Wamu bought out by chase Higher rate
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Wamu bought out by chase Higher rate
| Sun, 03-29-2009 - 5:12am |
My CC was bought out by Chase. My Interest rate now stands at 28.24 on a 9000 balance. I emailed once and they claim back in Feb they sent me an "opt out" notice (which I either did not recieve or assumed it was junk) and since I did not opt out they upped it.
I asked them to close account (credit will take a hit??).
My Credit Score
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Well they have driven me away for life.
My Mom does not have a balance yet she is now closing her account.
They did the same to my ex, his account is next.
I was pretty stunned, I have purchased 2 cars in the past using chase and never again.....
It should be illegal.
In light of all the scams going on I thought I could trust them.
I'm wondering how they are determining who or why they go ahead and raise the interest rates on what accounts.
I would love to know.
I do not have BK, judge, liens, late payments etc.
My score sits at about 680 (I have been overextended I guess)
Discovercard did the same to me. They sent me a notice telling me that they will increase the interest rate from 15% to 20% come May, and that if I want I could opt out. I called them the next day and told them that I have been their customer for over 10 years and have never been late on any of my payments, and have indeed received a 0% interest transfer offer on another card, and wanted to see if they would match it or lower my interest, and they didn't care at all. They said I could opt out, but at this time they cannot lower it. I asked them why, and she said due to economy struggle.
What?
They did it to everyone that had the Providian/WaMu cards.
Welcome to the current credit market. Scary, isn't it? I had 3 cards that became Chase. One was already high. One went from 9% to 19%. The other becamse Chase, then got closed, right as I was trying to use it. That was embarrassing.
But you're not alone. And neither is Chase. BoA and AMEX are the other two right now that are doing this alot. Cutting credit limits AND raising rates. It's hurting everyone's credit, not just yours.
For myself, I had a 12,500 limit on a card with a balance of 845. The card, Juniper, slashed my limit to....wait for it.....850. Yup, next thing I knew, I was maxed out on the card. Ouch. I transferred it immediately, because all I needed was finance charge to hit, then an over the limit fee to hit, etc.
I personally don't think closing the account was a good thing. That too will hurt your score. Also, you may want to verify that Chase can NO LONGER raise your APR (some companies have their TOS written so that even if you close the account, if there's a balance, they can still raise rates, etc).
As of right now, it is legal. I believe there's a new law prohibiting certain kinds of actions like this, but that doesn't go into effect until next year. If President Obama steps in, who knows what'll happen.
I'm sorry this happened to you. Just know you're not alone. And it's happening to people with credit, 100x better than yours (even ppl with scores in the 800s).
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