The summary:
In May 2007, Washington Mutual more than doubled my interest rate to 26% despite my flawless credit. On 11/15/07, WaMu DECLINED my request for a lower interest rate and disclosed that it utilized FICO and internal credit scores to determine that I am a high credit risk. Greedy vile bankers don’t deserve to get paid and I stopped paying this account. Chase recently announced that it will no longer utilize credit report data to rate existing accounts. What will it take to get WaMu to stop this vile practice?
It looks like they’ll go out of business rather than changing their vile practices.
On 6/30/08 I spoke for about 2 hours to their clueless collectors. 6/30 was the they charged the account off unless I agreed to a payment plan and they tried hard to get me to accept their 50% settlement offer.
They also kept emphasizing how they wanted to help me preserve my good credit rating. Of course that’s complete BS, as they refused to delete the derogatory data if I settled.
WaMu raised my interest rate to 26% when my credit was FLAWLESS.
So what kind of “good” credit would I have with a paid CHARGE-OFF? Would they charge me 50% interest?
NO THANKS!
Also, agreeing to a payment plan BEFORE the account is charged off will DESTROY your credit as they will continue to report is as LATE and OVER LIMIT until you are current and below your limit. If you don’t have the cash to get that accomplished with the first payment, your most recent delinquency will be more RECENT than if you let the account charge off. And even after you are current, your FICO scores will be LOWER than if you let the account charge off because your B/L ratio will be extremely high for a very long time
It makes no difference to FICO scores whether the account was 60 days late or charged off, the IMPORTENT data is the MOST RECENT DELIQUENCY.
My FICO scores could be around 700 a year after the last chargeoff if I had about 10-15% of the charged off amounts and I WANTED to improve my scores.
The HIGH 50% settlement offer
I told the WaMu collectors that I routinely settle accounts for clients for 10-25% and that even if I WANTED to settle the account (which I don’t), there’s no way that I would accept this horrible offer.
I talked to collector Goodwin (if that’s his real name) for about 1.5 hours. It was HILARIOUS when I heard the other collectors celebrating, yelling, screaming and clapping right after he stated that my account would be charged off in a minute. It suppose the occasion was that the WaMu quarter ended or maybe they’re so happy every day when they can go home. It sure was very funny.
He threatened me with harassment calls for the next 7 years.
When Washington Mutual goes out of business (hopefully soon) or if they sell the account, some debt buyer will start collecting and they’ll get my notice requesting that they not contact me again. Of course I’ll blog what happens.
My credit rating is currently irrelevant.
I’m not looking to finance ANYTHING and instead of wasting my time and money on credit, I’m working on helping this corrupt system implode.
It’s time for CHANGE — and I’m not talking about the Obama change to the New World Order and a police state.
I have never even taken a call since the one or two where I wound up screaming. I am literally afraid to answer the phone. They are calling my cell now. Last night my Doctor’s partner called me, and commented on my voice. I am sure I was ashen, but took the call because she had important medical stuff to tell me. Asked me if I was OK
Make sure you let them know that they’re calling your cell phone and that you do NOT give them permission to call your cell phone — in WRITING with delivery confirmation.
There’ve been times when I screamed too and most of the times I don’t answer. But I have some great recording, just hope I’ll get around to post some excerpts.
I always thought that WaMu was a good card to have. I’ve been an excellent costumer for the past 3 years. Two months ago they recieved a payment 2 days late (so they say). Well they didn’t hesitate to raise my rate to nearly 31%. Do these people not have a soul? Everytime I call to have them lower the rate they state that I was late back in Aug (2 freaking days). I’m so frustrated with this company. I wish I new a way to really stick it to them. I really hope they go under. One thing I don’t understand is how anyone could work for a company like that. How do they sleep at night? Sorry for the out bursts but I just want to scream.
I know how you feel and fortunately, I DID stick it to WaMu. I’m VERY happy to have contributed to their demise by REFUSING to pay.
I don’t even know which company has the credit card accounts now. I’m sure you heard that WaMu went out of business.
With regards to the people who work for WaMu and other corrupt organizations, many don’t have a choice, they just answer phones or make collection calls.
However, the PEOPLE who make the DECISIONS will fry in hell, if there is a hell.
Of course the best way to put them in their place is to quit paying the MAXED OUT account.
Unfortunately, that will ruin your credit and might even result in a judgment.
Personally, I couldn’t care less, whoever owns the credit cards now, bring it on!
I don’t look at like they went under, they were bailed out. I believe that Chase Morgan bought them out. I hope they are better to do busness with, once the take over is complete, probably another year from now. It makes me sick that the corrupt banks are getting bailed out, and we’re left hanging. The mob has better interest rates then them. I’m not ready to ruin my credit just to stick it to them to the A hole credit card companies (just not at that point yet). I will continue to pay on time and try to have the balances transfered, I’ve even considered going to a credit councelor (they can get the interest down to 10%). I think they are in consperacy with the card companies, why won’t they lower the interest rates like that for a good customer? I’m at a point were I don’t know who to trust, but I want to get out of this mess. It won’t be long until I’m at the point were I can’t pay them anymore, and I have to do something. Expecially with Christmas around the corner, food expensive, gas is expensive, utilities have gone up and three small children (I know most of America is in the same boat as me). I hope something changes soon, someones got to change the way that credit card companies are aloud to ruin lives. In my opinion they are just as bad as the mob, the only difference is they are legal.
” I’ve even considered going to a credit counselor (they can get the interest down to 10%).”
That’s the absolute WORST thing you could possibly do. You’ll ruin your credit AND you pay them!
I know that Chase got the deposit accounts, but don’t know about the credit cards.
I highly recommend that you take the 3.5 hours to watch The Money Masters and some of the other documentaries at http://creditfactors.com/resistance/viewforum.php?f=2
Chase and Citi are the primary beneficiaries of the credit crisis.
“In my opinion they are just as bad as the mob, the only difference is they are legal.”
You have NO idea how right you are. They’ve killed everybody who ever posed a serious threat.
Educate yourself and spend you money wisely.
You’re hoping for change, well, we’ll see change, but not for the benefit of the people.
Prepare for the worst.