WaMu and Interest Rate

**atomicrc11** · 01-07-2008, 05:42 PM

Actually, just about anybody will do this. I know for a fact through people I know that Discover did this to them. All credit card companies say that they can raise your interest rate if your credit score is too low or you miss a payment on any card, not just the one that is raising the rate.

**Vapors** · 01-08-2008, 05:43 AM

If you call them they might lower it. You might also be able to move it to another credit card with a lower rate. If you own your home then you could also look at a home equity line of credit. But as you probably already know, it's best not to carry the balance at all.

Good luck with them and welcome to the boards.

**Caoineag** · 01-08-2008, 05:52 AM

There has to be something more going on here. Their latest policy change doesn't let them raise it unless you have been late twice on another card (used to be once) which is actually pretty laid back nowadays. As to random raising of interest rate, I had Capital One do that but it went to a normal rate, not to anything in that range (this was done to all their customer's with my card, there was a news article on it even).

If I was you and hadn't been late alot on some other card, I would be getting a copy of my actual report (not just the score) and see what was there. This is more than a credit score, this is negative items on your credit report.

**DannyCrowley** · 01-08-2008, 09:23 AM

Nothing bad on my credit report at all. I just got a new 12K line of credit with another company and I will transfer the 8K that I owe on that WaMu card to the new company.

I have called Wamu many times to ask for a lower rate and they refuse.
Be advised and advise your friends, this could happen to you if you use Washington Mutual.

**filifefc** · 01-08-2008, 09:29 AM

I would just sign up for a better card and do a balance transfer

**mikeinmkewi** · 01-08-2008, 05:48 PM

Originally posted by DannyCrowley View Post

Nothing bad on my credit report at all. I just got a new 12K line of credit with another company and I will transfer the 8K that I owe on that WaMu card to the new company.

I have called Wamu many times to ask for a lower rate and they refuse.
Be advised and advise your friends, this could happen to you if you use Washington Mutual.

I tried the same thing tonite - after going through 3 people and two supervisors, i got absoultley nowhere.....i'm going to write a nasty letter cuz that is horrible service. I'm in the same boat as you.

**DannyCrowley** · 01-09-2008, 05:00 AM

I tried the phone calls to all supervisors, the letters, everything I could and they refuse to lower the rate. Our only hope is congress, I am e-mailing mine all the time. They are talking about this now but no action has been taken. This must stop, 32% for a credit score of 650. This is plain robbery.

**PauletteGoddard** · 01-09-2008, 09:05 AM

I'm feeling morbid and pessimistic this morning: DannyCrowley, have you considered investing in WM stock? Finance.yahoo.com shows it has a 16.7% dividend. If you're put off because the company stock has tanked, perhaps take that nervousness as a sign that WM is fighting to stay afloat by denying you the recourse of renegotiating your APR. In which case, step off the Titanic, and if you're morbid and pessimistic, give a golf clap when the bank collapses into bankruptcy.

My kid has an account there, but it's small. I won't cry, because the tot has a much higher balance at a credit union paying much more interest, and because I'll be thinking of you and the others who were beset by usurious rates.

Fight for your interest and set your boots on Walking mode.

**DannyCrowley** · 01-09-2008, 02:05 PM

Paulette, I like your response !

**buzz** · 01-09-2008, 05:16 PM

Originally posted by DannyCrowley View Post

Nothing bad on my credit report at all. I just got a new 12K line of credit with another company and I will transfer the 8K that I owe on that WaMu card to the new company.

I have called Wamu many times to ask for a lower rate and they refuse.
Be advised and advise your friends, this could happen to you if you use Washington Mutual.

With a 650 credit score there must be something bad on your report, even if it is just a short history or high utilization ratio. The credit world is a bit topsy turvy these days, and banks are battening the hatches. The mere fact that you cannot pay off your revolving credit when a punitive rate is applied indicates that you are a bit over-extended.

I hope you can work things out to your advantage. For anyone else reading, this is more evidence that banks will screw you without a second thought. Think twice before giving them the upper hand in your finances.

**Hypersion** · 01-09-2008, 06:04 PM

Get up-to ~ $450 when you transfer $10K to a 5% savings and keep for 12 months: a list of > 100 credit cards sorted by possible re-investment profit (updated on 11/27/07) - iBankDesign

Do a no-fee zero % balance tranfers to a different card.

WaMu and Interest Rate