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

[twinklebug]

Good letter DaveClan. Although I don't think it will change their decision, it certainly lets whomever reads it know their company is lying & might change their future (go work for a good company)

Chase cut my limit by 40% without notice (I was on vacation when they did it too - good thing I don't use them on trips )

I'd like a Disney card for some of the discounts offered to holders, but Chase has denied me twice and the reasons they give are bogus stating that my balances are too high (huh? they're over 80% free!), Lack of long credit history (LMAO - I have one card that's well over a decade old, late payments (This is getting serious, Who's credit report DID they pull I wonder? I'm a freak about paying all bills asap and have no record of late payments.) I pull all three credit reports yearly & they look good with exception to Capital1's practice of not reporting the card limit, but rather the balance. But even taking that into consideration - the other two items Chase stated seem to be random dart tosses into the blue, just so they could have 3 items to list. I think the problem Chase has is I pay all my bills and don't carry balances unless a darn good deal comes along (zero apr for 12 months anyone?)

I'm trying to write Chase off as not worthy and telling me there's a reason it didn't happen & probably in my favor... let it be I'm sure Chase is having enough issues with the economy & I don't want to be one of their victims.

But then I wanted to get in on the Southwest airlines card offer for 8 bonus points and guess who's running their card?

 

[Planogirl]

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.

They closed a ton of Chase cards before they got to WaMu. Maybe they needed time to sort through the WaMu accounts since they haven't had them that long.

 

[mom2twinz3]

IMHO, they should have been upfront that they intended to close the WaMu accounts when they sent the interest rate increase/opt-out letters and given folks the option of closing themselves to minimize the damage to their scores. The whole way this was done was so dishonest and damaged credit-worthy people needlessly. It gave people the impression they could accept the higher rate and keep their cards. Frankly, I think there should be some way to make the credir agencies completely disregard WaMu/Chase closures when computing FICO scores. I don't know if that is possible, but it should be as that would be the only fair thing to do at this point. Won't happen though.

 

[tlenzendorf]

Another Chase victim here. I received a letter saying they were raising my minimum payments from 2% to 5%. That would have ruined me financially. I did the CareOne Credit counselling. Meant Chase had to eat my shorts, the interest rate is a flat 6% as long as payments are made ontime. The payment is also $525 less a month than it would have been had I not done that. Now I'll be credit card debt free in a short 54 months I wasn't in trouble per say, I had always made ontime payments a full month before they were due, and $5-$10 more than the minimum payment for about 7 years now. I couldn't believe they were doing this to me. The CareOne thing really saved me. I'm not trying to advertise them or anything, I just think if you will be in trouble like I would have been, thats the way to go instead of truly wrecking your credit with bankruptcy which was my only other choice.

In short, credit cards are the devil and I wish I'd never gotten mixed up in them.

 

[goofy4tink]

I'm so glad to find this thread....I just couldn't figure out what had happened to get my account closed. Nothing has changed for at least a year. But, I tried using my card and it was declined..more than a bit mortifying!! I checked online, and found nothing. Plenty of credit remaining, so figured that wasn't the issue. Then, 10 days later, in late July, I get the letter the rest f you got. Yes, I had Providian, then WaMu, before Chase bought them out. I still have WaMu listed as holding my mortgage but who knows how long that will last.
yes, my balances are a bit on the high side, but I pay more than the minimum every month. Now??? I'll be doubling those payments. I need my Chase Disney Visa..my dh uses it for work expenses. But once those cards are paid off, I'm done with credit cards.

But, I'm so glad it wasn't just me. I was going nuts trying to figure it all out. My dh is going to bust a gut laughing when I tell him about this thread.

 

[Aristomommy]

I finally received the letter that I was waiting for: my ex-WAMU card is now closed. I had put some purchases on it to keep it active and I paid it off right away. It will be interesting to see how this affects my credit overall.

I did a quick google search on chase closing these accounts and it is now clear why Chase is doing this. WAMU cards are considered lower credit limit and pose a greater risk of default. Chase is reporting a 10% default rate on their cards, but ex-Wamu cards are defaulting at 24%. Sound like someone made a conclusion that all ex-Wamu accounts need to be closed because of this. It's incredibly unfair to responsible customers and if it wasn't for my Disney Visa, I would not use chase at all after this.

 

[CathrynRose]

I happened to log into my accounts today, and looked at my (used to be WaMu, now) Chase card.

Do you know it STILL shows available credit and STILL shows as being open!! From being closed over a month ago??

They're pathetic.

 

[4 DZNY NUTZ]

I happened to log into my accounts today, and looked at my (used to be WaMu, now) Chase card.

Do you know it STILL shows available credit and STILL shows as being open!! From being closed over a month ago??

They're pathetic.

me too

 

[twinklebug]

Your accounts are still "open" to charges that may have been authorized prior to the account being closed. I believe they may have to wait several months to make sure there are no outstanding bills to shut the card down totally. Until then, they have the system programmed to keep your last credit limit, as well as credit available (limit minus current balance) displayed and if an authorized charge comes in that will toss you over the limit they can still hammer you with an over the limit charge.

"Available Credit" and "Active Account" are very different terms.

 

[CathrynRose]

Just wondering....

My card was closed on 7/10 this year.

Today - November 29th - my card STILL shows available credit, and still shows as being open. Still shows cash advances I could take. It still shows as an open, available card. WTH?

Almost FIVE MONTHS later - and they STILL haven't updated it?? Really???

Whatever....

Is everyone else's looking like this, too?

 

[*shandi*]

Just wondering....

My card was closed on 7/10 this year.

Today - November 29th - my card STILL shows available credit, and still shows as being open. Still shows cash advances I could take. It still shows as an open, available card. WTH?

Almost FIVE MONTHS later - and they STILL haven't updated it?? Really???

Whatever....

Is everyone else's looking like this, too?

Mine is the same way....I don't get it. I do have another card that I did opt out of on my own that actually says it is closed, though.

With what Chase has been doing to their cardholders, I can do without their cards, but I would like to know what is going on with the card that they closed.

 

[squirrlygirl]

Just wondering....

My card was closed on 7/10 this year.

Today - November 29th - my card STILL shows available credit, and still shows as being open. Still shows cash advances I could take. It still shows as an open, available card. WTH?

Almost FIVE MONTHS later - and they STILL haven't updated it?? Really???

Whatever....

Is everyone else's looking like this, too?

I had a Chase card I paid off and closed several years ago...when I got my Dis Chase two years ago (which be closed thanks to the 2nd notice about an interest rate hike I received last week....but anyway) the closed card showed up on my home page with available balance. When I called them they told me they kept them in the system for a certain period of time and it didn't mean anything (it WAS actually closed). Somewhere along the line it finally disappeared.

 

[CathrynRose]

I know this is an old thread - I wanted to come back to see the date, as it FINALLY says 'closed' if you sign on, online. A YEAR LATER!!

Morons....

This account is closed and not available for new transactions. If there is still an outstanding balance, please continue to make payments by the due date.

Anyone else?

 

[BLAZEY]

For a new bank, I'd recommend Harris unless you want a national bank. I have multiple accounts with them and always found them to be very helpful. Plus they're bigger than local banks, but not too big for their britches like the national ones.

Harris bank is actually an international division of a Canadian bank. Its parent company is BMO (Bank of Montreal here in Canada) and as such didn't suffer in the credit crunch.