jq26 Posted December 3, 2008 Report Share Posted December 3, 2008 - I've had my WaMu account for over 3 years. $3000 limit. - Chase just purchased WaMu. - Today, 12/2/2008, I receive this letter in the mail (paraphrasing):Welcome to Chase. Since you have not used your card in 12 months, we closed your card on 11/14/2008. We have already notified the CRAs that we closed your account. You have 30 days to use your rewards points that you accrued. Bye bye now.They closed my account.So far, Lowe's took me from $750 -> $212. WaMu closed my $3k platinum account. And my wife received a Macy's CLD from $10,000 to $1000 (she has an 815 middle fico). CLDs are coming across the board folks... Link to comment Share on other sites More sharing options...
Slow Eddie Posted December 3, 2008 Report Share Posted December 3, 2008 First of all, that sucks. Second of all... what the heck do you buy at Macy's for 10 grand?Eddie Link to comment Share on other sites More sharing options...
zfire Posted December 3, 2008 Report Share Posted December 3, 2008 I suppose that if one just has to use a card, it would be prudent to go online to the card site and check their limit before leaving home.It might save one from being caught in a situation with no way to pay for something. Link to comment Share on other sites More sharing options...
Slow Eddie Posted December 3, 2008 Report Share Posted December 3, 2008 On the bright side I haven't used my JC Penny card in 6 months. Maybe GEMB will do me a favor and cancel the card. That will save me the hassle of arguing with the CSR for 20 minutes to close it myself.Eddie Link to comment Share on other sites More sharing options...
prophet Posted December 3, 2008 Report Share Posted December 3, 2008 I've had wamu formerly providian since 12-2001, they are my longest open credit line , and i got my statement saying that my interest rate was being raised from 5.9 % to 15.9% . i owe 6800 on a 12200 cl. I havent called to protest yet but from what im reading it will do no good. I'm low 700s so im hoping i can transfer, wondering if anyone has had any luck negotiating lower rates since this mess happened. There is always the option to close the account and i can pay off my card at 5,9 under the old terms. Link to comment Share on other sites More sharing options...
jq26 Posted December 3, 2008 Author Report Share Posted December 3, 2008 I've had wamu formerly providian....That is how I became a WaMu cardholder. Just be careful- they may lower your credit line to the level of your current balance. They are clamping down. I don't care much about card closure- I use my 1% cash rebate card from Patelco for all purchases and it is true that I didn't use the card for 12 months. But I think zfire is correct. You may leave home with a card that is worthless. They took 3 weeks to notify me after closing the account. Link to comment Share on other sites More sharing options...
prophet Posted December 3, 2008 Report Share Posted December 3, 2008 that would be devastating for my scores. I am on commision sales and because of this slowdown my income has been down 25 pct. conversely i have run up 28k in cc debt on 60k in lines.. i have wamu, 12k 2 chase 10k, and 11k, citi, 8.7k, and boa 10k and hsbc 6500. I'm paying less then 7 pct on all those cards , im wondering if i should apply for a balance transfer before it gets even tighter or my lines are cut. thus raising my utiliazation and lowering my score. so far no cl decreases . Link to comment Share on other sites More sharing options...
girlfromga Posted December 3, 2008 Report Share Posted December 3, 2008 I to have a wamu card that I have had for 10 years. It was closed by Chase I have yet to get anything from them telling me they did it. I owed nothing on it and have not used it in several years. The way I found out was when I pulled my credit report and was looking over it like every month. There it was account closed by comsumer. Hun,,, I never closed the account didn't ask for the account to be closed. Around the 20th of Nov I logged into the account which I do each month to make sure there is nothing funny going on it was fine and happy and open. On the 25th of Nov I pulled my reports and wammo it was closed. Do I need to use all my card so they don't close them also. It's almost funny I try not to use them much when I do I pay more than the min. and always on time and I'm the kind of accounts they are closing. Seems like they would be kissing butt because I pay not closing me down.Oh well what's done is done and at least my Fico is not the only one tanking... It was 777 I don't know what it will be now. Link to comment Share on other sites More sharing options...
red1gtrubodsm Posted December 4, 2008 Report Share Posted December 4, 2008 Is Chase closing accounts that arent seeing util? or are they just doing this randomly? anyone else had them close an active account?I just opened a WAMU CC and I hope Chase doesnt screw me, but I also have my car loan with Chase so maybe that may help out too Link to comment Share on other sites More sharing options...
Dre Posted December 4, 2008 Report Share Posted December 4, 2008 Wow! And I even thought on their website awhile back and WaMu's: it stated Chase bank would not be closing any accounts.Funny how things change very quickly whenever things are going bad, or once everything is signed in stone. Link to comment Share on other sites More sharing options...
catnapped Posted December 4, 2008 Report Share Posted December 4, 2008 First of all, that sucks. Second of all... what the heck do you buy at Macy's for 10 grand?What are you going to buy there with only a thousand dollars? Link to comment Share on other sites More sharing options...
jq26 Posted December 4, 2008 Author Report Share Posted December 4, 2008 What are you going to buy there with only a thousand dollars?haha. I don't think my wife and I have ever spent $1000 in any store in the mall ever. The only and I mean ONLY reason she even has a Macy's card is because they do these sales where you get an extra 15% off if you use your Macy's card.The one card where I could use a higher limit is my Lowe's card. They knocked it down to $212. I own rental properties, and occasionally I have to buy refrigerators, washers, toilets, floors, etc. A $212 limit is chump change. Link to comment Share on other sites More sharing options...
lovebug5 Posted December 5, 2008 Report Share Posted December 5, 2008 I'm totally not surprised that Chase closed a card that hadn't been used in over one year... Link to comment Share on other sites More sharing options...
jq26 Posted December 5, 2008 Author Report Share Posted December 5, 2008 I'm totally not surprised that Chase closed a card that hadn't been used in over one year...I definitely should have used it and paid it off. It had never happened before so it wasn't on my mind.... Link to comment Share on other sites More sharing options...
jq26 Posted December 7, 2008 Author Report Share Posted December 7, 2008 Well at least they honored the rewards points I had accrued. I have a $20 restaurant gift card coming to me by mail. Let's see, spent $3200 to get 3200 rewards points. And for that I get a $20 card. Seems this rewards program wasn't all that generous... Link to comment Share on other sites More sharing options...
Flyingifr Posted December 7, 2008 Report Share Posted December 7, 2008 Well at least they honored the rewards points I had accrued. I have a $20 restaurant gift card coming to me by mail. Let's see, spent $3200 to get 3200 rewards points. And for that I get a $20 card. Seems this rewards program wasn't all that generous...Generous Banker? What other contradictions can you come up with? Ebeneezer Scrooge gave out bigger bonuses than that. Link to comment Share on other sites More sharing options...
jq26 Posted December 7, 2008 Author Report Share Posted December 7, 2008 Ebeneezer Scrooge gave out bigger bonuses than that. Its equivalent to a tank of gas for my Civic and a cup of coffee. I'm not that impressed. I managed to earn $92 from Patelco Mastercard this year. At least that was cash! Link to comment Share on other sites More sharing options...
Chester P. Dexter Posted December 7, 2008 Report Share Posted December 7, 2008 I opened a "Merrick Class H" bill yesterday and found that I have points. I looked through the site and discovered I didn't want a bottle opener, a frisbee, or a toy car. Nor did I want a $35 gift card to any one of the 1,000 stores they were offering cards for.Finally I located the "$25 check" option and it is on the way to me. The hub logged in, also had a similar number of points, and another check for $25 is on the way here.We felt like we "made" $50 doing nothing. Let's not get into how much interest we've paid to Merrick bank, though. But at least it'll be a nice surprise to get a few dollars in the mail in 6-8 weeks when we've forgotten all about it.That's one reason I love to check the mail. I always think I'll get a "surprise" check and sometimes I do. Link to comment Share on other sites More sharing options...
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