those customers are their "meat and potatoes". It makes me think that they are trying to anger as many people as possible to have them run to their mean old Congressmen to ask for the consumer protections to be repealed.

 

[pixiewings71]

checked both of ours online - they're fine.

Don't be too sure, my now closed acct appears to be open too. I haven't tried to use my Disney Visa yet, I think I will today tho, just to check.

Oh! That's rich . The credit card companies are screwing people NOW and blaming it on mean old Congress which passed a law that prohibits them from screwing people in the same way next year. Let me break this out for them: . Did anyone really think that the credit card companies would go down quietly? The bill takes away some of their favorite (and oh so lucrative) dirty tricks.

What I don't understand is: exactly is what their business model? It doesn't make sense to cancel the cards of customers in good standing who are carrying a balance and paying in a timely manner. Those customers are their "meat and potatoes". It makes me think that they are trying to anger as many people as possible to have them run to their mean old Congressmen to ask for the consumer protections to be repealed.

ITA, as I've said previously in this thread my closed acct is my Pro-WaMu-Chase card, I opened it in 04 and sure I had a payment or two that I forgot to make early on but I made them as soon as I realized what happened, sure it went over the limit a time or two but I made payments as soon as I realized it, when I got the acct my credit sucked (just thru a divorce and my ex was a credit loser) so I used it to rebuild, I had the Providian acct and a Capital One card, both had low limits, I'd use them and pay them off, it worked great for everyone because the bank got their money and I got my credit fixed. I'm upset because this is one the cards I've had the longest, but it's also one of my low limit cards so I don't think it will hurt my credit score quite that much.

My Disney Visa is still open (as far as I can tell) with a low interest rate and my original limit, my fingers are crossed that it stays that way and I don't get the increase letter but if it does I'll deal with it at that time. I love my Disney Visa and the rewards I get, hopefully I can continue to use it but we will have to see what happens from here. Oh and my credit score is in the low 700's, at least it was last time I checked it, which has been a few months now. I miss being able to check that with my WaMu card, I loved watching that number go up!!

DBF still has his Chase card (he has his checking with Chase now due to the buy out) with a huge limit and a great interest rate, it will be interesting to see what they do with him. His credit score is in the very high 700's.

 

[fairygirl]

Huh. I had a Wamu and a Chase card then Chase bought Wamu. They both just showed up on my online statement with no issues. Mine hasn't been closed (yet) - in fact, they just UPPED my limit. I have great credit and always pay the full balance at the end of the month on both cards. HOWEVER, after reading this post, I just cashed in my rewards on BOTH cards and am going to look at a credit union. I think I have been very fortunate b/c I have had almost no issues with any bank or credit card, but I don't want it to start now!!!!

 

[Panna]

Don't be too sure, my now closed acct appears to be open too. I haven't tried to use my Disney Visa yet, I think I will today tho, just to check.
Oh and my credit score is in the low 700's, at least it was last time I checked it, which has been a few months now.

I bought a house back in October 2008, refinanced for a lower interest rate, no points and minimal fees in May 2009. My score was in the mid 700's, all payments on time, if not early (I usually pay as soon as they arrive in the mail because I get paid once a month, and it cuts down on the interest accrued). I was a "charter" card member with Disney, so I had that card when it was first with Bank One in 2003. I doesn't seem to matter how good your credit score is, how long you have been with the company or what your payment history is.

Wells Fargo closed the one I had with them due to inactivity, Bank of America has not made any changes so far that I recall, Discover upped their APR, as did the Chase Visa (Disney) and Chase Master Card (ToysRus), all "due to the economy". Well yup, they are helping it right along

 

[Free4Life11]

I spoke to someone in customer service, more of the retention department who know's a bit more then what is in the script in front of them. They were explaining that the reason the credit card companies are raising their rates across the board, is because the new billed signed by the President that goes into effect next year, makes it that the credit card companies can not raise the interest rates on their customers who are not paying. So, we, the people who do pay on time and over the minimum get screwed.

I think he was feeding you a load of bull! I mean really, was he trying to make you feel sorry for them? He is out of his mind! The new laws do limit their ability to raise interest rates, but they can still raise them in some cases:

Limited interest rate hikes: Interest rate hikes on existing balances would be allowed only under limited conditions, such as when a promotional rate ends, there is a variable rate or if the cardholder makes a late payment. Interest rates on new transactions can increase only after the first year. Significant changes in terms on accounts cannot occur without 45 days' advance notice of the change.

http://www.creditcards.com/credit-card-news/help/what-the-new-credit-card-rules-mean-6000.php

 

[Chicago526]

I spoke to someone in customer service, more of the retention department who know's a bit more then what is in the script in front of them. They were explaining that the reason the credit card companies are raising their rates across the board, is because the new billed signed by the President that goes into effect next year, makes it that the credit card companies can not raise the interest rates on their customers who are not paying. So, we, the people who do pay on time and over the minimum get screwed.

No, he doesn't know jack about anything. He got it completely backwards. They will only be allowed to raise rates on those that don't pay or pay late. They will no longer able to rate-jack those in good standing.

Yeah, cry me a river!