Report: #374299

Report: Washington Mutual

Category: Credit Card Processing (ACH) Companies

Washington Mutual Why did they raise my rate ??? Seattle Washington

...MAKING GOOD CUSTOMERS PAY FOR THEIR BAD BUSINESS DECISIONS

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Washington Mutual

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wamucards.com
Seattle, Washington
U.S.A.

Submitted: Friday, September 19, 2008

Last posting: Friday, September 19, 2008

Davison, Michigan

I recieved my credit card statement from Wamu. In a very small box there was a sentence stating my interest rate was going up from 14.99% to 23.99%, yet I have not been late, missed a payment or gone over my credit limit.

When I called they told me I fit a "profile". Funny thing, I'm a 700 plus on the fico scale and no other companies say I fit their "profiles" and they need to raise my rate. I did find out I can cancel my account and keep the lower rate on a balance, but then I have to open a new credit card- I don't really want to do that. Anyone else been ripped off by this company that can'y seem to keep itself solvent any other way.

Kevinmi
Davison, Michigan

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MAKING GOOD CUSTOMERS PAY FOR THEIR BAD BUSINESS DECISIONS Laurie [9/19/2008]
Yup! That's what many cc companies are doing. Robert [9/19/2008]

Submitted: Friday, September 19, 2008

Posted: Friday, September 19, 2008

Laurie

Haslet
U.S.A.

MAKING GOOD CUSTOMERS PAY FOR THEIR BAD BUSINESS DECISIONS

They are making you pay for their losses in the sub-prime mortgage mess.

The bank is failing get out before they do anything worse then raise your rates.

they mismanaged my credit account so badly I closed my checking accounts with them too

Submitted: Friday, September 19, 2008

Posted: Friday, September 19, 2008

Robert

Buffalo
U.S.A.

Yup! That's what many cc companies are doing.

Sadly, that's what many, if not all, credit card companies are doing.

I few times in the past, my cc has attempted to raise my interest rate on my VISA card. Each time I called them and asked them to return the interest rate to the original level. When they balk I explain that I receive about 4 credit card offers per month and that if they don't return the interest rate back I'll have to accept one of the other company's offer and close my account with them.

So far, this has worked for me (802 FICO).

Do NOT make any additional purchases on this account or else the new higher interest rate WILL APPLY!

I would call them again and explain that you'll have to go with a different credit card company if they don't return the interest rate to what it was. If they refuse, then get another credit card and transfer the balance over to the new card and close the account.

BTW, your OLD interest rate was too high-I wouldn't have tolerated it. Look online, bankrate dot com is a good starting point to look for a lower rate card.

Good luck.

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