U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 11-21-2008, 12:16 AM
 
Location: Thousand Oaks, California
10,360 posts, read 2,260,272 times
Reputation: 1458

Advertisements

I am so upset, I have to vent

We have been Washington Mutual customers for MANY years (15+). They were recently acquired by JP Morgan Chase (this ruined Wamu). We have a visa card that we use pretty regularly. We charge it up and pay it off several times a year. Never a late payment, we always pay way more than the minumum due.

Previously we had an interest rate of about 8%, then about 3 months ago it went up to 14%. It bothered me, but I didn't do anything about the increase. So then we just got our bill for this month - and the interest rate went up to 30.9%.. We have excellent credit, no late payments to anyone!

I called them and they told us "tough luck" there is nothing we can do. They had no reason for the increase, and just kept telling us they were sorry. Sorry is right! We're going to pay off the balance and cancel our account.

They are not going to make a single penny more off of us!
Reply With Quote Quick reply to this message

 
Old 11-21-2008, 06:14 AM
 
3,717 posts, read 4,302,271 times
Reputation: 4722
Do you have a variable rate or fixed rate card?
Reply With Quote Quick reply to this message
 
Old 11-21-2008, 07:06 AM
 
Location: NY
1,416 posts, read 4,792,202 times
Reputation: 579
Are you sure that Chase also picked up WaMu's credit card services? That may not have been included in the assets that Chase acquired. Or Chase may have acquired the card services initially but then sold that to a third entity.

I believe that whenever a bank/credit card company changes its rate structure, they're required by law to send you something in the mail at least 30 days prior to when the change takes effect, to give you the opportunity to "get out". We pay our balance in full each month but we still get such mailings any time any of our credit card company's terms change (and that does include the cards issued by Chase, which my SO has two of, a Visa and a Mastercard).

But if you have a variable rate credit card, as the other poster asked about, then perhaps the company is not required to give any notice and can do whatever they want. (Why would anyone want a variable rate credit card though? It sounds like a budget accident waiting to happen!)
Reply With Quote Quick reply to this message
 
Old 11-21-2008, 08:57 AM
 
8,650 posts, read 14,480,368 times
Reputation: 4554
I don't owe on any credit cards but if they did that to me I'd just stop paying... And I have always paid all of my debts off and on time. But sometimes you have to hit back even if it hurts you. Credit cards are the scum of the earth!
Reply With Quote Quick reply to this message
 
Old 11-21-2008, 09:39 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,473 posts, read 13,030,963 times
Reputation: 6289
Don't cancel the account. It hurts your credit score. Pay it off and stick it in a shoe box. Whip it out every 3 months and buy a soda at the gas station. Pay off the soda. Or you can just not use it at all and they will eventually cancel you. This is better than you cancelling them.

Your credit score is an amalgamation of your credit history. If you've had the card 5 years and been an excellent payer and cancel then *BAM* - you just lost 5 years of good credit history.

Just get another card.

How do I know this? Because I had 3 cards with a $34,000 line of credit - and when I paid them off, I cancelled them. I had a few missed payements, too. Even with that, my score was like 710. When I cancelled them all...it dropped to 630. The only card I could get was a secured card ($500) from my credit union and one from Orchard bank....$300 dollar limit.

I now have a $9,000 one with BoA and a $10,000 one from Chase Amazon. That Chase amazon one is the bomb. I got like $500 bucks worth of free crap from Amazon last year. I use it instead of cash for everything.
https://www.chase.com/ccp/index.jsp?...enefits_amazon
Reply With Quote Quick reply to this message
 
Old 11-21-2008, 10:56 AM
 
Location: Thousand Oaks, California
10,360 posts, read 2,260,272 times
Reputation: 1458
Thanks for the info and advice everyone. Good idea about not cancelling the card... We just wont use it anymore. We have a $24000 credit limit on that card and I hate to give it up, but they are jerks!

We use Amex all the time, and pay off that every month. But sometimes you just want to float something a little longer... We do have some other cards, and we'll just use one of them.
Reply With Quote Quick reply to this message
 
Old 11-21-2008, 11:14 AM
 
Location: Portland, Oregon
7,091 posts, read 10,239,573 times
Reputation: 4099
Yeah, get another...Chase always has terrible cards. My favorite has been Amex, but Capital One treated me well for a long time before.

WAMU has always been weird to me, we tried to switch to them from Wells Fargo and they delayed my paycheck deposits at the opening of the account. After 2 I pulled my money out and told them if my paycheck direct deposit is delayed for a week and a half each time, there is no possible way I'm their customer. They of course said "Well, that shouldn't have happened"...it's like here are all the records of my calls asking what is going on and demanding it be fixed, and there was no fix during it was going on...should and shouldn't is irrelivent what is happening.
Reply With Quote Quick reply to this message
 
Old 11-21-2008, 09:33 PM
 
4,246 posts, read 8,951,657 times
Reputation: 1446
Quote:
Originally Posted by 70Ford View Post
Don't cancel the account. It hurts your credit score. Pay it off and stick it in a shoe box. Whip it out every 3 months and buy a soda at the gas station. Pay off the soda. Or you can just not use it at all and they will eventually cancel you. This is better than you cancelling them.

Your credit score is an amalgamation of your credit history. If you've had the card 5 years and been an excellent payer and cancel then *BAM* - you just lost 5 years of good credit history.

Just get another card.

How do I know this? Because I had 3 cards with a $34,000 line of credit - and when I paid them off, I cancelled them. I had a few missed payements, too. Even with that, my score was like 710. When I cancelled them all...it dropped to 630. The only card I could get was a secured card ($500) from my credit union and one from Orchard bank....$300 dollar limit.

I now have a $9,000 one with BoA and a $10,000 one from Chase Amazon. That Chase amazon one is the bomb. I got like $500 bucks worth of free crap from Amazon last year. I use it instead of cash for everything.
https://www.chase.com/ccp/index.jsp?...enefits_amazon
No, cancelling cards does not hurt a credit score. You said you had some dings. That is what hurt your credit score. Read - I had missed a few payments too. The new agency merely reviewed your history and realized you missed payments - and lowered your credit score.
Reply With Quote Quick reply to this message
 
Old 11-21-2008, 09:40 PM
 
Location: Los Angeles Area
3,306 posts, read 3,201,352 times
Reputation: 592
That chase Amazon card seems pretty neat. I mainly use Amex but I'd much rather get my rewards in a form of a Amazon gift certificate.

Anyhow, if they increased your limit this much its because they don't want you as a customer anymore for whatever reason.

Credit card companies look at far more than your credit score, they have a variety of scores based on where you shop, what sort of buying behavior you have etc. It ends up that certain behaviors (or even shopping primarily at particular shores) is high correlated with default.
Reply With Quote Quick reply to this message
 
Old 11-22-2008, 07:09 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,473 posts, read 13,030,963 times
Reputation: 6289
Quote:
Originally Posted by movin'on View Post
No, cancelling cards does not hurt a credit score. You said you had some dings. That is what hurt your credit score. Read - I had missed a few payments too. The new agency merely reviewed your history and realized you missed payments - and lowered your credit score.

Cancel a card, hurt your credit score (Page 1 of 3)

...canceling that card could result in a double whammy to your credit score, "because each card is scored individually, and then all your cards are scored together. (If) you've just canceled the card with a zero balance, (you've) lost a great individual score."

http://www.google.com/search?hl=en&q...+score&aq=1&oq=

Last edited by 70Ford; 11-22-2008 at 07:21 AM..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance
Follow City-Data.com founder on our Forum or
Similar Threads

All times are GMT -6.

2005-2017, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32 - Top