- Report: #411777
Complaint Review: Washington Mutual Bank - WAMU - Portland Oregon
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Washington Mutual Bank - WAMU
www.wamu.com Portland, Oregon, U.S.A.
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Washington Mutual Bank Unfair with credit card practices. Portland Oregon
I have been a savings and checking account customer with Washington Mutual for about 12 years, and a credit card customer for 10 years. I have two credit cards with WAMU...a Visa card (formerly Providian) and a MasterCard.
The cards have significantly different terms and it has been impossible to get anyone at WAMU to explain to me why I am being treated differently on the two cards. The Visa card is my oldest line, established in 1999, and has a $9400 credit line. But the APR is a whopping 31.99% and there is a $59 annual fee. There are no benefits or perks of any kind on this card. The MasterCard has an APR of 16.99% which is not great but fairly reasonable in my opinion. There is no annual fee.
I have a FICO score around 670 (not real great, I know) with no bad debts and no negative entries on my credit bureau reports. I am, unfortunately, carrying about $22K of credit card debt. I feel this is the primary reason my FICO score is not higher. However, to my credit, I always pay early and typically pay twice the minimum amount due on all of my credit cards.
Calls to WAMU are fruitless and frustrating. The usual excuses are offered (bad economy, employees can't change terms, etc.) and I've consistently been told I will receive a notice in the mail when there is an offer on my account. In the 10 years since I opened the account, I've not received such an offer.
I know I need to take steps to reduce my debt, and I am trying. I have also been somewhat successful in balance transfers to get better terms, etc. My beef with WAMU is they are my primary bank, represent my oldest line of credit, and should be working with me to help me with my finances instead of throwing out the anchor and blocking me every step of the way.
There is no reasonable explanation for charging me 31.99% on one card, while charging me 16.99% on the other. All of my other credit cards have better terms. I don't want to close the Visa card as it represents my oldest line and has the most available credit. I understand these two items weigh heavily on my FICO score.
I finally took everything in to a local branch and sat down with a manager. She was not empowered to do anything and had to call and speak to people in the same operation I have already tried. The result: there is nothing they can do and they recommend I just wait until the JP Morgan Chase acquisition is complete (in two to three months) at which time I can plead my case again and they may be able to do something then.
I guess I just want to let everyone know my story so you can make informed decisions about who you bank with and what credit cards you choose to use. Because of how I have been treated, I cannot recommend WAMU/JP Morgan Chase at this time. I am hopeful that will change.
Steve
Portland, Oregon
U.S.A.
The cards have significantly different terms and it has been impossible to get anyone at WAMU to explain to me why I am being treated differently on the two cards. The Visa card is my oldest line, established in 1999, and has a $9400 credit line. But the APR is a whopping 31.99% and there is a $59 annual fee. There are no benefits or perks of any kind on this card. The MasterCard has an APR of 16.99% which is not great but fairly reasonable in my opinion. There is no annual fee.
I have a FICO score around 670 (not real great, I know) with no bad debts and no negative entries on my credit bureau reports. I am, unfortunately, carrying about $22K of credit card debt. I feel this is the primary reason my FICO score is not higher. However, to my credit, I always pay early and typically pay twice the minimum amount due on all of my credit cards.
Calls to WAMU are fruitless and frustrating. The usual excuses are offered (bad economy, employees can't change terms, etc.) and I've consistently been told I will receive a notice in the mail when there is an offer on my account. In the 10 years since I opened the account, I've not received such an offer.
I know I need to take steps to reduce my debt, and I am trying. I have also been somewhat successful in balance transfers to get better terms, etc. My beef with WAMU is they are my primary bank, represent my oldest line of credit, and should be working with me to help me with my finances instead of throwing out the anchor and blocking me every step of the way.
There is no reasonable explanation for charging me 31.99% on one card, while charging me 16.99% on the other. All of my other credit cards have better terms. I don't want to close the Visa card as it represents my oldest line and has the most available credit. I understand these two items weigh heavily on my FICO score.
I finally took everything in to a local branch and sat down with a manager. She was not empowered to do anything and had to call and speak to people in the same operation I have already tried. The result: there is nothing they can do and they recommend I just wait until the JP Morgan Chase acquisition is complete (in two to three months) at which time I can plead my case again and they may be able to do something then.
I guess I just want to let everyone know my story so you can make informed decisions about who you bank with and what credit cards you choose to use. Because of how I have been treated, I cannot recommend WAMU/JP Morgan Chase at this time. I am hopeful that will change.
Steve
Portland, Oregon
U.S.A.
1 Updates & Rebuttals
Robert
Buffalo,New York,
U.S.A.
Consider replacing these cards.
#2Consumer Suggestion
Wed, January 14, 2009
""The Visa card is my oldest line, established in 1999, and has a $9400 credit line. But the APR is a whopping 31.99% and there is a $59 annual fee."" This appears to be their "default" interest rate. The usually apply this default rate if you are late (even by one day) or miss a payment. ""The MasterCard has an APR of 16.99% which is not great but fairly reasonable in my opinion. There is no annual fee."" My opinion is different. I do not consider 16.99% as reasonable at all. ""I have a FICO score around 670 (not real great, I know) with no bad debts and no negative entries on my credit bureau reports. I am, unfortunately, carrying about $22K of credit card debt. I feel this is the primary reason my FICO score is not higher."" I think your assumption is correct. If you can pay down this credit card debt your score should improve. I would shop around for credit cards with better rates. Even with your FICO at 670, you should be able to find something lover than 16.99% and you really need to get rid of the 31.99%. $22K is alot to be carrying on a credit cards. You might consider getting a loan from your bank to consolidate these debts at a lower interest rate. However, BE WARNED that a consolidation will reduce your interest rate and pay off the cards, but the danger is that most folks lack they discipline to NOT USE THE CARDS untill the consolidation bank loan is paid off. Most folks who get consolidation loans proceed to USE the credit cards and rack up high credit card debt AGAIN and still owe on the consolidation loan from a bank. You seem to understand what's going on and hopefully won't fall into that trap. Good luck.
