- Report: #353327
Complaint Review: Washington Mutual - Dallas Texas
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Author Confirmed
Why?
Washington Mutual
www.wamucards.com Dallas, 75266 Texas, U.S.A.
Phone:
866-892-9268
Web:
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Washington Mutual - WAMU raised my interest rate to 24.99% for no good reason Dallas Texas
I have had a Washington Mutual credit card account for several years now at a rate of 14.99% and a promo rate on some of the balance at 13.99%. On my last statement, I noticed the entire rate went up to 24.99%.
I thought maybe I had missed a payment or something was wrong so I called customer service. They told me they had sent me a notice, which I never received unless it looked like junk mail in the statement.
They confirmed that I had never been late on my payments to them but they could raise the rate because of a periodic credit review which showed that I was up to the limit on one of my other credit cards. I explained that I have had to use my card more than normal because of the recession and economy.
They said that there was nothing I could do except close the account or wait 6-9 months for them to reevaluate my account. Wait for what, so they could raise it more to 30 or 40%? I know that closing accounts will lower your FICO score but I closed the account, which hopefully doesn't cause the rate on any of my other cards to go up.
These banks are getting greedy and out of control with their shady practices of ripping consumers off. When is the government going to step in and regulate them more?
T Cornish
Port Orange, Florida
U.S.A.
I thought maybe I had missed a payment or something was wrong so I called customer service. They told me they had sent me a notice, which I never received unless it looked like junk mail in the statement.
They confirmed that I had never been late on my payments to them but they could raise the rate because of a periodic credit review which showed that I was up to the limit on one of my other credit cards. I explained that I have had to use my card more than normal because of the recession and economy.
They said that there was nothing I could do except close the account or wait 6-9 months for them to reevaluate my account. Wait for what, so they could raise it more to 30 or 40%? I know that closing accounts will lower your FICO score but I closed the account, which hopefully doesn't cause the rate on any of my other cards to go up.
These banks are getting greedy and out of control with their shady practices of ripping consumers off. When is the government going to step in and regulate them more?
T Cornish
Port Orange, Florida
U.S.A.
2 Updates & Rebuttals
Noir
City,Michigan,
U.S.A.
That Piece of Junk Mail was Indeed a TOS Change
#2Consumer Suggestion
Mon, July 21, 2008
....WaMu sent out TOS changes with all of the June statements...everyone got them (I am not a WaMu employee, just a cardholder). Read the TOS...they can change your interest rate for any number of reasons, not just because you are late for their account. The TOS agreement they sent in June's statements offered specific remedies for avoiding the increase. Draconian? Probably,but completely legal...no rip off here...you just didn't read the TOS. N-
Ken
Randolph,Massachusetts,
U.S.A.
Correction
#3Consumer Comment
Mon, July 21, 2008
Closing a credit account does not lower your FICO, it will likely raise it because it reduces your overall credit exposure. This, of course, is a voluntary closure, not the case when a creditor shuts you off due to poor credit practices. You did the right thing walking away from them.
