WaMu approved

[woohoogirl]

I was waiting until my 2 month post discharge to apply....however I was feeling lucky today. I applied and was approved for $2000!!!! I know that's not fabulous, but I was excited!!

[Flamingo]

Woo Hoo WooHooGirl! :-) Be good with that new card...how you handle it (don't let it handle you) is your ticket to future good credit....

[Stilltheone]

Wow congrats!!

I, too, have thought of getting a new credit card, but know that right now money is tight. If I got approved for it, I would use it, so I refuse to even apply for one right now.

Good luck!

[magyar123]

Beware of WAMU. Recent press reports, radio, tv, and papers list WAMU as a prime candidate for failing, like IndyMac Bank. THeir credit card portfolio is likely to be taken over by reeeaal BK unfriendly outfits like Chase, Citibank or American EXpress, who will likely cancel your card.

[HopeFaith]

Congrats! What a great feeling to have an emergency back-up in case you ever need it. Did you include Providian or WaMu in your filing?

[Flamingo]

Beware of WAMU. Recent press reports, radio, tv, and papers list WAMU as a prime candidate for failing, like IndyMac Bank. THeir credit card portfolio is likely to be taken over by reeeaal BK unfriendly outfits like Chase, Citibank or American EXpress, who will likely cancel your card.

If you have a WaMu card right now and yes there are issues as to Washington Mutual Bank and many other places besides, if you have had the card for a while, have not been late with any payments, etc., you do not have anything to worry about. If you obtained it recently, be stellar with using it. Worrying about things before they happen justs ups anxiety - no one knows if they will lose cards/accounts/loans, etc. during anything because their account is part of the entire portfolio if there is a merger or take over. If you are good with your credit on that particular card, you have nothing to worry about.

What IS occuring with some lenders is those having HELOCS finding that if they do not use those accounts, lenders are lowering the amount available for them to borrow upon (i.e., reducing their limit to $10,000 from, say, $50,000).

[cap350z]

I agree. Chase is very unfriendly. I once had a CitiBank Sony Visa. Never had any late payments on the card, just high utilization.

Chase took over the accounts and converted the card to Chase Sony Visa. They reviewed my account and immediately closed it. Then they raised the interest rate, and before I knew it, I was over the credit limit and the payments were almost $200 dollars a month. They were just adding to my financial problems.

So I decided to file 'chapter 7' and I placed Chase in the toilet along with my other debts that needed flushing.

And 'til this day Chase will not touch me. Until recently I got approved for a $3,500.00 student loan from their education finance arm. Pre-Approved BTW.

[Flamingo]

Chase is one of those few lenders that blacklists you if you include them in your BK filing. You will never be able to get credit with them again, even after it is off your credit reports. However, that does not mean they will cancel out a card that you have with a previous lender if they should take over that lender in a merger or buy out situation. It is always a good idea when out of BK to keep all credit cards obtained after discharge paid on time and a low or zero balance.

[woohoogirl]

Woo Hoo WooHooGirl! :-) Be good with that new card...how you handle it (don't let it handle you) is your ticket to future good credit....

I only got it for rebuilding. My plan is to buy liquid gold...I mean gas, with it and pay it off shortly thereafter.

I didn't include WaMu in the BK and I actually had one several years ago, but I paid it off and closed it or they too would have probably been included in the filing.

[HopeFaith]

My Husband went to the WaMu website, and it said that they do not allow you to apply unless you are a current customer or received a mail offer. Any insight on this? How did you get an application in?

[dp1969]

My Husband went to the WaMu website, and it said that they do not allow you to apply unless you are a current customer or received a mail offer. Any insight on this? How did you get an application in?

My husband and I have received several mail offers from WaMu since the discharge and finally took a chance and applied. We were approved! He got an $1800 and I, $2000 (). It's the Platinum Visa but I think that's the standard. We also were approved for the Orchard Master Card but I'm not getting these to use (for purchases). Just a SMALL purchase once a month to rebuild the scores.

[jlasky]

Whats going on with WAMU Cards, looks like they are trying to get everyone approvef. I hit the initial 1 year for my Chapter 7. I finally applied for the card, since I received my 4th flyer in the mail from WAMU. I was approved 7000.00, how and why? I don't understand why they would approve me at such a high limit. This was my first card I applied for and got approved... Wamu is doing something right/wrong?

[dp1969]

Whats going on with WAMU Cards, looks like they are trying to get everyone approvef. I hit the initial 1 year for my Chapter 7. I finally applied for the card, since I received my 4th flyer in the mail from WAMU. I was approved 7000.00, how and why? I don't understand why they would approve me at such a high limit. This was my first card I applied for and got approved... Wamu is doing something right/wrong?

It is a bit crazy but I'm going to keep this one (WaMu).

Just received the Orchard Bank Master Card in the mail and the initial terms have changed. When I applied, the terms & conditions stated a $35/annual fee. Now that I have the "updated" terms and conditions with the card in hand, it stated $60/annually and billed each cycle ($5.00 month). Not liking that at all. I will use it once, pay it off and then cancel after the 1st year. Seems they changed the terms 7/18/08. Even though I read the terms differently, makes you see how people get trapped in the cc debt in the 1st place. My husband just now realized how important this is, although, too late after BK.

Just got the mail...yet again, another WaMu application for the both of us.

[funspot08]

Credit Misunderstanding

I will use it once, pay it off and then cancel after the 1st year. Seems they changed the terms 7/18/08. Even though I read the terms differently, makes you see how people get trapped in the cc debt in the 1st place. My husband just now realized how important this is, although, too late after BK.

I just wanted to make a quick point on the Orchard Bank card. You are paying an annual fee of $60 and say that you'll make a purchase and then pay it off. I think the credit score issue is very misunderstood by people. Just having the account open won't likely do much of anything for your credit score. To have in impact, you have to keep a balance and make a monthly payment. So, if you make a purchase and pay off the balance with the billing statement, you aren't improving your credit score. You're essentially paying $60 to pay a credit card company to have an account that might nominally improve your credit.

[funspot08]

Wamu is doing something right/wrong?

Wamu is bleeding cash right now, so I believe it's wrong, not right with them. They are one of the larger banks in the country with a larger investment in mortgages than most large banks and bet really poorly in this market.

If Wamu doesn't collapse and is taken over by the Fed, there is most likely a good chance that they will reduce their credit lines to consumers significantly from credit cards to HELOC.